CORPORATE TAXATION: WHAT YOU NEED TO KNOW
|
|
- Edward Evans
- 5 years ago
- Views:
Transcription
1 CORPORATE TAXATION: WHAT YOU NEED TO KNOW Presented by Marlene L. Grant, CGA Corporation February 16 th & 17th, 2010
2 BRIEF HISTORY ABOUT MYSELF I am the owner of a small accounting practice. Graduated from Algonquin in 1992 and obtained my Certified General Accounting designation in Over 15 years accounting and taxation experience in the Ottawa area in public accounting as an auditor and controllership positions within the private sector. Work extensively with owner-managed businesses, not-for profit organizations and professionals. Providing accounting, assurance, taxation, business startup assistance and software services to clients Nepean Chamber of Commerce award nominee.
3 CORPORATION TAXATION Corporations are separate legal entities. Required to Incorporate and register for a Business Number (BN) Advantages & Disadvantage of Incorporating: Incorporate to Generate Tax Savings & Limit liability; Remuneration Strategy & Family Members. Income splitting through shares to family members; Creditor Proofing; Investing excess after tax cash in Corporation; Incorporation costs; Increase tax and other filing obligations;
4 TAX AND OTHER FILING OBLIGATIONS Corporate Tax Returns: Returns are due six months after the fiscal year-end; Taxes due are payable three months after the fiscal year-end: Tax Instalment Payments required if taxes payable >$3,000. Goods & Services Tax (GST) Registrants charge 5% GST or 13% HST; Register for (GST/HST) if revenues are more than $30,000; Have 29 days to register for GST once over the $30,000; Register online, telephone, fax and mail and CRA will open up the GST account; CRA will assign the reporting periods and method; Due dates for the returns depend on the reporting periods assign; Annual filer for taxable revenues <$1,500,000; Instalment payments required if taxes due >$3,
5 TAX AND OTHER FILING OBLIGATIONS (continued) Provincial Sales Tax (PST): Register with the Province of Ontario; Depending on the services you provide; Returns are due by the 23 rd of the month following, monthly, quarterly and biannual reporting. Workers Safety and Insurance Board (WSIB): As soon as the first employees is hire you may have to register; Should call them to ensure you are in compliance, very few companies are exempt; Returns are due on a quarterly basis and premiums due one month following the end of the quarter.
6 TAX AND OTHER FILING OBLIGATIONS (continued) Employer Health Tax (EHT) If payroll is >$600,000 will have to register; Monthly payments are required; Annual return due by March 15 th. Payroll Funds withdrawn by owners from the company will be taxed in their hands; Setting up payroll minimize the owners tax liability. Canada Pension Plan (CPP), Employment Insurance (EI) & Income taxes should deducted from all payroll amounts; Source deductions are due the 15 th of the month following the payroll or if quarterly they are due the 15 th of the month following the end of the quarter; T-Slips to be issued: T4 Payroll to employees and owners; T4A For amounts > $ paid to individuals for services rendered; T5 Dividends issued to owners; More Severe Penalties for Late Filing & Late Remitting.
7 MAINTAINING BOOKS & RECORDS CRA Requires that books and records are properly maintained: To determine if the business is in compliance with the Income Tax Act; Should be in an appropriate form to enable verification; Must be supported by source documents paper or electronic; Each transaction should be clear and legible; Must be maintained in English or French or another form authorized by CRA; Have to be retained for six years after the tax year they relate to; One way to ensure proper books is to hire a competent bookkeeper; If you choose to do your own bookkeeping make sure to get properly trained before starting; In order to properly maintain your books and records you will need to understand accounting and bookkeeping; Can maintain your books using QuickBooks or Simply Accounting.
8 ELIGIBLE EXPENSES Types of operating expenses Accounting and legal fees Advertising expenses Bad debts Business tax, fees, licenses and dues Business start-up costs Capital Cost Allowance Home office expenses Insurance expenses Interest & bank charges Meals & entertainment Motor vehicle expenses Office expenses Professional fees Salaries, wages & benefits Travel Telephone & utilities
9 PERSONAL TAXATION Spousal Pension Income Splitting. Tax-Free Savings Account (TFSA) RRSP & RESP Contributions. Child Fitness Tax Credit. Medical Expense Tax Credit. Federal and Provincial Tax Rates Tax Instalment Payments. Working Income Tax Benefit. Age Credit & Home Renovation Tax Credit Home Buyers Plan & First-Time Home Buyers Tax Credit
10 PERSONAL TAX RATES Basic personal amount Federal $10,320 & Provincial $8,881 Maximum CPP of $2, Pension income amount $2, Federal Tax on taxable income: $40,726 or less taxed at 15% $40,726 to $81,452 taxed at 22% $81,452 to $126,264 taxed at 26% Over $126,264 taxed at 29% Provincial Tax on taxable income: $36,848 or less taxed at 6.05% $36,850 to $73,698 taxed at 9.15% Over $73,698 taxed at 11.16% Highest marginal tax rate is 46.41% on other income 23.20% on capital gains 23.06% on taxable dividends from large corporations 31.34% on taxable dividends from small corporations
11 TOP TEN WAYS A CGA CAN HELP YOU Sound Business Advice. Business Start up. Accounting Services. Controllership Services. Software Installation and training. Systems Implementation. Estate Planning. Financial Planning. Succession Planning. Tax Planning and Preparation.
12 BUSINESS & PERSONAL TAXATION: WHAT YOU NEED TO KNOW Presented by Marlene L. Grant, CGA Corporation February 16 th & 17th, 2010 THANK YOU Any Questions?
Canada Pension Plan (CPP) overpayment you may be entitled to a refund if you contributed more to the CPP than required.
Definitions Balance owing the amount that you have to pay to the Canada Revenue Agency (CRA) if you haven't paid enough tax during the year. Canada child benefit (CCB) a tax-free monthly payment that eligible
More informationMyers Tsiofas Norheim LLP C H A R T E R E D P R O F E S S I O N A L A C C O U N T A N T S
2017 PERSONAL INCOME TAX RETURN CHECKLIST TAXPAYER S FULL NAME: SOCIAL INSURANCE NUMBER DATE OF BIRTH (MM/DD/YY): IMPORTANT NOTICE: This checklist is intended to assist you in assembling information necessary
More information2012 TAX PLANNING FOURTH QUARTER
kurt.rosentreter@manulifesecurities.ca 416-628-5761 ext. 230 2012 TAX PLANNING FOURTH QUARTER YEAR-END TAX PLANNING As the end of 2012 nears we are pleased to offer the following tax planning considerations:
More informationTax Tips & Traps IN THIS ISSUE YEAR-END TAX PLANNING
YEAR-END TAX PLANNING 100(1) Some 2012 year-end tax planning tips include: 1. Certain expenditures made by individuals by December 31, 2012 will be eligible for 2012 tax deductions or credits including:
More informationMyers Tsiofas Norheim LLP CHARTERED ACCOUNTANTS
2011 PERSONAL INCOME TAX RETURN CHECKLIST TAXPAYER S FULL NAME: SOCIAL INSURANCE NUMBER DATE OF BIRTH (MM/DD/YY): IMPORTANT NOTICE: This checklist is intended to assist you in assembling information necessary
More informationLooking back to 2011 and FORWARD TO 2012
December 2011 YEAR-END TAX PLANNER 2011/2012 IN THIS ISSUE Federal Highlights 1 Provincial Highlights 1 Entrepreneurs 1 Personal Tax Matters 2 United States Matters 5 International Matters 5 Key Tax Dates
More informationFINANCE 101. February 21, 2018
FINANCE 101 February 21, 2018 ABOUT THE PRESENTERS Mark Weiman, CPA, CA, CBV Partner As a leader of Valuation and Transaction Services teams, with more than 20 years of accounting, business valuation and
More informationIncome taxes 101: Deductions, credits, benefits, exemptions, tax brackets
Income taxes 101: Deductions, credits, benefits, exemptions, tax brackets Canadians pay tax on most forms of income, such as money from employment and self-employment. This is called taxable income. If
More information7 Big Mistakes Small Business Owners Make at Tax Time. Farm Business Consultants Inc. (FBC)
7 Big Mistakes Small Business Owners Make at Tax Time Copyright 2013 Farm Business Consultants Inc. (FBC) All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted
More informationTAX LETTER. January 2013
PARSONS & CUMMINGS LIMITED MANAGEMENT CONSULTANTS 245 Yorkland Blvd., Suite 100 Willowdale, Ontario M2J 4W9 Tel: (416) 490-8810 Fax: (416) 490-8275 Internet: www.parsons.on.ca TAX LETTER January 2013 INDEXATION
More information2017 PERSONAL INCOME TAX RETURN CHECKLIST
2017 PERSONAL INCOME TAX RETURN CHECKLIST We cannot E-File without permission in advance. We will provide E-file forms for signature upon completion of personal tax returns. A copy of the form must be
More informationTaxation Overview. 2018, Chartered Professional Accountants of Canada. All Rights Reserved.
Chartered Professional Accountants of Canada, CPA Canada, CPA are trademarks and/or certification marks of the Chartered Professional Accountants of Canada. 2018, Chartered Professional Accountants of
More information2013 Edition. Ontario Health Tax
2013 Edition This article, prepared by PAIRO s auditors Rosenswig McRae Thorpe LLP, outlines some points to consider in preparing your income tax returns. Remember that: RRSP Contribution Deadline for
More informationOntario Disability Support Program - Income Support Directives
Ontario Disability Support Program - Income Support Directives 5.4 Treatment of Self-Employment Income Summary of Policy An applicant or recipient who earns income from a business may be eligible for income
More informationDear Client: 2010 Personal Income Tax Return
Dear Client: RE: 2010 Personal Income Tax Return It is once again time to prepare your personal tax return. The 2010 return is due May 2, 2011, unless you or your spouse (if applicable) were self-employed
More information2017 Year-End Tax Planning. and. PARTNERS LLP Chartered Professional Accountants
2017 Year-End Tax Planning and PARTNERS LLP December 31, 2017 is fast approaching see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these
More information2008 Personal & Corporate Tax Update February 4, 2009
2008 Personal & Corporate Tax Update February 4, 2009 Robert Ashwin, CA Associate Partner robashwin@kpmg.ca AGENDA i. Tax Rates ii. Recent Tax Changes iii. January 27, 2009 Federal Budget iv. Tax Free
More informationTAX FACTS & FIGURES. April 2017
TAX FACTS & FIGURES April 2017 Tax Facts and Figures is produced by Welch LLP as an information service with the understanding that it does not render accounting, legal or other professional advice. The
More informationCONTENTS VOLUME II VOLUME I. The detailed contents of both Volume I and II follow. The textbook is published in two Volumes:
CONTENTS The textbook is published in two Volumes: Volume I = Chapters 1 to 10 Volume II = Chapters 11 to 21 Chapter I Chapter II 1 Introduction To Federal Taxation In Canada 11 Taxable Income and Tax
More informationPersonal Income Tax. July 16, 2014
Personal Income Tax July 16, 2014 Personal Income Tax Personal income tax is an element of financial assessment, since taxation influences available resources, sources and uses of funds; Personal income
More informationCONTENTS VOLUME II VOLUME I. The detailed contents of both Volume I and II follow. The textbook is published in two Volumes:
CONTENTS The textbook is published in two Volumes: Volume I = Chapters 1 to 10 Volume II = Chapters 11 to 21 Chapter I Chapter II 1 Introduction To Federal Taxation In Canada 11 Taxable Income and Tax
More informationCONTENTS VOLUME II VOLUME I. The detailed contents of both Volume I and II follow. The textbook is published in two Volumes:
CONTENTS The textbook is published in two Volumes: Volume I = Chapters 1 to 10 Volume II = Chapters 11 to 21 Chapter I Chapter II 1 To Federal Taxation In Canada 11 Taxable Income and Tax Payable For Individuals
More informationYEAR-END TAX PLANNING. Some 2011 year-end tax planning tips include:
Tax Tips & Traps IN THIS ISSUE: YEAR-END TAX PLANNING YEAR-END TAX PLANNING 2011 REMUNERATION EMPLOYMENT INCOME BUSINESS/PROPERTY INCOME WEB TIPS GST/HST DID YOU KNOW ESTATE PLANNING Suite 300 422 Richards
More informationTax-Free Savings Account (TFSA)
TFSA Savings and Retirement Tax-Free Savings Account (TFSA) THE EQUITABLE LIFE INSURANCE COMPANY OF CANADA Key features of an Equitable Life TFSA Investment options that include a full range of funds and
More informationBusiness & Accounting 101
Business & Accounting 101 FOR NEW CHIROPRACTORS Do you know the difference between a manual back adjustment and an activator back adjustment? Well then, it is evident that you have just graduated in becoming
More informationJONES THOMBLISON LLP, CHARTERED ACCOUNTANTS 3515 Mainway Burlington, ON L7M 1A9
JONES THOMBLISON LLP, CHARTERED ACCOUNTANTS 3515 Mainway Burlington, ON L7M 1A9 Dear Clients/Friends: Ph: (905) 319-3515 Fax: (905) 332-7712 Email: steve@jtca.ca jay@jtca.ca This is a quarterly newsletter
More informationKurt Rosentreter 2017 Year-End Tax Planning Tips
December 2017 KURT ROSENTRETER Phone 416-628-5761 EXT 230 2017 YEAR-END TAX PLANNING Kurt Rosentreter 2017 Year-End Tax Planning Tips Year-End Tax Planning December 31, 2017 is fast approaching see below
More informationDear Client, FEBRUARY 3, 2016
1210 Sheppard Avenue East, Suite 308, Box 18, Toronto, Ontario M2K 1E3 (416) 492-1881 fax: (416) 492-1926 e-mail: accountants@kurin.ca www.kurin.ca Dear Client, FEBRUARY 3, 2016 Once again it is time to
More informationGST/HST. John Frim, Senior Manager, Indirect Tax May 4, 2016
GST/HST Presented by: John Frim, Senior Manager, Indirect Tax May 4, 2016 Agenda What is GST/HST and how does it work? Registration requirements Sales and purchases - invoicing Audit Issues Quick Method
More informationQs/As - Canada Revenue Agency (CRA) requirements for per diem payments to part-time appointees whose payroll is administered by a ministry
Corporate Policy, Agency Governance and Open Government Division Public Appointments Secretariat Qs/As - Canada Revenue Agency (CRA) requirements for per diem payments to part-time appointees whose payroll
More informationTAX FACTS & FIGURES. April 2018
TAX FACTS & FIGURES April 2018 Tax Facts and Figures is produced by Welch LLP as an information service with the understanding that it does not render accounting, legal or other professional advice. The
More informationPerspective. Cautious Optimism. In this issue
In this issue SUMMER 2010 BMO Nesbitt Burns Tax Survey Make the most of your RRSPs/RRIFs Tax Planning for an Inheritance p2 p3 p4 Perspective Making sure your money lasts p5 As of June 18, 2010 Sherry
More informationRegistered Savings VS Tax Free Savings
Registered Savings VS Tax Free Savings RRSP WHAT IS AN RRSP? A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the Canada Revenue Agency (CRA) that is designed to help
More informationExpenses ACCOUNTING FEES EXPENSE ADVERTISING EXPENSE AUTOMOBILE EXPENSE
Expenses The majority of Consultants will be using the Quick Method of paying HST/GST, so expenses should be entered into the manual including HST/GST. If you are using the Long Method for remitting HST/GST,
More information2017 CHECKLIST PERSONAL INCOME TAX RETURN
2017 CHECKLIST PERSONAL INCOME TAX RETURN WHAT S INSIDE: WATCH OUT!...1 Questions on the Tax Return...1 Background Information... 2 Foreign Property Information... 3 Income Information...4 Deductions/
More informationTax. Tips. Canadians. for. C P A, C A, T a x E x p e r t
Tax Tips for Canadians A l l a n M a d a n C P A, C A, T a x E x p e r t By Allan Madan Edited and Designed by Huda Khan Allan Madan 2016 This book remains the copyrighted property of the author, and may
More informationCanada Revenue Agency's Electronic Services - Information and Services At Your Fingertips! Diane Foucault February 28, 2011
Canada Revenue Agency's Electronic Services - Information and Services At Your Fingertips! Diane Foucault February 28, 2011 Electronic Services Fast and simple services at your fingertips view account-specific
More informationINCORPORATION Is it right for you?
INCORPORATION Is it right for you? Tax Issues to Consider Before Incorporating Submitted by: Theresa Francis, CPA, CA Paul Ianni, CPA, CA Rick Elliott, CPA, CA BDO Canada LLP Linda Campbell, CPA, CA 3630
More informationCHAPTER 2 CHAPTER 1. Procedures And Administration. Introduction To Federal Taxation In Canada. xviii Table Of Contents (Volume 1)
xviii Table Of Contents (Volume 1) CHAPTER 1 Introduction To Federal Taxation In Canada The Canadian Tax System.......... 1 Alternative Tax Bases.......... 1 Taxable Entities In Canada........ 2 Federal
More informationApplebaum Commisso Tax Tips
Tax Tips Corporate: Tax information everyone should know: Small business deduction: The effective tax rate for a corporation that is defined as a Canadian Controlled Private Corporation is 15% on the first
More informationincome exceeds $67,668 will lose all, or part, of their old age security.
YEAR-END TAX PLANNING 96 (1) Some 2011 year-end tax planning tips include: 1. Certain expenditures made by individuals by December 31, 2011 will be eligible for 2011 tax deductions or credits including:
More informationLooking back to 2013 and FORWARD TO 2014
YEAR-END TAX PLANNER 2013/2014 IN THIS ISSUE Federal Highlights 1 Provincial Highlights 1 Sales Tax Highlights 1 International Highlights 2 Entrepreneurs 2 Personal Tax Matters 4 United States Matters
More informationPersonal Tax Return Check List
Personal Tax Return Check List MM/DD/YYYY Your Name SIN _ Birth Date / / Your Spouse SIN _ Birth Date / / Address Home Phone ( ) - Cell Phone ( ) - Email Marital Status: Married Common-Law Widowed Separated
More informationGI-038 November The 2008 GST/HST Rate Reduction
GST/HST Info Sheet GI-038 November 2007 The 2008 GST/HST Rate Reduction On October 30, 2007, the Government of Canada announced in its Economic Statement that it proposes to reduce the GST rate by one
More informationIMPORTANT 2018 TAX REPORTING DEADLINES
Crowe Soberman LLP IMPORTANT 2018 TAX REPORTING DEADLINES ALL EMPLOYERS By February 28, 2019 If you paid salary, employment commissions or employee benefits from January 1 to December 31, 2018, you must
More informationIn assessing the benefits of incorporation the following four items represent the most significant tax benefits of incorporation:
Tax Implications of Using a Corporation This summary is intended to provide a general overview of the significant Canadian tax implications of using a corporation to carry on business. Given that the commercial
More informationCONTENTS CHAPTER 1. CHAPTER 1, continued CHAPTER 2. Introduction To Federal Taxation In Canada. Income Or Loss From An Office Or Employment.
xvii CONTENTS CHAPTER 1 Introduction To Federal Taxation In Canada The Canadian Tax System.......... 1 Alternative Tax Bases.......... 1 Taxable Entities In Canada........ 2 Federal Taxation And The Provinces....
More information2017 Personal Tax Questionnaire
To help us prepare your tax returns, please complete this fillable PDF as required and return it to us with your tax information. Please call us at: (905) 829-3701 for an appointment. A. Personal and Family
More information2017 PERSONAL INCOME TAX RETURN INFORMATION CHECKLIST
CHARTERED PROFESSIONAL ACCOUNTANTS Amarjit (A.J.) Manhas, CPA, CA Earl S. Weiner, CPA, CA Munsoor A. Khan, CPA, CA Pei (Peter) Zhang, CPA, CA PARTNERS H. Gordon Lee, CPA, CA Jeffrey R. Dessau, CPA, CA
More informationTABLE OF CONTENTS TABLE OF CONTENTS PERSONAL TAX
TABLE OF CONTENTS TABLE OF CONTENTS PERSONAL TAX How To Use the Tables... 1 Income Tax Table (2015) Quebec Residents... 2 Income Tax Table (2015) Provinces Other Than Quebec... 4 Federal Tax Rates... 6
More informationLohn Caulder LLP. Comprehensive Checklist for Your 2018 Personal Income Tax Return
Lohn Caulder LLP Comprehensive Checklist for Your 2018 Personal Income Tax Return The filing due date this year will be Tuesday, April 30, 2019 Please fill in the information, or check the applicable boxes,
More informationYear-End Tax Planner Our latest ideas and tips in reducing your 2018 tax burden
www.segalllp.com December 2018 Year-End Tax Planner Our latest ideas and tips in reducing your 2018 tax burden Welcome! Dear clients and friends, as we approach the end of another year, now would be a
More informationIncome taxes in Quebec module
Income taxes in Quebec module Trainer s introduction Most people are aware that they must file income tax returns in Canada and Quebec, if only to claim back any excess taxes that were withheld from their
More information2016 Personal Tax Questionnaire
To help us prepare your tax returns, please complete this fillable PDF as required and return it to us with your tax information. Please call us at: (905) 829-3701 for an appointment. A. Personal and Family
More information2011 TAX SEASON CHECKLIST FROM KURT
kurt.rosentreter@manulifesecurities.ca 416-628-5761 ext. 230 2011 TAX SEASON CHECKLIST FROM KURT YEAR-END TAX PLANNING Some 2011 year-end tax planning tips include: 1. Certain expenditures made by individuals
More informationDEFINED CONTRIBUTION RETIREMENT PLANS
DEFINED CONTRIBUTION RETIREMENT PLANS The and of Defined Contribution Pension Plans, Deferred Profit Sharing Plans and Group RRSP Plans DEFINED CONTRIBUTION PENSION PLAN 1. Employer has more control than
More informationHST IMPLEMENTATION AND CHANGE-OVER ISSUES
HST IMPLEMENTATION AND CHANGE-OVER ISSUES By Bruce E. Ratford, CMA, CMM III The three previous newsletters discussed issues relating to budgeting, accounting and reporting. We concentrated on what you
More informationAssociation of Professional Canadian Consultants. The Theory of Integration
Association of Professional Canadian Consultants The Theory of Integration 2015 Contents Introduction... 3 Taxation Comparison Rates and Amounts... 5 Minister of Finance Response to Standing Committee...
More informationIncome Tax Information About Pay Equity Employment Income and Pay Equity Interest Payments Received in 2000
Income Tax Information About Pay Equity Employment Income and Pay Equity Interest Payments Received in 2000 2 Table of Contents Page Introduction..3 Part 1 - General tax information 4 Part 2 - Tax information
More informationIndex. A Inventory valuation, 199. Landscaping, 209
Index A Inventory valuation, 199 Academic prize income, 134 Investigation of site, 210 Accounting net income vs. tax Landscaping, 209 net income, 41-2, 198-210 Lease cancellation cost, 209 Accounting depreciation
More informationRosemarie K. Fleischer Professional Corporation Personal Tax Questionnaire
Phone: (289) 291-2400 Rosemarie K. Fleischer Professional Corporation Fax: (289) 815-0623 2014 Personal Tax Questionnaire To help us prepare your tax returns, please complete this as required and return
More informationPARKER GARBER & CHESNEY, LLP Chartered Accountants. Wilshire Management Services Ltd.
PARKER GARBER & CHESNEY, LLP Chartered Accountants Wilshire Management Services Ltd. CANADIAN PERSONAL TAX INFORMATION SHEET 2016 TAXATION YEAR The following document is meant to provide you with a reminder
More informationIncome Tax and Benefit Return
T1 GENERAL 2017 Protected B when completed Income Tax and Benefit Return Step 1 Identification and other information Identification Print your name and address below. ON 8 First name and initial Last name
More informationCorporate Business Owners Year-End Tax Planning
Corporate Business Owners Year-End Tax Planning BY SEEMANT THAKKAR CPA, CGA CMA LPA 416-985- 7154 WWW.ENTCPASEEMANT.COM Disclaimer This material is at high level purpose only it is technical and should
More information2018 Personal Income Tax Checklist To Be Filed in 2019
Chartered Professional Accountants Chartered Accountants Licensed Public Accountants Business Advisors Stern Cohen LLP 45 St. Clair Avenue West, 14th Floor Toronto ON M4V 1L3 Tel: 416-967-5100 Toll-free:
More informationThe impact of high personal and corporate tax rates
Tax Integration Zone The impact of high personal and corporate tax rates The combined Federal and Ontario personal tax rates are at 53% for 2017 on taxable income over $$220,000. The Ontario corporate
More information2017 Tax & RRSP Tips from CPA Alberta
2017 Tax & RRSP Tips from CPA Alberta Table of Contents Attribution of Investment Income... 4 Taxation of Capital Gains... 5 Capital Losses... 6 Lifetime Capital Gains Exemption... 8 Claiming a Capital
More informationThe Presenter. Learning Objectives. Taxes: Making sure you re compliant Understanding your filing and remitting responsibilities as a taxpayer
Taxes: Making sure you re compliant Understanding your filing and remitting responsibilities as a taxpayer Presenter: Matt Holmes, CPA, CA Partner Tax Specialist CAOT Management Mondays Webinar in collaboration
More informationTax return for 2009 prepared for. Tania McIntyre by UFile.ca
2009 Tax return for 2009 prepared for Tania McIntyre by UFile.ca Executive summary for 2009 taxation year Taxpayer Name Social insurance number Date of birth Province of residence Tania McIntyre 644-838-989
More informationext. 230
kurt.rosentreter@manulifesecurities.ca 416-628-5761 ext. 230 2011 FIRST QUARTER PERSONAL TAX 93(1) MEDICAL EXPENSES In an October 27, 2010 Technical Interpretation, CRA notes that a dock landing gate,
More informationPayroll Deductions Supplementary Tables
1# Payroll Deductions Supplementary Tables Alberta Effective January 1, 2018 Note You must look up amount in two tax deductions tables a federal table and a provincial table. T4008-AB(E) What s new as
More informationPayroll Deductions Supplementary Tables
Payroll Deductions Supplementary Tables In Canada Beyond the Limits of any Province/Territory or Outside Canada Effective January 1, 2017 T4008-OC(E) What s new as of January 1, 2017 The major changes
More informationStatement of Business or Professional Activities
Statement of Business or Professional Activities For each business or profession, complete a separate Form T. File each completed Form T with your income tax benefit return. For more information on how
More informationElections Canada (see Help)
First name Last name Mailing Address: Canada Revenue Agency Agence du revenu du Canada T1 GENERAL 2010 Identification Income Tax and Benefit Return ON 7 Information about you THE LATE ERIC Your social
More informationStatement of Business or Professional Activities
Statement of Business or Professional Activities Use this form to calculate your self-employment business and professional income. For each business or profession, fill in a separate Form T. Fill in this
More informationWithholding and Reporting Requirements
Withholding and Reporting Requirements Relationships between workers and payers can vary. Your status may have tax and benefit implications. EMPLOYEES If you are an employee, your employer will deduct
More informationPayroll Deductions Supplementary Tables
Payroll Deductions Supplementary Tables Ontario Effective January 1, 2016 Note You must look up amount in two tax deductions tables a federal table and a provincial table. T4008-ON What s new as of January
More informationTax Letter DEDUCTING YOUR CAR EXPENSES
Jonathan Paquet CPA, CA, partner Tax Letter Monthly Newsletter July 2016 DEDUCTING YOUR CAR EXPENSES If you carry on a business, you can deduct car expenses incurred in the course of earning your business
More informationSeptember 2014 TEN COMMON TAX MISTAKES THE TAX COST OF LEAVING (OR LOSING) YOUR JOB WHEN CAN THE CRA NO LONGER REASSESS YOU?
TAX LETTER September 2014 TEN COMMON TAX MISTAKES THE TAX COST OF LEAVING (OR LOSING) YOUR JOB WHEN CAN THE CRA NO LONGER REASSESS YOU? AROUND THE COURTS TEN COMMON TAX MISTAKES What are the most common
More informationT4032-PE, Payroll Deductions Tables CPP, EI, and income tax deductions Prince Edward Island
For the 2017 taxation year. T4032-PE, Payroll Deductions Tables CPP, EI, and income tax deductions Prince Edward Island Effective July 1, 2017 T4032-PE-07 (E) What s new as of July 1, 2017 The major changes
More informationT4032-QC, Payroll Deductions Tables EI, and income tax deductions Quebec Effective January 1, 2018
T4032-QC, Payroll Deductions Tables EI, and income tax deductions Quebec Effective January 1, 2018 T4032-QC(E) What s new as of January 1, 2018 The major changes made to this guide since the last edition
More information2016 PERSONAL INCOME TAX RETURN CHECKLIST
2016 PERSONAL INCOME TAX RETURN CHECKLIST SECTIONS: A. Information All Clients Must Provide B. Additional Information New Clients Must Provide C. Questions to Answer D. Other A. Information All Clients
More information2014 PERSONAL INCOME TAX RETURN CHECKLIST
2014 PERSONAL INCOME TAX RETURN CHECKLIST SECTIONS: A. Information All Clients Must Provide B. Additional Information New Clients Must Provide C. Questions To Answer D. Other A. Information All Clients
More information2018 YEAR END TAX PLANNING
TAXTALK 2018 YEAR END TAX PLANNING As the end of 2018 approaches, this TaxTalk is a reminder to evaluate your finances and contemplate ways to improve your tax position. Personal tax planning is important
More informationEmployers Guide. Taxable Benefits
Employers Guide Taxable Benefits 2002-2003 7(5HY ,VWKLVJXLGHIRU\RX" Use this guide if you are an employer providing benefits or allowances to your employees such as: automobile benefits; housing, board,
More informationINCORPORATING YOUR FARM BUSINESS
INCORPORATING YOUR FARM BUSINESS If you carry on a farm business, and have significant income, transferring the farm business to a corporation may provide some benefits as there are tax planning opportunities
More informationToronto Children s Services Operating Criteria. Financial Management Criteria. January 2010
Toronto Children s Services Operating Criteria Financial Management Criteria January 00 FINANCIAL MANAGEMENT CRITERIA For all funded programs: Child Care Centres, Home Child Care Agencies, Special Needs
More informationRRSP OVERVIEW, STRATEGIES AND TIPS
E.E.S. FINANCIAL SERVICES LTD. 6090 Highway #7 East Markham, Ontario L3P 3B1 905-471-1337 1-866-590-0001 www.ees-financial.com 2017 2018 RRSP OVERVIEW, STRATEGIES AND TIPS Deadline for 2017 contributions
More informationTax Tips & Traps. In this edition: TAX TICKLERS TAX TICKLERS some quick points to consider
In this edition: TAX TICKLERS..... 1 NEW FEDERAL LIBERAL GOVERNMENT... 1 Impact on Tax Rules? NEW HOME ACCESSIBILITY TAX CREDIT....... 2 Renovations that Pay Off! CAREGIVERS FROM OVERSEAS.. 3 Child Care
More informationTax return for 2006 prepared for. Tania McIntyre. by UFile.ca
2006 Tax return for 2006 prepared for Tania McIntyre by UFileca Executive summary for 2006 taxation year Taxpayer Spouse Name Social insurance number Date of birth Province of residence Tania McIntyre
More informationTax Update. Employees vs. Independent Contractors and Cross-Border Employment Issues. L. David Fox, Partner
Tax Update Employees vs. Independent Contractors and Cross-Border Employment Issues L. David Fox, Partner Employee vs. Independent Contractor Why Relevant? Due diligence (e.g., purchase agreements) Tax/payroll
More informationPayroll Deductions Supplementary Tables
Y be in BC that e Payroll Deductions Supplementary Tables Quebec Effective January 1, 2018 Note You must look up amount in two tax deductions tables a federal table and a provincial table. T4008-QC(E)
More informationSeasonal Agricultural Workers Program
Seasonal Agricultural Workers Program RC4004(E) Rev. 17 Is this guide for you? T his guide has information employers and liaison officers need to help foreign workers employed in Canada under the Seasonal
More informationGeneral Application for GST/HST Rebates
General Application for GST/HST Rebates Includes forms GST189, GST288, and GST507 RC4033(E) Rev. 09 Is this guide for you? T his guide gives general information and instructions to help you complete Form
More informationTaxable Benefits
Employers Guide Taxable Benefits 2000-2001 T4130(E) Rev. 00 Is this guide for you? Use this guide if you are an employer providing benefits or allowances to your employees such as: n automobile benefits;
More informationTaxation Elective Sample Examination Question SOLUTION Page 1
Taxation Elective Sample Examination Question SOLUTION Page 1 Case #2 MARKING GUIDE FRED AND NORA SIMPSON ASSESSMENT OPPORTUNITIES To: Fred Simpson From: CPA Subject: 2014 tax return Assessment Opportunity
More informationDeducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary
Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary Available electronically only RC4157(E) Rev. 17 Is this guide for you? Use this guide if you are a payer, such as an
More informationBusiness Development Indirect Tax Opportunities for Aboriginals. February 2015
Business Development Indirect Tax Opportunities for Aboriginals February 2015 With you today. Heather Weber, Indirect Tax National Leader Angela Chang, Indirect Tax Senior Manager Agenda What Indirect
More information201 PERSONAL INCOME TAX RETURN CHECKLIST
inc. 7699 Yonge Street Thornhill, Ontario Canada L3T 1Z5 T: (416) 226-9840 F: (416) 226-9179 TF: (888) 550-8227 www.prasadcpa.com 201 PERSONAL INCOME TAX RETURN CHECKLIST SECTIONS: A. Information All Clients
More informationTax Letter CRA ACCESS TO YOUR RECORDS. Another exception is documents protected by solicitorclient
Philippe Renaud CPA, CA, Partner Tax Letter Monthly Newsletter June 2017 CRA ACCESS TO YOUR RECORDS The Income Tax Act gives the CRA wide powers to access your accounting records, bank records, and any
More information