Please be aware that for many companies, the deadline for 2011 payroll remittances is January 10, 2012. For others the deadline is January 15, 2012. If you have any question on this, please give me a call.
CRA has announced the prescribed interest rate for the first quarter of 2012 to be 1%, which is also the rate paid on corporate tax refunds. This means that on taxes owing, they will charge a rate of 5%. On non-corporate refunds, they will pay 3% interest.
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There is a significant change in the Canada Pension plan effective January 1, 2012, where pensioners may be required to pay into the Canada Pension Plan, unless they op out. For more information, please call us or go to: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/clcltng/cpp-rpc/cppchng-eng.html
2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions and Answers Workbook on the Report of Foreign Bank and Financial Accounts (FBAR). This details the objectives of FBAR, who must file, and what are the potential penalties for non-compliance.