When clients are paid in cash for completing jobs or projects, remind them to record and keep track of those payments. People may need to do this if they run a renovation or construction company, for example, or if they run a small side business in their spare time. Recording all income sources throughout the […]
What would your practice be like if filing an income tax return was radically simplified?
Budget 2014 expanded the Kiddie Tax, making it more challenging to split business income with minor children. The new rules apply to the 2014 taxation year onward.
The investment industry may be excited to have one of their own as federal finance minister, but Joe Oliver won’t have much influence in the post, say experts.
How to file Canadian income tax
The average Wall Street bonus last year is the third-highest on record, reports Reuters, and it’s the biggest payout since the 2008 crash.
Penalties are harsh, so make sure clients include it correctly
Which tax rates are clients really paying?
CRA has expanded the T1135 Foreign Income Verification Form, and the new version applies to tax years starting after June 30, 2013.
In 2013, it was generally more tax-efficient to earn business income as non-eligible corporate dividends everywhere but Quebec and P.E.I. After the proposed changes, however, it will be more tax-efficient to earn business income as regular income in six out of 10 Canadian provinces.