Jun
24

Review of Alberta Scientific Research & Experimental Development Tax Credit

The Alberta Scientific Research & Experimental Development or SR&ED Tax Credit is an initiative introduced in 2009 to promote technological advancements in the value added sectors in the province.  This tax credit is worth 10% of a company’s eligible expenditures up to a maximum expenditure limit of $4 million, for a maximum refundable credit of $400,000.  Any size company is eligible to claim this tax credit but its focus is to assist start-up and early stage companies.  Last week (June 9, 2011), the Government of Alberta, through the Alberta Finance and Enterprise, announced that it will conduct a review of the...
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Jun
22

2011 Tax Filing Season Stats

The Canada Revenue Agency recently presented the preliminary tax-filing season numbers.  These are the highlights:There was a .6% increase in the total number of tax returns filed in 2011 compared to those filed in 2010.  The tax season 2011 saw 24.5 million tax returns filed, a slight increase from the 24.3 million tax returns filed in 2010.There was a significant decrease in the number of paper returns this year compared to 2010.  We saw a decrease of 6% of the paper returns filed this year.Canadian taxpayers are increasingly choosing electronic filing.  This year, 15.9 million filed their tax returns using EFILE,...
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Jun
20

CRA warns against phishing scams

A few weeks ago,KD posted a warning to taxpayers about a fraudulent email going around saying that the recipient of the email is under investigation for tax evasion.  The email asks the recipients to click on a link for further details.  Please read the full blog here:  Beware of Email Scams In response to several reports like these, the CRA has released a tax alert warning the public against these phishing scams. The Canada Revenue Agency (CRA) warns all Canadians to beware of telephone calls, mail, or email that claim to be from the CRA but are not. These are phishing scams...
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Jun
03

Foreign Income Reporting

“It’s one of the harshest penalties in the Income Tax Act and one in which the Canada Revenue Agency appears to show no mercy from assessing, even on a completely innocent first-time occurrence.” – Jamie Golombek, Financial PostAll Canadians who own foreign investment property costing more than $100,000 are required to file the Form T1135 or the Foreign Income Verification Statement.  These properties commonly known as “specified foreign properties” include the following: amounts in foreign bank accounts shares in foreign companies interests in non-resident trusts bonds or debentures issued by foreign governments or foreign companies interests or units in offshore mutual...
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