Paul Babber and Associates (www.pbaltd.ca), a premier accounting and tax consultation firm in the Greater Toronto Area (GTA), is weighing in on the predicted changes to the small business tax rate and what the Trudeau government's plans will mean for Canadians.
The Liberal government has pledged to revise small business tax rules and wants to ensure that their plan does not inadvertently aid wealthy citizens who set up "shell" businesses to reduce their personal income tax amounts. This is a heightened concern in light of the tax increase that will be imposed on the country's top one percent. (Source: Curry, B. “Uncertainty looms for small-business owners as Ottawa rolls our tax reforms,” The Globe and Mail web site, December 8, 2015;...
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Tax season hasn't arrived just yet, but that's all the more reason to consider personal tax preparation services now. It is always better to engage such services ahead of time rather than do it as part of the mad scramble when the April deadline starts looming overhead. Engaging a professional to perform your tax preparations can let you make it through such a frantic time without stress and with the confidence that you have paid your appropriate dues.
In Canada, tax slips need to be filed by the end of February. Electronic filing is only available until December 17th. No one wants to be left scrambling at the last minute, so it's important to get yourself organized and your forms filled out as soon as possible. For employers, one of the common sets of slips to fill out are the T4 and T4A forms that relate to payroll operations like salaries, commissions, pensions, and RESP arrangements. Another common form to file around this time is the T5, which is used to report certain forms of investment income. Getting these filled out and filed right and early saves you...