Entries by Chris Hammond

Disability Income Insurance

CRA recently noted that where a proprietor purchased a Disability Income Policy, the premium is a non-deductible personal expense. But the receipt of the disability benefits is tax-free.

Non-Refundable Tax Credits for Students

The most common post-secondary nonrefundable tax credits that apply to students are interest paid on student loans, the tuition, education and textbook amounts, the public transit amount, and the Canada employment amount.

Do You Have to File a Tax Return?

A tax return must be filed if: You have to pay income taxes for the year; You have not repaid all amounts withdrawn from your RRSP under the Life Long Learning Plan; You have to pay CPP because your pensionable income exceeds $3,500; or, You received the working income tax benefit or you applied for […]

Online Advertising Income

If you have a website or a blog and you charge for advertising, links, or reviews, you must report the income on your Canadian income tax returns. Send invoices to your clients and customers.

Corporate Directors Liability & Business Investment Loss – Denied

If a corporation (including a for-profit or non-profit corporation) fails to deduct, withhold, remit or pay amounts held in trust for the Receiver General for Canada (CPP, EI and GST/HST), the directors of the corporation at the time may be held personally liable along with the corporation to pay the amount due. This amount includes […]

CPP Changes January 2012-2016

These changes affect you if you are: An employee who contributes to the Canada Pension Plan (CPP), whether you are just starting your career or you are planning to retire soon;

2016 Minimum Wage Changes

Several Provinces have increased or will increase their minimum wage rates in 2016. This list details the wage rate changes taking effect in 2016.

Employer-Paid Disability Premiums

Employer-Paid Disability Premiums If you think that paying for your employee’s disability premiums is always a good thing, think again. If you provide your employees disability as a nontaxable fringe benefit, payments they receive upon their disability will be, in most cases, fully taxable to them!