June 15th, 2011 is the tax filing deadline for the self-employed and their spouses and common law partners; it is also the date the second quarterly instalment payment is due for some taxpayers. These are important milestones for compliance and wealth planning purposes and the following are tips offered by The Knowledge Bureau for maximizing opportunities [...]

As the saying goes, time flies and another tax year has come and gone. Check out CRA’s web site for important tax filing deadlines, including the following: INDIVIDUALS – on or before April 30, 2011 SELF-EMPLOYED PERSONS – on or before June 15, 2011 Please note that any tax owing is due on or before [...]

Wow! It’s hard to believe another year has come and gone and it’s tax time again! Make sure you’re informed about tax credits for which you may qualify and any other changes to CRA’s regulations which may apply to you as an individual or to your business. CRA has prepared a list of top 5 [...]

Is a Tax-Free Savings Account a good investment option for you? Learning about any new investment vehicle inevitably leads to a flurry of questions: What type of investments can be included? How much can be contributed each year? How are TFSAs different from other savings accounts? A recent article written by IPBC discusses a number [...]

Deadline for filing T4s is February 28, 2011 for the calendar year 2010 for all employee wages and taxable benefits. In order to prepare accurate T4 forms on behalf of a company, a bookkeeper needs a complete set of books to be able to see all wages and benefits that employees have earned during the [...]

In an effort to streamline the filing process, NALH is adopting electronic filing procedures for GST/HST, Corporate Tax Returns, Payroll and Personal Tax returns for eligible clients. In order to be able to submit filings electronically, all clients must fill out CRA form RC59. Get in touch with us to ensure that your form is [...]

To encourage investment by businesses in computer systems and related peripherals, the Income Tax Regulations were amended on May 13, 2009 to add new Class 52 to Schedule II with a 100-per-cent tax depreciation rate for eligible computers and software acquired after January 27, 2009 and before February 2011. Visit the CRA web site for [...]

Canada Revenue Agency Bulletin B-103: Place of Supply Rules for Determining Whether a Supply is Made in a Province. The Tax Detective We also recommend checking out Eileen Reppenhagen’s web site, the Tax Detective. Eileen’s site includes links to a wealth of bulletins, articles and other information related to HST. Fraser Institute – Countering the [...]

Administrative Policy Changes for Taxable Employment Benefits to reduce a number of administrative difficulties and increase fairness include: Overtime Meals and Allowances Provided to Employees Municipality or Metropolitan Area Loyalty Programs Employer Provided Motor Vehicles Required to be Taken Home at Night Non-cash Gifts and Non-cash Awards Surface Transit Passes Provided to Family Members of [...]

CRA has compiled a list of notices and bulletins with regards to GST/HST. The list includes information sheets on transitional rules, along with question and answer bulletins for specific areas of concern. Download the bulletin list in PDF format from the Curriculum Services Canada web site.

Will your clients overpay their March 15th instalment payment?  It is important that they don’t, particularly if their income has taken a hit over the past year.  Canadians taxpayers may find that due to employment layoffs or possibly due to their portfolio tanking,  overall income may have taken dropped off.  There may be a bit [...]

Canadians who are high-volume sellers of products on the online eBay marketplace may find themselves being audited by the Canada Revenue Agency beginning this fall. Revenue Minister Jean-Pierre Blackburn said Thursday anyone who has sold products on the Web site could avoid audits, fines and penalties by voluntarily coming forward and declaring the revenue to [...]