T4 Changes
During the COVID 19 times employees as well as employers were getting some benefits: the Canada Emergency Response Benefit (CERB), the Canada Emergency Student Benefit (CESB), the Canada Emergency Wage Subsidy (CEWS). Now it is becoming clearer how we should report them in our regular T4 slips, as CRA announced the updates: How to report […]
Tax Updates
Alberta Tax Rates There are no changes to the tax rates for 2019. However, the taxable income thresholds have been increased by the indexation factor of 2.4 per cent. Alberta personal income tax rates in 2019 are 10% for the taxable income under $131,220 (2018 was under $128,145), 12% for the taxable income between […]
Medical expenses
Medical expenses that may be claimed to reduce the amount of federal income tax you pay There exists a non-refundable tax credit that you may use to claim your eligible medical expenses. Medical expenses for a taxpayer, his or her spouse, common-law partner, dependent children (under18 years of age) or other eligible dependants may be […]
Employee or Contractor? (Part 3 Continued)
Below you will find some indicators showing that the worker is a contractor, the work relationship will be a “contract for service”: the worker does not have anyone overseeing his or her activities (working independently) the worker is usually free to work when and for whom he or she chooses and may provide his or […]
Employee or Contractor? (Part 2 Continued)
Below you will find some indicators showing that the worker is an employee, the work relationship will be a “contract of service”: an individual who works part-time, full-time or temporary under a contract of employment, whether oral or written, and has recognized rights and duties, is an employee. He or she are hired […]
Annual Return Filing (Part 1)
In order to keep your corporation active, file your return by the last day of the month following the anniversary of the registration month. Must be submitted to an authorized Corporate Registry service provider or can be emailed to corporate@registriesplus.ca. A reminder will be sent to your corporation’s registered office one month before the anniversary […]
Tax Savings for Home Buyers
First-Time Home Buyers’ Tax Credit The credit allows first-time home buyers to claim an amount of $5,000 on qualifying homes purchased. It’s also available to those who are not first-time home buyers but who are eligible for the Disability Tax Credit when they purchase a more accessible or functional home. This tax credit allowed families […]
Expenses for Self-Employed Truckers and the Transport Companies (Part 2)
If you have the incorporated or unincorporated business, you can claim truck related and other expenses such as: Advertising Meals and Entertainment (50% vs. 80% vs. 100% amounts) Travel (Hotel/motel, parking, showers) Business Tax (Municipal licence, Chamber of Commerce) Office Expenses Supplies Professional Fees- legal and accounting Automobile Expenses Yard Rent Salary, wages, vacation […]
5 Tax Tips for your income tax return
1. Make sure you file your tax return on time – the deadline is April 30, 2019 – thus you will avoid the late filling penalty that is 5% of your balance due, plus 1% per month for a max of 12 months. 2. If any charitable donations were missed to be claimed in earlier […]
Canada Pension Plan (CPP) and Employment Insurance (EI)
Maximum pensionable earnings for the purpose of calculating CPP contributions have been increased from $55,900 to $57,400 for 2019. The annual basic exemption remains at $3,500, the contribution rate has been increased from 4.95% to 5.1% for 2019. The maximum contribution for employees has therefore increased from $2,593.80 to $2,748.90. The rate for calculating EI […]