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Feb
10

Gathering your Tax Documents: Tax Slips

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At this time of the year, you will start receiving some of the documents you will need to file your income tax return. It is important that you ensure that you have complete documents before completing and filing your return. If you were employed or had an investment in 2019, your employer, financial institution or investment company will send you statements referred to as slips such as:- T3 Statement of Trust Income Allocation and Designations- T4 Statement of Remuneration Paid- T5 Statement of Investment IncomeYour T4 slip are due to be sent out to you by the end of February while...
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Feb
05

Important Dates you need to know this tax season

Here are the important dates you need to know this tax season:February 17, 2020: if you filed your taxes on paper last year, CRA will automatically mail you the 2019 Income tax package by this dateApril 30, 2020: deadline to file your income tax return and to pay any taxes owingJune 15, 2020: deadline to file your income tax return if you or your spouse is self-employedMay 1, 2020: if you have a balance owing for 2019, the CRA charges compound daily interest starting May 1, 2020, on any unpaid amounts owing for 2019.Source: https://www.canada.ca/en/revenue-agency.html
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Feb
03

The 2019 Income Tax Package: What’s new?

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This year, the Income Tax Package was launched with a new look. The 2019 Income Tax Package, as before, includes the Federal Income Tax and Benefit Guide, a Provincial or Territorial Information Guide, the return, schedules and worksheets. The 2019 Income Tax Package includes several changes that will be used starting 2019 and future tax years. Here are the changes:Some of the line numbers that were previously 3 and 4 digits are now 5 digitsPlain language was used where possibleNumber of forms was reduced. Schedule 1 and the Worksheet for Schedule 1 was removed. The charts that were on these forms...
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Jan
29

Tax Measures to support Canadian Journalism

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The Government launched 3 tax measures to support Canadian Journalism. These measures were included in Budget 2019 and the legislation received Royal Assent on June 21, 2019.Here are the three tax measures:Canadian journalism labour tax credit: a 25% refundable tax credit on salaries or wages payable in respect of an eligible newsroom employee for periods beginning on or after January 1, 2019.Digital news subscription tax credit: a 15% non-refundable personal income tax credit for digital news subscription costs paid by an individual to a qualified Canadian journalism organization. This applies to qualifying amounts paid after 2019 and before 2025.A new type...
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