Compliance: Check Out New Forms from CRA

Recent new forms issued by CRA should be reviewed by wealth advisors in the financial and tax services for changes that may be of concern to their clients. Of particular interest:

• GST370 Employee and Partner GST/HST Rebate Application (2008 version, updated to use the 5% GST/ 13% HST rates applicable to 2008)
• T2200 Declaration of Conditions of Employment (2008 version, changed to add a new question regarding the repayment of expenses paid by the employee)
• T1162A-1 Pre-Authorized Payment Plan (Personal Quarterly Instalment Payments) (this form allows for personal quarterly instalments to be deducted by automatic bank withdrawal for fixed or calculated amounts on the 15th day of March, June, September and December - no more late payments!)

In an upcoming Breaking Tax and Investment News we will look at quarterly instalments and tax planning ideas so that no one makes an overpayment on December 15th.