Since the release of the last federal budget there have been many stories in the media about proposed tax changes. As we settle into the peak month for preparing tax returns, it is confusing to know which regulations are still in the discussion stage, and which are actually happening and relevant to the filing of your 2015 tax return. Here’s a quick guide to … Read more
Your life coach may continually advise you to stop sweating the small stuff. But as a certified tax preparer speaking to you in the middle of federal income tax reporting season, my advice is dramatically different. In fact, the more you do sweat the small stuff, the more likely that your tax preparation specialist can get you every possible dollar of your allowable refund. … Read more
If you operate a small business in Canada, chances are that by 2016 you have either embraced cloud accounting or are seriously considering it. There are many reasons for this, with the primary one being that it gives you a chance to keep a great overview of your finances at your fingertips and avoid any unpleasant surprises at tax time. Overall it is a … Read more
Once you or your business registered for HST/GST you have to calculate it and file online to avoid additional penalties and interest. It is not a very simple process but there is an easier way of doing it. It is called the Quick Method. CRA has extensively explains on how to do it in the Guide RC4058 Quick Method of Accounting for GST/HSTor RC4247 … Read more
As a tax preparers we usually ask the client to bring CRA Notice of Assessment for the last filed tax year. Here is the story why… The client has been filing taxes for years and never brought the Notice of assessments. Last year, he finally found 2013 Notice of assessment and handed over to us. What we discovered that he had over $60,000 in … Read more
CRA has started post assessment review process and many of the tax clients had received letters requesting to provide additional information to support the claims. I came across to one of them today by receiving copy of the letter requesting to support claim for tuition and education credit. As usually CRA needs to see your T2202 ( even though they do have it in … Read more
In the early 2000s, “sun” taxes was introduced in the Balearic Islands. A tax on the sun overlaid all visitors. Travelers arriving at the popular resorts of Ibiza, Mallorca, Menorca and other Islands must pay €1 per stay here. Collected through the tax on the sun means of power directed to the improvement of tourism infrastructure. For example, cleaning of beaches and coastal areas … Read more
Every year in China for food is used about 45 billion disposable chopsticks. Disposable chopsticks used up 1.3 million cubic metres of timber each year, depleting the country’s forests, the ministry said. For this reason, the government decided to introduce a special 5% tax when buying disposable bamboo chopsticks. This is done to ensure that the population is more likely used reusable chopsticks, made … Read more
In Greece the pool in the yard of a private home is considered a luxury. Therefore every home owner with a pool is obliged to pay tax of about 800 euros per year. Even pools for General use in apartment buildings have to pay. Many people of Athens, who do not want to pay this tax, cover their swimming pools with a tarps in … Read more
to fight a global warming. They believe that during cooking on the grill there are from 50 to 100 grams of greenhouse gases reach the atmosphere. So all residents of Wallonia region in Belgium, before making a BBQ must to pay a fee of EUR 20. To control of the tax process during the barbeque processes the government of Wallonia is using the helicopters … Read more
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