Showing category "CRA Bulletins" (Show all posts)

Internet Presence? CRA wants to know!

Posted by michelle mckillop on Monday, June 2, 2014, In : CRA Bulletins 
With little to no publicity, the CRA has introduced another filing requirement for tax returns filed after April 8th, 2014 for the 2013 tax year and forward. If your business makes use of the internet in any way to earn income, you must fill in a special section of the T2125 business return or a Schedule 88 with your corporate tax return. The form requests information concerning up to 5 web sites you have a presence on and an estimate of how much of your gross revenue is derived from the inte...
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Taxpayer relief available for businesses affected by power outages due to severe weather conditions in Ontario

Posted by michelle mckillop on Friday, January 10, 2014, In : CRA Bulletins 
This was sent out yesterday by the Canada Revenue Agency:

January 9, 2014 - Ottawa - Canada Revenue Agency

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today reminded businesses that the Canada Revenue Agency (CRA) taxpayer relief provisions are available to those that have been unable to meet their tax obligations because of the recent power outages in Quebec, Ontario, and Atlantic Canada.

Affected businesses can apply to have interest or penalties or b...

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Tax savings for tradespersons!

Posted by michelle mckillop on Friday, February 1, 2013, In : CRA Bulletins 

Did you know?

If you were an employed tradesperson in 2012 (including an eligible apprentice mechanic), you may be able to deduct up to $500 of the cost of eligible tools bought to earn your employment income.

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Automobile Expense Benefit Increase!

Posted by michelle mckillop on Sunday, January 6, 2013, In : CRA Bulletins 
So, in typical contradictory fashion, the CRA has updated their Auto Expense Benefit rates to adjust for inflation. This means if you drive a company vehicle you will have a greater income inclusion (and more taxes to pay) in 2012 & 2013 than you did in 2011. However, the upper limits for interest or lease payments you can deduct with regards to passenger vehicles remains the exact same. The bottom line is where it benefits them, they've recognized inflation. Where it does not benefit them, t...
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Take care when making donations

Posted by michelle mckillop on Thursday, December 13, 2012, In : CRA Bulletins 
The CRA is investigation many charitable organizations in Canada. While most are legitimate, every year dozens of organizations are having their charters revoked for various reasons. If you have donated to one of the revoked organizations you will have your donation refused upon review.

The following information is now available on the CRA Web site:

Tax tip: Donate wisely: Take time to learn about a charity before you donate

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New payroll tables!

Posted by michelle mckillop on Thursday, December 13, 2012, In : CRA Bulletins 
The January 1, 2013, edition of the Payroll Deductions Online Calculator (PDOC) is now available on the CRA Web site at:
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Changes to GAINS Benefit Rate Tables

Posted by michelle mckillop on Monday, October 1, 2012, In : CRA Bulletins 

Benefit period: October 1, 2012 to December 31, 2012

The GAINS rate tables have been updated to provide a ready reference of OAS/GIS/GAINS payments at specified levels of private income, depending on a senior's status e.g. single or couple.

Guaranteed Income Level

  • Single pensioners: $1,366.94 monthly ($16,403.28 annually)

  • Qualified couples, per person: $1,117.96 monthly ($13,415.52 annually)

View the GAINS Benefit Rate Tables at:

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Canada Revenue Agency discontinues TELEFILE service

Posted by michelle mckillop on Thursday, June 28, 2012, In : CRA Bulletins 

Ottawa, Ontario, June 27, 2012... The Canada Revenue Agency (CRA) announced that it is discontinuing its TELEFILE service.

TELEFILE is a telephone-based service that allows individuals to file simple tax returns over the phone. Use of this service has declined, on average, by 10 per cent every year as taxpayers move to other channels, such as the CRA’s secure, convenient online services. In fact, between 2011 and 2012, use of the service declined by 12.3 per cent.

Only 1.2% of all tax returns...

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