June 30 Tax Deadline is Looming for Non-Residents

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:

GST and HST changes were announced related to exemption of certain health care services, nil consideration elections for closely related persons, and registration compliance.

Previously announced changes that will be implemented this year affect auto expense deductions, labour-sponsored venture capital coporations, and GST/HST exemptions for hospital parking.

As critical as it is to understand what income is taxable in order to avoid expensive penalties, it is just as important to know what income is tax exempt.

I pay monthly for an options trading service that gives me options trade ideas that I execute in my non-registered account. Can I put the total annual cost of the service as an investment cost on my tax return?

The new Registration of Tax Preparers Program, proposed to come into effect in two years, will keep track of errors associated with a particular registrant in an effort of improve compliance. CRA is seeking input on this change in its relationship with professionals.

The Canada Revenue Agency (CRA) recently released a new booklet that explains how to take business deductions from the income of a daycare. It’s an important issue for those who work taking care of children from their personal home as opposed to those who work taking care of children in the home of the parents.