The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2020 will be $58,700—up from $57,400 in 2019. 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 $58,700 in 2020 are not required…
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2019 Alberta Budget
Please find following the tax changes, not only in the recent budget, but all the changes since the election in May 2019: Overview Since taking office in May 2019, government has delivered on its commitment to reduce the tax burden on Albertans and Alberta businesses by repealing the carbon tax and cutting corporate tax rates…
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, 2019 to December 31, 2019. Income tax The interest rate charged on overdue…
Canada: Alberta Court Of Appeal Confirms That Directors May Be Held Personally Liable For Injuries Sustained In A Workplace Incident
Last Updated: May 7 2019Article by Cristina WendelDentons The Alberta Court of Appeal recently revisited the question of directors’ personal liability for injuries sustained in a workplace incident. In this case, the defendant was a director of a company which was retained as a subcontractor to perform work in a new home construction. The work included…
Interest rates for the first 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 January 1, 2019 to March 31, 2019. Income tax The interest rate charged on…
Repatriation tax on American citizens in Canada that own Canadian Corporations
As part of the US Tax Reform, there is a new tax of up to 15.5% on the retained earnings of Controlled Foreign Corporations. This is a new issue, and much information on this is still rolling out, so I plan to keep you abreast on this issue. You will wish to seek professional advice…
Ten things you need to know about passport restrictions on delinquent taxpayers
http://www.accountingtoday.com/opinion/ten-things-you-need-to-know-about-passport-restrictions-on-delinquent-taxpayers In late 2015, Congress passed the Fixing America’s Surface Transportation Act, a law that, among other things, helps the IRS collect larger tax debts. Included in the FAST Act is Section 7345 of the Internal Revenue Code, which requires the IRS to provide information to the U.S. State Department about people who owe “seriously…
Last day of tax season
This is the last day of my 35th tax season. Thankful to the Lord for sustaining me not only this tax season, but in all the 35.
Which CRA online service is right for you?
Did you know? The Canada Revenue Agency (CRA) offers three secure online services for managing a variety of tax affairs. My Account, My Business Account, and Represent a Client allow taxpayers or their representatives to interact electronically with the CRA efficiently and securely, for a variety of services. If you’re not sure which service you…
Webinar – Stay Informed about Developments in ASPE: Fall 2014 Update
October 1, 2014. Tune in to this webinar on October 28, 2014 (French) or November 19, 2014 (English) to learn about the AcSB’s current activities with regards to ASPE. https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=855463&sessionid=1&key=21073F230302D2C95821A1EF27F286C2&sourcepage=register