We now offer a printer-friendly version of the goods and services tax/harmonized sales tax (GST/HST) return working copy. This working copy enables registrants to maintain a copy of their GST/HST return calculations for record purposes. Do not use this printer-friendly… {Read more}
Category: Small Biz Advice
New services are now available for GST/HST accounts
The following new services are now available for GST/HST accounts: “View a return” has been renamed “View expected and filed returns.” In addition to being able to view line-by-line details of already filed returns, you will be able to view… {Read more}
Average Income Tax Refund For 2011 Is Up $70
Ottawa, Ontario, June 29, 2012… The Canada Revenue Agency (CRA) announced today that the average refund for the 2011 tax-filing season is more than $1,580—an increase of about $70 per person since last year. Many Canadians are receiving their refunds… {Read more}
Taxpayers’ Rights for Objection and Appeal
The CRA guide T4060 outlines individual taxpayers’ rights for objection and appeal including: 1) It is your right to object to an assessment or reassessment if you think the law has been applied incorrectly. You must file your objection within… {Read more}
Canada Pension Plan Basics
The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and his or her family caused by the loss of income due to retirement, disability and death. There are… {Read more}
What are some of the differences between a TFSA and an RRSP?
An RRSP is primarily intended for retirement savings. Tax assistance provided by a TFSA complements that provided through RRSPs. RRSP contributions are tax-deductible while RRSP withdrawals are added to income and taxed at regular rates. TFSA contributions are not tax-deductible… {Read more}
Minister of Finance Strikes the Last Penny to Enter Circulation in Canada
The Last penny was produced at the Royal Canadian Mint’s high-speed manufacturing facility in Winnipeg on May 4th 2012 . “For over a hundred years, the penny played an important role in Canada’s coinage system,” said Minister Flaherty. “Although the… {Read more}
Employment Insurance Benefits for Self-Employed People
Since 2011, self-employed Canadians have been able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits: Maternity benefits (15 weeks maximum) available to birth mothers. It covers the periods surrounding birth. A claim… {Read more}
When it comes to fraud, be informed and trust your instincts
Being informed is your best protection against fraud. Always remember to protect your personal information and that if it sounds too good to be true, it probably is. Some things to remember… If you’re not sure about the authenticity of… {Read more}
Changing your Address with CRA
Business owners can now change the mailing, physical, and books and records address of their business by using the “Manage address” service. This service is available to business owners only. However, representatives will continue to have access to the “View… {Read more}