Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages:
Probate fees can be avoided because the funds transfer direct to the beneficiary.
The funds are not exposed to the liabilities of the deceased’s estate.
No elections are required for the “refund of premiums” status.
Premium refunds allow a tax-deferred transfer […]
In a 2013 Technical Interpretation, CRA was questioned about door prizes received by all attendees at a company social function.
CRA commented that their tax-free $500 gifts and awards policy would apply to all attendees including the employee, the employee’s spouse, and all other non-arm’s length individuals that received a gift.
It was suggested that gift cards […]
The 2013 Federal Budget introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to 15{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62} of federal tax collected if the reassessments are in excess of $100,000. Penalties, interest and provincial taxes will be excluded.
Persons requesting rewards will […]
A tax return must be filed if:
You have to pay income taxes;
You have not repaid all amounts withdrawn from your RRSP under the Home Buyers Plan or the Life Long Learning Plan;
You have to pay CCP because your pensionable income exceeds $3,500;
You received working income tax benefit advance payments;
Other reasons to […]
In a recent Federal Court of Appeal case, the Court found that the Crown has priority over secured creditors regarding deductions at source that were withheld but not remitted to the Canada Revenue Agency (CRA)
The property is deemed to be held in Trust. The secured creditor is obligated to remit to the Receiver General the […]
In general, every business starts out of someone’s home. Even if the business will eventually grow to a multi-million dollar business, it has to start somewhere. The home office is usually one or two rooms in the home that are used for record keeping, storage and meetings. The office typically has a desk, a few […]
Several Provinces have increased or will increase their minimum wage rates in 2013. The list below details the wage rate changes taking effect in 2013.
Jurisdiction
Rate New/Current
Previous Rate
Effective Date
Alberta
$9.75
$9.40
Sept. 1, 2012
Manitoba
$10.25
$10.00
Oct. 1, 2012
New Brunswick
$10.00
$9.50
01-Apr-12
Newfoundland and Labrador
$10.00
___
01-Jul-10
Nova Scotia
$10.30
$10.15
01-Apr-13
Nova Scotia (inexperienced workers)
$9.80
$9.65
01-Apr-13
Ontario
$10.25
—
31-Mar-10
Ontario (students under 18 who work 28 hours or less/week)
$9.60
—
31-Mar-10
Ontario (serving alcohol on licensed property)
$8.90
—
31-Mar-10
Quebec
$9.90
$9.65
May 1 2012
Saskatchewan
$9.50
$9.25
Sept. […]
The Canada Learning Bond (CLB) is part of the Canadian RESP program. Actually the CLB is a grant. The big difference between this grant and the regular RESP grants is that no contribution is required. Once you qualify, you apply, and you can receive up to $2,000 deposited in your RESP account per child. The […]