Over the years, many Canadians have opened a Tax-Free Savings Account or “TFSA” to take advantage of the significant tax benefit of those plans. TFSA’s started in 2009 and allowed Canadians who were 18 years of age or older to contribute funds to the TFSA. Any investment income earned on the funds in the TFSA … Continued
The federal government introduced changes regarding the GST/HST “Closely related election” which impose a filing deadline of December 31, 2015. This election allows certain closely related corporations and partnerships that are registrants engaged exclusively in commercial activities and that are members of a qualifying group, to not charge GST/HST on taxable supplies made to group … Continued
What You Can Do to Prepare for Promised 2016 Increase in Income Tax The new federal Liberal government has announced its intention to increase personal income tax rates by 4% on income earned in excess of $200,000 starting in 2016. Assuming this rate increase will come into effect as of January 1, 2016 and the … Continued
Section 169(4) of the Excise Tax Act requires a purchaser to substantiate its input tax credit (ITC) claim by obtaining information from the supplier, including the name of the supplier and the GST/HST registration number assigned to it. This information is typically obtained from the invoice provided by the supplier. Beware: Invalid information such as … Continued
A new mobile app launched by the Canada Revenue Agency (CRA) promises to provide easy and secure access for taxpayers to access data and view personal information such as: Taxes, assessments and return status RRSPs and TFSAs Benefit and credit payment dates Tax directories and other resources Information from the app MyCRA will be available … Continued
Tax credits are one way the government supports businesses and farmers are no exception. On September 29, 2014 the Ministry of Agriculture, Food and Rural Affairs announced a new incentive called the Food Donation Tax Credit for Farmers.