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Apr

9

Registered Education Savings Plan

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Registered Education Savings Plan The Purpose of the RESP is to allow income to accumulate on a tax deferred basis and then be used by a child to attend post-secondary education. Contributions are not deductible; Max. RESP period: 35 years, i.e., plan must be terminated by the end of the 35th year (40 years if […]

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Mar

21

Home Office Expense Deduction

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If you are looking to deduct home office expenses, the following Home Office Expense Deduction Check List will help guide you as to what can be expensed on your income tax. Principal (>50%) place of employment, i.e., at least 50% of duties of employment are performed at home, OR Home space is used exclusively for […]

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Jan

14

SELF EMPLOYED OR EMPLOYEE TAXES?

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Self Employed Taxes or Employee? EMPLOYMENT INCOME see CRA information guide (RC4110) It is important to distinguish between an employee and a self employed individual for tax purposes as the deductions available in computing net income differs significantly for each of the above. So if you are wondering whether self employed taxes or employee taxes apply to […]

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Nov

9

NON-RESIDENTS

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Under Canadian tax law, it is important to determine if the taxpayer is a resident or not of Canada. A resident will be taxed on his worldwide income, while a non-resident is personally taxed only on Canadian source income. Judicial decisions – factors considered by the courts: Major Factors Routine settled life concept (regularly and […]

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May

7

Accounting Montreal Testimonials

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We asked some of our Accounting Montreal customers to provide us with feedback on our services with a testimonial and this is what some of them had to say: “My Partner and I have used the accounting services of Ian Singer both for our business and our personal tax needs since 2008. He has always […]

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Mar

9

Tax Penalties Canada (Part 2)

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The following is the continuation of our Tax Penalties Canada series.  This is part two. False or deceptive entries made in records, omissions from records, or destruction of records to evade tax: The Canadian Federal government will charge 50% to 200% of the tax that the taxpayer tried to evade and/or a maximum of two years of […]

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Feb

23

Tax Penalties Canada

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Major Tax Penalties in Canada (part 1) The following is a list of major tax penalties and offences in Canada based on the type of violation: Failure to file a tax return: Federal & Quebec will penalize you with 5% of unpaid tax and 1% per full month the return is not filed (max. 12 months). Failure […]

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Dec

6

Inter vivos and testamentary trusts

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An inter vivos trust is a trust created between living persons, as opposed to a testamentary trust, which arises upon the death of an individual and as a consequence of that death. A testamentary trust is usually established in the will of the deceased but it may also be created pursuant to a court order. […]

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