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…
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Private Enterprise Advisory Committee Meeting Notes
April 3, 2013 (These notes are a summary of the discussions in the Committee meeting. They have been prepared by AcSB staff and have not been approved by the Committee or the Accounting Standards Board.) Investments The Committee discussed how, in practice, entities have been applying the basis of accounting guidance in Section 3051,Investments. Paragraph…
Are you self-employed?
Did you know? As a self-employed individual, you have until midnight on June 17, 2013 to file your 2012 income tax and benefit return. Don’t forget — you must pay any balance owing for 2012 on or before April 30, 2013, regardless of your filing date. Important facts If you earned self-employment income from a business you…
IRS Offers Top 10 Tax Time Tips
The end of the tax filing season is almost here. Even though your tax return is not due until April 15, you can make tax time easier on yourself by starting now. Here are 10 important tips to ensure a smooth process. 1. Gather your records. Round up any documents you will need when filing…
"Render therefore unto Caesar the things which be Caesar's, and unto God the things which be God's."
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…
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.…