Feature

Beware of those missing tax slips

Tax time has arrived, and it's time to get all your documents in order for your accountant!

I have recently come across an article that goes into detail about what happens if you "forget" or simply misplace a "proof of income"  (ie: a T4 slip, T5, or T3, etc.). You " may think the risk of innocent non-reporting of income is limited to the tax owing and perhaps some arrears interest. But in some cases, the CRA may decide to also assess a penalty on the unreported income. 

Under the Income Tax Act, a penalty can be imposed on a taxpayer who fails to report an amount of income that should have been included in his or her tax return for a particular year if he or she also failed to report an amount in any of the three prior years’ tax returns."

 CLICK HERE for the full article from advisor.ca written by Jamie Golombek January 28, 2011.  The article discusses "Failure to report all Income" and "Proof of due diligence" -- A worthwhile read!

If you have any questions or concerns, please do not hesitate to conact me at hperler@perlerfinancial.com.

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CRA's "My Account"

CRA's MY ACCOUNT online access allows you to track your refund, view or change your return, check your benefit and credit payments and your RRSP limit, set up direct deposit, and so much more.

CLICK HERE to register. You will need the following to register: your SIN; your date of birth; a copy of your last filed and processed income tax and benefit return for individuals; and your current postal code or ZIP code if you live in the United States. If you live outside Canada or the United States, the postal code or ZIP code is not required.

For further information, contact CRA directly: CLICK HERE for a list of CRA's contact numbers.

2011 Provincial Budget Highlights from Grant Thornton LLP

British Columbia Finance Minister Colin Hansen tabled the province’s fiscal 2011–12 budget on 15 February 2011. Described as a status quo budget, it contains no new taxes and no tax increases. Instead, it focuses on investing in children, education, health care and infrastructure, and on balancing the budget.

Included in the highlights provided by Grant Thornton LLP on Feb 18, 2011 are details on the following:

• Anticipated Deficits / Surplus for 2010-11 through to 2013-14
• Corporate Tax Rates
• Personal Income Tax Rates
• International Business Activity Act
• Medicare Protection Act
• Carbon Tax Act
• Homeowner Grant Act
 

Please CLICK HERE to see the budget highlights provided by Grant Thornton LLP
 

Gap year: Why your child shouldn't go to school in the fall

In Europe, the gap year – a year off before higher education – is an accepted, and expected, rite of passage. In North America, however, the traditional student track has long been to graduate from high school in June, and arrive at university in September. But amid concerns about persistent dropout rates, researchers say that many students who follow the straight-to-university path find themselves trapped in programs they don’t like, burdened by debt and are more likely to quit. The pressure to get to class quickly is shortsighted, experts suggest, especially with recent studies suggesting increasing levels of anxiety – and, according to tests and interviews, little actual learning – among first-year students.

For anyone with university or college bound students this is an interesting read and I thought it was an article worth sharing. CLICK HERE for the full article from the the Globeandmail.com written by Erin Anderssen Feb 18, 2011.
 

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