Youth MLB Jerseys Red Bottom Shoes New Nike NFL Jerseys All 32 Teams Cheap NFL Jerseys China Cheap Jerseys Online Custom Team Hockey Jerseys Wholesale NFL Jerseys UGG Boots Cheap UGG Boots NFL Jerseys Cheap Big And Tall Personalized Baseball Jerseys Studded Michael Kors Crossbody Gucci Handbags Outlet Coach Outlet Dallas Cheap Oakley Sunglasses Chanel Handbags Louis Vuitton Outlet Online Wholesale Jerseys MLB Baseball Jerseys Coach Rings Outlet Chanel Outlet Gucci Outlet Stores Bene Benwikere Kids Jersey Michael Kors Outlet Come Riconoscere Una Borsa Falsa Gucci Cheap NFL Jerseys Sewn Numbers Oakley Sunglasses Kate Spade Purses Outlet Cheap Jerseys

Archive for the ‘Tax News’ Category

« Older Entries | Newer Entries »

CRA Payroll Webinars

Tuesday, October 20th, 2015

Are you new to payroll or would you like a refresher or payroll basics?  CRA is offering a free webinar series on payroll aimed at new employers.  Click here for more information or to register.

 

Posted in Accounting News, Information for Charities and Not for Profits, Tax News Comments Off on CRA Payroll Webinars

September 2015 Newsletter

Friday, October 2nd, 2015

Our September 2015 newsletter is now available!  Please click here to view the newsletter.

Posted in Accounting News, GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on September 2015 Newsletter

CRA News Release – TFSA Limit Increase

Friday, April 24th, 2015

Canadians can immediately take advantage of the proposed $10,000 Tax-Free Savings Account annual contribution limit

April 24, 2015 – Ottawa, Ontario – Canada Revenue Agency

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and the Honourable Joe Oliver, Minister of Finance, are advising Canadians that the Canada Revenue Agency (CRA) is allowing individuals to immediately benefit from the proposed increase to the Tax-Free Savings Account (TFSA) annual contribution limit announced in Economic Action Plan 2015.

Economic Action Plan 2015 proposes to increase the TFSA annual contribution limit from $5,500 to $10,000, effective January 1, 2015. Canadians can immediately start contributing to their TFSA up to the proposed $10,000 annual contribution limit.

This proposed measure is subject to parliamentary approval. Consistent with its standard practice, the CRA is administering this measure on the basis of the Budget announcement. Financial institutions may immediately allow existing and new account holders to contribute up to the proposed maximum. The CRA will continue to work with financial institutions to ensure a smooth implementation of this new proposed measure.

The TFSA is a popular means of saving for Canadians at all income levels. Individuals with annual incomes of less than $80,000 accounted for more than 80 per cent of all TFSA holders and about 75 per cent of TFSA assets as of the end of 2013. About half of TFSA holders had annual incomes of less than $42,000.

Quick facts

  • TFSAs have proven to be popular. More than 10.7 million Canadians had opened a TFSA by the end of 2013.
  • The TFSA first became available in 2009. It allows Canadian residents, aged 18 or older and who have a valid social insurance number, to earn tax-free investment income throughout their lifetime.
  • Contributions to a TFSA are not deductible for income tax purposes, but investment income earned in a TFSA and withdrawals from it are tax-free.
  • The TFSA provides greater savings incentives for low-and modest-income individuals because, in addition to tax savings, neither the income earned in a TFSA nor withdrawals from it affect eligibility for federal income-tested benefits and credits, such as the Canada Child Tax Benefit, the Goods and Services Tax/Harmonized Sales Tax Credit, the Age Credit, and Old Age Security and Guaranteed Income Supplement benefits.
  • Canadians can track their annual TFSA contribution limit easily using the CRA’s My Account secure online self-service portal.
  • TFSAs are an important savings tool for Canadians. Budget 2015 clearly states 60 per cent of the individuals contributing the maximum amount to their TFSAs had incomes of less than $60,000 in 2013.
  • Forty-six per cent of individuals who have maxed out their TFSAs were seniors and over 70 per cent were aged 55 or over.

Click here for source article

Posted in Tax News Comments Off on CRA News Release – TFSA Limit Increase

February 2015 Newletter

Monday, February 23rd, 2015

Our Feburary 2015 newsletter is now available!  Click here the following link the view the newsletter: February 2015

Posted in Accounting News, GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on February 2015 Newletter

Canada Revenue Agency – Automated Telephone Messages

Tuesday, May 20th, 2014

Automated telephone message — for individuals who may be required to pay their tax by quarterly instalments

Message

The Canada Revenue Agency will send automated telephone messages to individuals who may be required to pay their tax by quarterly instalments, to remind them of the June 15, 2014 instalment payment due date. The message will be sent during a two-week period from May 26, 2014 to June 6, 2014.

The message will not include personal taxpayer information and will not ask for personal information.

National Do Not Call List

The National Do Not Call List gives consumers a choice about whether to receive telemarketing calls. Since the due-date reminder message is not a telemarketing call, the National Do Not Call List does not apply to it. However, if an individual does not want to receive our automated telephone messages, they can call 1-800-959-8281 and ask us to remove their telephone number from the calling list.

Fraudulent communications

Fraudulent communications often ask for personal information such as social insurance, credit card, bank account, and passport numbers. The CRA’s automated courtesy calls do not ask for, or give out, personal information. To learn more about how to identify fraudulent communications, go to Beware of fraudulent communications.

Related topics

Posted in Tax News Comments Off on Canada Revenue Agency – Automated Telephone Messages

CRA news release on Heartbleed bug

Monday, April 14th, 2014

Statement by the Commissioner of the Canada Revenue Agency on the Heartbleed bug

After learning that the Canada Revenue Agency (CRA) systems were vulnerable to the Heartbleed bug, the CRA acted quickly to protect taxpayer information by removing public access to its online services on April 8, 2014.

Since then, the CRA worked around the clock to implement a “patch” for the bug, vigorously test all systems to ensure they were safe and secure, and re-launch our online services late yesterday.

Regrettably, the CRA has been notified by the Government of Canada’s lead security agencies of a malicious breach of taxpayer data that occurred over a six-hour period. Based on our analysis to date, Social Insurance Numbers (SIN) of approximately 900 taxpayers were removed from CRA systems by someone exploiting the Heartbleed vulnerability. We are currently going through the painstaking process of analyzing other fragments of data, some that may relate to businesses, that were also removed.

The CRA is one of many organizations that was vulnerable to Heartbleed, despite our robust controls. Thanks to the dedicated support of Shared Services Canada and our security partners, the Agency was able to contain the infiltration before the systems were restored yesterday. Further, analysis to date indicates no other CRA infiltrations have occurred either before or after this breach.

Beginning today, the Agency is putting in place measures to support and protect the individuals affected by the breach. Each person will receive a registered letter to inform them of the breach. A dedicated 1-800 number has also been set up to provide them with further information, including what steps to take to protect the integrity of their SIN. The Agency will not be calling or emailing individuals to inform them that they have been impacted – we want to ensure that our communications are secure and cannot be exploited by fraudsters through phishing schemes.

The CRA will also provide those who have been affected with access to credit protection services at no cost. And we will apply additional protections to their CRA accounts to prevent any unauthorized activity.

On April 11, 2014, I informed the Privacy Commissioner of Canada of the breach. The RCMP are investigating.

As the Commissioner of the CRA, I want to express regret to Canadians for this service interruption. In particular, I share the concern and dismay of those individuals whose privacy has been impacted by this malicious act.

CRA online services are safe and secure. The CRA responded aggressively to successfully protect our systems. We have augmented our monitoring and surveillance measures, so that the security of the CRA site continues to meet the highest standards.

I know that all employees of the Canada Revenue Agency join me in appreciation for the cooperation and patience of the public, businesses and representatives as we resolved this situation.

Andrew Treusch
Commissioner

 

Posted in Accounting News, GST/HST News, Information for Charities and Not for Profits, Tax News Comments Off on CRA news release on Heartbleed bug

WARNING – SPAM Emails claiming to be CRA

Tuesday, March 11th, 2014

WARNING – SPAM Emails claiming to be CRA

Spam emails claiming to be from CRA are once again making their rounds.  These are not a valid emails.  CRA does not contact taxpayers via email.  DO NOT open the link or provide any of the information requested.  Here is a sample of one of the email currently circulating:

Dear Tax Payer ,

Part of your Canadian tax expenses for the year 2013 as been processed and completed and you are entitled to a refund for 988.44 CAD.

You are required to follow the secured link below to login to our secure Epass site with your Social Insurance Number and complete the required details in order for your tax refund to be processed and deposited into your account.

To access the secure form for your Tax Refund, please click the below secured link to get started:

(Link Deleted)
Sincerely,

Canada Revenue Agency.

©Copyright Canada Revenue Agency. All rights reserved.

 

Posted in Community Events, Tax News Comments Off on WARNING – SPAM Emails claiming to be CRA

September 2013 Newsletter

Thursday, October 10th, 2013

September 2013 Newsletter

The latest edition of our newsletter is now available on our website.  Click here to view

Posted in Accounting News, Tax News Comments Off on September 2013 Newsletter

Dos and Don’ts for Small Business Audits

Monday, January 23rd, 2012

Dos and Don’ts for Small Business Audits

If your small business is getting audited, it’s important to know what type of audit is being done – a request for information which follows a tax filing; a desk audit which usually follows an unusual filing such as a large HST refund; or the rarer field audit which means the Canadian Revenue Agency wants to examine your books. The article When your small business gets audited from the Institute of Chartered Accountants of Ontario provides a list of the dos and don’ts to ensure the audit goes as smoothly as possible.

Posted in GST/HST News, Tax News Comments Off on Dos and Don’ts for Small Business Audits

Changes to the CPP contribution rules

Friday, November 25th, 2011

 

What are the changes to the CPP contribution rules?

Current rules

Under the current rules (before January 1, 2012), as an employer you have to stop deducting CPP contributions from an employee’s pensionable earnings when the employee:

  • is 60 to 70 years of age; and
  • gives you proof that he or she is receiving a CPP or Quebec Pension Plan (QPP) retirement pension (for example, an award letter issued by Human Resources and Skills Development Canada).

For more information, go to Employees who are 60 to 70 years of age.

New rules

Starting January 1, 2012, you may have to deduct CPP contributions from the pensionable earnings you pay an employee who is 60 to 70 years of age, even if the employee is receiving a CPP or QPP retirement pension.

Under the new rules, an employee who works and receives a CPP or QPP retirement pension will now have to contribute to the CPP if he or she is:

  • 60 to 65 years of age;
  • 65 to 70 years of age, unless the employee has filed an election with you or another employer to stop paying CPP contributions (the election will take effect on the first day of the month following the month the employee provides you with a completed and signed election form);
  • 65 to 70 years of age, if the employee revoked his or her election to stop paying CPP contributions in 2013 or later.

Notes
These legislative amendments do not affect the salary or wages of an employee who is considered to be disabled under the CPP or QPP, nor do they affect the salary and wages of a person who has reached 70 years of age. Do not deduct CPP contributions from the salary and wages that you pay these employees.

Those who are not subject to CPP, for example, Quebec employees, are not affected by these rules.

You will have to deduct CPP contributions from an employee who is employed in pensionable employment and is receiving pensionable earnings, and meets one of these conditions:

  • who is currently receiving a CPP or QPP retirement pension and is 60 to 65 years of age, even if it means deducting from someone who was not contributing in a previous year because he or she was receiving a CPP/QPP retirement pension;
    OR
  • who is currently receiving a CPP or QPP retirement pension and is 65 to 70 years of age, and who has not given you a copy of a signed and completed Form CPT30, Election to Stop Contributing to the Canada Pension Plan, or Revocation of a Prior Election.

Note
The CRA can assess you for failing to deduct CPP contributions or for failing to remit the CPP contributions to the CRA as required. The assessment may also include penalty and interest charges. For more information, go to Penalties, interest, and other consequences.

Starting dates for implementing Form CPT30

If, in December 2011, an employee is at least 65 years of age and is receiving a CPP or QPP retirement pension and does not want to start contributing to the CPP in January 2012, then that employee should make his or her election to stop contributing to the CPP by providing a copy of a signed and completed Form CPT30 to you and any other employer he or she has as early as possible in December and sending the original form to the CRA.

Forms and publications

Related topics

Government partners

Posted in Tax News Comments Off on Changes to the CPP contribution rules

Next Page »« Previous Page
  • Sign Up For Our Mailing List!
    Subscribe now and receive all the latest accounting news and updates!
    100% Privacy. We don't spam.
  • Categories


Youth MLB Jerseys Red Bottom Shoes New Nike NFL Jerseys All 32 Teams Cheap NFL Jerseys China Cheap Jerseys Online Custom Team Hockey Jerseys Wholesale NFL Jerseys UGG Boots Cheap UGG Boots NFL Jerseys Cheap Big And Tall Personalized Baseball Jerseys Studded Michael Kors Crossbody Gucci Handbags Outlet Coach Outlet Dallas Cheap Oakley Sunglasses Chanel Handbags Louis Vuitton Outlet Online Wholesale Jerseys MLB Baseball Jerseys Coach Rings Outlet Chanel Outlet Gucci Outlet Stores Bene Benwikere Kids Jersey Michael Kors Outlet Come Riconoscere Una Borsa Falsa Gucci Cheap NFL Jerseys Sewn Numbers Oakley Sunglasses Kate Spade Purses Outlet Cheap Jerseys