BC Province Canada Revenue Agency HST Income Tax Networking
by admin
leave a comment
What is TAX?
Canada Revenue Agency Income Tax: audit Canada CRA Property Tax
by admin
leave a comment
Canada Revenu Agency Audit is Up This Year
Canada Revenue Agency audit is up significantly for tax payers all across the board. And if you are a self employed or independent contractor, you are more likely to be audited to provide proof of certain expense deduction claims. It is very important to have not only sufficient but 100% backups of expense claims with original documents or third party proof. Here are some of the expense deductions that CRA is primarily auditing from Canadian Tax Payers. If you have any of these deductions in your 2012 tax returns, you could be asked to provide supporting documents to support your claim.1. Education/Tuition fees expense.
2. Transfer of Tuition fees to spouse or parents.
3. Professional Membership dues
4. Donation Claim receipts
5. Medical expense claims
more »
US Citizens In Canada Must File US Tax Returns
There were hundreds of thousands of Canadian citizens who have dual US and Canadian citizenship, and are not aware that they have to file income tax to Internal Service Revenue (IRS) every year.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 »
CRA Computer Glitch Carrying Forward Capital Loss of a Deceased Tax Payer
A computer error has materialized at Canada Revenue Agency (CRA) with the processing of T1 returns of deceased taxpayers. The final tax assessments are being processed without taking ITA S. 111(2) into consideration regarding capital losses and capital loss carry forwards.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 »
BC Province Canada Revenue Agency HST Income Tax: Canada CRA Income Tax
by admin
leave a comment
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 »