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First time home buyers tax credit

|| January 27, 2016

First-Time Home Buyers’ Tax Credit (This posting is for personal educational purposes only.  Please consult your tax advisor for your specific situation).  Introduction If you have acquired a qualifying home after January 27, 2009, you may be eligible to claim $750 ($5,000 x 15%) First-time Home Buyers’ amount towards

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Universal Child Care Benefit (UCCB)

|| January 13, 2016

Starting July 1, 2016 Universal Child Care Benefit (taxable) and Canada Child Tax Benefit (tax-free) were replaced with Canada Child Benefit (tax-free) The Universal Child Care Benefit (UCCB) program was introduced in 2006 as a taxable benefit to help Canadian families.  By the end of the year 2014, Canada

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Taxpayer relief deadline for 2005 is December 31, 2015

|| December 10, 2015

Canada Revenue Agency allows taxpayer relief for the cancellation or waiver of penalties and interest when taxpayers and registrants (for both GST/HST and non-GST/HST purposes) are unable to meet their tax obligations due to circumstances beyond their control.   Taxpayers and registrants or their authorized representatives can make a taxpayer relief request. Taxpayers and

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2016 Canada Pension Plan (CPP) Maximum Pensionable Earnings

|| November 5, 2015

Maximum Pensionable Earnings for 2016: On November 2, 2015, the Canada Revenue Agency announced the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2016. The rate remains unchanged at 4.95% for employee and employer, and 9.9% for self-employed. Contributors who earn more than $54,900 in 2016 are not required or permitted

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2014 Individual Filing deadline extension to May 5, 2015

|| April 28, 2015

Canada Revenue Agency (CRA) has announced to extend 2014 Individual income tax and benefit returns the filing deadline from April 30, 2015 to May 5, 2015.  There will be no late filing penalties to returns filed by midnight on May 5th.  Also, interest will not be charged on any amount

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