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Canada Day, also the first day of HST officially apply to British Columbia and Ontario.
Who To Call for HST Questions?
CRA has taken serious step to assist business on this transition. Even Canada Day they are still working to serve us. If you have any questions regarding HST you can call 1-800-959-5525 from 9:15am – 8:00pm.
HST [...]
July 1, 2010 is an important day for all of Ontarians. Ontario has proposed a tax reform to follow some other province’s’ footsteps to combine both GST and PST into one, called Harmonized Sales Tax (HST).
Right now we in Ontario are paying both GST and PST in some items, while other items we only [...]
Tax season is approaching. By now you should have received your income slips from your employer. If you are a business owner, you probably also wants to find out how much tax you will need to pay for all the income you earn in the year 2008. Without going into all the budgets nutty gritty [...]
Although I have posted this deadline last year, I would like to remind you on the day as the deadline for submitting T4 slips for your payroll is approaching very quickly. This also applies to all other slips that you need to give to your employees and shareholders, such as T3, T5, T4A, etc.
Deadline for [...]
There are two ways you can file online. If you are filing your own tax and have been browsing the CRA website, you should know that there are two options: Netfile, and Efile.
So what is the different? Which one should you use?
Netfile is intented to use for personal or family use only. Each Netfile software [...]
First and foremost, the deadline to file your T5 slips (and all other T-slips) is Feburary 29, 2008.
Filing in Paper Form – Recommend for small amount of T5-slips
Calculate how much your company contribute
Fill in the T5 Summary for the amount total amount distributed.
Fill in the T5 slips for each shareholders (contains 3 slips per page).
Send one T5 slip, along with the [...]
The penalty for late filing T5 (both slips and summary) is:
$25 per day, minimum of $100 to maximum of $2500 for each slips
Interest on penalty for late filing:
Compounded DAILY at prescribe rate on the total amount of penalties and interest outstanding.
Although the prescribe rate table doesn’t seem to be clear on this category, you can see [...]
This method is used by a lot of business owners, directors and other board members, since they are investors of the business.
What is Dividend?
Dividend is the return on investment from the business you invested in. There are two types of dividend: eligible and other than eligible dividends.
What is Eligible Dividend and Other-than-Eligible Dividend?
Legislative Proposals on [...]
Deadline is closed to file your T4 to your employees and maybe yourself. CRA actually make it easy for you the employer to file T4 (as usual government invest lots of tax payers’ money to ensure the CRA their money!)
What do you need to file:
1. T4 slips for all your employees
2. T4 Summary form
You can [...]
On one hand, electronic records save a lot of trees; on the other hand, it gives a lot of people headache on record keeping.
Not surprisingly, not too many people know that simply printing the record of an electronic purchase or e-invoice is not enough. According to CCRA regulation as off 2007, the electronic copy has [...]
DISCLAIMER: The information provide on this website is provided for the sole purpose of assisting managers and business owners to make independent management decisions. It is not intended to be a substitute for professional advice. Cecilia M Leung & Associates Inc. has taken reasonable measures to ensure the accuracy of the information on the website. However, Cecilia M Leung & Associates Inc. does not guarantee its accuracy, and will not accept liability for any loss or damage which may arise directly or indirectly from the the content or your inability to access the website.
