There are a few instances where you are able to deduct expenses against employment income. The content of this blog will just cover the most common expenses of standard employment arrangements. There are specialized rules for commission employees and other unique circumstances as well as more specialized expenses that will ...
Read MoreMost people aren’t aware of one of the harshest penalties that the CRA (Canada Revenue Agency) gives out. This penalty doesn’t necessarily relate to fraud or tax evasion, but can occur if someone is simply forgetful or unorganized. Over the last couple of years the CRA has started charging a 20% ...
Read MoreBelow is a checklist that I have put together to help my clients organize and compile the information needed to complete their personal tax return. Slips All information Slips (T4, T3, T5, T4E, T4A, T4AP, T4RSP, T4RIF, T5013) Old Age Security and CPP benefits Other Pensions and Annuities Employment insurance benefits Social assistance payments Workers compensation Benefits RRSP ...
Read MoreWith two weeks left until the 2011 RRSP contribution deadline on February 29, 2012 it seemed like a good time to blog about some common client questions I receive on the subject, “Why should I contribute to an RRSP?”, “What are the benefits of contributing to my RRSP?” or, “Should ...
Read MoreAs we head into to the upcoming “Tax Season” it is important to remember several key dates in 2012 for both individuals and corporations. These dates are important, because if these deadlines are missed you may be subject to costly fines and penalties. Important Dates: January 15 – Remittance date for fourth ...
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