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Notice: Undefined variable: labels in /vol/www/html/dev/wp-content/themes/camadan/functions.php on line 849 Personal Tax Archives - Madan CA
Testamentary trusts pay tax according to the progressive Canadian income tax rates applicable to individuals. In other words, a testamentary trust pays tax at individual tax rates. Note: A testamentary trust is formed automatically upon the death of an individual in Canada. In some circumstances, it can be more tax-advantageous to allow income to be … Continue reading What rate of tax does a “Testamentary Trust” pay?
If on your last year’s HST return, you had a balance owing of $3,000 or more, you would have to make equal quarterly installment payments starting next fiscal year. Find below a sample installment schedule if your HST reporting period has a calendar year end. Fiscal quarters Installment due dates January 1 – March 31, … Continue reading Do I have to make payments on sales tax?
If you’ve made an error in your HST filing, you will need to correct your HST return. You can do so by writing a letter to the CRA stating the corrections and the line numbers that needs to be corrected. Please note that you should not refile an HST return.
To obtain a social insurance number, you have to apply in-person by visiting a Service Canada centre. You can find the address of the nearest centre to your location on the CRA website. To apply, you must take with you original proof-of-identity documents. These documents must prove your identity and status in Canada. For instance, … Continue reading How do I get a Social Insurance Number, which is required to be reported on tax returns?
Contributing to a spousal RRSP is advantageous if you and your spouse/common-law partner have different income levels. This is because the spousal RRSP contributions allow spouses to split income more equally at retirement. The spouse who expects to have higher income at the time retirement should be the one to contribute to the spousal RRSP. … Continue reading What is the benefit of contributing to a spousal RRSP?
No, the rental expense cannot be claimed as either a tax deduction or a tax credit. However, the student may be eligible for the Ontario Energy and Property Tax Credit if applicable criteria are met. This benefit is generally paid to low-to-moderate-income individuals of at least 18 years of age for paying rent or property … Continue reading Can rent paid by a student for residence be claimed on the personal tax return?
The maximum CPP contribution for 2014 is $2,425.50 for employee contribution and $4,851.00 for self-employed contribution. The maximum EI contribution to the plan for 2014 is $913.68.
Claiming the caregiver amount does not necessarily mean that you can claim the family caregiver amount as well. The family caregiver amount can only be claimed if the person you took care of has mental and/or physical impairment(s).
The CRA can only back-date your HST registration by 30 days. In order to request a registration date that is past 30 days, you should write a letter to the CRA detailing your reason for requesting such an old registration date. In addition, the CRA requires that you provide 5-6 invoices around the back dated … Continue reading I collected HST but didn’t register for an HST number on time, what should I do?
To avoid attribution rules, you should ensure the interest rate is greater than or equal to the prescribed interest rate set by the Canada Revenue Agency (CRA). The CRA adjusts the prescribed interest rate each quarter; you can find the appropriate interest rate here.
Question: I did not file my prior year tax return. This was my first year of operations and I was not aware of my filing responsibilities. As I understand, the CRA will charge interest and penalties for late filing and payment. Is there any way I can get these charges waived? Answer: Yes, we would … Continue reading Is there any way of waiving my fees for not filing my income taxes?
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