Category: Running A Business

Canadian Tax Podcast 008: Incentive payments; Climate Action Incentive; US Double Tax;

Posted on by cware

Canadian Tax Podcast for the week of April 19, 2021. This week we cover:

  • Revenue Quebec filing extension;
  • Federal Budget Day;
  • CRA Filing deadline unchanged;
  • CPA Canada PACT guide;
  • What to do with an incentive reimbursement or credit card cash back payment;
  • Mechanics of the Climate Action Incentive;
  • Double-tax on US-source income;

Continue reading “Canadian Tax Podcast 008: Incentive payments; Climate Action Incentive; US Double Tax;”

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Canadian Tax Podcast 006: Filing Late Returns; Self-employed Instalments; Joint Venture Reporting

Posted on by cware

Canadian Tax Podcast for the week of April 05, 2021. This week we cover:

  • Principal Residence Exemption to be taxed?
  • Joe Biden’s proposed corporate tax rate changes;
  • Quebec lowers corporate taxes on small businesses;
  • CRA’s “Before You Call” List;
  • How to approach filing 11 years of late corporate and personal tax returns;
  • What happens with late-paid instalments for self-employed people;
  • Reporting joint venture income;

Continue reading “Canadian Tax Podcast 006: Filing Late Returns; Self-employed Instalments; Joint Venture Reporting”

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Canadian Tax Podcast 005 – Business Tax Planning; Personal Use Property + T1135; Capital Gains In Corp.

Posted on by cware

Canadian Tax Podcast for the week of March 29, 2021. This week we cover:

  • Coinsquare account info release;
  • Carbon tax;
  • Federal Budget announced;
  • Ontario Budget released;
  • Expense/deduction planning for the newly self-employed;
  • T1135 reporting re. personal use property and foreign currency;
  • Sale of property in a corporation, triggering capital gains;

Continue reading “Canadian Tax Podcast 005 – Business Tax Planning; Personal Use Property + T1135; Capital Gains In Corp.”

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T3’s / Record Storage / Wrong T5508’s (Tax Season Special #1)

Posted on by cware

With Feb 22nd being the start of Tax Season 2020, I thought it would be a good idea to just start answering questions via “Tax Season Specials.” In this episode I cover:

  • Entering T3 slips on a T2;
  • Having CRA store your records, and why that’s a bad idea;
  • Incorrect T5008 and what to do;

Thanks for listening.

Usual Disclaimer: This information is for general information purposes only, and deals with complicated and time-sensitive info that may not apply to your situation. Tax rules are always changing, and this information may not be current. Tax is complicated, this information is not tax advice, and don’t rely on this info to make tax decisions – Hire someone to help you.

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