Today the Harper government announced further adjustments to the rules for government-backed insured mortgages. “Our Government stands behind the efforts of hard-working Canadian families to save by investing in their homes and their future,” said Minister Flaherty. “The adjustments we… {Read more}
Category: Tax Alerts
Tax Planning – Start Early!
You should plan ahead so that you are prepared to file your tax return next yearwithout too much difficulty.One of the most important things to do during the year is to store all tax-related documents in one place. If you… {Read more}
Unlocking Your Locked-in Pension Accounts
Some provinces allow the “unlocking” of all or a portion of a LIRA, LIF or LRIF under certain circumstances. Some of the circumstances include: small balances in the account, under a specified threshold amount becoming non-resident of Canada shortened life… {Read more}
Government Announces Cross Border Exemption Limits
The Harper Government today announced that increased personal exemption limits for Canadian consumers are now in effect. The new limits, announced in Economic Action Plan 2012, will benefit Canadians by streamlining the processing of Canadian consumers returning to Canada. The… {Read more}
Canada’s Economic Fundamentals are Strong
“Canada’s economic fundamentals are strong and our international commitments are on track in terms of reducing our deficits and returning to fiscal balance in the medium term,” said Minister Menzies. “Internationally, Canada has been a central player in promoting strong,… {Read more}
Canada Revenue Agency to ease burden on tax exempt corporations
The Canada Revenue Agency (CRA) recently concluded its review and has determined that refunds or rebates will not be withheld from tax-exempt incorporated municipalities, universities, schools, hospitals (MUSH), non-profit organizations (NPOs), federal crown corporations, and Indian band councils when they… {Read more}
It’s in your best interest to file your income tax return
Did you know? Even if you missed the April 30 filing deadline, there are still many reasons why you should file your 2011 income tax and benefit return as soon as possible. Why is it important to file as soon… {Read more}
Mandatory Internet Filing penalty for Corporation income tax returns
Corporations with annual gross revenue of more than $1 million will be required to Internet file their corporation income tax returns for tax years ending after 2009. Corporations that are exempt from mandatory Internet filing are: insurance corporations non-resident corporations… {Read more}
Voluntary Disclosure Program
If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will… {Read more}
Ready to file online but lost your access code?
If you are ready to file your income tax and benefit return but have misplaced your NETFILE access code, you can visit the Canada Revenue Agency’s (CRA) Web site, enter your information, and receive your access code instantly! When you… {Read more}