An important deadline is approaching for non-residents with certain Canadian-source income. June 30 is the deadline to file elected returns under Section 216 (pertaining to rental income) and Section 217 (pertaining to Canadian source pension income). There may be significant consequences for missing this deadline as returns received after this date, generally aren’t accepted. Here’s what you need to know:
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The May 1 Ontario budget triggered a provincial election and so it died on the vine; but it’s an important one to understand, none-the-less, as some of its parts may be back at some time in the near future, depending on the outcome of the election.
New rules pertaining to prepaid credit cards took effect on May 1. Finance Minister Joe Oliver held a press conference on April 30 in Ottawa to introduce the new measures that were designed to protect Canadian consumers.
As per subsection 118.1(3) of the Income Tax Act (the Act), an individual may claim a tax credit with respect to a gift made to a registered charity. The amount of the tax credit is determined by the amount of the gift.
Details for a new Ontario Retirement Pension Plan (ORPP) were included in the May 1 Ontario budget and have become an election issue there. Some disagree that the plan is necessary; others are concerned about the immediate economic costs.