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Tax Tips

 

 

1. Changes to CPP - Click Here

2. Apply for Canada Child Tax Benefits when a child is born or if they become a resident of Canada. Parents should not delay as CRA can only make retroactive payments for up to eleven months from the month CRA receives the application. Click Here.

3. Are you an employee or self-employed? - link to Guide RC 4110 – Click Here.

4. Registered Disability Savings Plan - link to Guide 4460 – Click Here.

5. Apprenticeship Program – Click Here.

6. Office in the home – Click Here for forms and info. Click Here for a sample office expense form.

7. Capital Gains – ensure that you report your disposition of all property. This includes the sale of your cottage or investment property. It is recommended that you seek professional advice before you sell. Consider signing Form T2091 in the year of disposition, even if it is held on file. This is done because a designation is a requirement under the “Principal Residence” definition in the Income Tax Act, Section 54, Paragraph C. Find the form Here.

8. Buy vs. Lease - Mortgage Pay-off Calculator – Click Here.

9. Retirement Calculator – Early CPP, the OAS Clawback – Click Here.

10. Programs and Benefits for those with disabilities – Click Here.

11. Automobile Expenses – you must keep a log book - Click Here for a sample automobile expense form.

12. Tax Tips from the Toronto Star Read Here

13. CPP - Retire now or later. How CPP changes affect you (Toronto Star) Read here

14. Is your business compliant?

Question: Is there anything more frustrating than the time and cost associated with finding and interpreting government regulations that impact your business?

Answer: Yes. The cost and consequences of not complying with regulations that you may not even know exist.

Are you aware that your business is legally required to do the following?

-  Post "The Employment Standards Act" poster in your workplace

-  Post the WSIB's "In Case of Injury at work" poster in your workplace

-  Develop and/or post a "Violence Policy" in your workplace (Bill 168)

-  Develop and/or post a "Harassment Policy" in your workplace (Bill 168)

-  Post the "Occupational Health and Safety" booklet in your workplace

-  Develop and post a "Health and Safety Policy" (Employers with 6+ employees)

-  Develop policies, practices and procedures on providing goods and/or services to people with disabilities in accordance with the "Accessibility for Ontarians with Disabilities Act"

-  Keep a "First Aid Kit" fully stocked in your workplace

-  Recommendation: Develop a "Privacy Policy" in accordance with "The Personal Information Protection and Electronic Documents Act" (PIPEDA)

Click to Read What You Should Know About The Ontario Employment Standards Act