Advanced Income Tax Rulings
The federal government has taken steps recently to attract more investment in Canada. That’s sure to create some new tax questions that require Advanced Income Tax Rulings (AITR). A new measure to facilitate a faster response was announced on September 14 and is intended to attract business investment of large amounts. Specifically, for investments of $1 billion or more, the CRA will prioritize advance income tax rulings. The measure took effect the day it was announced. Here’s what you need to know:T1 2022: What’s New For Seniors
Taxpayers who turned 65 in 2022 will have some new tax filing nuances when preparing the 2022 tax return this spring. Here’s what you need to know:
The Evolution of Bookkeeping Has Come A Long Way
The first ‘record’ of accounting dates back as early as the Mesopotamian civilization, where simple documentation was maintained in the books. Around the 15th century, an Italian monk named Luca Pacioli, considered the father of accounting, developed the double-entry bookkeeping system, which changed the accounting landscape completely. The evolution of bookkeeping has a come a long way from the 15th century when accounting ledgers were completed by hand, compared to today’s digitized process.
Canadians “Guessing” Their Way into Retirement
CIBC’s latest annual Financial Priorities poll holds some disturbing revelations. When survey respondents were asked how they are determining how much money they will need to retire:
A shocking 33% indicated they are using their “best guess” and only 14% indicated they are arriving at a number with the help of an advisor.
Should Canada Bring Back Income Averaging Provisions? February Poll Results
With high inflation rates, currently 5.9% on average across the country – all Canadians are feeling the pinch. One could argue that those earning an income that varies significantly year-to-year are being hit even harder.
Tax Tip: Moving Expenses Can Be Lucrative
Did you move during 2022 to take a new job or start a new business or even to go to school? If so you may be eligible to claim a host moving expenses on your tax return. But the time to get your receipts together is now!
Tax Tip: How to Claim Union Dues
Do you pay union dues? Then you will qualify for a tax deduction and possibly a GST/HST rebate. Here’s what you need to know:
