Changes to CPP
Friday, October 21st, 2011
If you are considering retirement and planning to collect CPP, particularly if you are between the ages of 60 and 65, the rules have changed. Previously, you had to stop working for 2 months in order to collect CPP benefits prior to age 65. Beginning January 1, 2012, this will not be necessary. On the [...]
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: [...]
Electronic Submission of the form T1013: Authorizing a Representative to the CRA
Tuesday, January 25th, 2011
EFILE service providers, like S+C Partners LLP, will have the capability to electronically submit the Form T1013, Authorizing or Cancelling a Representative, to the Canada Revenue Agency (CRA) using certified EFILE T1 tax preparation software. For this year only, T1013s submitted electronically will be stockpiled from January 24, 2011 to February 14, 2011 at which [...]
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 [...]
