By Liz O'Dowd on November 17, 2015 
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Stop International Tax Evasion Program To combat unreported foreign income, the Federal Government 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… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
Lifetime Capital Gains Exemption (LCGE) On January 1st, 2015, the LCGE increased to $813,600 of capital gains realized by an individual on qualified property. The LCGE has been indexed to inflation for the years following 2014. The new limits apply… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
Estate Plans Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages of estate plans: Probate fees can be avoided because the funds transfer direct to the beneficiary. The funds are not… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
In a Technical Interpretation, CRA was questioned about door prizes received by all attendees at a company social function. Door Prizes at Company Functions CRA commented that their tax-free $500 gifts and awards policy would apply to all attendees including… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
Canada Revenue Agency announces Maximum pensionable earnings for 2016 The Canada Revenue Agency announced today that the Maximum pensionable earnings under the Canada Pension Plan (CPP) for 2016 will be $54,900—up from $53,600 in 2015. The new ceiling was calculated… {Read more}
By Liz O'Dowd on November 13, 2015 Leave a comment
Tax preparation clinics benefit your community: Learn how you can participate Every year, the Canada Revenue Agency (CRA) supports community organizations across the country as they run free tax preparation clinics. It happens in communities just like yours, through a… {Read more}
By Liz O'Dowd on November 10, 2015 Leave a comment
Vacation Time and Vacation Pay This employment standard has two parts: vacation time and vacation pay. Some employees have jobs that are exempt from the vacation with pay provisions of the ESA. For more information on these job categories, please… {Read more}
By Liz O'Dowd on November 10, 2015 Leave a comment
Termination Notice and Pay A number of expressions are commonly used to describe situations when employment is terminated. These include “let go,” “discharged,” “dismissed,” “fired” and “permanently laid off.” Under the Employment Standards Act, 2000 (ESA) a person’s employment is terminated… {Read more}
By Liz O'Dowd on November 10, 2015 Leave a comment
Ontario has nine public holidays: New Year’s Day Family Day Good Friday Victoria Day Canada Day Labour Day Thanksgiving Day Christmas Day Boxing Day (December 26) Most employees who qualify are entitled to take these days off work and be… {Read more}
By Liz O'Dowd on November 9, 2015 Leave a comment
Minimum Wage Rates Minimum wage is the lowest wage rate an employer can pay an employee. Most employees are eligible for minimum wage, whether they are full-time, part-time, casual employees, or are paid an hourly rate, commission, piece rate, flat… {Read more}