March 18, 2019 - Climate Action Incentive (CAI) Payment - This payment will reduce any taxes owing and may increase your refund. The CAI payment is available to residents of Ontario and a couple other provinces and the calculation of the payment depends on your family composition. There is also a supplement available for residents of small and rural communities. If you qualify for the payment, you will find the amount on Line 449 of your personal taxes.
February 22, 2017 - Starting for the 2016 year, it is now required by the government to report the disposal of your principal residence on your taxes. If you did dispose of your principal residence, please notify us immediately as an adjustment will have to be made to your return.
September 1, 2014 - Ontario employees who earn over $150,000 annually will begin to pay more provincial tax. On July 14th, Ontario introduced a bill which confirms that a personal income tax rate increase will apply to all of the income earned by these employees in the 2014 tax year.
Impact on Withholdings: Although the tax rate increase publicized in the Budget is 1% or 2%, because the tax increase will be in effect for only the last 4 months of 2014, employees in the above income range will notice a 3% or 6% increase in their actual Ontario tax withholdings during the September to end of December period.
April 2014 - Due to the fact that CRA shut down it's system for 5 days during April this year (because of the Heartbleed Bug), the filing deadline has been extended until Monday May 5, 2014. The extension is for filing as well as payments.
Per CRA's website, Social Insurance Numbers (SIN) of approximately 900 taxpayers were removed from CRA systems by someone exploiting the Heartbleed vulnerability.
CRA will be sending registered letters to the affected individuals. CRA does NOT email.
February 2014 - T1135 Foreign Reporting Requirement - The 2013 Budget enacted increased reporting requirements for Foreign property. If you own foreign assets with an aggregate cost in excess of CDN $100,000, you are required to file a form T1135. While it is easy to recall owning foreign real estate, this also applies to investments in foreign corporations and cash held in foreign bank accounts. Please review your investment portfolio with your financial planner to see if you are required to file a form T1135. The deadline for filing T1135's has been extended until July 31, 2014 to allow you time to meet with your financial planner and complete the required paperwork. Failure to file a required form when due or to disclose the relevant information can result in financial penalties.
November 2013 - Credit Card Receipts (NOT ENOUGH) - Keeping receipts is important for corporations, self-employed individuals, and individuals with employment expenses. Please be advised that CRA will not accept a credit card approval receipt as the only documentation to backup an expense or hst claim, unless it shows in detail what was purchased, the hst charged and the hst number of the seller. We find that in general receipts from gas stations show the required information; however, not all approval receipts show what is required. It is a good business practice to look at the receipt provided to make sure it is detailed and shows the sellers HST number. Any expense or HST claim that only has the credit card approval as backup will be disallowed by CRA on audit.
Please download our example of allowed and disallowed receipts.
January 2012 - There are new Accessibility Standards and reporting rules for the Ontario Government. Do you have over 20 employees? Are you up to date on your filings? Please contact our office to set up a consultation or see the government website - www.ontario.ca/onesource