It’s easy to make a correction to your income tax and benefit return if you realize you made a mistake after filing. Changing your return You will need to wait to receive your notice of assessment from the Canada Revenue… {Read more}
Category: Tax Alerts
Corporation Internet Filing software
The Canada Revenue Agency (CRA) certifies commercial tax preparation software packages for use with the Corporation Internet Filing service. Corporation Internet Filing has been designed to accept a specific file format (“.cor” extension), and the CRA-certified software will include instructions… {Read more}
Late-filing Penalty
If you owe tax for 2012 and do not file your return for 2012 on time, we will charge you a late-filing penalty. The penalty is 5% of your 2012 balance owing, plus 1% of your balance owing for each… {Read more}
Beware of Fraudulent Communications
Occasionally, taxpayers may receive, either by telephone, mail, or email, a communication that claims to be from the Canada Revenue Agency (CRA) but is NOT. In all these cases, the communication requests personal information, such as a social insurance, credit… {Read more}
What is the Definition of Common Law Spouse?
For purposes of income tax in Canada, a common law spouse is a person of the opposite or same sex to whom you are not legally married, with whom you live in a conjugal (marriage-like) relationship, and at least one… {Read more}
Small Business Dividend Tax Credit
Non-eligible, or ordinary, dividends are any dividends issued by a Canadian corporation, public or private, which are not eligible for the enhanced dividend tax credit. The non-eligible dividend tax credit rate is used for dividends received from Canadian-controlled private corporations… {Read more}
Family Caregiver Amount (FCA) Tax Credit
The 2011 Budget introduced a Family Caregiver Tax Credit, beginning in 2012. The legislation is included in Bill C-13, which received Royal Assent (became law) on December 15, 2011. Yukon is also providing the Family Caregiver Tax Credit. This is… {Read more}
Worthless Shares or Debt
You may have an investment in some shares or debt which has become worthless, but you can’t sell them because the security is no longer listed on a stock market. There is a section of the Income Tax Act that… {Read more}
Caring for Dependants?
Did you know? The new family caregiver credit (FCA) helps Canadians with the costs of caring for a dependent with a mental or physical impairment. Important facts Introduced in the 2011 federal budget, the FCA is a 15% non-refundable tax… {Read more}
Donations Tax Credit Line 349
Up to 75% of a taxpayer’s net income can be claimed as donations, except in the year of death or the year preceding death, when 100% of net income can be claimed as donations. The donations limit can also be increased… {Read more}