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Re: What happens if I receive my T4 slip late?

You should file your income tax return by the deadline anyway to avoid penalties. Calculate the income and any related deductions and credits you can claim as closely as you can using any information you have. Include a note with the employer’s name and address, the type of income, and what you have done to … Continue reading Re: What happens if I receive my T4 slip late?

Re: What happens if I receive my T4 slip late?

Yep, I had the same problem with a prior employer that I wasn’t able to track down. Good thing I still had all my paystubs.

Re: Capital Gains Tax on foreign assets

Canada does not reflect change in value. Thus it would be converted to Canadian dollars and recorded as that.

Re: Taxes for Temporary Foreign Workers?

There aren’t really any special exemptions. He will generally have to pay the same taxes that we pay. Employers make standard deductions – Canada Pension Plan, Employment Insurance and income taxes – from their pay cheques. They also follow normal rules for vacation pay, have health insurance and are covered by workers’ compensation boards. Depending … Continue reading Re: Taxes for Temporary Foreign Workers?

Re: Opening a second account for business?

While it may seem logical to keep all your money in one account (one you use for both personal and business), that isn’t as helpful as you may think. It’s very beneficial to open two separate accounts; one for personal transactions and the other for business. This will help make it much easier for you … Continue reading Re: Opening a second account for business?

Re: CRA says some income wasn’t reported. Why?

To put it simply; you need to keep track of everything going in and out of your bank account, with a focus on deposits. Bank statements do not identify where a deposit came from, and if you can’t identify the source of a deposit, the CRA (Canada Revenue Agency) could make the argument that the … Continue reading Re: CRA says some income wasn’t reported. Why?

Re: Is there a Canadian Inheritance Tax?

Hello, There are no taxes levied on cash inheritances, foreign or Canadian. Any applicable taxes are paid by the estate of the deceased. The only time the recipient would pay tax would be if the money earns interest after it is transferred to her. Anything earned before the money is transferred to her is taxed … Continue reading Re: Is there a Canadian Inheritance Tax?

Re: Any tax credits available for Students?

My daughter just went to University as well. Would be very interested to know what we could save on taxes.

Re: What is the Community Volunteer Income Tax Program

Hi Lilliana, I believe it is a program to help taxpayers get there income tax prepared for free if you are a low income earner. Volunteers usually students in an accounting program volunteer to prepare taxes. Hope this helps.

Re: What happens if I don’t have enough money to pay taxes?

Hi Stephan It is important that you do file your taxes by the April 30th deadline even if you don”t have the money to pay your taxes. By not filing you will be charged interest on the owing amount of 1% per month. CRA does understand some people may not be able to pay immediately … Continue reading Re: What happens if I don’t have enough money to pay taxes?

Re: My real estate investments have proven to be successful for me, should my next step be incorporation?

Incorporating a business is not required but it does have some benefits you may be interested in. In terms of taxes, rental income is most often taxed at the highest rate of 46%. An incorporated business (with more than 5 employees) can be taxed 16% (depending on the province you are operating from) for the … Continue reading Re: My real estate investments have proven to be successful for me, should my next step be incorporation?

Are there any new tax refunds I can claim for the upcoming year?

I know there’s a couple of new ones including the First time donor’s super tax credit, the adoption expense tax credit, and the labour-sponsored venture capital corporations tax credit. There’s also some changes regarding the dividend tax credit, and the lifetime capital gains exemption. Here’s a link with more info.

Re: US and Canadian Taxes Please help!

I think Canada has a foreign tax credit that will give some of the tax paid back to you. Unfortunately you may have to pay both US and Canadian tax.

Re: Tax implications on mutual funds for an American

Great question, I’m not sure about US tax implications but I know in Canada if dividends are paid you are liable to pay taxes. I would suggest opening a TFSA account or reinvesting the dividends that way you defer paying taxes but you should speak to a tax adviser or mutual fund expert for this … Continue reading Re: Tax implications on mutual funds for an American

RRSPs Contribution Limit?

Hi Limit for 2013 is a.) 18% of your previous income (2012) b.) Or the 2013 contribution limit which is $23,820 Penalty is 1% a month on the excess amount. For more info on RRSP’s, click here.

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