Seniors Targeted? The Tax Audits Begin
The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.Business to Save $500 Million with New Credit
Good news for business! Starting January 1, 2015, the new Small Business Job Credit will replace the Hiring Credit for Small Business that was lost to small businesses in 2014 and only available from 2011 to 2013.
EI Maximum Insurable Earnings Increase for 2015
The maximum insurable earnings for 2015 will increase from $48,600 to $49,500.
Proposed EI Premium Rates for 2017 and Subsequent Years
Starting in 2017 the annual EI premium rate will set at a seven year break-even rate.
Ontario Farmers: Donate Food, Get Tax Credit
Year end tax planning has a new bright spot for Ontario farmers, but its real dollar benefit will depend on whether or not the farming enterprise is incorporated.
Evelyn Jacks: Income Splitting for Canadian Families
Income splitting and higher limits to TFSAs could make a big difference in Real Wealth Management™ for Canadians families, reducing tax on income both today and in the future when retirement income is drawn completely tax free.
Mark Your Calendar: October/November CE Events
Fall is the perfect time to focus on professional development. Take advantage of a number of upcoming live events and earn valuable CE credits with Knowledge Bureau.
