Akonstax

Are you  claiming Safety Deposit Box charges and other expenses allowed as carrying and interest expenses if you have Investment income? On line 121 of T1 tax return and under item III. on schedule 4 you can claim these expenses. Many people do have investment income slips (T5) and have a safety deposit with their bank. Rental charges to have a safety deposit box  though not significantly high on yearly basis can still be claimed to claim tax savings.

 While preparing personal tax returns for clients having business income often required me to search for  NAICS (North American Industry Classification System) codes. Here is link which can easily let you identify the right industry and code. NAICS Codes

Canada Revenue Agency  on its website posted frequently asked questions regarding "Change in marital status " One of the requirements for any change in status is  to inform CRA within a month after the month the status has changed. For Separated spouses notice to CRA is required after consecutive 90days of separation. Form RC65 has to be filled up and mailed to CRA or one can inform by calling 1-800-387-1193 Click on link below to know more. http://www.cra-arc.gc.ca/bnfts/mrtl/menu-eng.html

Ontario Health Premium was introduced in 2004 provincial budget which contributes 3billion dollars annually to our Health Care system. Ontario residents whether salaried or otherwise have to pay this tax on every dollar earned over $20,000 in a year. The table of  premium rates is available in the link section under "Health Premium-Ontario"

Self employed professional and small business often dillydally filing their tax returns and eventually end up paying interest and penalties.The article below underscores the importance of not only filing requirements but also issues involving it. Enjoy the read.... Self employed and owe back taxes?| Morningstar

Just found an interersting website for new immigrants. It has all the tools and resources to hire,train new immigrants who need to be trained and can become valuable assets to any business. Hire Immigrants