Legal fees — what’s deductible and when?

For most Canadians, having to pay for legal services is an infrequent occurrence, and most Canadians would like to keep it that way. In many instances, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences — a divorce, a dispute over a family estate, or a job loss. About the only thing that mitigates the pain of paying legal fees (apart, hopefully, from a successful resolution of the problem that created the need for legal advice) would be being able to claim a tax credit or deduction for the fees paid. Read More »

Posted: Wednesday, October 18th, 2017 | Categories: Businesses.

 


Protecting your personal financial information – the Equifax cyberattack (October 2017)

News about another successful cyberattack, on government or on a private company, in a single country or worldwide, is now almost routine. What such events usually have in common is a desire by the hackers who perpetrate the attacks to profit by it — either by demanding payment from the entity whose systems have been compromised, or by obtaining confidential personal information (especially identifying or financial information) about individuals, which the hackers can then use fraudulently or sell to others who wish to do so. Read More »

Posted: Friday, October 6th, 2017 | Categories: Uncategorized.

 


When you owe money to the Canada Revenue Agency

The Canada Revenue Agency (CRA) doesn’t publish information or statistics on the number of individual taxpayers who owe it money in the form of back taxes, interest, or penalties. Nonetheless, it’s a safe assumption that some percentage of the 28 million or so Canadians who filed a tax return this past spring either couldn’t pay their 2016 taxes when due or still owe money from past years, or both. Being unable to pay one’s bills on time and as due obviously isn’t desirable, no matter who the creditor is. There are, however, a number of reasons why owing money to the tax authorities is a particularly bad idea.

Read More »

Posted: Friday, September 15th, 2017 | Categories: Individuals.

 


The CRA’s post-assessment review process

While Canadians typically think of taxes only in the spring when the annual return must be filed, taxes are a year-round business for the Canada Revenue Agency (CRA). Read More »

Posted: Friday, August 25th, 2017 | Categories: Individuals.

 


Getting a mortgage now – what’s a “stress test”?

The Bank of Canada’s recent decision to raise interest rates generated a lot of media attention, for the most part because while the increase itself was only one quarter of a percentage point, it was the first move made by the Bank of Canada to increase rates in the past seven years. Read More »

Posted: Friday, August 11th, 2017 | Categories: Individuals.

 


Taking Aim at Taxing Private Corporations

If you thought that this was going to be a quiet summer, time to enjoy vacations and not worry about the business for at least a couple of weeks, think again. Our Liberal government has given us an unwelcome surprise as proposed tax changes which target private Canadian corporations and the so‑called ‘wealthy’ Canadians.  There were hints in the 2017 Federal Budget back in the spring that something was coming our way, so now we know.  It is a hard-hitting set of tax provision changes that are meant to target those who are apparently not paying their fair share of taxes.  Read More »

Posted: Saturday, July 15th, 2017 | Categories: Commentary.

 


When you can’t meet your tax obligations – the CRA’s Taxpayer Relief Program

In recent years, it seems that the arrival of spring has coincided with a natural or man-made disaster somewhere in Canada. Spring is also, of course, tax return preparation and filing season for most Canadian taxpayers, but it’s likely taxes were the last thing on the minds of families and individuals affected by this spring’s floods. And, in most cases, those families and individuals will not be penalised for failing, in such circumstances, to fulfil their tax obligations in a timely way. Read More »

Posted: Friday, June 23rd, 2017 | Categories: Tax Alerts.

 


Claiming a deduction for moving expenses

If spring is the season for real estate sales in Canada, then summer is the time when all those real estate buyers and sellers pack up their belongings and move to their newly purchased homes. And, while buying a new home and making that move is usually something home buyers are doing by choice, that doesn’t make the actual process of moving any less stressful or costly. Read More »

Posted: Friday, June 16th, 2017 | Categories: Tax Alerts.

 


Tips to Detect CRA Phone Scams

In the past several years Jones & O’Connell LLP has had an increasing number of clients contact us concerned after receiving phone calls and letters from people claiming to represent the Canada Revenue Agency (CRA). Upon discussing the situation with clients, it sometimes becomes clear that they were the target of fraud.

For someone who does not regularly interact with the CRA, it can be difficult to detect these scams, particularly the more sophisticated ones. Read More »

Posted: Monday, June 12th, 2017 | Categories: Commentary.

 


What happens after you file that tax return

Once they’ve completed and filed their 2016 tax return, most Canadians give a sigh of relief that the dreaded annual chore is done, and that income taxes will be out of sight and out of mind until the next filing deadline rolls around.

Read More »

Posted: Friday, June 9th, 2017 | Categories: Tax Alerts.

 


Making use of the Canada Revenue Agency’s Voluntary Disclosure Program

As just about everyone knows, individual income tax returns for the 2016 tax year must be filed, by most Canadians, and any tax balance owed must be paid by all individual Canadians, on or before May 1, 2017. Read More »

Posted: Friday, May 26th, 2017 | Categories: Individuals.

 


IFRS – Change to Lease Accounting

Implementation of new accounting standards can be difficult and may have a major impact to your business. In today’s business world, we have to plan ahead and evaluate the impact of known changes to accounting standards. Read More »

Posted: Tuesday, May 16th, 2017 | Categories: Commentary.

 


Fixing a mistake on your (already-filed) tax return

For the majority of Canadians, the due date for filing of an individual tax return for the 2016 tax year is May 1, 2017. (Self-employed Canadians and their spouses have until June 15, 2017 to get that return filed.)

Read More »

Posted: Friday, May 12th, 2017 | Categories: Individuals.

 


Ontario Budget Commentary

Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017.

The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18,2018-19 and 2019-20.

The Budget does not include any changes to Ontario’s personal or corporate income tax rates.

Provincial Budget Commentary


The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

Posted: Monday, May 1st, 2017 | Categories: Businesses, Individuals.

 


Using the CRA’s mobile app

For several years, the Canada Revenue Agency (CRA) has been encouraging taxpayers to manage their taxes and benefits online, through the CRA website, and has been largely successful in that effort. More recently, the Agency has taken the next step, by creating mobile apps which taxpayers can use to obtain most of the same information, and carry out many of the same tasks, as can already be done online.

Read More »

Posted: Monday, April 17th, 2017 | Categories: Individuals.

 


Upcoming changes to the Canada Pension Plan

The Canada Pension Plan (CPP), together with the Old Age Security (OAS) program, forms the cornerstone of Canada’s retirement income system. There are other retirement savings options available to Canadians, but the CPP is unique in that it is Canada’s only compulsory retirement savings program.

Read More »

Posted: Monday, April 10th, 2017 | Categories: Individuals, Tax Alerts.

 


Authorizing a representative to deal with the CRA

It’s not news that the Canadian tax system is complex and that most Canadians, especially those who only encounter it once a year at tax-filing time, would rather not have to deal with that complexity. Consequently, over the next couple of months, it’s likely that more than 16 million Canadian taxpayers will seek out the services of professional tax return preparers and tax discounters, in order to get their 2016 returns completed and EFILED on time.

Read More »

Posted: Monday, March 27th, 2017 | Categories: Individuals.

 


CPA CANADA FEDERAL BUDGET COMMENTARY

The Federal Government’s 2017–18 Budget gives Canadians a taste of what they might expect over the next couple of years: attempted efficiencies, closed tax loopholes, steady deficits, and a touch of caution. Budget 2017 outlines only $200 million in net new spending, but also an increase to the deficit of more than $5 billion for 2017–18, partly due to commitments from the previous budget, reduced revenues and increased general expenses. Read More »

Posted: Thursday, March 23rd, 2017 | Categories: Businesses, Individuals.

 


CPA External Monitoring – Headache or Opportunity?

We have all had at one time or another been right in the middle of busy season, smack dab in the middle of February, when all of a sudden that nasty email pops up from our provincial institute. You have just won the lottery! Its Practice Inspection time again. 

Read More »

Posted: Wednesday, March 15th, 2017 | Categories: Commentary.

 


Sale of Principle Residence in 2016 And Subsequent Years

Recent changes to the administrative practice allowed by Canada Revenue Agency for reporting the sale of a principal residence will now make it mandatory to report the sale effective 2016. The principal residence exemption still exists; you are only required to report the sale. This is a relatively simple procedure that does not result in any taxes owing. With real estate prices continuing to sore, the sale of a Principle Residence and Tax Free Savings Accounts are two of the only areas where gains are not taxable. Read More »

Posted: Wednesday, February 15th, 2017 | Categories: Commentary.

 


Taking advantage of pension income splitting

For retired Canadians (and almost certainly for those who are no longer paying a mortgage) the annual income tax bill can represent the single largest expenditure in their budgets. The Canadian tax system provides a number of tax deductions and credits available only to those over the age of 65 (like the age credit) or only to those receiving the kinds of income usually received by retirees (like the pension income credit) to help minimize that tax burden. One of the most valuable of those strategies —  pension income splitting — isn’t particularly familiar to many taxpayers who could benefit from it, especially those who do not receive professional tax planning or tax return preparation advice. Read More »

Posted: Wednesday, February 15th, 2017 | Categories: Individuals, Tax Alerts.

 


Did you sell your home in 2016? Take note of important tax changes!

It has been an ‘administrative practice’ of Canada Revenue Agency (“CRA”) that if you had sold your primary residence, you didn’t actually have to report it on your personal income tax return.  This is because the principal residence exemption eliminated any capital gains taxes on the sale.  You would have to report the sale if you had more than one property, such as a home and a cottage, where you had to designate the exemption to one of the properties in any given year.  However, this is about to change. Read More »

Posted: Tuesday, January 31st, 2017 | Categories: Commentary.

 


Federal individual tax rates and brackets for 2017

The indexing factor for federal tax credits and brackets for 2017 is 1.4%.  The following federal tax rates and brackets will be in effect for individuals for the 2017 tax year.

Read More »

Posted: Tuesday, January 31st, 2017 | Categories: Individuals, Tax Alerts.

 


Tax deadlines for the 2017 tax year (January 2017)

Each new tax year brings with it a new list of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2017 are listed below. Read More »

Posted: Wednesday, January 11th, 2017 | Categories: Tax Alerts.

 


Looking ahead to 2017

Planning for – or even thinking about – 2017 taxes before the New Year has even been rung in may seem more than a little premature. However, most Canadians will start paying their taxes for 2017 with the first paycheque they receive in January, and it is worth taking a bit of time to make sure that things start off – and stay – on the right foot.

Posted: Wednesday, December 21st, 2016 | Categories: Individuals.

 


Year-end planning for RRSPs and TFSAs

Most Canadians are aware that the deadline for contributing to one’s registered retirement savings plan (RRSP) is 60 days after the calendar year end – in order to be claimed on the return for 2016, such contributions must be made before March 2, 2017. Read More »

Posted: Monday, December 12th, 2016 | Categories: Individuals.

 


Year-end tax planning – some steps to take before December 31

While tax planning is best approached as an ongoing, year-round activity, the fact is that for most Canadians the subject of taxes becomes top of mind only a few times a year. Typically, that happens when the annual tax return is due, when the annual RRSP contribution deadline is looming, and for some, at the end of the calendar year.
Read More »

Posted: Friday, December 2nd, 2016 | Categories: Individuals.

 


New Quarterly Newsletters

Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.

Read More »

Posted: Monday, November 7th, 2016 | Categories: Businesses, Individuals.

 


Residency Rules for “Snowbirds”

Many Canadians head south to the United States to avoid Canadian winters. These snowbirds look to enjoy the warm weather while maintaining their Canadian ties. However every traveller should be aware of the potential tax consequences of extended stays in the United States. Read More »

Posted: Friday, October 21st, 2016 | Categories: Commentary.

 


Planning for year-end charitable donations

The start of fall marks a lot of things, among them a number of runs, walks, and other similar events held to raise money for a broad range of Canadian charities. And, in a few months, as the holiday season approaches, charities will launch their year-end marketing campaigns. Read More »

Posted: Friday, October 21st, 2016 | Categories: Businesses, Individuals.

 


A few questions about your tax return

At the Canada Revenue Agency (CRA), taxes are a year-round business. During the spring and early summer, the CRA is busy processing the millions of individual tax returns filed by Canadians for the previous tax year. The volume of returns filed and the Agency’s self-imposed processing turnaround goals mean that the CRA cannot possibly do an in-depth review of each return filed. Once the season of processing and assessing tax returns is for the most part complete, however, the CRA moves to the next phase of its activities – specifically, the start of its annual post-assessment tax return review process.

Read More »

Posted: Friday, October 7th, 2016 | Categories: Businesses, Individuals, Tax Alerts.

 


Employer-provided cell phones – the potential tax cost

Having access to mobile communication is useful and practical for any number of reasons and Canadians who don’t have a cell or smart phone are likely now the exception rather than the rule. It’s also the case, however, that cell phone rates payable by Canadians are among the highest in the world, and so having an employer provide that cell phone (and pay the associated costs) is consequently a valued employment benefit. That said, Canadians who enjoy such an employment benefit should be aware that, while they may not have to pay a monthly cell phone bill, there still can be a cost in the form of a taxable benefit which must be reported on the annual return.  

Read More »

Posted: Friday, September 23rd, 2016 | Categories: Businesses, Individuals.

 


The costs of tax procrastination

Each spring, Canadians are required to fulfill two tax obligations. The first is the requirement to file an individual income tax return providing details of income earned, deductions and credits claimed, and the amount of income tax payable for the previous calendar year. The second such obligation is to pay any amount of income tax owed for that year which is still outstanding. And although the Canadian tax system is for the most part a voluntary self-reporting and self-assessing one, most Canadians do comply with those two obligations in a timely way. Read More »

Posted: Friday, September 16th, 2016 | Categories: Individuals, Tax Alerts.

 


Accessing home equity in retirement – the reverse mortgage

When it comes to questions around personal finance, two issues tend to dominate current discussions. The first is whether and to what extent Canadians are financially prepared for retirement, and the second is the seemingly inexorable increase in the value of residential real estate. For many retired Canadians, those two issues are very much interlinked.  Read More »

Posted: Friday, September 9th, 2016 | Categories: Individuals, Tax Alerts.

 


Tax changes affecting the upcoming school year

As the summer starts to wind down, both students returning this fall to their post-secondary institutions and those just starting post-secondary education must focus on the details of the upcoming school year: finding a place to live, choosing courses, and — perhaps most important — arranging payment of tuition and other education-related bills. Read More »

Posted: Wednesday, August 24th, 2016 | Categories: Individuals, Tax Alerts.

 


Claiming a tax credit for home renovations

Home renovations are big business right now in Canada, as many homeowners opt to make changes and/or additions to their current residences rather than try to find a new home in the current real estate market. And, while the cost of renovating one’s home is usually considered a personal expense which doesn’t qualify for any tax credit or deduction, starting this year there is an exception to that rule.

Read More »

Posted: Tuesday, August 9th, 2016 | Categories: Individuals, Tax Alerts.

 


Receiving a first instalment reminder from the CRA

By the time this summer reached the halfway mark, most Canadian taxpayers had filed a tax return for 2015, received a Notice of Assessment with respect to that return, and considered that their income tax obligations for this year were complete. For a significant number of those taxpayers, however, the filing of that return will trigger the issuance of a 2016 Tax Instalment Reminder from the Canada Revenue Agency (CRA), Read More »

Posted: Monday, July 18th, 2016 | Categories: Individuals.

 


Summer child care costs – the tax rules have changed

As the end of the school year draws closer, and with it the start of two months of summer holidays, families who don’t have a stay-at-home parent (and likely some who do) must start thinking about how to keep the kids supervised and busy throughout the summer months. Read More »

Posted: Monday, June 27th, 2016 | Categories: Individuals, Tax Alerts.

 


When you can’t meet your tax obligations – the CRA’s Taxpayer Relief Program

The forest fires affecting Northern Alberta and the Canada’s Revenue Agency’s (CRA’s) offer of administrative tax relief to those affected by the fires and the resulting evacuations has highlighted a federal government program of which few taxpayers are aware – the CRA’s Taxpayer Relief Program. Read More »

Posted: Monday, June 20th, 2016 | Categories: Individuals, Tax Alerts.

 


Time for a mid-year tax and benefit check-up

By the beginning of June, most taxpayers have filed their annual return for the previous year and have most likely received a Notice of Assessment in respect of that return, containing the good or bad news about their tax situation for the year. Read More »

Posted: Monday, June 13th, 2016 | Categories: Individuals, Tax Alerts.

 


Deciphering your 2015 Notice of Assessment

By May 23, 2016, the Canada Revenue Agency (CRA) had processed just under 26 million individual income tax returns filed for the 2015 tax year. About half of those returns (56%) resulted in a refund to the taxpayer. Read More »

Posted: Monday, June 6th, 2016 | Categories: Individuals, Tax Alerts.

 


What happens after you file that tax return

By now, most Canadian taxpayers (excepting the self-employed and their spouses, who have until June 15) will have filed their 2015 income tax returns. Once the Canada Revenue Agency (CRA) has processed those millions of returns, over the next few weeks and months, taxpayers across Canada will begin to receive Notices of Assessment for 2015. Read More »

Posted: Friday, May 27th, 2016 | Categories: Individuals, Tax Alerts.

 


Using the Canada Revenue Agency’s Voluntary Disclosure Program

Canada’s tax system is a self-assessing and self-reporting one, in which taxpayers are expected (and required) to provide the tax authorities with an annual summary of their income and any deductions and tax credits claimable, along with payment of any tax amount owed. Read More »

Posted: Friday, May 20th, 2016 | Categories: Individuals, Tax Alerts.

 


Moving expenses – what’s deductible and what’s not?

Springtime and early summer is moving season in Canada. The real estate market is traditionally at its strongest in the spring, and spring house sales are followed by real estate closings and moves in the following late spring and early summer months. Read More »

Posted: Friday, May 13th, 2016 | Categories: Individuals, Tax Alerts.

 


Recent changes to federal retirement income programs

In recent years, there has been a great deal of public discussion about the availability (and the viability) of federal income support programs for retirees. It’s not news that Canada’s population is aging, and the demands placed on government-sponsored retirement income programs will of course increase Read More »

Posted: Friday, May 6th, 2016 | Categories: Individuals, Tax Alerts.

 


Filing your 2015 income tax return – when and how

For even the most determined of procrastinators, the deadline for filing an individual income tax return for the 2015 tax year is imminent. That deadline will come on Monday May 2, 2016 for most Canadians, and on Wednesday June 15, 2016 for the self-employed and their spouses. Read More »

Posted: Friday, April 29th, 2016 | Categories: Individuals, Tax Alerts.

 


Last-minute tax filing strategies

By the time most Canadians sit down to organize their various tax slips and receipts and undertake to complete their tax return for 2015, the most significant opportunities to minimize the tax bill for the year are no longer available. Most such tax planning or saving strategies, in order to be effective for 2015, must have been implemented by the end of the calendar year. Read More »

Posted: Friday, April 22nd, 2016 | Categories: Individuals, Tax Alerts.

 


A new benefits payment system for Canadian families

For several decades, Canadian families have received financial assistance from the federal government to help offset the cost of raising children, through a range of benefits and allowance programs. Those programs have taken a variety of forms, from direct payments to parents to credits provided on the annual tax return. Read More »

Posted: Friday, April 15th, 2016 | Categories: Individuals, Tax Alerts.

 


Upcoming changes to financing a post-secondary education

Over the next academic and calendar year, post-secondary students will find that a number of changes are taking place with respect to the rules governing the financing side of post-secondary education. Some of those changes will be welcome, and others will not. Read More »

Posted: Friday, April 8th, 2016 | Categories: Individuals, Tax Alerts.

 


Pension income splitting – getting something for nothing

Any taxpayer told of a strategy that offered the possibility of saving hundreds or thousands of dollars in tax and increasing his or her eligibility for government benefits while requiring no advance planning, no expenditure of funds, and almost no expenditure of time could be forgiven for thinking that what was proposed was an illegal tax scam. Read More »

Posted: Friday, March 25th, 2016 | Categories: Individuals, Tax Alerts.

 


CPA CANADA FEDERAL BUDGET COMMENTARY

Theme: Economic growth, Job creation, Strong middle class

When the new government said last year that it would return Canada to deficits, few expected the numbers to jump to nearly $30 billion this year and next and add $100 billion in debt over the next five years. But lower-than-expected revenues have forced the government’s hand, according to Finance Minister Bill Morneau, requiring increased spending to stimulate the sluggish economy and support the middle class.

Despite failing to make good on “key election promises relating to fiscal management,” there are enough positive indicators in the budget that CPA Canada is taking a wait-and-see approach, calling it a “down payment on a long-term fiscal plan that charts a course to strengthen the Canadian economy.” Among the positive signs are efforts to close tax loopholes, reduce tax evasion and increase tax compliance.

Further details are summarized in this document Federal Budget Commentary


The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
Posted: Wednesday, March 23rd, 2016 | Categories: Businesses, Individuals.

 


What’s new on the 2015 tax return

While filing a tax return is an annual event for just about every Canadian, the return that is filed, and sometimes the process of filing it, changes each year. Differences in the return itself arise from changes made in our tax laws, which occur on a regular basis. Read More »

Posted: Friday, March 18th, 2016 | Categories: Individuals, Tax Alerts.

 


When and how to file your return for 2015

For several years, the Canada Revenue Agency (CRA) has been seeking to convince Canadian taxpayers of the benefits of filing their annual tax return online, and it seems that their efforts have been successful. Last year, over 80% of Canadian taxpayers filed their returns by electronic means. Read More »

Posted: Friday, March 11th, 2016 | Categories: Individuals, Tax Alerts.

 


Dealing with the CRA through a representative

There’s no denying that the Canadian tax system is complex, even for individuals with relatively straightforward tax and financial circumstances. As well, significant costs can follow if a taxpayer gets it wrong when filing the annual tax return. Read More »

Posted: Friday, March 4th, 2016 | Categories: Individuals, Tax Alerts.

 


New mortgage financing rules to take effect February 15

As the time for the traditionally strong spring housing market approaches, the current state of Canadian real estate is on the minds of a lot of Canadians these days. It’s also a concern for Finance Canada, which has made a change to Canadian mortgage financing rules which will take effect on February 15, 2016, in time for that spring housing market. Read More »

Posted: Friday, February 26th, 2016 | Categories: Individuals, Tax Alerts.

 


Planning to avoid the OAS clawback

Millions of Canadians receive Old Age Security (OAS) benefits, meaning that millions of Canadians may be subject to the OAS “recovery tax” or, as it is more commonly referred to, the clawback. Unfortunately, very few Canadians are familiar with that tax or how it works, and even fewer incorporate the possibility of having to pay the tax into their retirement income planning. Read More »

Posted: Friday, February 19th, 2016 | Categories: Individuals, Tax Alerts.

 


What to do with an instalment reminder from the CRA

The early months of the new calendar year can feel like a never-ending series of bills and other financial obligations. Credit card bills from holiday spending, or perhaps a mid-winter vacation, are due or coming due. The RRSP deadline of February 29, 2016 is approaching, and the May 2, 2016 deadline for payment of any final balance of 2015 income taxes owed is not far behind. Read More »

Posted: Friday, February 12th, 2016 | Categories: Individuals, Tax Alerts.

 


RRSPs and TFSAs – making the annual choice

Canadian taxpayers don’t need a calendar to know that the registered retirement savings plan (RRSP) contribution deadline is approaching — the glut of television, radio and internet ads which fill the airwaves and screens this time of year are reminder enough. Read More »

Posted: Friday, February 5th, 2016 | Categories: Individuals, Tax Alerts.

 


Some early tax planning for 2016

Planning for 2016 taxes when the year has barely started and the filing deadline for 2015 returns is still months away may seem more than a little premature. Nonetheless, taking some time to review one’s tax situation—and perhaps putting a few strategies in place—at the beginning of the year can help avoid a cash flow crisis Read More »

Posted: Friday, January 29th, 2016 | Categories: Individuals, Tax Alerts.

 


Tax deadlines for the 2016 tax year

Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2016 are listed below. Read More »

Posted: Monday, January 25th, 2016 | Categories: Individuals, Tax Alerts.

 


Employment Insurance Premiums for 2016

The Employment Insurance premium rate for 2016 is 1.88%.

Yearly maximum insurable earnings are set at $50,800, making the maximum employee premium $955.04. Read More »

Posted: Wednesday, January 20th, 2016 | Categories: Businesses, Individuals, Tax Alerts.

 


Canada Pension Plan Contributions for 2016

The Canada Pension Plan contribution rate for 2016 is unchanged at 4.95% of pensionable earnings for the year. Read More »

Posted: Thursday, January 14th, 2016 | Categories: Businesses, Individuals, Tax Alerts.

 


Federal individual tax credits for 2016

Dollar amounts on which individual non-refundable federal tax credits for 2016 are based, and the actual tax credit claimable, will be as follows:

Read More »

Posted: Friday, January 8th, 2016 | Categories: Individuals, Tax Alerts.

 


Federal individual tax rates and brackets for 2016

The indexing factor for federal tax credits and brackets for 2016 is 1.3%. The following federal tax rates and brackets will be in effect for individuals for the 2016 tax year: Read More »

Posted: Monday, January 4th, 2016 | Categories: Individuals, Tax Alerts.

 


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