Border shakeup could have tax consequences for snowbirds (Posted March 19, 2014):
Canadian and U.S. authorities are about to make a dramatic shift in the way they determine the residency of individuals who split their time between both countries, and snowbirds unprepared for the changes could face serious tax consequences.
“The goal is to make Canadians live up to the rule against spending more than six months in the U.S.,” says Matt Altro, chief executive of Montreal-based MCA Cross Border Advisors Inc.
click here to read the full article on the National Post website
Update on Canada-US Border Security Initiative (Posted January 9, 2014):
Do you or someone you know travel extensively back and forth between Canada and the US or spend a significant amount of time in the US? Did you know that as a Canadian, if you spend too many days in the US that you can be opening yourself up to both US and Canadian tax consequences? Did you know that Canada and the US have border security iniatives in place to monitor people’s travel habits? Please contact us to discuss your personal situation further.
RRSP Contribution Deadline (Posted Oct 15, 2012):
Did you know that RRSP contributions made in the first 60 days of 2014 can be claimed on your 2013 tax return? If you would like some assistance in tax planning to minimize your 2013 taxes, please contact us.
Update to BC and PEI Sales Taxes (Posted Mar 30, 2013):
On April 1, 2013 the provinces of BC and PEI will be changing the way their sales taxes are administered. In British Columbia (BC), the 12% Harmonized Sales Tax (HST) will be replaced by the 5% Goods & Services Tax (GST) and 7% Provincial Sales Tax (PST). In Prince Edward Island (PEI), the PST will be replaced by an HST rate of 14%, of which 5% will represent the GST and 9% the PST.
Important Dates for Individuals (Posted Oct 15, 2012):
There are a number of dates during the year that individuals should be aware of. Find out more about the following:
- – GST/HST credit payment dates
- – Canada Child Tax Benefit (CCTB) payment dates
- – Universal Child Care Benefit (UCCB) payment dates
- – RRSP contribution deadlines
- – Due dates of paying a balance on various types of tax returns
Important Dates for Businesses (Posted Oct 15, 2012):
There are a number of due dates and other important dates your business should know. Find out more about the following:
- – Determining when various returns or payments are due
- – Retaining your books and records
- – Establishing your fiscal year end
- – Calculating and paying required instalment payments
- – Payroll and GST/HST matters
T4 & T5 Filing Deadlines (Posted Oct 15, 2013):
All businesses and employers must prepare and file T4 and T5 slips and summaries for employee and investor payments made during 2013. One copy is to be sent to the recipient and one copy is to be sent to the CRA. This must be filed by February 28th. If you would like assistance, please contact us today!
News to Benefit Small Businesses (Posted Sep 19, 2012):
The CRA has developed a number of videos to deliver information to businesses. These videos cover a variety of topics such as payroll, employer provided gifts and awards and parking, records keeping, changes to the Canada Pension Plan, and more. The videos, accompanied by relevant links and written transcripts are available here.
To serve Canadian business owners better, the CRA created a one-stop shop where businesses can find information that may apply to their situation. Visit the web page here.
The new My Business Account Enquiries Services allows businesses, or their representative, to ask the CRA tax-related questions specific to their account. Businesses then receive their answer online, in writing, in the message centre.
News for Students (Posted Sep 19, 2012):
The CRA has provided some new information that is useful to students. Click here to find out more!
Looking for a specific topic?
Check out the A-Z indexes on the CRA website. Should you have any questions or need additional information, please contact us.