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News

Note that in 2017-2018 we are providing the Info Centre, with a drop-down menu to the righ side of the main page. Within the Info Centre is a lof of data, such as CRA forms. Peruse at will, and let us know your thoughts! Charles Russell

 

Tax Alerts

Print the full text below and utilize it to organize your income tax data before visiting the office of Charles Russell


This newsletter contains some information that is very valuable. Check out the different sections as follows: Part I - 12 vital tips that are easily done, that if avoided, may beat you up later Part II – RRSP’s – 11 bona fide considerations for your RRSP savings -absolutely essential Part III – Capital Gains – Don’t fail to understand these important tax matters Part IV – Owner-Managed Businesses – Proper planning makes all the difference! Part V – International Part VI - Assets Part VII – Estate and trusts Part VIII - Employees Part IX - Long Term Employee benefits in a Canadian small business corporation Part X – Other Part XI – CRA pronouncements, briefly


Millions of Canadians receive payments each month from the federal government and for younger Canadians, especially families with children, such payments will often include the monthly Canada Child Benefit (CCB).


Achieving charitable registration status is a significant step, and a significant benefit, to any organization. The organization itself becomes exempt from income tax and, in addition, is able to issue tax receipts for donations made to it, which allow donors to claim a federal and provincial tax credit based on the amount of such donations. The ability to issue such tax receipts gives a charitable organization a measurable advantage when it comes to fundraising.


Sometime around the middle of August, millions of Canadians will receive unexpected mail from the Canada Revenue Agency (CRA), and that mail will contain unfamiliar and unwelcome news. Specifically, the enclosed form will advise the recipient that, in the view of the CRA, he or she should make instalment payments of income tax on September 15 and December 15 of 2018 — and will helpfully identify the amounts which should be paid on each date.


Between February and July 2018, the Canada Revenue Agency (CRA) received and processed just over 28 million individual income tax returns filed for the 2017 tax year. The CRA’s self-imposed processing turnaround goal for each of those returns is to complete its assessment and to issue a Notice of Assessment within two to six weeks, depending on the filing method.


For most Canadians, having to pay for legal services is an infrequent occurrence, and most Canadians would like to keep it that way. In many instances, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences — a divorce, a dispute over a family estate, or a job loss. About the only thing that mitigates the pain of paying legal fees (apart, hopefully, from a successful resolution of the problem that created the need for legal advice) would be being able to claim a tax credit or deduction for the fees paid.