Category: Tax Tips
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What you should know about Audits
Why do Audits? As part of our regular activities, the Canada Revenue Agency (CRA) selectively audits tax returns and claims for rebates. Our objective is to ensure the fairness and integrity of our self-assessment tax system. We do this by making sure that tax returns and claims are prepared properly, and that taxpayers receive all […]
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Canada Pension Plan (CPP) working beneficiaries contributions
Canada Pension Plan (CPP) working beneficiaries contributions – (line 308) – As of January 1, 2012, the rules for contributing to the CPP changed. The changes apply to you if you are an employee or self-employed, you are 60 to 70 years of age, and you are receiving a CPP or Quebec Pension Plan retirement […]
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Forestry operations
You can deduct expenses for buying and using a power saw (including a chain saw or tree trimmer) if you meet all of the following conditions: You work in forestry operations You use the power saw to earn your employment income. You had to pay for them under your contract of employment and your employer […]
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Benefit entitlements in cases of shared custody
What has changed with respect to benefit payments in cases of shared custody? The budget proposes to introduce the concept of a shared-custody parent and to allow each shared-custody parent to receive the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB) amounts in a particular month. In addition, each shared-custody […]