Canada Revenue Agency Income Tax
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Comments Off on 2013 Tax Planning, What Can You Do Now?
2013 Tax Planning, What Can You Do Now?
Happy New Year 2014.
Yes, it’s a very happy new year for taxman.
Your income is going to be taxed more, starting January 1, 2014. If you are an employee, you will see your net take home income going down a bit, because of increased contribution of CPP and EI.
As I was reading my Daily Newspaper on January 2nd, I saw a news headline “Now is the best time for Tax Planning” featuring a prominent tax expert. I thought he was referring to 2014 tax planning, now is the best time to plan ahead of how much tax you would like to pay in 2014.
To my surprise, in the article, he was mentioning about tax planning for 2013. He must have a time machine, to plan for 2013 taxes after January 2nd, 2014. more »
Canada Revenue Agency Income Tax
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Comments Off on Your Privacy is at Risk with Canada Revenue Agency
Your Privacy is at Risk with Canada Revenue Agency
Is your privacy is at risk with CRA?
It depends. CRA has the most confidential personal and financial information about you, sometime even your spouse does not know. With proper authentication these information can be obtained by anyone in the CRA or outside of the CRA. You always risk your privacy, trying to save money by doing your annual income tax return with one of those mushrooms like tax service provider that pops up during tax time. If they have an alternative agenda, your personal information is more valuable to them than your tax service fees.
CRA employees have been accused of accessing unauthorized taxpayer information by the Office of the Privacy Commissioner of Canada (OPCC).
Canada’s privacy watchdog Office of the Privacy Commissioner of Canada (OPCC) Commissioner Jennifer Stoddart in her annual report stated that Canadians complaints over privacy concerns have reached a record-high in 2012. more »
Canada Revenue Agency Income Tax
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Comments Off on Thousands of US Citizens Have Not Reported Their Canadian Income – IRS
Thousands of US Citizens Have Not Reported Their Canadian Income – IRS
US Internal Revenue Service (IRS) released statistics on the number of tax returns it received in 2010 from US citizens with foreign trusts. In all of Canada only 324 returns were filed that report ownership in a non-US trust, which likely means hundreds of thousands of US citizens residing in Canada had not filed the appropriate returns. This is important for two reasons:
first, the steep penalties for not filing tax returns and
second, last week the US Government Accountability Office (GAO) issued a report that encouraged IRS to pursue those taxpayers who file late returns using a technique known as “quiet disclosure.” more »
Canada Revenue Agency Income Tax Real Estate Tax Fraud
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Comments Off on Canada Revenue Agency Wants to Tax Real Estate Investors 100%
Canada Revenue Agency Wants to Tax Real Estate Investors 100%
This could be scary news for Canada’s hot real estate market and real estate entrepreneurs. Canada Revenue Agency has launched a “Condo Project” to take a closer look at the income reporting of real estate investor in the condominium sector.
Taxation on gain from real estate income in Canada is collected at a preferred rate. That is why any one with savings prefers to invest in real estate. Here is how the income from Real Estate is taxed in Canada.
a). Profit from sale of a Principal residence is a tax free income; subject to you meet the criteria to claim that home as your principal residence.
b). Profit from sale of a Rental Property or Investment Property is treated as Capital gain under the Income Tax Act. As it’s a Capital Gain, taxpayer pays tax on only 50% of the income reported on the sale of an investment property. For Example, when you sold your property, if you had a profit of $100.000, 50% of that profit is taxable. So, if you are at 46% tax bracket, your tax on the profit will be $23,000. more »
BC Province Canada Revenue Agency Income Tax
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Comments Off on Discount Coupon is Available on Facebook Now
Discount Coupon is Available on Facebook Now
Do you know what day is today?
Time is almost running out to file your USA and Canada income tax returns. Check the countdown watch on this page. Have you done your taxes yet? What are you afraid off?
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You should also file your Tax Return on time to qualify for Provincial and Federal benefits, if you are eligible to receive. Thats a lot of money we are taking about.
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