IntroductionEmployer responsibilitiesIs income from tips and gratuities part of an employee’s pensionable or insurable earnings, or both?Controlled tipsDirect tipsDeclared tips (in the province of Quebec only)More informationLegislative references Introduction This article is for employers and their employees who receive tips and gratuities. It explains how to treat tips and gratuities for purposes of the Canada…
Category: Personal income tax news
Counterpoint: Why taking CPP at 60 can make sense, even when the hard math says otherwise
Ted Rechtshaffen | March 21, 2017 1:52 PM ET More from Ted Rechtshaffen Pawel Dwulit/Bloomberg News Earlier this week, Lisa Bjornson and Fred Vettese wrote an excellent article suggesting that one should wait to take the CPP until age 70. The pure math is hard to dispute, as the government provides a bit of an…
2016 Federal Budget - My editorial comment
First of all, an overall comment that while, it is true that the time to borrow and ‘invest’ is when the economy is down and so are interest rates… Am afraid that this ‘investing’ will instead be spending money on luxuries, such as arenas and other pet projects, rather than on the fixing and upgrading…
Last day of tax season
This is the last day of my 35th tax season. Thankful to the Lord for sustaining me not only this tax season, but in all the 35.
2015 indexation adjustment for personal income tax, benefit amounts, and the annual dollar limit for Tax-Free Savings Accounts (TFSAs)
Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts will take effect on January 1, 2015. However, increases to the Canada child tax benefit (including the…
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…
BEWARE OF THIS SCAM!
There is an email scam going around, pretending to be from CRA, wishing to make an e-Transfer to your account. This is NOT legitimate, and is a phishing scam. DO NOT click on the thing they want you to click on, but phone your local police and forward the email to: abuse@adp.com CANADA REVENUE AGENCY…
CRA update regarding the Heartbleed Bug – Online services restored
The Canada Revenue Agency (CRA) is pleased to report that all of its online systems have been restored to full service as of April 13, 2014. Individuals, businesses and representatives are now able to file returns, make payments, and access all other e-services available through the CRA’s website, including all our secure portals. On April…
Taxpayer Bill of Rights
You have the right to receive entitlements and to pay no more and no less than what is required by law. You have the right to service in both official languages. You have the right to privacy and confidentiality. You have the right to a formal review and a subsequent appeal. You have the right…
Employee Or Independent Contractor?
22 April 2013 Article by Earl Phillips How can you be sure the independent contractor you have retained will not be considered an employee? In a post last year we outlined the importance of the distinction, the consequences if you get it wrong, and the four tests that are typically applied. We concluded the four tests boiled down to this…