For the week of October 24, 2012
► Step one: set your goals, says David Christianson
► Economic update: Dispelling global uncertainty
► Evelyn Jacks: New relationship? Beware of tax consequences
► Poll Question: Should governments increase taxes on investment income dividends and capital gains to increase revenues and meet their responsibilities?
► DISTINGUISHED PRACTICES: Tips for Real Wealth Managers™: Broader interpretation of transfer pricing
► Did You Know? Legislation in both official languages
► Tax Tips: How the CRA is helping small business
► Featured Book: Master Your Money Management
► Featured Web Tools: Featured Program: EverGreen Explanatory Notes
Tax News: CRA makes changes to a number of forms
March 7, 2012
T400A Objection - Income Tax Act. If you wish to object to a Notice of Assessment sent to you by the Canada Revenue Agency (CRA), you have one year after the date of the return's filing deadline, or 90 days after the day on which the CRA sent the notice of assessment, whichever comes later, to file a T400A.
Businesses have 90 days after receiving the Notice of Assessment to submit their objections. Corporations must be much more specific in their objections than individuals; they must fully describe each matter with which they take issue and specify the relief they are seeking.
T2125 Statement of Business or Professional Activities. The CRA has updated this form to clarify and correct errors on the printed version, distributed in the 2011 General Income Tax and Benefit Package. The corrections have occurred on page 1, in "Business income” and in "Part 2: Professional income".
RC4060 Farming Income and the AgriStability and AgriInvest Programs Guide. This guide is exclusively for participants in Prince Edward Island, Ontario, Saskatchewan and Alberta. Participants from British Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Newfoundland and Labrador, and Yukon will continue to use Guide RC4408, Farming Income and the AgriStability and AgriInvest Programs. Participants from Quebec will continue to use Guide T4003, Farming Income.
What's new? The Commodity Code List, used for reporting commodity sales and purchases, has been extensively amended and can be found on page 63. Participants in Saskatchewan will now use T1163 and T1164 to apply for AgriStability and AgriInvest.