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Tax Tip #1 – What Happens If I File My Canadian Tax Return Late?

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.… Read more...

Canada Continues To Aim At Attracting New Investment With Lower Taxes

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.… Read more...

CRA announces electronic filing requirements for GST and HST

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.… Read more...

The Goverment Gives Long-Haul Truck Drivers Additonal Tax Benefits

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.… Read more...

Flaherty Announces New Automobile and Expense Rates for Business

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.
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The Case For A Canadian Flat Income Tax System

Maureen Bader at the Canadian Taxpayers Federation makes the case for a flat Canadian Tax citing stats from 2004 Statcan data.… Read more...

CRA Announces Interest Rates For The First Quarter

percentageCRA 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, Canada Pension Plan contributions, and Employment Insurance premiums will be 5%.
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CRA’s New Mandatory E-Filing Requirements For Corporations

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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.… Read more...

CRA Is Now Offering Online Payment Services

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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 the following accounts:… Read more...

Home Renovation Tax Credit – What Qualifies?

renovationOn 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.… Read more...