Summary 2015 New Year’s Tax Cut:
• The biggest tax changes for 2015 are from the changes to the Universal Child Care Benefit (UCCB). They lower the taxes for all families with children under eighteen.
• There are also big tax savings for families from the Family Tax Cut that will be implemented retroactively for the 2014 tax year.
• There is very little change to the Canadian Pension Plan and Employment Insurance payroll taxes. The rates for both stay the same, but the income thresholds
As a Canadian resident and tax payer, if you have kids under 18, you’ll probably be impacted by some of the tax changes that take effect this year (for 2014 tax return) and others in 2015. Here’s what’s new:
The amount of children’s fitness expenses you may claim for each child has increased from $500 to $1,000. The increased credit is worth $75.
This new tax credit (which is frequently referred to as income splitting) is worth up to $2,000 for families where the parents are in different
The Canada Revenue Agency (CRA) announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates will be in effect from October 1, 2014 to December 31, 2014.
These rates are calculated quarterly according to the laws that apply.
Income tax
Other taxes, duties, or charges
The interest rates on overdue and overpaid remittances will be as follows:
| Tax, duty, or other charges | Overdue remittances | Overpaid remittances – Corporate taxpayers | Overpaid remittances – Non- corporate taxpayers |
|---|---|---|---|
| Goods and services tax (GST) | 5% | 1% | 3% |
| Harmonized sales tax (HST) | 5% | 1% | 3% |
| Air travellers security charge | 5% | 1% | 3% |
| Excise tax (non-GST/HST) | 5% | 1% | 3% |
| Excise duty except brewer licensees (amounts due after June 30, 2003) | 5% | 1% | 3% |
| Excise duty except brewer licensees (amounts due before July 1, 2003) | 3% | N/A | N/A |
| Excise duty (brewer licensees) | 3% | N/A | N/A |
| Softwood lumber products export charge | 5% | 1% | 3% |
For information on the prescribed interest rates
If you are a Canadian resident, but living or working in US or have US rental property:
海外资产申报表 (T1135) 新添加的内容包括，海外资产所在的金融机构具体名称，或任何掌握资金的实体名称; 存放海外资产的国家名称; 以及海外资产所产生的具体收益。具体申报内容包括列出的六大类资产︰
违反规定，将面对哪些处罚
对有一年迟报，罚款是$25每天，最高到$2500; 对故意不报，罚款是$500每月，最高到$12000; 对税务局已经发出通知要求申报而故意不报，罚款是$1000每月，最高到$24000;
我们的非美国居民个人税申报服务由AccXpert 王兵注册税务会计师, 加拿大注册管理会计师-CMA，和特许公认专业会计师-CPA 提供.
在加拿大，房屋出租的支出可以用来抵扣房租收入。 …在面对实际的税务问题时，最好向专业会计师咨询，再做决定。欲了解更多，请联 系 AccXpert TaxServices 安可托专业会计事务所 王兵注册税务会计师 – 专业会计及税务服务，可信，快速，低费用.
网址：www.accxpert.ca 邮件： TaxServices@AccXpert.ca 致电： 613-600-6988 微信： AccXpert-TaxServices
Recently there has been a concentrated effort by the tax authorities to educate taxpayers of these obligations. One area that is easily overlooked, relates to foreign operations and assets held in foreign countries. When you have foreign business operations and/or own property in foreign countries there are additional reporting that is required. The three main types of reporting that may be required are:
Form T1135 – Foreign Income Verification Statement
This form is required if at any
When you complete your Personal Income tax T1 return in Canada, if you own or hold foreign property at any time in the taxation year with a total cost of more than $100,000 Canadian, YES you must complete and file a T1135 Foreign Income Verification Statement which indicates the types of property held and cost of each types of property held. This is required by CRA on the tax return for the foreign property and the first form was required to be filed in 1999.
The new T1135 form will start
On June 25, 2013, CRA launch of a new T1135 – Foreign Income Verification Statement as part of the Government’s measures to crack down on international tax evasion and aggressive tax avoidance. The updated form will require additional details to be reported which may be time consuming and onerous.
Filing Requirement
The updated form must be used beginning with the 2013 taxation year. The filing requirement remains unchanged and is triggered if a Canadian resident taxpayer, at any time
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