Income Tax Networking
by admin
Comments Off on Vancouver’s Biggest Ever Networking BBQ Party
Vancouver’s Biggest Ever Networking BBQ Party
Tax Deductible Biz Exp
Things that went very well.
• Every one showed up with a very upbeat mood.
• Got in touch with many old acquaintances and met many new entrepreneurs.
• Amazing hospitality and acknowledging the difficulties by the event host.
• Free Coat Check
Things that could go very well.
• Waiting line at the entrance at the ground floor. Someone from the host group should have been outside, informing guests about the long wait to get into the venue.
more »
Canada Revenue Agency Income Tax Tax Fraud
by admin
Comments Off on US Citizens In Canada Must File US Tax Returns
US Citizens In Canada Must File US Tax Returns
Emptying the Tax Payer
The US tax law determines that all individuals holding US citizenship are required to file annual income tax returns with the Internal Revenue Service (IRS). In addition, Canadian financial institutions are required to report to the IRS all accounts held by US citizens in 2013. The reason being, US wants to get the maximum tax it can collect from its citizens.
If you are a US citizen or green card holder, you must report your worldwide income to IRS or risk heavy penalties, it does not matter if you live in the USA or not.
more »
Canada Revenue Agency Income Tax: Tax Payer
by admin
Comments Off on CRA Computer Glitch Carrying Forward Capital Loss of a Deceased Tax Payer
CRA Computer Glitch Carrying Forward Capital Loss of a Deceased Tax Payer
Taxes after Death
In years other than the year of death, capital losses may only be deducted against capital gains in the year, the prior three years, or subsequent years. In the year of death, S.111 (2) allows capital losses from the current year and capital losses carried forward from previous years to be applied to reduce any type of income.
more »
Income Tax
by admin
Comments Off on You Have to Pay TAX, Even If You Are Unemployed
You Have to Pay TAX, Even If You Are Unemployed
Must Pay Tax
If someone is expressing surprise to owe taxes after receiving EI, are certainly not aware of the Canada’s tax policy.
EI insurance payments are mostly about $800 per two weeks and depending on your family situation, you might not owe any taxes in each pay period. But when you add that up for 30 weeks, your gross income exceeds your personal exemption amount and the income become taxable. Usually, EI recipients think their income is so low, they need all the money to pay bills and survive and request for exemption from source deduction to Service Canada. Some EI recipients also need to supplement their EI income with part time jobs. Earnings from part time job, is also 100% taxable. Then again, per paycheck amount might not be large enough for source deduction, but they reach the taxable threshold amount when you count the annual income.
more »
BC Province Canada Revenue Agency HST Income Tax: Canada CRA Income Tax
by admin
Comments Off on How to Read Notice of Assessment and Reply to Request for Documents
How to Read Notice of Assessment and Reply to Request for Documents
Canadians tax filing deadline has passed on April 30th, 2011. And if you are one of those who have filed their tax return on time, you have probably got back your refund or if you owed taxes, paid your tax bill by now, to avoid penalties and interest.
You also probably got a Notice of Assessment from Canada Revenue Agency, explaining, how much carry forward you have for the next tax year and what is your TFSA and RRSP contribution limits for the next tax year. NOA is a very important document for you to understand and keep in file. If you do not agree with the NOA, you must file your objection in due time. If you fail to file your objection to CRA’s NOA, by law you are obligated to abide by the NOA information and data. Get help of your Tax Advisor to understand your NOA.
If your tax return was a bit complicated and you have lots of medical, tuition expense, business loss, etc., CRA will not send you a NOA. CRA will send you a 4 to 9 page letter, requesting supporting/additional documents to support your deduction claims. This letter is usually sent from CRA’s preassessment review section.
more »