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.Northwest Territories Territorial Budget
The Northwest Territories budget was delivered on February 6. The budget contained no income tax measures.
New Brunswick Provincial Budget
The New Brunswick provincial budget was delivered on February 4. The budget reduces the deficit but a balanced budget is not expected until 2017. The budget promised a 3% increase in social assistance rates beginning in April.
Other Provinces and Territories
Provincial and territorial budget dates have yet to announced for Ontario (expected the first week in May), Prince Edward Island (expected soon after the legislature opens in April), and Nunavut (expected late in May),
Provincial Taxation of Small Business Dividends in 2014
Because of the way that dividends are taxed, both at the federal level and the provincial level, the amount of tax payable on a given dividend depends of the taxpayer’s taxable income (as well as their province of residence).
Evelyn Jacks: Claiming Moving Expenses
It’s crunch time when it comes to tax filing. Most taxpayers will have received all their T slips – T4s, T3s, T5s, etc. and now it’s time to actually get it done.
Are We Richer Now Than We Were 30 Years Ago?
There has been a lot said and written about the state of the middle class, with some people claiming that we are worse off now than we were 30 years ago.
