Second Protocol Signed Between Canada and New Zealand

September 23, 2014 Full text of the Second Protocol A Second Protocol to the Convention between New Zealand and Canada for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (the “Convention”) was signed in Wellington on 12 September 2014. The Second Protocol provides an exclusive right…

Interest rates for the fourth calendar quarter

September 12, 2014 Ottawa, Ontario Canada Revenue Agency The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates will be in effect from October 1, 2014 to December 31, 2014. Income…

Harper Government Introduces Small Business Job Credit

New tax relief will save small businesses more than half a billion dollars over two years September 11, 2014 – Toronto, Ontario – Department of Finance Minister of Finance Joe Oliver today announced more action by the Harper Government to create jobs, growth and long-term prosperity: the introduction of the new Small Business Job Credit which is…

Save yourself the trouble — get it in writing!

Before you decide to hire a contractor to do construction, renovation, or repair work on your home, ensure they are reputable and insist on getting a written contract and receipts. Be sure to ask a lot of questions, and ask for proof of workers’ compensation or equivalent private liability insurance to cover injury and any…

Department of Finance Consults on Draft Tax Legislation

August 29, 2014 – Ottawa, Ontario – Department of Finance The Department of Finance today released for consultation draft legislative proposals that would implement tax measures from Economic Action Plan 2014. These proposals include: Personal Income Tax Extending the intergenerational rollover and lifetime capital gains exemption for farming and fishing businesses. Permitting income contributed to an…

CPP/EI Explained

The following information is now available on the CRA website:   New CPP/EI Explained interpretive articles titled: •           Couriers – Employees or self-employed workers? •           Employees and self-employed workers – Responsibilities, benefits, and entitlements http://www.cra-arc.gc.ca/tx/hm/xplnd/menu-eng.html?utm_source=payroll_deductions&utm_medium=eml

Report your tips: they are taxable income

The Canada Revenue Agency (CRA) is reminding Canadians who earn tips and gratuities that they represent taxable income and must be reported on annual income tax and benefit returns. Restaurant servers, hairdressers, valets, taxi drivers, and others who earn tips may not have all of their income recorded by their employers, which means that their…

Canada and UK Conclude Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion

July 21, 2014 – London, UK – Department of Finance On behalf of Finance Minister Joe Oliver, Foreign Affairs Minister John Baird today signed, along with David Gauke, Financial Secretary to Her Majesty’s Treasury, an agreement amending the Convention between the Government of Canada and the Government of the United Kingdom of Great Britain and Northern…