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.National Steering Committee on Financial Literacy Call for Members
Are you interested in strengthening Canadians’ financial literacy?
Requirement vs. Choice: It’s the Crux in Claiming Commission Sales Expenses
In order to be eligible for a deduction for sales or travel expenses under subsections 8(1)(f) and (h) of the Income Tax Act, taxpayers must show that they worked on a commission-based income.
Evelyn Jacks: Ostriches Aren’t Smart; Tax Penalties Are Expensive
Well it's that time of the year again. . .tax audit season. The ostrich approach is one way to cope, but not the smartest.
Q and A: Setting Up Business in the U.S.
The U.S. has a number of different business structures available when conducting your affairs in the U.S., whether your business is rental property or operating a viable small business.
Employee Stock Options
An employer may provide its employees the opportunity to purchase shares in the employer’s corporation at some future date, but at a price that is the current market price when the option is granted (the exercise price).
Volunteer Firefighters Can Claim Non-Refundable Credit
Volunteer firefighters can claim an amount of $3,000.
