Please be aware that the deadline for 2011 RRSP contributions is not March 1 this year, as this is a leapyear. The deadline is February 29, 2012. Which is also the deadline for submission of T4, T4A, and T5 information summaries and slips, as well as your WCB return.
For US expatriates and green card holders living in Canada that have not been filing their tax and FBAR (report of financial accounts) returns, the IRS has extended their voluntary program initiative. Also, they have issued some clarification for citizens lving abroad. To come into compliance, you should file the last 6 years. Also, if…
US citizens need to file US tax returns based on citizenship. Also, green card holders are obliged to file annual returns. In addition, they need to report what non-US accounts they have, if their total holdings exceed $10,000. Read more about this here: Uncle Sam wants YOU
My staff and I wish you and yours a Merry Christmas, and a blessed and prosperous new year.
January 10 is the day that those employers that are classified threshold 1 accelerated remitters must have all their remittances in for 2011. If you have an annual payroll remittance and do not have any employees other than yourselves, you may fall into this category. For more information, please contact me.
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.