old-couple

Canada Pension Plan Basics

The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and their family caused by the loss of income due to retirement, disability and death. Read more

corvette-1548671_640

Claiming Automobile Expenses

One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and incur personal expenses in doing so. Read more

tax returns 2017

What If I Can’t Pay My Taxes?

Don’t panic!

You’re not alone; many taxpayers have found themselves in financial distress and unable to pay immediately. If you cannot pay the full amount of taxes you owe, you should still file your return (or extension) by the deadline and pay as much as you can to avoid penalties and interest.

Read more

money-1604921_640

Lifetime Capital Gains Exemption (LCGE)

On January 1st, 2016, the LCGE increased to $824,176 of capital gains realized by an individual on qualified small business corporation shares. The LCGE has been indexed to inflation for the years following 2014. The new limits apply to any taxpayer who has claimed the LCGE previously.

For dispositions of qualified farm or fishing property, the LCGE increased to $1,000,000 on April 10, 2015.

building-1080596_640

CRA Investigates Small-Town Subcontractors

Recently, CRA auditors reviewed municipal building permits in smaller communities. The auditors were checking for unregistered small-town subcontractors’ worksites. The result was that of the over 8,000 building permits reviewed about 33% were for unregistered building contractors. More than $4,400,000 in tax was collected.

The CRA focuses on the construction industry because it continues to be a source of unreported income in the underground economy. CRA also investigated hardware stores in more than 18 communities looking for installers that failed to report their income. CRA found that approximately only 7% of the installers were non-filers. The voluntary disclosure program is available for building contractors to bring their reporting up to date.

Talk to a Padgett office for help.