Category Archives: Blog Category

• RRSP Scheme

  Posted on November 25, 2016 by admin in Blog Category.

  An RRSP scheme is usually a type of investment promotion offering a “tax-free” withdrawal to access directly or indirectly your RRSP funds. Some observed examples of RRSP schemes have included: withdrawal of funds from an RRSP or a registered retirement income fund (RRIF) without paying tax (promoters often promise to return part of the taxpayer’s […]

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• Non-Eligible (Small Business) Dividend Tax Credit (DTC)

  Posted on October 3, 2016 by admin in Blog Category.

  The gross-up and dividend tax credit are applicable to individuals, not corporations. Non-eligible dividends, also known as regular, ordinary, or small business dividends, are any dividends issued by a Canadian corporation, public or private, which are not eligible for the enhanced dividend tax credit. The non-eligible dividend tax credit rate is used for dividends received […]

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• Enhanced Dividend Tax Credit

  Posted on October 3, 2016 by admin in Blog Category.

  The gross-up and dividend tax credit are applicable to individuals, not corporations. There is an enhanced dividend tax credit for eligible Canadian dividends received by individuals after 2005 from: public corporations resident in Canada other corporations resident in Canada that are not Canadian-controlled private corporations (CCPCs) and are subject to the general corporate tax rate […]

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• Corporation’s Annual General Meetings (AGM)

  Posted on February 10, 2016 by admin in Blog Category.

  An annual general meeting (commonly abbreviated as AGM, also known as the annual meeting) is a meeting of the general membership of an organization. These organizations include membership associations and companies with shareholders. These meetings may be required by law or by the constitution, charter, or by-laws governing the body. The meetings are held to […]

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• Do you own foreign property that needs to be reported to the Canada Revenue Agency?

  Posted on January 5, 2016 by admin in Blog Category.

  (Quote from CRA) Did you know? Taxpayers who own specified foreign property costing more than $100,000 but less than $250,000 throughout the year can now file Form T1135, Foreign Income Verification Statement using a new simplified reporting method. This simplified reporting method reduces your paperwork while allowing the CRA to continue to address international tax […]

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• Classes of depreciable properties

  Posted on November 30, 2015 by admin in Blog Category.

  Depreciable properties are usually grouped into classes. To claim CCA, you should know about the following classes. Class 8 The maximum CCA rate for this class is 20%. Musical instruments are included in Class 8. Class 10 The maximum CCA rate for this class is 30%. You include motor vehicles and some passenger vehicles in […]

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• Common business expenses

  Posted on October 15, 2015 by admin in Blog Category.

  The expenses you can deduct include any GST/HST you incur on these expenses less the amount of any input tax credit claimed.You cannot deduct personal expenses, deduct only the business part of expenses from business income. List of expenses •Advertising (Line 8521) •Allowance on eligible capital property (Line 9935) •Bad debts (Line 8590) •Business start-up […]

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• Washington state department of Revenue Local Sales and Use Tax rate

  Posted on July 24, 2015 by admin in Blog Category.

  http://dor.wa.gov/docs/forms/excstx/locsalusetx/localslsuseflyer_quarterly.pdf The Washington (WA) state sales tax rate is currently 6.5%. Depending on local municipalities, the total tax rate can be as high as 9.5%. Other, local-level tax rates in the state of Washington are quite complex compared against local-level tax rates in other states. Washington sales tax may also be levied at the city/county/school/transportation […]

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• Insurance Agents & Brokers – completely GST exempted?

  Posted on July 13, 2015 by admin in Blog Category.

  The answer is no. Insurance agents or brokers may be employees of an insurance company, an insurance agency or a brokerage firm, or they may be self-employed persons. They may be involved solely in offering insurance policies, or they may provide a variety of services including risk management, consulting or advisory services. Therefore, it is […]

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• Donate personally or through corporation?

  Posted on July 1, 2015 by admin in Blog Category.

  1. personal donation: If you or your spouse or common-law partner made a gift of money or other property to certain institutions, you may be able to claim a federal and provincial or territorial non-refundable tax credit when you file your return. Generally, you can claim all or part of this amount, up to the […]

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