Blog Page 6
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...
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...
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...
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...
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...
Maureen Bader at the Canadian Taxpayers Federation makes the case for a flat Canadian Tax citing stats from 2004 Statcan data. The short article can be read here: http://www.taxpayer.com/blog/11-12-2009/weathy-bear-disproprionately-higher-tax-burden
CRA has announced their interest rates for the first quarter of 2010. The rates include both the penalty rates for overdue balances as well as the prescribed rates for employee and shareholder loans: The interest rate charged on overdue taxes,...
The CRA has announced that for year-ends ending after January 2009 all corporations with revenues in excess of $1 million will be required to file their corporate T2 returns electronically. They will however only be assessing penalties to those T2...
It's been a long time coming, but The Canada Revenue Agency is now offering electronic payments for individuals and businesses. Their new MyPayment system allows individuals to pay personal tax installments and balances as well as allowing businesses to pay...
On January 27th, 2009 Jim Flaherty, Federal Finance Minister announced the introduction of the Home Renovation Tax Credit. The non-refundable tax credit is calculated at 15% of eligible expenses over $1,000 to a maximum of $10,000. The maximum Home...