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There’s no way around it, a business’ tax records can take up an enormous amount of room. Also, you may want to destroy your old records for security or other purposes. The Canada Revenue Agency has strict guidelines when it comes to keeping and destroying tax records. Their guidelines state: “You must keep all of
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Taxpayers in Toronto and the rest of Canada have rights. But what exactly does that include? The Taxpayer Bill of Rights is a set of 16 rights that you have in your relationship with the Canada Revenue Agency. Canadian Taxpayer Rights As a Canadian taxpayer, you have the right to: • Receive entitlements
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If you do a lot of traveling, or commute into Toronto for work, you’re going to accumulate a lot of gas receipts for tax purposes. Anyone who has had to keep gas receipts knows how quickly they can fade. So, many of our tax accounting clients ask us if it’s acceptable to scan their records
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The term offshore account has such a seedy name in film and TV these days. You say the term and people associate it with tax evasion, shady accounting, money laundering or worse. The fact remains that an offshore account can be a vital part of your business, and is perfectly acceptable, as long as you
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In an increasingly paperless world we live, many of the people who come to us for tax accounting in Toronto want to know what types of electronic records are acceptable for the Canada Revenue Agency. The Canada Revenue Agency does allow electronic records, as long as they meet the same standards and criteria as paper
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Our tax preparation clients in Toronto have asked us how the new First-Time Donor’s Super Credit works exactly. According to Canada Revenue Agency: “For donations made after March 20, 2013, qualifying first time donors may receive an additional federal tax credit of 25% on the first $1,000 of monetary donations, over and above the amounts
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Our Toronto-based tax accounting clients often ask us, “How much money do you get back for charitable donations?” That, of course, depends on a lot of factors. However, Canada Revenue Agency (CRA) is making it easy for you to calculate exactly how much you can receive in tax credits for your charitable donations. Their website
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Accounting firms in Toronto and across Canada are often approached by Canadians who vacation in Florida (or snowbirds, as they’re affectionately known) and want to know if they have to pay income tax in the US during their stay. Basically, if you’re in US for a certain amount of time, you do have to pay
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Non-resident employees are generally defined as a non-resident of Canada with workdays in Canada during the calendar year—Therefore they have a Canadian source employment income. If they are employed by a non-Canadian entity, they generally remain on the non-Canadian payroll. Withholding Canadian Income Tax for Non-resident employees A non-resident employer is subject to the same
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A holding company owns shares of another company- typically an operating company. While each situation should be assessed for suitability by a tax professional, business owners should be aware of some key benefits of utilizing holding companies. The opportunity for tax deferral is significant. By having dividends flow to a holding company, rather than to
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What are financial engagements? After talking to and consulting with business owners and entrepreneurs, I’ve noticed a basic gap in their knowledge of what each type of year-end financial engagement represents and delivers. It’s important to distinguish between the three types of engagements and what message is conveyed by each engagement to the reader of the
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Accounting firms in Toronto and the rest of Ontario cringe when they read things like this. Earlier this month, the Canada Revenue Agency (CRA) announced a jury found a Toronto man guilty of four counts of evading personal income taxes and four counts of failing to remit the Goods and Services Tax (GST). Najam Mahmood
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