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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2013 AgriStability Program Year Changes

The Growing Forward 2 policy framework agreement comes into effect for the 2013 program year. Under this new agreement, a number of changes were introduced for the AgriStability program including a reduced program fee, 70% margin coverage, harmonized compensation rate for both positive and negative declines, and a reference margin limit. Read about the changes. 

Existing program parameters as outlined below remain in place for the 2012 and prior program y...

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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 Matters for Students:

• Post-Secondary Scholarships, bursary and fellowship income is fully exempt from tax when received in connection with a program for which the student will get an education amount tax credit (any accredited Canadian college or university).
  
• Where the scholarship or bursary is not from an accredited institution, the first $500 is exempt.
• Tuition Fees are fully deductible if they total more than $100 and are paid to a post-secondary educational institution in Canada (*some i...

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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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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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A lot of people have been asking me about this one. Starting July 10th 2012, the Ontario Trillium Benefit combines, into one monthly payment, the Ontario Sales Tax Credit, the Ontario Energy & Property Tax Credit and the Northern Ontario Energy Credit. If you had received any of the 3 tax credits that have been rolled into the new Ontario Trillium Benefit your money will be coming to you every month starting July 10th, 2012.

Generally, people are upset about receiving this cheque monthly. The ...

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