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
The Government of Canada is switching to direct deposit payments. Direct deposit is a fast and convenient way for people to get their income tax refund & other credit,and benefit payments directly into their bank account without having to wait for a cheque. The Canada Revenue Agency (CRA) would like to encourage taxpayers, both individuals and businesses, to enroll for direct deposit. The CRA … Read more
Commencing February 9, 2015, a new service called Manage Online Mail is being offered by the Canada Revenue Agency (CRA) to electronically deliver mail to Canadians. Online mail is the best way to manage your correspondence from the CRA. This service will provide you with: quick and convenient online access to notices (notices of assessment and reassessment) and; online access to future eligible correspondence … Read more
UPDATES of 2014 TAX Season Family Tax Cut Under proposed changes, you or your spouse or common law partner may be able to claim a non refundable tax credit of up to $2,000, if your child ordinarily lived with you or your spouse or common-law partner throughout the year. For more information and to calculate your claim, complete Schedule 1-A, Family Tax Cut.
The CRA’s Annual Office Audit The Canada Revenue Agency (CRA) will soon be conducting its sixth annual Office Audit Letter Campaign. In January 2015, the CRA will send educational and intent-to-audit letters to selected groups of individual taxpayers and business owners through the campaign. The campaign supports the CRA’s increased emphasis on helping individuals and small businesses to better understand their tax obligations and … Read more
