Interest rates for the fourth calendar quarter

Interest rates for the fourth calendar quarter The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1, 2017, to December 31, 2017. There…

Canada Revenue Agency announces maximum pensionable earnings for 2018

The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2018 will be $55,900—up from $55,300 in 2017. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who earn more than $55,900 in 2018 are not required or permitted…

The Trudeau government is continuing to backtrack

In their second component of ‘making the tax system fair’ in connection with small business, they were talking about how small business corporations could unfairly have passive income taxed in their corporations, and thus have a leg up on the ‘ordinary wage earner’.  This was an inflammatory statement, and not the whole truth, as small…

Government in full damage control mode

https://www.thestar.com/news/canada/2017/10/16/feds-to-cut-small-business-tax.html Thus, the Trudeau government is in full damage control mode… Reducing the small business rate as per election promise, which they flipped on, and now flopped on, before ‘fixing’ the so called small business ‘tax loopholes’, which they previously placed as a condition. They altogether dropped the so called ‘converting income into capital gains’…

Interest rates for the second calendar quarter

The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates will be in effect from April 1, 2017, to June 30, 2017. There have been no changes to the prescribed…

Do you live in northern Canada? If so, you may qualify for the northern residents deductions

What are the northern residents deductions? There are two northern resident deductions: a residency deduction for having lived in a prescribed northern or intermediate zone a deduction for travel benefits you received from employment in a prescribed zone that were included in your income Who qualifies? To qualify for the northern residents deductions, you must…

What you need to know about payment arrangements

Do you have a balance owing? Can’t pay in full? Work with the Canada Revenue Agency to resolve your tax debt now! If you cannot pay the full amount you owe now, you may qualify for a payment arrangement or ask for taxpayer relief. Take action by contacting the Canada Revenue Agency (CRA) right away.…

2017 Federal Budget Special Report

Breaking News Federal Budget Special Report Brought to you by Knowledge Bureau. Opinion Poll Do you support the cancellation of education and textbook credits in 2017, leaving only tuition fee credits for students and supporting individuals? Knowledge Bureau Reporters: Evelyn Jacks, President, MFA™, DFA – Tax Services Specialist™ Walter Harder, DFA – Tax Services Specialist™…