Rental Income Tax Issues
How to Prepare Rental Income Tax Return
Rental Income Tax Return Rental income is an income you earn from renting a property you own. Rental income is a great source of secondary income and helpful to pay…
Tax planning strategies are available to minimize taxes from automobile taxable benefit and auto allowance
Automobile Taxable Benefit
Per-kilometre allowance rates that CRA does not consider reasonable If you pay your employee an allowance based on a per-kilometre rate that we do not consider reasonable because it is either…
tax planning
Automobile Taxable Benefits
Employee's benefit Report the value of the benefit including the GST/HST that applies in box 14, "Employment income," and in the "Other information" area enter code 34 at the bottom of the employee's T4…
Business Strategy
What is strategy and why it is important?
To compete effectively in the market place you need a strategy. If there is no competition, there would be no need for a strategy. Joan Magretta, an author of Harvard…
Enhanced Universal Child Care Benefit
Enhanced Universal Child Care Benefit
On October 30, 2014 government proposed to increase the monthly UCCB benefit by $60, from $100 to $160 for each eligible child under the age of 6 years effective January…
Shareholder-Employee Loan or Benefit
Where the shareholder is also an employee, following types of loans are not taxable and excluded from income: - a loan to employee who is not a specified employee of…
tax planning
Meals and Entertainment Cost 100% Dedcution
Usually deduction of meals and beverages cost is limited to 50%. This general rules also applies to the cost of meals and entertainment for employees. However there are few exceptions…
Fitness tax credit
Tax on Income Splitting – “kiddie tax”
Income splitting is the process of shifting income within a family to take advantage of the lower tax brackets, deductions and credits available to each family member. Anti-avoidance legislation was…
capital gain reserve
Capital Gain Reserve
Capital Gain Reserve Carry Forward If you have a capital gain, there may be an option to defer or reduce the capital gain tax. In some instances, all of the…