Helping First Nations, Inuit and Metis with Tax Filing

The Canada Revenue Agency is trying to reach out to Canada’s First Nations, Inuit and Metis to encourage them to file their tax forms on time and could use your help to make sure these communities get all the tax benefits they are entitled to. But filing tax returns are not always easy, especially when there is income on and off the reserve.

­Changes to Personal Service Businesses were amongst those enacted in Bill C-48. They will be discussed in more detail in Knowledge Bureau’s November Corporate Tax & Year-End Planning Bootcamp. However, key changes are described below. 

Fall is a great time for year-end tax planning and this year, strategic philanthropy in the family has taken on new meaning in light of the new temporary First-Time Donor’s Super Credit for first time donors.

The current prescribed rate is likely to increase on October 1, 2013. This guest column, provided to you by Frostiak & Leslie Chartered Accountants, Inc., a member of the Tax Specialist Group (TSG), offers some tips on how to benefit from the prescribed rate before it changes.

Spending money can be hard work; after all, there are a lot of demands for it and its supply is usually short. Therefore, careful consumers have to manage risks to their disposable income and choose the absolute right supplier for their needs and wants.

It’s back to school time and as every parent knows, arts and athletics are expensive activities for children to partake in at this time of the year. 

A special tax at the top marginal rate will be charge to a “specified employee” for contributions to an employee profit sharing plan if the contribution exceeds 20% of the employee’s salary received in the year.