Posts by pwsadmin

Name of business Total income for the calendar year 2019 Purchases of goods and materials if you resell them as part of your business If you sell goods, inventory value on January, 1 2019 and on December 31, 2019 Amounts paid to a subcontractor Advertising Meals and Entertainment (write on the back of the receipt…

If you are at least 19 years old, the Federal Government, might also send you up to $ 242.00 to reimburse you for some of the HST you spent during the year. It is a good deal to file your income tax return even if you have a small or no income for 2017. We…

Convenient service for seniors, physically challenged and hearing impaired individuals No need to leave your home to meet with a tax preparer, call us and we will set up an appointment convenient to you. Tax returns are prepared at your home and we file it for a flat rate of $ 79.64 (+ HST). If…

Records required from a private home back Day care during an audit Statement of income and expenses Gross income with receipts Income from child care for region children Income from child care for private children Important: keep records of how many children you had each day, full time and part time. Why? If not cra…

Revenue Canada in some cases allows the deduction from total income of the expenses incurring in moving to a different location for the purpose of starting a new job or moving to school. You may deduct your expenses if ALL of the following are true: You moved to start a job or a business, or…

In December 2002, the Supreme Court of Canada stated that the law does not have to treat common law spouses like a married couple when it comes to dividing most assets equally in a breakup. In an 8-1 decision the high court ruled that individuals who do not walk down the aisle make a free…

Tax implications of divorce or separation You are separated if you have been living apart from your spouse or common-law partner for 90 consecutive days or more because of a breakdown in your relationship, you have not reconciled and you receive the Canada child tax benefit (CCTB) you should file immediately the form RFC-65, ELECTION…

What to expect if you are being audited One day you might receive an unexpected phone call or a letter from CRA (formerly Revenue Canada). They will tell you that they want to meet with you and they want to see all your receipts for the current year, and possible the previous two years. Usually…

CRA requires that receipts be kept for all expenses claimed in the tax return. There are differences in the expenses that self-employed individuals, commission employees and other employees can claim. Self-employed individuals use the form T2125. Commission employees and other employees use the form T777. Commission employees such as car salesmen can claim tax return…