by Chris Hammond | Sep 26, 2016 | News
To combat unreported foreign income, the Federal Government introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to 15% of federal tax collected...
by Chris Hammond | Aug 30, 2016 | News
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. If a corporation acquires a Policy for the employees, the premiums are generally...
by Chris Hammond | Jul 19, 2016 | News
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. Interest on Student Loans To be eligible for...
by Chris Hammond | Jul 19, 2016 | News
A tax return must be filed if: You have to pay income taxes for the year; You have not repaid all amounts withdrawn from your RRSP under the Life Long Learning Plan; You have to pay CPP because your pensionable income exceeds $3,500; or, You received the working...
by Chris Hammond | Jun 21, 2016 | News
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 your invoices exceed $30,000 in the last four consecutive calendar...
by Chris Hammond | May 27, 2016 | News
Self-Employed Canadians Can Access Employment Insurance (EI) Special Benefits There are four types of EI special benefits: Maternity benefits (15 weeks maximum) available to parents of a new born child. It covers the periods surrounding birth. A claim can be submitted...
