Entries by tli

Approx. 30% of Answers CRA Gave to Taxpayers Are Wrong

Auditor-General Michael Ferguson found that approx. 30% of answers CRA gave to taxpayers are wrong. In addition,  the CRA actively blocked calls from taxpayers so that it could say it met its service standard of keeping people waiting no more than two minutes. There were 29 million calls it blocked between March, 2016, and March, 2017 – […]

Intermediate Staff Accountant

We are a public accounting firm in mid-town Toronto providing a wide range of accounting, management, consulting and tax services that are reflective of the unique needs of small to medium size businesses in a wide variety of industries. We also service the unique issues faced by larger enterprises and public companies.   We are […]

Automobile allowance rates

The automobile allowance rates for 2016 are: 54¢ per kilometre for the first 5,000 kilometres driven; and 48¢ per kilometre driven after that. In the Northwest Territories, Yukon, and Nunavut, there is an additional 4¢ per kilometre allowed for travel. The automobile allowance rates for 2015 are: 55¢ per kilometre for the first 5,000 kilometres […]

A NEW REFUNDABLE TAX CREDIT – School Supply Tax Credit

Teacher and Early Childhood Educator School Supply Tax Credit Budget 2016 proposes to introduce a teacher and early childhood educator school supply tax credit for 2016 and subsequent taxation years. This measure will allow an employee who is an eligible educator to claim a 15% refundable tax credit based on an amount of up to […]

How Business Makes Tax Payment Through Online Banking?

Online banking is the easiest way for businesses to pay their bills. However, despite all major Canadian banks offering tax payment/filing services, paying business tax bills is not as obvious as paying regular bills, like your cellphone, internet, utilities and etc.. Because banks separate this functionality from normal “Pay Bills” functions. The “Pay Bills” function […]

Stephen Harper announced the new imcome-splitting benefit for Canadian families

The federal government has introduced a new income-splitting benefit for couples with children under the age of 18 as part of a series of proposed new tax measures designed to appeal to young families. The proposal consists of three new measures, including the Family Tax Cut, which will allow a higher earning spouse to transfer […]

Lottery prize commissions are taxable since Jan 1, 2014

Lottery prize commissions Lottery ticket retailers who sell winning tickets must include in their income the amount or value of any prize commissions they received from a provincial lottery corporation on or after January 1, 2014. For more information, see Lottery prize commissions. For years, the Canada Revenue Agency (CRA) held the position that any […]