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KATHERINE SUN CPA INC.
Resources
Staying current is important for our business and yours. These tax publications and resources are provided for your use. If there are information or issues that you need clarified, don’t hesitate to contact us.
Tax preparation
Avoid common tax filing mistakes and missed refund opportunities
2022 Federal Budget
On April 7,2022 the Honourable Chrystia Freeland table her second budget.
- Canadian income tax rates for individuals --Canada Revenue Agency tax information update
- Corporation tax rates --Information for corporations about federal, provincial and territorial income tax rates。
- Canada Revenue Agency --The Canada Revenue Agency website, with many valuable tax resources for companies and individuals
- Bank of Canada Exchange Rates --Official site for Bank of Canada exchange rate information
- Tax forms and publications --Forms, guides, tax packages, and other Canada Revenue Agency ... technical publications related to income tax, excise tax, and GST/HST
- Province of British Columbia --Official site for the Province of British Columbia
Tax news
Canada proposes new “Middle class tax cut” starting in 2020
Finance Minister Bill Morneau introduced a motion in the House of Commons to raise the basic personal income-tax exemption to $15,000, which was part of the platform the Liberal party put forward in its bid to keep power in the October election.
The amendments to the Income Tax Act would start taking effect next year, but the Liberals need to get them through a vote.
Charitable planning — Helping your donation go further
It's important to consider how you will make your donation, because the tax savings you receive depends on the type of gift you make. Whether you ultimately choose to make a cash donation or a tax-effective gift of property (known as a "gift in kind"), you'll still have to make your charitable gifts by December 31, 2019 if you want to claim the donation tax credit on your 2019 tax return.
Generally, your after-tax cost for a $1,000 cash donation in 2019 can range from a low of $460 to a high of $522 if you are a "high income earner" with income over $210,000, and from a low of $500 to a high of $562 if your income is below that amount (depending on your province of residence). Donating property such as securities, artwork, or real estate instead of an outright gift of cash may increase the tax benefits of the donation to you.
New Changes to Form T1134 Information Return Relating To Controlled and Non-Controlled Foreign Affiliates
In January 2021, the Canada Revenue Agency (“CRA”) released a revised Form T1134 which will require significant additional disclosures not previously required on the old version of the form. Canadian taxpayers will be required to use the revised Form T1134 for taxation years beginning after 2020. The old Form T1134 can continue to be used for taxation years that begin in 2020.