Essential Tax Resources

I will publish useful links for business resources. Please find first portion:

Essential Tax Resources:



Federal and Provincial Budget

Official budget information for the federal government and every province and territory.

Federal budgets Newfoundland & Labrador provincial budget Prince Edward Island provincial budget Nova Scotia provincial budget New Brunswick provincial budget Quebec provincial budget Ontario provincial budget Manitoba provincial budget Saskatchewan provincial budget Alberta provincial budget British Columbia provincial budget Nunavut territorial budget Northwest Territories territorial budget Yukon territorial budget

 Canada Revenue Agency (CRA)

Links to helpful information on the CRA website, including tax information for businesses, individuals, and tax professionals.

	All tax rates Forms and publications Information for businesses Information for individuals Information for charities and charitable giving Information for tax professionals Contact CRA

Tax Tips and Tools
Tax tips, tax calculators, and helpful tax resources from across the web.
	Tax Tips.ca This site is operated by a husband and wife team of retired entrepreneurs, including a CGA. It provides a variety of tax and financial information, updated annually. Ernst & Young tax calculators and rates Administered by Ernst & Young LLP in Canada, this site contains tax calculators to estimate  personal tax bills and RRSP savings as well as tax rate tables for individuals and corporations. PricewaterhouseCoopers tax facts & figures This annually updated book, published by PricewaterhouseCoopers LLP in Canada*, contains both individual and corporate tax information for each provincial or territorial jurisdiction. *Note: Linking to the PwC Canada Web site does not imply any endorsement by PwC of the services or products being offered by CGA-Canada.

Tax News and Updates
The latest tax news and important updates affecting Canadian taxpayers.
	Fraudulent Receipts This article, written by Don Goodison, FCGA, examines the rather unusual case of Tu Van Le v. Her Majesty the Queen, in which a taxpayer attempted to convince the Tax Court of Canada through various stories and evolving explanations that he had made various charitable donations that should have counted, but were disallowed by CRA. This article is published in CGA Magazine. Capital Gains Strips This feature article examines the issue of shielding tax through capital gains strips and/or using capital gains exemptions when selling a business, referencing relevant rules in section 55 of the Income Tax Act. The author examines two possible scenarios involving the sale of a business and the application of provisions in section 55 and related sections. This article is published in CGA Magazine. Bozzer: An Interesting Victory for All Canadian Taxpayers The recent decision of the Federal Court of Appeal in Bozzer v. The Queen, 2011 DTC 5106, represents a victory for all Canadian taxpayers, as it overturns an overly-restrictive interpretation of a provision designed to grant taxpayer relief in appropriate circumstances. The article is from CCH's Tax & Accounting e-Monthly

Top 10 Tax Tips from the Personal Tax Planning Book 2011–12 
 

1. Reduce taxable income with a Registered Retirement Savings Plan (RRSP). RRSPs can be eligible for a tax deduction in the amount of the annual contribution. Up to 18% of earned income to a maximum of $22,000 can be added each year. The deadline for contributions that can be claimed as a 2011 RRSP deduction is Wed, February 29.
2. Build wealth with a Tax-Free Savings Account (TFSA). TFSAs allow you to make up to a $5,000 annual contribution. Income earned in the TFSA is non-taxable, so maximize the amount of tax free growth.
3. Contribute to a Registered Education Savings Plan (RESP). Help your child or grandchild save for post-secondary education. Contributions are not tax deductible and they are not taxable when withdrawn.
4. Compile all Tuition Fee and Education Credits. If you don’t need these deductions you can transfer up to $5,000 to parents who would welcome your generosity.
5. Weigh the benefits of withdrawing from an RRSP to purchase a home. Individuals may withdraw up to $25,000 from their RRSP. Withdrawn amounts are repayable in equal annual sums over 15 years.
6. Capitalize on family if you are a small business owner: Hire family members for legitimate work opportunities and write off the costs of their salaries.
7. Income splitting. If you earn more than your spouse you could reduce your family’s combined tax bill by paying your spouse’s expenses, freeing up money that can then be used for investment purposes.
8. Minimize overall tax liability of medical expenses. You can distribute the medical expenses claimed on behalf of each other to be advantageous for the lower-income spouse to claim allowable medical expenses.
9. Take advantage of all eligible credits. The Public Transit Pass Credit; and both the Children’s Fitness and Arts Credits are all ones sometimes forgotten.
10. Maximize charitable donations credits. Consider combining both donations if they total more than $200. 

Source