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 [...]
New Deeming Rules for US Permanent Establishments
Wednesday, November 10th, 2010
Effective for 2010, new deeming rules have been introduced in the Fifth Protocol of the Canada-US Income Tax Treaty. Companies providing services in the United States should take note of these new rules as the rules deem a non-resident who provides services in the United States to have a permanent establishment where certain conditions are [...]
2010 Ontario Budget Commentary
Friday, March 26th, 2010
Please join us on Monday March 29 at 6:00pm for our comments on the Ontario Budget, and an opportunity to ask your burning questions about HST and other issues. We will be presenting our views on this budget at the Portuguese Cultural Centre of Mississauga, 53 Queen Street North, Streetsville. (just north of Briannia Road, [...]
New GST/HST Electronic Reporting Requirements
Thursday, March 11th, 2010
Mandatory electronic filing For all reporting periods ending on or after July 1, 2010, registrants will be required to file GST/HST returns electronically if: your annual taxable supplies exceed $1.5 milion on an associated basis; you have to recapture input tax credits for the provincial porton of the HST on certain taxable supplies acquired in [...]
