By Liz O'Dowd on December 19, 2015 
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The difference between tax deductions & credits and whats eligible. Although there’s a substantial difference between a tax credit and a tax deduction, it’s easy to get the two confused. A tax deduction reduces your taxable income, with the actual… {Read more}
By Liz O'Dowd on July 27, 2012 Leave a comment
The Department of Finance released two sets of draft legislative proposals to strengthen and create greater fairness in Canada’s tax system. The first set of proposals would implement measures announced on July 20, 2011 relating to the taxation of specified… {Read more}
By Liz O'Dowd on July 27, 2012 Leave a comment
The SR&ED program is a federal tax incentive program, administered by the Canada Revenue Agency (CRA), that encourages Canadian businesses of all sizes, and in all sectors to conduct research and development (R&D) in Canada. It is the largest single… {Read more}
By Liz O'Dowd on July 27, 2012 Leave a comment
Employees in Canada who are not Canadian residents, and who are in regular and continuous employment in Canada, will be subject to the same tax deductions as Canadian residents. These deductions include federal and provincial income tax, employment insurance premiums,… {Read more}
By Liz O'Dowd on July 20, 2012 Leave a comment
The Government of Ontario announced the Ontario Trillium Benefit (OTB) in its March 2011 budget. The OTB combines three existing credits into one payment. Starting in July 2012, the Ontario energy and property tax credit, the Northern Ontario energy credit,… {Read more}
By Liz O'Dowd on July 20, 2012 Leave a comment
As part of their ongoing efforts to improve electronic filing processes, the Canada Revenue Agency (CRA) is pleased to announce the extension of the electronic filing season for 2011 T1 tax returns. Starting this fall, the electronic filing systems, EFILE Online,… {Read more}
By Liz O'Dowd on July 20, 2012 Leave a comment
Minister of National Revenue, today met with members of the local business community to discuss a number of initiatives the Canada Revenue Agency (CRA) has introduced to reduce the burden placed on small businesses. “I am pleased to announce that… {Read more}
By Liz O'Dowd on July 17, 2012 Leave a comment
Allowable child care expenses are those paid for the care of an eligible child, to enable the parent to earn employment income, carry on a business, attend an eligible program at a designated educational institution for at least 3 consecutive… {Read more}
By admin on January 21, 2010 Leave a comment
Do you know that starting January 2010, self-employed people can pay EI premiums on a voluntary basis, and qualify to receive certain EI benefits
By admin on September 16, 2008 Leave a comment
If you are a small business owner, or are considering starting your own business you may have wondered…