Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

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In order to be eligible for a deduction for sales or travel expenses under subsections 8(1)(f) and (h) of the Income Tax Act, taxpayers must show that they worked on a commission-based income.

Well it's that time of the year again. . .tax audit season. The ostrich approach is one way to cope, but not the smartest. 

The U.S. has a number of different business structures available when conducting your affairs in the U.S., whether your business is rental property or operating a viable small business.

An employer may provide its employees the opportunity to purchase shares in the employer’s corporation at some future date, but at a price that is the current market price when the option is granted (the exercise price).

Volunteer firefighters can claim an amount of $3,000.