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The information in this Blog does not replace the law found in the Excise Tax Act ("ETA") and its Regulations. It is provided for your reference only. Also due to regulations change from time to time , please always check on Government's website for updates.

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Taxable benefits

Posted on 21 October, 2019 at 22:15
A gift or award that you give an employee is a taxable benefit from employment, whether it is cash, near-cash, or non-cash. However, there is an administrative policy that exempts non-cash gifts and awards in some cases. Cash and near-cash gifts or awards are always a taxable benefit for the employee. A near-cash item is one that functions as cash, such as a gift certificate or gift card, or an item that can be easily converted to cash, such as gold nuggets, securities, or stocks. A benefit in... Read Full Post »

Nutrition Action series-1

Posted on 21 October, 2019 at 20:35

10 种应该选择的最佳食物:

  1. 番薯-富含类胡萝卜素, v-C, 钾 和纤维
  2. 芒果-一杯芒果相当一天需要量 的v-C, 1/3 的v-A...
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Canadian company's common structure

Posted on 1 October, 2019 at 21:30

A couple of friends asked me about the new company’s set up and how they do taxes pay.

I explained to them other day. I feel happy to share this information here below;

In general words, if you are self-employed, CRA consider that you have a business. If you have a business by yourself, you are considered as a sole proprietorship. If you have a business with a partner, then you have a partnership.

For income tax purposes, CRA define a busin...

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Canadian company structure

Posted on 1 October, 2019 at 20:50

三种常见的公司结构类型:1. 独立个人;2. 合作伙伴;3. 股份制

这三种类型中, 以第一种最容易成立无繁琐过程,如果是自雇 无雇佣他人 可以Ű...

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GIFT Tax Issue

Posted on 30 June, 2014 at 3:10

Gift tax issue

In general saying, there is no gift tax in Canada. If you give the gift of cash, as per Revenue Canada Agency Miscellaneous Receipts NO: IT-334R2 section 4. Amounts received as gifts, which is, voluntary transfers of real or personal property without consideration, are not subject to tax in the hands of the recipient. Therefore gift of cash has no tax implications except that if the gift is made to your spouse, or to a child who is a minor, the "attribution rules" may hav...

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information of GST/HST registrant

Posted on 25 June, 2014 at 1:05

Generally, GST/HST registrants have to collect the GST/HST on all taxable (other than zero-rated) supplies of goods and services they provide to their customers. You do not charge GST/HST on these zero-rated supplies. But you may claim ITC on these purchases.

Exempt supplies – are supplies of property and services that are not subject to the GST/HST. GST/HST registrants cannot claim input tax credits to recover the GST/HST paid or payable on expenses related to making exempt suppl...

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Form T1135 information updating

Posted on 25 June, 2014 at 1:00

Important change to T1135 Foreign Income Verification Statement, must be filed by:

• Canadian resident individuals, corporations, and trusts that, at any time during the year, own foreign investment property (called specified foreign property) costing more than $100,000; and

• partnerships that hold more than $100,000 in foreign investment property and whose non-resident members' share of income or loss is less than 90% during the reporting period

please link to ...

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Canadian individual tax return

Posted on 20 June, 2014 at 18:45

One of my friends asked me about Canadian tax system, I put this information here to share with you and any those who wants to know.

Canada tax system

As a resident of Canada for income tax purposes for part or all of a tax year (January 1 to December 31),special for the newcomer, which is their first tax year in Canada, you must file a tax return if you:

• owe tax; or

• want to claim a refund.

What income must you report?

If y...

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How to claim a refund from Gambling Tax withholding in the US?

Posted on 15 June, 2014 at 2:45

Question: how to claim a refund of a tax withholding from gambling winnings in the US?

 

The information below applies to Canadian residents who are not US citizens & are not US residents:

Gambling winnings from US are not taxable in Canada under Tax-treaty. So you do not have to report this type income in Canadian tax return, and do not claim a deduction or credit of this Tax withholding neither. But Gambling winnings are totally taxable in the US, usually subjec...

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