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Consider the following: The background. According to the Income Tax Act, the normal period for re-filing is three years from the date on which the assessment notice or re-assessment is sent or received. However, under the tax exemption provisions, it is possible to request corrections for errors or omissions on personal returns for ten years. […]
How do you save taxes with donations? When donating to charities, a taxpayer can claim non-refundable tax credits. These credits can reduce income tax liability. They are non-refundable because you have to pay taxes to save taxes if you donate to charity. There is a 15% federal tax credit on the first $200 in donations […]
A charitable rest unit trust offers art collectors who want to sell an income stream and a lower tax burden than they would experience if they sold a work directly. Observer laboratories For all the good that a beautiful work of art can do for our minds and souls, it remains a tangible object that […]
The tax liability still applies, but “in fairness to all, the CRA grants a higher level of relief to those who correct an error before being contacted than to those who correct errors after being prompted by notices from the CRA or other administrative authority.” How to download quality for the VDP There are five […]
The opinions of contributing entrepreneurs are their own. </p><div> Key Takeaways The OBBBA brings significant changes to the treatment of R&E expenses and business interest deductions, which will benefit e-commerce companies. Good documentation and expert CPA guidance are essential for maximizing deductions and ensuring compliance with evolving tax laws. Enter the first criterion an Omnisend […]
What is a trust? A trust is a legal arrangement in which a settlor transfers assets to a trustee or trustees who hold and manage these assets for a beneficiary or beneficiaries. The trustee is responsible for making decisions for the trust and there may be very specific instructions about how the assets are to […]
But things changed in the second quarter as the Canadian economy weakened. This has highlighted the weakness of Canadians’ incomes and savings in light of the changes. It also presents an important opportunity for the November 4 federal budget to protect financial well-being in the coming months. The income gap is reaching a new high […]
When Should You Continue Contributing to Your RRSP? If you have a group RRSP with matching contributions from your employer, this will provide a significant boost to your savings. Many group plans offer matching contributions of 25%, 50% or even 100% on contributions up to a certain dollar amount or percentage of income. To get […]
