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New Tax Credit for Search and Rescue Volunteers from the Government of Canada

  The search and rescue volunteers tax credit will be available to search and rescue volunteers who perform at least 200 hours of eligible service during a year, and provides up to $450 in tax savings for these dedicated individuals as they serve their communities. Quick facts: In Canada, search and rescue is a shared [...]

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Save more in your Tax Free Savings Account

The Canadian government has a little present for you to ring in the new year – some extra room for contributions to your Tax Free Savings Account! See what changes come into effect for TFSAs in 2013 and how you can make the most of your account.

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15 Tax-saving strategies

Before 2012 runs out, put these strategies to work and see the saving on your next tax return. From interest deductions to inventory tallies to charitable donations, we’ve complied a range of tips that you can use now to help you save cash down the road. Get them done before December 31 and you’ll have another reason to raise a glass of bubbly at midnight.

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Avoiding the Dreaded Tax Audit

If you’d rather have a root canal than sit through a tax audit, we suggest looking over these tips. That way, you can keep your financial records in impeccable shape, keep the taxman at a safe distance, and keep yourself out of the dentist’s chair.

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2012 Business Tax Rates

The following table shows the general and small business corporate income tax rates federally and for each province and territory for 2012. Small business rates are after deducting the small business deduction available to Canadian-controlled private corporations (CCPCs). The small business rate applies to income up to the amount of the Business Limit. 2012 Corporate [...]

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2012 Personal Tax Rates

The following table shows the personal income tax rates for 2012. The feral rates applicable to all Provinces, and the provincial rates for each province and territory.  Federal Rates

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Personal Tax Tips

Employment – Related Personal Tax Tips Non-cash gifts and awards with a total value of $500 or less annually may not be taxable personally. Ask your employer about this option. You must pay 2011 interest on employee loans on or before January 30, 2012. Elections to defer payment of tax on stock option benefits until [...]

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The Small Business Capital Gains Exemption

In the many conversations I have regularly with owners of privately owned businesses, I am constantly surprised that they are virtually unaware of the tax benefits when they are thinking of a succession plan or selling the Shares of their company. In the 2007 federal budget, the lifetime capital gains exemption was hiked 50% to $750,000, which means that the first $750,000 of the sale price of each shareholders company “Shares” will have a capital gain that exempt from all income taxes. Under our Canadian tax laws, taxpayers bring only 50% of the remaining gain into play as income and pay taxes only at their individual marginal tax rate.

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Small Business Tax Tips

There are many advantages to incorporation versus a Sole Proprietor or Partnership: advantages that many people do not consider when registering their business.

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Small Business Deductions

The CRA allows any “reasonable business expense” as a deduction. It defines business expenses as “certain costs that are reasonable for a particular type of business, and that are incurred for the purposes of earning income. Business expenses can be deducted for tax purposes. Personal, living, or other expenses not related to the business cannot be deducted for tax purposes.”

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