Tax Tips
Tax Tips and Traps – 1st Quarter 2024
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Mandatory Electronic Payments to CRA
Effective January 1, 2024 the Canada Revenue Agency implemented a mandatory requirement that any payments over $10,000 must now be made electronically. This includes any payment made related to balances due for personal, corporate and Trust income tax, instalments, HST remittances, payroll remittances and any other payments made to the Receiver General of Canada. Electronic…
Changes to T4/T4A Reporting
We are here to inform you of important new filing requirements that will affect all employers that prepare T4 or T4A slips. Requirement to Report Dental Benefits The Canadian Dental Care Plan (CDCP) was introduced in November 2022 and expanded in June 2023 to include more individuals. Currently only those aged 12 and under are…
Tax Tips and Traps – 4th Quarter 2023
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Tax Tips and Traps – 3rd Quarter 2023
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Tax Tips and Traps – 2nd Quarter 2023
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Client Update – CRA Flipping Out on Quick Home Sales!
February 17, 2023 New legislation was introduced in 2022, which is effective on residential property dispositions starting January 1, 2023. A new residential property flipping rule was introduced to focus on those individuals that would purchase a house and then turn around and sell or “flip” the property shortly thereafter for a profit. When a…
Tax Tips and Traps – 1st Quarter 2023
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CLIENT UPDATE 2020 Tax Season – Providing Your Documentation
As the second round of pandemic-era personal tax season begins, we are striving to provide our clients and staff with safer alternatives for the delivery of information. The purpose of this update is to advise you of the methods which are available to you for submitting your tax information to us for preparation, and options…
Can you still split income with the new tax legislation?
As April 30th is approaching, many people are thinking of tax planning options in order to reduce the amount of tax that they must pay. A common method of tax planning is income splitting; this method is done by the high-income family member (transferor) diverting their investment income to low-income family members (transferee) by gifting…