Happy 2015 New Year Tax Cut

happy-new-year-2015 tax cut

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 Read more

New family tax credits for Canadians

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:

Children’s fitness amount (2014)

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.

Family tax cut (2014)

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 Read more

Latest Interest rates charge for the fourth calendar quarter

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

  • The interest rate charged on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums will be 5%.
  • The interest rate to be paid on corporate taxpayer overpayments will be 1%.
  • The interest rate to be paid on non-corporate taxpayer overpayments will be 3%.
  • The interest rate used to calculate taxable benefits for employees and shareholders from interest free and low-interest loans will be 1%.
  • The interest rate for corporate taxpayers’ pertinent loans or indebtedness will be 4.94%.

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 Read more

Tips for Canada-US Cross-Border Tax


If you are a Canadian resident, but living or working in US or have US rental property:

  • Avoid becoming a US resident while visiting
  • If you own rental real estate in the U.S., elect the net rental income     method
  • Beware of high effective tax rates when considering an investment in a U.S. limited liability corporation
  • Sell real estate to a buyer who will occupy
Read more



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︰

  1. 现金类资产,要求提供银行信息、所在国家、一年中该帐户最大存有的金额、年底的余额及一年中产生的收入等信息。
  2. 投资海外公司类资产,要求提供所投资的公司名称、总共投资的最大成本值、年底持有的成本值、一年中产生的收入以及资本增值或亏损等信息。
  3. 海外债务类资产 (包括海外股票基金),要求提供各资产的具体描述、一年中所持有资产的最大成本值、年底持有资产的成本值、一年中产生的收入以及资本增值或亏损。
  4. 非居民信托权益类资产,要求提供信托的名称、一年中所持有权益的最大成本值、年底持有权益的成本值、一年中从该信托中收到的收入金额、一年中从该信托中收到的资本金额、资本增值或亏损等信息。
  5. 海外投资地产类资产,要求提供地产的地址、一年中所持有资产的最大成本值、年底持有资产的成本值、一年中从该地产中收到的收入、地产买卖所产生的资本增值或亏损等信息。
  6. 其他海外资产,要求提供资产的信息,包括一年中所持有资产的最大成本值、年底持有资产的成本值、一年中从该资产收到的收入、因买卖所产生的资本增值或亏损等信息。


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; Read more



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

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VOLUNTARY DISCLOSURE for foreign reporting requirements

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 Read more

What is the Foreign Property and do I have to file it?

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 Read more

What’s New for Foreign Income Verification Statement


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 Read more