Oss Consulting & Educational Centre

It is an excellent move by the PM to help out those small self-employed persons. Carefully apply. Keep track of your falling revenues during the period.

Be Careful while collecting CERB.

Be preaperd in 2021 to pay Tax on all CERB benefits,both individual as wellas Commercial

https://duttonlaw.ca/canada-emergency-response-benefit/

CRA extended the tax submission and payment dates. Read the article. https://ottawacitizen.com//25c0383d-6bbc-480d-8592-337f82e

Updated on March 14, 2020 There is a public health emergency in some parts of the world due to Covid-19 or (Coronavirus) outbreak. Since the World Health Organization had declared Covid-19 a pandemic, there is a heightened panic among the consumers & businesses. Businesses are impacted due to change in demand and supply, consumer behavior and disruption of the supply chain. Stock markets have reacted with dramatic drops in indices twice this week. Though there is an uplift on...Continue reading

Police arrest married couple accused of being money mules in CRA scam https://ca.yahoo.com//police-arrest-married-couple-accused

https://www.fool.ca//follow-these-3-cra-approved-tips-to-/

https://www.fool.ca//the-canada-revenue-agency-taxes-cpp-/

https://www.fool.ca//cpp-pension-user-2-reasons-you-shoul/

Police arrest married couple accused of being 'money mules' in CRA scam https://ca.yahoo.com//police-arrest-married-couple-accused

The CRA just redesigned the T1 Personal Income Tax return form and there are some major changes Jamie Golombek: The form has a whole new look and is now eight pages long instead of four https://business.financialpost.com//the-cra-just-redesigne

Can you avoid capital gains tax? Your home can be an effective tax shelter, but other forms of real estate can attract capital gains taxes. Heres what you need to know about some of the more nuanced real estate scenarios. https://www.moneysense.ca//can-you-avoid-capital-gains-tax/

https://www.everlance.com//2020-cra-mileage-allowance-rate/

THE GOVERNMENT OWES YOU MONEY ON YOUR TAX RETURNS By Vanmala Subramaniam Mar 28, 2018 The Canadian tax system is complicated, to say the least. We have a progressive tax system, where the more you earn, the more you pay in income tax, but decades of centre-left and centre-right governments have resulted in a myriad of new taxes, and new tax credits. If youre not a freelancer, incorporated or have a bunch of side hustles, your income tax probably gets deducted from your salar...Continue reading

http://www.moneysense.ca//a-tax-cage-match-government-vs-/

http://www.huffingtonpost.ca//take-it-from-a-tax-lawyer-t/

Reporting the sale of your principal residence for individuals (other than trusts) On October 3, 2016, the Government announced an administrative change to Canada Revenue Agencys reporting requirements for the sale of a principal residence. When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case... if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it. Starting with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption.

Whats new for 2016 We list the service enhancements and major changes below, including announced income tax changes that were not law. If they become law as proposed, they will be effective for 2016 or as of the dates given. Individuals and families Canada child benefit (CCB) As of July 2016, the CCB has replaced the Canada child tax benefit (CCTB), the national child benefit supplement (NCBS), and the universal child care benefit (UCCB). For more information see Canada ch...Continue reading

http://www.ossconsultingandeducationalcentre.ca/

What's new for 2016 We list the service enhancements and major changes below, including announced income tax changes that were not law. If they become law as proposed, they will be effective for 2016 or as of the dates given. Individuals and families Canada child benefit (CCB) As of July 2016, the CCB has replaced the Canada child tax benefit (CCTB), the national child benefit supplement (NCBS), and the universal child care benefit (UCCB). For more information see Canada ch...Continue reading

http://www.moneysense.ca//tax-credits-and-rebates-for-can/

http://www.moneysense.ca/save/taxes/taxman-myths/

How Are Uber Drivers Taxed in Canada Posted by Huy Bui on Wednesday, 15 July 2015 in Personal tax If you live in a major metropolitan area, you have probably heard the term uber slowly drifting into everyday conversation. Instead of people saying lets grab a taxi, people are saying lets grab an uber instead. If you have never heard of uber, it is essentially a ride sharing program that is operated from the Uber mobile app or a web browser. You simply signup and pay wi...Continue reading

http://ottawacitizen.com//canada-revenue-agency-hacker-ple

2016 Budget in Brief http://www.budget.gc.ca/2016/docs/bb/brief-bref-en.html

Lot of goodies for low and middle income groups. Better for students. http://www.ctvnews.ca//what-budget-2016-means-for-you-1.28

Summary of Proposed Tax Changes in 2016 Ontario budget Tuition and Education Tax Credits ----------------------------------------------- The Ontario government will discontinue the Ontario tuition and education tax credits, beginning in fall 2017. The timing of the proposed elimination of the tuition and education tax credits would correspond to the introduction of the Ontario Student Grant.... Childrens Activity Tax Credit Existing Childrens Activity Tax Credit (CATC) is to end the CATC as of January 1, 2017, and will focus on developing other programs to encourage physical activity and healthy eating for Ontarios children, including those in lower-income families. Healthy Homes Renovation Tax Credit ----------------------------------------------------- Ontario proposes to end the existing Healthy Homes Renovation Tax Credit (HHRTC) as of January 1, 2017. Small Business Dividend Tax Credit and Gross-Up Ontarios non-eligible dividend tax credit rate will decline from 4.5 per cent for 2015 to 4.2863 per cent for 2016. Ontario will review its non-eligible dividend tax credit rate for 2017 and subsequent years. Tax-Free Savings Accounts --------------------------------------- The federal government recently announced a reduction in the annual contribution limit for Tax-Free Savings Accounts, from $10,000 in 2015 to $5,500 for 2016. Indexation of the contribution limit will resume. Tax on Split Income -------------------------------- Starting January 1, 2016, split income would be taxed at Ontarios top marginal PIT rate of 20.53 per cent, and no surtax would be payable on that income. Full information can be found on Ontario Ministry of Finances Website: http://www.fin.gov.on.ca/en/budget/...

Planning to contribute to an RRSP? The last day to make your contribution is February 29 , 2016

Our services include: Personal Tax Returns Self Employed Tax Returns & Rental Tax returns Taxi, Baby sitting/Child Care & Other small Business Corporate Tax Returns ... Preparation of Government Remittances (HST,QST, WSIB/CSST T4, Payroll etc..) Bank Reconciliations Accounting Setup of new company Financial Statements Unfilled Tax returns for past years. All at affordable price. See more