Federal tax changes add new threats for independent business

The tax burden is one of the biggest challenges your business faces, and it could get worse with new changes proposed by the federal government. The lower tax rate on the first $500,000 in corporate income has been vital to the success of many small firms—but some big business groups, academics and government officials have…

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Principal Residence Exemption

Did you sell a home in 2016?  Canada Revenue Agency now requires you to report the sale on your personal income tax return regardless of whether it was a principal residence or not.  The sale of a principal residence continues to be exempt for income tax purposes but reporting the sale is now mandatory. http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html

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Canada Child Benefit

You will see changes to your child benefits starting in July 2016. Below you’ll find some information to help you understand these changes. What is the Canada Child Benefit (CCB)? The Canada child benefit is a monthly tax-free payment for families with children under the age of 18. It will replace the Canada child tax…

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Access Your Canada Revenue Agency Account

Gain easy access to all of your Canada Revenue Agency information.  My Account allows you to track your refund, view or change your return, check your benefit and credit payments and your RRSP limit etc. http://www.cra-arc.gc.ca/myaccount/?utm_source=twttr&utm_medium=scl_md&utm_campaign=

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2016 Indexation Adjustment

http://www.cra-arc.gc.ca/nwsrm/fctshts/2015/m12/fs151208-eng.html?utm_source=mediaroom&utm_medium=eml Tax bracket thresholds Taxable income above which the 20.5% Footnote1(22% for 2015) bracket begins 45,282 44,701 Taxable income above which the 26% bracket begins 90,563 89,401 Taxable income above which the 29% bracket begins 140,388 138,586 Taxable income above which the 33% bracket begins 200,000   Amounts relating to non-refundable tax credits Basic personal amount…

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Beware of Fraudulent Communications

Occasionally, taxpayers may receive, either by telephone, mail, text message or email, a fraudulent communication that claims to be from the Canada Revenue Agency (CRA). In all these cases, the communication requests personal information, such as a social insurance, credit card, bank account, and/or passport numbers, from the taxpayer. These fraudulent communications typically insist that…

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RRSP Deadline

The RRSP contribution deadline for 2015 is March 1.  Any contributions made on or before that date can be deducted on your 2014 tax return. The amount of RRSP contributions that you can deduct in a tax year is based on your personal RRSP deduction limit.  Please contact our office if you need assistance determining…

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Family Tax Cuts

Family Tax Credit The government introduced a new non-refundable tax credit resulting in savings of up to $2,000 for couples with children under 18, starting in 2014.  To calculate the credit, the spouses first calculate the combined tax they would normally pay.  They then calculate the combined tax they would pay as if the higher…

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CRA Extends T1 Filing Deadline

The Canada Revenue Agency has extended the filing deadline for 2013 personal tax returns to May 5, 2014 in order to account for the days lost due to the temporary shutdown as the security issue was dealt with. Tax returns filed by May 5, 2014 will not incur penalties or interest.

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