Not-For-Profit Corporations
Friday, September 9th, 2011
Both the Federal and Ontario statutes governing not-for-profit corporations are being modernized and updated. The new Ontario Not-For-Profit Corporations Act has been passed, and will be proclaimed into force some time in 2012. The new Canada Not-For Profit Corporations Act is expected to be proclaimed later this year. Existing Not-For-Profit Corporations (NPO’s) will then [...]
Top 10 Personal Tax Tips for Seniors
Thursday, January 27th, 2011
By Lorena Boda Kalin McDonald, CA and Lorena Boda made a presentation to the energetic Mississauga 55 + Cari-Can Group on January 25, 2011. Below you will find some of the tips shared with this group. 1. Pension Income Splitting: You should split Form T1032 – Joint election for pension income splitting; Eligible pensions include: [...]
Recent US Tax Changes
Thursday, January 27th, 2011
The US tax laws enacted in the last couple of years contain important income tax and information reporting provisions that are effective for the first time in 2011. To inform you of what’s new in the tax rules, here’s a summary of the key tax changes for 2011, broken down into three categories: Personal Income [...]
Identify theft wipes out GST refund and results in interest and penalties
Wednesday, December 22nd, 2010
Businesses that are GST/HST registrants are entitled to claim Input Tax Credits (ITC) on qualifying expenses. However, this is not always the case. Computronic Computer Inc. (Computronic), is a computer business in Toronto, and they encountered a problem when attempting to claim over $500,000 of GST ITC’s on purchases paid to five suppliers in its [...]
US Estate Tax Changes
Wednesday, December 22nd, 2010
The estates of wealthy individuals who died in 2010 didn’t pay any federal estate tax, but that situation is about to change. Under the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” the federal estate tax, which disappeared for 2010, springs back to life in 2011 and is imposed at [...]
