This link was on Twitter yesterday.
It caught my eye and concerned me just a bit, so I did some checking:
I've compiled a few links that you might find useful:
http://www.taxdetective.ca/whats_new_2012_1.html
Remember, incorporating limits liability. If the corporation has no assets, and no insurance, who will you go after?
Just because someone has put a corporate name on their invoice doesn’t mean they really are incorporated. One way to check is to ask for the Corporate BN # used to report Corporate income taxes and payroll. Another is through the company registrar of the province/territory.
As child care providers a corporation may not be required to register for GST/HST if they are under $30,000 in taxable supplies and in some cases, their sales are exempt, so you won’t see a GST/HST # on their invoice.
Why check further? Payroll liability, employment standards (things like vacation pay et al...) and Worksafe BC (or whatever your province/territory calls it, plus..Insurance because the company has limited liability.
Did you know you can validate a GST/HST # before filing a claim for an ITC that may or may not be legitimate.
How well do you know your suppliers? If you were audited, and you had claimed ITC's from suppliers who weren't registrants, it could be very costly.
http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/gsthstrgstry/menu-eng.html
http://www.cra-arc.gc.ca/whtsnw/menu-eng.html takes you to the Site map for What's New.
If you click on the More What's New, you'll find What's new for charities, corporations, EFILE, Payroll, Seniors, SR&ED and Other...
It seems they have cut back the Archives to 6 months, where before there were multiple years you could look through. Times they are a'changing.
I guess we'll all have to check there more often now.
What started all this? I clicked on something that I didn't know about and when I searched for it under Joint Venture, I couldn't find it again. Someone at CRA needs to add this to the Joint Venture webpage as it's pretty important info for Joint Venturers.
What's new for 2011 for Joint Ventures
If you purchased a specially equipped motor vehicle your GST/HST may be rebated by CRA!
Here's the form and page 2 and 3 provide details of what qualifes and how to complete the form:
http://www.cra-arc.gc.ca/E/pbg/gf/gst518/README.html
Storytelling in Business & Education | Learn It Live
Carla always inspires me ! If you haven't read her book already, The Change Artist was a book that I didn't want to end. I wanted to live in the story forever.
This is a free lunch hour webinar on April 27th, Sign up now!
Years ago I created a spreadsheet on how to figure out what is actually being carried forward. I sell it on my website for a couple of bucks. CRA gives you the year, inclusion rate, Line 127, Unapplied net loss, Net loss applied from prior year... but they don't add up anything, and they don't explain how they convert it to the number that shows up on your Notice of Assessment. I think their web programmers are just plain lazy, but who am I to a big organization like that?
By this point I'm sure I've lost you... If you have gains and losses that aren't all used up, and you want to figure out carrying back three years, and forward forever... you will find you can enter those numbers on my spreadsheet and convert them to something useful.
Click here for the direct link to purchase the spreadsheet for $1.95
And if you want to learn more about how to improve your communications with CRA, I'm presenting that topic for IPBC.ca on May 9th for an hour. Sign up now!
www.ipbc.ca
I know it's tempting. It says you'll get money if you click.
Do NOT believe everything you receive in your email.
DO NOT click on an email saying you have a Tax Refund as this is a phishing scam.
That means that the party sending you the email is trying to get personal information from you, like your SIN # so that they can use it to steal your identity and your money.
I just received two of these emails this morning, and www.interact.ca, who I called, told me to delete the email and not to click on any of the links. They said they are aware of the scam and are working to kill it.
If you haven't been personally in touch with someone who says they are sending you money by Interac, do not open the email. Contact the person, and if you don't know how, then it's a scam to steal your identity and your money.
You won't find any information on the CRA website if you search for day trading or day trader.
I found this great post on Yahoo complete with useful links that explains very clear how to treat day trading for income tax purposes in Canada:
http://ca.answers.yahoo.com/question/index?qid=20100316231508AAzeBUf
and here's the links in case the article gets pulled:
Application information and forms for the proposed BC First-Time New Home Buyers' Bonus program.
Some of the highlights include:
Did you know there was a "ThirdQuarter" project to connect workers over the age of 50 to potential employers? At this time, it's in a grand total of 14 communities across Canada, in Manitoba, BC, Saskatchewan, and the Atlantic provinces, through the chambers of commerce...so if you're not in with your local chamber, it's time to get involved!
But only if you're in Amherst, Brandon, Greater Victoria, Portage la Prairie, South Okanagan, Summerside, Winkler/Morden, Arborg/Interlake, Dauphin, Humboldt, Regina, Selkirk, Steinbach or Thompson....
http://www.thirdquarter.ca/en/about-thirdquarter.cfm
Canada is going to invest to enable persons with disabilties to obtain work experience with small and medium-sized businesses.
The hiring credit is extended for one year!
Promise to improve the integrity and fairness of the tax system by closing tax loopholes that allow some businesses and individuals to avoid paying their fair share of tax.
Measures to ensure that charities devote their resources primarily to charitable, rather than political, activities, and to enhance public transparency and accountability in this area.