Most of us would like to send less of what we earn to the Canada Revenue Agency and keep more of it in our own pockets. One thing that can be done to reduce tax liability is to file for any tax credits that may be applicable to your situation. The Knowledge Bureau shares tips [...]

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 [...]

If your company is not up-to-date with its HST filings with CRA, you could be facing serious penalties and/or an audit. The best way to steer clear of the wrath of CRA is to file on time and pay any amounts owing by the due dates. If you’re filing your own HST returns, it’s important [...]

If you or your spouse or common-law partner did business as a sole proprietor or if you have business income in addition to any money you earned as an employee of a company, the deadline for filing your tax return is on or before June 15, 2011. CLICK HERE FOR MORE INFORMATION ON THE CRA [...]

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 [...]

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 [...]

With the implementation date of the HST now in effect, be sure to check out the following list of web resources to learn more about the new Harmonized Sales Tax and how it will affect you and your business. BC GOVERNMENT Consumer Taxes Section Harmonized Sales Tax, Creating Jobs, Lowering Prices CANADA REVENUE AGENCY Goods [...]

For meal expenses, the simplified rate is unchanged from 2008, a flat rate of $17 a meal or $51 per day, per person is allowed without receipts. If you choose the detailed method, you must keep your receipts. For the simplified method of claiming vehicle expenses for trips relating to the northern residents deduction, moving [...]

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.

Curriculum Services Canada has posted a PDF of a a webinar presentation given by the Canada Revenue Agency to help give business owners an overview of the upcoming implementation of HST (Harmonized Sales Tax) in BC and Ontario. The presentation covers many areas of confusion and concern and is a good primer on what you [...]