How long should you keep your tax files?

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Clients often ask us how long do they have to keep old files and documents.  Generally, CRA is able to reassess during a 4 year period after they issue a Notice of Assessment.  CRA’s guidelines however recommend that documents be kept for 7 years. In spite of this, a recent Tax Court of Canada ...

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Making Sense of Your T4A Slips

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With the Canada Revenue Agency payroll filing deadline rapidly approaching, employers often ask what slips to issue to individuals not on the payroll, including self-employed contractors, casual labour, or other payments made to individuals for services. This question is often prompted by the ...

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CRA’s Liaison Officer Initiative

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CRA has recently launched a new program called the “Liaison Officer Initiative”. The LOI program offers a CRA representative who can provide in-person guidance, support, and information that will help you understand and navigate the tax system.  CRA says that “the LOI the CRA is shifting its ...

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Trump’s Tax Policy: What You Need to Know

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Complimentary Wolters Kluwer Special Report Post-Election Tax Policy Update Donald Trump’s election as the 45th President of the United States on November 8 is expected to bring big changes to the tax laws for individuals and businesses. President-elect Trump had made tax reduction a ...

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Self-Employed? Find Out If Employment Insurance is Right for You

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Most employees in Canada are required to contribute to Employment Insurance (EI), a national program designed to provide temporary benefits for individuals unable to work. Those eligible for EI can receive regular EI benefits in the event they lose their job or qualify for special benefits, ...

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Seven Tips for a Better Tax Return

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If you’re like most business owners the June 15 tax filing deadline with the Canada Revenue Agency is a date that’s etched in your brain.  But so many business owners procrastinate, putting off the inevitable and end up in a mad dash to get their taxes completed to meet the looming deadline.  ...

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The Scoop on Post Election/Year-End Tax Planning

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Prime Minister Justin Trudeau recently named Bill Morneau, the rookie Toronto MP, as Canada’s new Minister of Finance. Morneau’s first priority will be to make good on Trudeau’s promise to reduce taxes on the middle class by raising them on the wealthy. He has a big job ahead of him since ...

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Tax Day is May 5th. Avoid Costly Tax Filing Penalties!

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Don’t be late for this very important date.  The filing deadline for 2013 income taxes have been extended, but it’s still critical to get your taxes in on time to avoid late filing as the penalties can be financially costly. As a result of the shutdown at the Canadian Revenue Agency (CRA) last ...

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Snowbirds Beware: Tax Pain Can Follow You Everywhere – Literally.

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Just because you only live in Florida for the winter doesn’t mean the IRS doesn’t want your tax dollars, too.  See if you’re at risk. John is a Canadian resident. He is not a U.S. citizen or green card holder, but each year he spends the winter months with his wife in Florida. In some...

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