Subscribe to this list via RSS Blog posts tagged in 2016
Here are some important reminders for the self-employed individuals. ·         You have to report your income from any business you run yourself or with a partner.  Business income that must be reported includes money you earn from a profession, trade, manufacture or undertaking of any kind you carry on for profit (and there is evidence to support that intention).  If you fail to report all your income, CRA may subject you to a penalty of 10% of the amount of income you did not report. ·         It is important to keep complete and detailed records.  Your records must be detailed enough...
Continue reading
Rate this blog entry:
0
If you owe taxes and cannot pay in full, the first thing you would need to do is contact the CRA.  Remember, if you are unable to pay your tax debt in full and on time, the CRA may charge interest compounded daily at the prescribed rate on any amount owing until you have paid the amount in full. The CRA offers options to individuals and businesses who are unable to meet their payment responsibilities.  As an individual, if you cannot pay your tax debt in full, you may qualify for a payment arrangement or ask for taxpayer relief. Payment Arrangement...
Continue reading
Rate this blog entry:
0
Tax season has officially arrived and for some, the first question to ask is: Do I have to file a tax return this year? You must file a tax return for 2016 if:- You have to pay tax in 2016.- You received a request from CRA to file a return.- You and your spouse elected to split pension income.- You received working income tax benefit advance payments in 2016.- You disposed of capital property in 2016.- You have to repay any of your old age security or employment insurance benefits.- You have not repaid all amounts withdrawn from your registered retirement...
Continue reading
Rate this blog entry:
0
Let’s look at more tax credits that Alberta offers for this tax year.  -      Political contribution tax credit:  You can claim this credit if you contributed to a registered Alberta political party, a registered candidate or a registered constituency association in an election held under the Election Act for this province or a registered Alberta political party that has nominated a candidate or a registered candidate in an election held under the Senatorial Selection Act for this province. -      Provincial foreign tax credit:  If your federal foreign tax credit on non-business income is less than the related tax you paid to...
Continue reading
Rate this blog entry:
0
Subscribe

If you have a question about one of our products or services, please do not hesitate to contact us!
Please Enter Your Name
Please Enter A Valid Email
Please Enter Your Phone Number
Please select your preferred method of contact.
Refresh Please letters shown!

KD Professional Services
Monday-Friday 9am- 5pm
102, 221 18th Street SE
Calgary, AB, T2E 6J5

403-219-0602
403-219-0603

Read our Tweets