Words like “intimidating,” “pre-judged”, “guilty” and “witch-hunt” characterize many of the contacts businesses said they have had have with officials of the Canada Revenue Agency
Most Ontario consumers will see a net benefit from the harmonized sales tax in 2013 because of new tax credits and energy rebates, according to Ministry of Finance documents. The documents, obtained by The Canadian Press, suggest the 13 per cent HST would not cost Ontario households $385 million more by 2013 as originally projected [...]
Wherever you live or operate a business in Canada, you can’t escape being taxed, but the amount of tax will vary by province. PricewaterhouseCoopers has released its annual publication, Tax Facts and Figures, which is a reference tool to help understand the personal and corporate tax rates and changes across Canada. Highlights among the provinces: [...]
Dozens of workers at Canada’s tax agency have been caught snooping on their ex-spouses, mothers-in- law, creditors and others by reading confidential tax files. Internal reports at the Canada Revenue Agency show that rogue employees are improperly reviewing the private financial affairs of taxpayers without their knowledge. And some are using agency computers to give [...]
The Financial Services Commission of Ontario (FSCO) has released an updated Professional Services Guideline. This updated Guideline recognizes the change from the GST to the Harmonized Sales Tax (HST), which goes into effect on July 1, 2010. It also incorporates a 0.3 per cent increase in fees based on the 2009 Consumer Price Index for [...]
The imminent switch to the harmonized sales tax in British Columbia and Ontario will mean residents of those provinces won’t have to pay sales tax on some goods purchased in Washington state. The state government says B.C. and Ontario residents will be eligible for a tax exemption on goods purchased for use outside the state, [...]
Canada has the second lowest tax cost for businesses among 10 countries studied by KPMG for a special report on tax in Competitive Alternatives 2010, the firm’s guide to international business costs. Special Report: Focus on Tax assesses the general tax competitiveness of 95 cities in 10 countries, focusing on 41 major cities with populations [...]
The deadline for filing taxes has past and for many Canadians, that means a refund cheque from the government is on its way. Last year, the Canadian Revenue Agency said that the average refund was $1,400. A BMO Nesbitt Burns survey says that nearly half (48 percent) of Canadians will be putting their refund towards [...]
The introduction of the harmonized sales tax in two of Canada’s largest provinces and a wave of other new expenses could take a toll just as Canadians begin to feel confident about opening their wallets again, experts say. Shoppers in British Columbia and Ontario started paying the HST on May 1 on a number of [...]
Four-in-ten Canadians (39 per cent) over the age of 50, who have assets of at least $100,000, retired with some form of debt and one-quarter (22 per cent) entered retirement with a mortgage on their primary residence, according to the first annual RBC Retirement Myths and Realities poll, which examines Canadians’ expectations and experiences in [...]
The Canada Revenue Agency has revoked the charitable status of two Toronto-area health charities, which it says were scamming the tax collectors. The agency says Liberty Wellness Initiative and Destiny Health and Wellness Foundation issued receipts far exceeding the actual donations and contravened other key elements of the tax law. It says Liberty Wellness issued [...]
View the video here on your mobile device. It’s deadline day. Still have to file? Why not go high tech? Using income-tax software to prepare your tax return has many benefits. Return preparation is generally quicker, easier and less open to mechanical errors. Remember, even if you file electronically, keep your receipts.
View the video here on your mobile device. Do you have any carry-forward balances? Check your prior year return and Notice of Assessment to see if you have any carry-forward balances that may be used as deductions or credits for 2009.
View the video here on your mobile device. Today’s tax tip: Don’t forget the kids. Filing tax returns for children who had part-time jobs or have been paid for various small jobs (lawn care, babysitting) establishes contribution room for RRSPs (contributions can be made in any future year). Filing returns for older teens can also [...]
View the video here on your mobile device. Are you moving on up? If you moved in 2009 to start a new job, business or post-secondary education, you may be able to claim certain expenses from the cost of moving to travel costs, including meals and lodging while en route.
View the video here on your mobile device. It may be wise to check your files – twice. Some old receipts may still have value in your 2009 return. Receipts for charitable donations and medical expense receipts could be of particular interest.
View the video here on your mobile device. Today’s tip: ask yourself who’s the boss? If self-employed, you can claim a number of business-related expenses and reduce the tax you pay. Car and parking expenses, business association fees, convention costs and home office expenses, salaries paid to assistants including family members: the list is long. [...]
View the video here on your mobile device. For today’s tip, keep it in the family. From child tax credits for children under 18 to an adoption expense credit or the child fitness credit – your family could be eligible for a host of tax reductions. Make sure you look into the possibilities.
