While it is true, as you can find on the CRA website: “Canada’s tax system is based on self-assessment. This means that individuals voluntarily complete an income tax return to report their annual income and claim all deductions or credits that apply to their situation. In this way, you are able to calculate the amount…
Month: February 2013
Sherwood Park Music Festival
Bert Mulder CGA is pleased to again sponsor the Sherwood Park Music Festival, by way of the Mulder Scholarship for Best Overall Performance – Baroque (Any Composer except J.S. Bach). (By the way, Bach is my favorite baroque composer, but there is already a Bach scholarship)
Using e-mail to send tax returns promotes data breaches and violates privacy laws
Legal threats over data breaches come as government ponders new ways to secure information, Jan 2013 Federal department bans use of portable devices after personal data breach, Jan 2013
Question: Are the Canada Pension Plan and Canadian Old Age Security benefits taxable? If they are, please tell me where they should be entered on Form 1040.
Answer: The taxation of payments received from Canadian retirement programs that are similar to the U.S. Social Security system receive special tax treatment due to an income tax treaty between the United States and Canadian governments. The way this income is taxed depends on the recipient’s residence. The special tax treatment applies to payments receive…
Question: I am a U.S. citizen. If I move to Canada to live and work there as a Canadian permanent resident, do I pay both U.S. and Canadian taxes?
Answer: As a U. S. citizen living in Canada you: Are required to file annual U.S. income tax returns and may be required to file certain information returns if applicable (e.g. Form 8891 (PDF), U.S. Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans; Form 3520 (PDF),Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign…
A history of Canadian Tax Software by Cam Peters
Cam Peters: This week in February marks the 28th anniversary of the CanTax T1, the first piece of tax software I developed. I don’t often celebrate the occasion, but it does cause me to pause and reflect on how tax software has changed over the years. This year, I decided to go a step further.…