Archive for January, 2010
Tax Tip #2 – Can I Adjust a Previous Year’s Canadian Tax Return?
Posted on 18. Jan, 2010 by Phil Hogan, CA.
Tweet If you find that you’ve made a mistake on your Canadian tax return you are able to submit a T1adj form with CRA to make the changes. Once submitted CRA will assess the changes, make the required changes (in some cases they may want to verify documentation backup for the changes) and send you [...]
Continue Reading
Tax Tip #1 – What Happens If I File My Canadian Tax Return Late?
Posted on 16. Jan, 2010 by Phil Hogan, CA.
Tweet Your Canadian tax return is due April 30th unless you or your spouse or common-law partner carry on a business in which case you have until June 15th. Note however that any tax balance owing still needs to be paid by April 30th to avoid interest charges. If you fail to file your Canadian [...]
Continue Reading
Canada Continues To Aim At Attracting New Investment With Lower Taxes
Posted on 06. Jan, 2010 by Phil Hogan, CA.
Tweet The Canadian government continues to boast about their plans to further reduce income tax for corporations in an effort to attract additional investment from outside its borders. Some of the tax changes include: Substantial, broad-based tax reductions that are lowering the federal general corporate income tax rate from 22.12 per cent (including the corporate surtax) in [...]
Continue Reading
CRA announces electronic filing requirements for GST and HST
Posted on 04. Jan, 2010 by Phil Hogan, CA.
Tweet Beginning July 1, 2010, all gst/hst registrants with annual taxable supplies over $1.5 million (in addition to some other less common situations contained within the release) will be required to filing electronically. Although these changes are only in effect for those mentioned above, the Government encourages all registrant to filing their gst/hst returns electronically. [...]
Continue Reading
The Goverment Gives Long-Haul Truck Drivers Additonal Tax Benefits
Posted on 02. Jan, 2010 by Phil Hogan, CA.
Tweet On December 28th, 2009 the Minister of Finance announced that the eligible deduction portion of meal expenses for long-haul drivers will be increased to 75% from 70% for meals incurred in 2010. The announcement also discusses an additional increase for meals incurred after 2010 to 80%. The full announcement can be read here.
Continue Reading
Flaherty Announces New Automobile and Expense Rates for Business
Posted on 02. Jan, 2010 by Phil Hogan, CA.
Tweet On December 31th, 2009 the Minister of Finance announced the following items: The capital cost allowance cap of $30,000 (plus applicable taxes) for passenger vehicles will remain in affect for vehicles purchased after 2009. The maximum allowable deduction for interest incurred on debt to finance business vehicles will remain at $300 per month. The [...]
Continue Reading
