Late Filing Penalties: Talk About It!
While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:Co-signer or Co-Borrower?
What’s the biggest difference between a co-borrower and a cosigner? It relates to the degree of investment in the loan. Here are the details:
Immediate Expensing of Capital Asset for CCPCs
In the last federal budget, the government proposed to allow Canadian Controlled Private Corporations to claim 100% CCA in the year of acquisition for assets purchased after April 18, 2021, to a maximum of $1,500,000. However, legislation has yet to be introduced to implement that change. That’s turning out to be a big problem for tax advisors and their clients. Here’s why:
CCB Filing Deadline News: Beware of Limitations
Most people know that when you miss filing a tax return your family will miss out on receiving the Canada Child Benefit. However, did you know that you can retroactively claim the CCB by filing those missed returns? How far back you can go, however, depends on what type of CCB you file for.
Tax Efficient Ways to Obtain Funds from Your Small Business
Small businesses are critical to the health of the Canadian economy. According to a recent study by the Government of Canada, small businesses (1-99 employees as defined by the Government) represented 97.9% of all enterprises in Canada. According to the same study, these businesses employed 8.4 million individuals in 2019 or 68.8% of the private labour force. In addition, small business contributed 41.9% to the Gross Domestic Product generated by the private sector in 2016. Now that we are in past-pandemic mode, understanding the needs of small businesses will pay off in better tax and financial planning solutions.
Tax Avoidance Versus Tax Evasion
You may ask yourself, what is the difference between tax evasion and tax avoidance?
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