New CRA Forms for Treaty Benefits
Monday, March 12th, 2012
If you are making payments to a non-resident of Canada (such as dividends to a foreign parent company), and withholding less than 25% as a result of a treaty between Canada and the foreign jurisdiction, be advised that there are new forms that should be completed and retained on file. These forms should be renewed [...]
Is your consulting business a Personal Services Business (PSB)?
Tuesday, November 29th, 2011
A PSB contemplates a situation where services are rendered by an incorporated employee – the consultant – and but for the corporation, there is an employee and employer relationship. An automatic exemption from the PSB rules applies where the company employs 5 full-time employees throughout the year or the amount received for services is from [...]
Ask the Expert: What is considered “Business Mileage”
Monday, July 4th, 2011
For tax purposes, how is business driving measured and what should be included as business driving? I have the following 2 scenarios: 1) If I drive from my client’s place and back to my office, is the entire trip which includes the distance driving back to my office counted as business driving? Answer: Driving to a client’s office from home, driving home [...]
Ask the Expert: What meals are deductible while away on business?
Thursday, June 23rd, 2011
Paul Keul, CA Question: When travelling on a business trip, what types of meals can we deduct while away? What if we cook our own meals? Are these meals fully tax deductible? Answer: Assuming the trip is not in connection with a conference, convention, seminar or similar event, and lasts for more than 36 hours, [...]
Ask the Expert: How long do I need to keep our tax records?
Wednesday, June 22nd, 2011
Paul Keul, CA Question: How long do individuals and corporations have to keep their records before we can start throwing them out? In other words, when can we throw out that old document that is still lying around and gathering dust such as old bank statements, tax returns, financial statements, and incorporation documents and articles? [...]
