Tag / Canada Revenue Agency
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Contractor vs. Employee: Agreement on Contractor Status Is Not Enough
In a May 8, 2018 Tax Court of Canada case, the Court reviewed whether the taxpayer was earning insurable and pensionable amounts related to her work at a health care clinic for…
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CRA Now Palling Around with PayPal
CRA has required PayPal to disclose sales and other transaction records for Business Account Holders from January 1, 2014 to November 10, 2017. It is expected CRA will review records for unreported…
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CRA Mobile Phone Apps: Tools for Individuals and Businesses
CRA provides a number of mobile phone apps that taxpayers (individuals, corporations, etc.) can use to assist with their tax obligations. CRA BizApp – An app for small businesses owners to view…
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Reasonable Automobile Allowances: GST/HST Claim
A travel allowance paid to an employee for the use of their personal vehicle for business purposes will be non-taxable if it is reasonable. Where such reasonable allowances are paid, an input…
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Commission Paid to a Corporation: Any Issues?
Consider the successful real estate or insurance agent, the financial product vendor, the area sales representative, or any other person earning commission income. One day they are asked, if they ever considered…
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Business Failure: Personal Liability for Corporate Tax Debt
There are special laws which hold a director personally liable for certain amounts that their corporation fails to deduct, withhold, remit, or pay. Most commonly, these amounts include federal sales tax (GST/HST)…
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Marijuana: A Growing Industry
As the legislation to legalize marijuana for non-medical purposes works its way through parliament (Bill C-45 entered the Senate phase on November 27, 2017), producers, vendors, regulators, enforcement, and potential customers are…
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Thinking of using a prescribed rate loan to split investment income with your spouse or child? Act fast.
Canada Revenue Agency’s prescribed rate is set to double from 1% to 2% as of April 1, 2018. If you loan your spouse or child money by March 31, 2018, you can…
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CRA and Service Canada Online Accounts Linked
An individual’s online CRA account (My Account) is now linked to their online Service Canada Account (EI, CPP, OAS, etc.) to provide both departments’ information in a single log-in session.
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Did you know? Small Business Tax Rate Tidbits
The federal small business tax rate will be gradually lowered to 9% by 2019. The British Columbia small business tax rate was cut to 2% retroactive to April 1, 2017. Does your…
