By Liz O'Dowd on December 19, 2015 
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2016 Indexation adjustment for personal income tax and benefit amounts Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. Increases to tax bracket thresholds, amounts… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
Do you own foreign property that needs to be reported to the Canada Revenue Agency? If so, you may be able to take advantage of a new simplified reporting method Did you know? Taxpayers who own specified foreign property costing… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
3.5 Reasons To Seek Small Business Tax Help Unless you get thrills from poring through convoluted tax language or performing complicated calculations, managing your small business tax responsibilities is no fun. Odds are, you didn’t start your business so you… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
3 Severe Errors Draining Your Small Business Profits The life of a small business owner is filled with challenges. Every decision you make has an impact on the financial health of your business. Building up your small business profits requires… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
Annual interest rates for the first calendar quarter The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
Harmonized Sales Tax Rate for Newfoundland and Labrador The proposed increase to the provincial portion of the Harmonized Sales Tax (HST) in Newfoundland and Labrador, which was to take effect on January 1, 2016, has been cancelled. As a result,… {Read more}
By Liz O'Dowd on December 8, 2015 Leave a comment
Life in the Tax Lane – December 2015 Video Video Tax News’ “Life in the Tax Lane” video for December includes discussion of possible changes coming for Professional Corporations, audits of owner managed companies, related to the Small Business Deduction,… {Read more}
By Liz O'Dowd on December 8, 2015 Leave a comment
2015 Working Income Tax Benefit (WITB) The working income tax benefit (WITB) is a federal refundable tax credit which has been available since 2007, for low-income individuals or families with working income over $3,000 (base amount for most provinces and… {Read more}
By Liz O'Dowd on December 8, 2015 Leave a comment
Taxpayer relief deadline for 2005 related requests The Canada Revenue Agency (CRA) reminds taxpayers and registrants (for both GST/HST and non-GST/HST purposes) that the taxpayer relief deadline is December 31, 2015 and they have until then to make a taxpayer… {Read more}
By Liz O'Dowd on December 8, 2015 Leave a comment
Tax Tips that won’t help your business. When it comes to taxes, there’s no shortage of “expert” advice. Since we all must deal with taxes at least once a year, many people believe they understand everything they need to know about… {Read more}