Canada Revenue Agency Income Tax
by admin
Comments Off on Your Income Tax Return During Canada Post Strike
Your Income Tax Return During Canada Post Strike
There are tax deadlines coming for Self Employed tax payers and also for many corporations, with December 31, 2010 fiscal year end.
Canada Post Strike will affect tax filing processes across the nation for those with upcoming tax deadlines, which small businesses and corporations have to meet in spite of the strike, according to CRA.
Beside taxes, businesses will have to file payroll deduction and GST/HST return within their respective time period.
Canada Post in a statement said that they will deliver mail to the CRA during the strike, except for cities affected by the rolling walk-outs. With that, CRA also said that any tax returns or statement filing that is post marked on the filing date or earlier will be considered on time, so tax payer and businesses must make sure that they get their mail stamped by the Canada Post before their respective deadline.
more »
Canada Revenue Agency Income Tax
by admin
Comments Off on Today June 6, 2011 is Tax Freedom Day in Canada
Today June 6, 2011 is Tax Freedom Day in Canada
Today, average Canadian family has earned enough money to pay the taxes imposed on them by the three levels of government, i.e. federal, provincial and local. This year, average Canadian family will earn $93, 831 in gross incomes and will pay tax of $39, 960 in taxes. Average taxes paid in 2011 will be 42.6% of average income.
Tax freedom day is different for each Province, depending on the provincial part of tax rate. This year the earliest provincial Tax Freedom Day fell on May 18th in Alberta and the latest date will be in Newfoundland and Labrador on June 19th.
more »
BC Province HST
by admin
Comments Off on Carrot Stick of HST Rate Cut by BC Government
Carrot Stick of HST Rate Cut by BC Government
On May 25th, BC Finance Minister once again put a carrot stick in front of BC Residents of HST rate cut, to save the HST from HST opponents.
Yes, HST is costing consumers more money as different surveys have proved it. The positive effects of HST have not materialized yet. We have not seen a spike in employment but we have certainly experienced a spike in expense.
But now the new proposal of 10% tax rate from 2014 sounds really good. Why they could not make this rate effective from 2012 is beyond my understanding.
From consumer points of view, this is an overall lowest tax rate in Canada, when it will come in effect. From business point of view, they will still recover the 10% HST, which will include the 5% PST portion. So, they are better off too.
more »
Top Ten Tax Tips From Late Night Show
Here is the top ten tax tips from one of the late night’s talk show, David Letterman. Not bad for a good laugh.
Income Tax
by admin
Comments Off on 10 More Days Left to File Your 2010 Income Tax Return
10 More Days Left to File Your 2010 Income Tax Return
2010 Income Tax Deadline
If you don’t owe any tax and expecting a refund, you do not need to worry. CRA is more than willing to keep your refund, until you get the time to claim it.
What are the consequence of not filing your 2010 tax return by the tax filing deadline, which falls this year on May 2nd?
There are two types of late filing fees. One is the late-filing penalty and the other one is interest on the balance owning starting May 3rd, 2011.
more »