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Part of being an accountant is making sure you are up to date on new accounting practices and understanding new tax changes.  Another part is staying up to date on how the CRA operates.  Yes even I am continually learning things. Recently I learned that there is only so much that appeals can do.  I am now going to share what I learned with you.  Everybody know what time it is?  Yup, “it’s story time!” I recently sent in an appeal for a client who was reassessed by the CRA.  In short what happened is his T-4 slips were amended almost...
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www.taxtips.ca:  “This non-refundable tax credit is available to individuals who are, at the end of the taxation year, aged 65 or older. However, it is reduced when income exceeds a threshold amount. Each province except Québec has an age amount tax credit which is calculated in the same manner. The Québec tax credit calculation is similar, but combines the credits for taxpayer and spouse in the same calculation, and uses family income in the calculation.” Taxtips.ca recently came out with a new tax alert providing information about the Age Amount Tax Credit.  According to the website, this tax credit can be...
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Small business are an extremely important addition to the economy. In many ways they benefit the economy and their positive contribution should be rewarded not overlooked.
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As tax payers, here are the 3 most important tax terms we need to remember as we prepare our returns:  Tax Deductions are deductions to your income.  Tax Deductions lower your income.  The lower your income, the lower tax you pay. Tax Credits are credits against your tax owing.  Tax Credits are amounts that are deducted from your tax payable. They do not affect your income.  Tax Benefits are amounts paid to you in the form of cheques or through direct deposit.  These include the Child Tax Benefit, Universal Child Care Benefit or Personal GST Cheques.  ...
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