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:Meet the Unique Needs of Your Unincorporated Small Business Clients
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Your Marginal Tax Rate
Your marginal tax rate is a measure of the rate of tax you’ll pay on the next dollar earned or, alternatively, the rate of savings on the next dollar deducted.
Life Insurance Rules “Modernized”
The Income Tax Act contains rules pertaining to the taxation of income earned on the savings in a life insurance policy. The tax treatment differs depending on whether a policy is classified as an exempt supply or not.
CRA: Absolutely No Reprisals In Reporting Service Mistakes
On August 23, the Minister of National Revenue, the Honourable Kerry-Lynne D. Findlay, and the Taxpayers’ Ombudsman, J. Paul Dubé, met with local business owners in Edmonton to discuss, in large part, the addition of a new right announced in the Taxpayer Bill of Rights in June.
Evelyn Jacks: Professional Back to School Tax Savings Tips
Did you just drop a bundle on school supplies and performance-enhancing running shoes? Parental peer pressure from the mini-mes can be daunting this time of the year, especially if Mandarin lessons, dance, and hockey all appear on the agenda.
The Court’s Analysis: Should Costs of Funding Young Tennis Talent Be Allowed?
Last week Knowledge Bureau Report told you about Michel Bouchard (the “Appellant”) established a partnership known as the Tennis Mania Limited Partnership (“the Partnership”) in order to generate funding to support his daughter’s tennis development. At just 9 years of age, the Appellant was confident that his daughter was talented enough to make a career out of playing tennis. What did the Tax Court of Canada think of the arrangement?
