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…
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…
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…
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…
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…
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…
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 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…
Deducting Private Health Insurance Payments Under ITA S20.01, you can deduct premiums paid to a private health services plan (PHSP) from self-employment income if you meet the following conditions; …