Author: karen

Stop International Tax Evasion Program

The 2013 Federal Budget introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to 15% of federal tax collected if the reassessments are… {Read more}

Door Prizes at Company Functions

In a 2013 Technical Interpretation, CRA was questioned about door prizes received by all attendees at a company social function. CRA commented that their tax-free $500 gifts and awards policy would apply to all attendees including the employee, the employee’s… {Read more}

Estate Planning

Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages: Probate fees can be avoided because the funds transfer direct to the beneficiary. The funds are not exposed to the liabilities of… {Read more}

Per Diem Meal Allowance

In a recent Technical Interpretation, CRA noted that an employer-provided meal allowance will not be taxable where the following conditions are met: It must be a reasonable amount; The allowance is received to cover expenses while travelling away from the… {Read more}

Free Small Business Software

Balancing the books isn’t always easy.  Business owners understand the importance of keeping records up-to-date. Unfortunately, paperwork has a habit of piling up – quickly PADGETT BUSINESS SERVICES now offers a solution PADGETT CONNECT PADGETT CONNECT is an easy-to-use business… {Read more}

CRA & Seniors – What you need to know!

Press Release from Canada Revenue Agenc – Ottawa, Ontario, October 1, 2013 The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and Royal Galipeau, Member of Parliament for Ottawa-Orleans, participated in an event to celebrate National Seniors… {Read more}

Back to School Tax Tip #3

                Non-Refundable Tax Credits The most common post-secondary non-refundable tax credits that apply to students are interest paid on student loans, the tuition, education and textbook amounts, the public transit amount, and the… {Read more}