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Book of the Month: Essential Tax Facts

March 21st, 2014

Is it time to take charge of the results you get with your money? Are you tired of being let down, paying fees that are too high and worrying about losing your savings? Do you want to keep more of your money? Make more for the future? Then you need to recharge with some Essential […]


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Beware – Could Your Business Be Classified as a Personal Services Corporation?

June 7th, 2013

BEWARE – COULD YOUR BUSINESS BE CLASSIFIED AS A PERSONAL SERVICES CORPORATION? For small incorporated companies, if deemed by the Canada Revenue Agency to be personal services corporations (PSC), the implications are potentially serious and costly. As of October 2012, CRA has become more aggressive at identifying and penalizing companies that can be categorized as […]


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Book of the Month: Make Sure It’s Deductible

February 25th, 2013

You earned it, now keep it! Maximize your profits by getting the most out of every tax deduction. No matter what kind of small business you have, you owe it to yourself to take advantage of every legitimate business deduction and personal tax planning advantage at tax time. In the newly-updated fourth edition of Make […]


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Service Industry Gets Surprise Reality Check from CRA on Tips

February 20th, 2013

While many people are not aware, tips and gratuities such as those earned by restaurant servers, hairdressers and other service professionals are considered taxable income by Canada Revenue Agency. There is a myth that a server’s tips is equal to about 10% of their wage is a serious miscalculation, with most servers earning 100-200% and […]


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Are You Paying Too Much Tax? Recent Information from CRA Suggests Many Canadians Are

February 18th, 2013

No one likes to pay more taxes than they have to, but information recently released by Canada Revenue Agency shows that the average amount of income tax refunds Canadians received is up by $70 over the previous year. This means that, throughout the year, Canadians are overpaying in withholding taxes to CRA. In fact, just […]


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Tax-Free Savings Account Limit Increased to $5,500 Starting in 2013

February 9th, 2013

An additional $500 in annual TFSA contribution room can have an important impact on the amount of tax-free savings an individual can earn. Over a 20-year period, an individual can accumulate significantly more in TFSA savings than under the original $5,000 annual contribution limit. For example, as illustrated in the graph below, a middle-income saver could […]


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NALH Requires Clients’ E-File Login Information for Mandatory Electronic Filing Requirement

February 4th, 2013

A new subsection of the Income Tax Act – Section 150.1(2.3), (2.4) – sets out a regulation that requires tax preparers to file client returns via electronic filing. If this requirement is not met, the tax preparer incurs a $100 per return penalty from CRA. If we file tax returns for you as an individual […]


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Beware of Phishing: Canada Revenue Agency Does Not Request Information by Email

August 13th, 2012

Did you receive an email from the Canada Revenue Agency (CRA) asking you for personal information or to click on a link to get your refund? STOP. It’s a “phishing” scam. The CRA does not ask for personal information of any kind by email. Even though these emails can look real, they do not come […]


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Small Business Group Welcomes Online Tax Tool

August 8th, 2012

The Canadian Federation of Independent Business (CFIB) is applauding a new tax tool that is now available to businesses to help them get accurate information on their taxes. Canada Revenue Agency (CRA) has launched the My Business Account for small business. The new online tool allows users to communicate electronically with CRA and get definitive […]


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Illegal Tax Protesters Pay a Heavy Price

July 25th, 2012

As two tax protesters in Manitoba and Ontario learned, avoiding payment of income taxes comes with serious consequences in the form of heavy fines and jail time. This article by Evelyn Jacks discusses the situations these tax(non)payers faced and the origin of income tax in Canada. CLICK HERE TO READ THE FULL ARTICLE >>


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Get Secure Online Access to Your CRA Tax Information with “My Account”

July 13th, 2012

If you want to access your tax and benefit information, you can do so securely by using the Canada Revenue Agency’s “My Account” feature on their web site. In order to register for the service and access your information, you’ll need a CRA security code. Once registered, you’ll be able to track your refund, view […]


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The Benefits of Filing Tax Returns for Minors

July 2nd, 2012

One important rule you and your tax preparer will want to follow is completing all family tax returns together, starting with the lowest-earning family member and progressing to the highest. This will allow you to take advantage of provisions for transferring income to children and provide savings opportunities for the young. There are many reasons […]


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Take Advantage of Personal Income Tax Credits for Children’s Art Programs

June 28th, 2012

Beginning with the 2011 tax year, parents can claim a tax credit on their income tax returns (line 130) for up to $500 when children under the age of 16 are enrolled in a qualifying artistic, cultural, recreational or developmental program, including tutoring for academic subjects. This credit may be shared between eligible individuals. An […]


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Canada Revenue – Children’s Arts Tax Credit

March 21st, 2012

In addition to fitness programs covered by the children’s fitness tax credit, parents can now claim money spent on programs that focus on fine arts, music, performing arts, outdoor wilderness training, learning a language, studying a culture, tutoring, and more. When parents claim the children’s arts tax credit – up to a maximum of $500 […]


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Beware as Canada Revenue Agency Cracks Down on Personal Service Businesses

March 6th, 2012

While setting up a corporation may seem like a good idea if you’re self-employed, it can have serious tax consequences in certain instances. If Canada Revenue Agency determines that you are, effectively, an “incorporated employee”, it may disallow a number of business expenses as well as the small business deduction which normally applies to the […]


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NALH Business Solutions Ltd.
#112 - 8988 Fraserton Court
Burnaby, BC V5J 5H8
(604) 412-3885

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