By Lisa Patrick on
1/23/2011 12:00 AM
If you leave Canada for 6 months or an extended period of time, you could lose health care benefits from your province, old age security payments, and subsidies.
A quick copy of your passport will prove your reentry. OR keep all your return travel papers (boarding pass) for ever!
I asked a custom agent why they do not stamp all passports on return, they said it is not their policy. Short of corresponding to our federal government for such to become policy, the customs agent advised me to ask people to start asking for this stamp when they return.
The agent assured me they would not refuse to stamp it. Now you have a nice keep sake for your travel for ever and a proof you returned to Canada if Revenue Canada ever questioned you.
Darlene Lafond C.P.C.
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By Lisa Patrick on
1/12/2011 12:00 AM
If you are a taxpayer with only employment and investment income you may order from Canada Revenue Agency all your previous years paperwork.
Now, it can take the government up to 2 years to get all the tax info keyed into your social insurance number from your employers and investment companies.
Call 1 800 959 8281, and advise them you have lost all your tax papers and explain you are an employed taxpayer.
Ask them to help you determine if they have what you need at this date on their computer database.
There is no need to visit an office, a phone call will provide the confirmation and mail service to your address will get you what they have.
If you have a personal taxpayer with a business and have lost all your tax slips and business bookkeeping, there is a solution but it is much more time consuming and possibly more expensive to get your information recreated.
Ordering your tax slips from the government is easy but it is the recreating of the receipts and statements for the business that will be time consuming and possibly expensive....
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By Lisa Patrick on
1/11/2011 12:00 AM
1. Getting all the financial information from both parties openly available to both is sometimes a lot of “fun”. Asking for a copy of the tax returns and Government notice of assessments may not be enough.
GET the Tax slips ordered from Canada Revenue Agency. A taxpayer may not claim a specific income or rrsp purchase but CRA will have a copy of tax slips that are filed by investment companies and employers. Get your estranged spouse to sign a T1013 authorizing your accountant or lawyer to order all tax slips.
2. Child Support agreements written to indicate payments are required for a child results in a loss of opportunity to claim the child as a dependent.
Specific wording in a support agreement for dependents must be explored. If you have two children – the solution is real easy. Ask a lawyer to consider writing the agreement to reflect: support is paid by one taxpayer for only one child with other taxpayer required to pay for the other or have support payments...
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By Lisa Patrick on
1/7/2011 12:00 AM
On January 1, 2011, new filing criteria for the Partnership Information Return will come into effect. The new filing criteria will apply to partnerships with fiscal periods ending on or after January 1, 2011. For partnerships with fiscal periods ending on or before December 31, 2010, the current criteria still apply. See Partnerships and Information return filing requirements for more information.
Topics about Partnership
Reporting partnership income
Each partner files an income tax return to report his or her share of the partnership's net income or loss.
2010 and previous years filing requirements:
Partnerships that do not have to file a partnership information return (PIR) - T5013
Five partners or less throughout the whole fiscal period; and no partner who is another partnership.
Partnerships that have to file a partnership information...
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By Lisa Patrick on
1/7/2011 12:00 AM
Cra provides a simplier method of the accounting for the GST. This method also provides for a simpler GST return. Most business types can qualify for this method.
You must contact the government in order to use this method.
The Cra guide: GST Quick Method RC 4058 <http://www.cra-arc.gc.ca/E/pub/gp/rc4058/rc4058-10e.pdf> can assist you if you desire researching. Or Contact the government at 1 800 959 5525.
This means that you remit only a part of the GST tax that you collect, or that is collectible.
Darlene Lafond R.P.A., C.P.C.
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