Jul
29

CRA & Aggressive Tax Planning

We have just finished the blog series on the newest measures of the CRA to monitor and prevent Aggressive Tax Planning. In this blog, we’ll take a look at some of the Tax Alerts that that CRA has released to the public warning them against Aggressive Tax Planning: The Canada Revenue Agency (CRA) recognizes that you are entitled to arrange your affairs as provided for under the law to reduce your tax liability and to receive the benefits to which you are entitled.  However, aggressively pushing the limits creates a risk of crossing the line, the line between acceptable tax planning and what...
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Jul
20

Tidbits on Canadian Tax

Did you know . . . Income tax is the largest single cash outlay, eroding disposable income and wealth of most families. For many Canadians, monthly taxes are higher than monthly mortgages.On average, Canadians pay over 50% of their income in taxes.By age 65, the average Canadian will pay about $500,000 in income tax, yet only have about $5,000 in savings.Since 1961, the total tax bill of the average Canadian family has increased more than 1,700 percent.Canadians pay more in taxes than food, clothing and shelter combined.CRA currently collects $222 Billion in annual tax revenues, not including the provincial taxes they collect.Our government...
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Jul
08

What if you haven’t filed your tax yet?

It’s been more than 2 months since the deadline to file your 2010 tax returns with the CRA and it seems that there are still a lot of people who have not filed. If you have not filed your tax return yet, please do so as soon as possible especially if you have a balance owing. Here are a few details on the interest charges you might have to pay if you have not filed your returns until now. Interest:  If you owe an amount to the CRA in 2010, the CRA will charge you a compound daily interest starting May 1st,...
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Jul
07

Business Basics: What records do I need to keep?

If you are carrying on a business of any size, be it a sole proprietorship or a large corporation, you must keep record of all documents that provide the ability to calculate payable taxes. Your records must be supported by “source documents” in order to corroborate the amounts in these records, often known as “books.” Source documents may include things such as sales invoices, receipts for purchases, deposit slips, cheques and contracts. A recent article by TaxTips does a great job of outlining some of the must-knows regarding business financial records, so we decided to summarize their article for you on...
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