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.
Author Archive for: ChrisHammond
About Chris Hammond
This author has yet to write their bio.Meanwhile lets just say that we are proud Chris Hammond contributed a whooping 35 entries.
Entries by Chris Hammond
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.
A tax return must be filed if: You have to pay income taxes for the year; You have not repaid all amounts withdrawn from your RRSP under the Life Long Learning Plan; You have to pay CPP because your pensionable income exceeds $3,500; or, You received the working income tax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 […]
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.
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 […]
Self-Employed Canadians Can Access Employment Insurance (EI) Special Benefits
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;
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 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!
A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions.