AccXpert TaxServices Newsletter for 2014 Personal Tax Return

Dear AccXpert TaxServices Clients:

Please find enclosed a copy of our 2014 Individual Income Tax Return Checklist. Your review and completion of the checklist should assist you with the assembly of your 2013 personal income tax information and will assist us with the completion of your 2014 individual income tax return. We request that you return the checklist with your 2014 personal tax information as soon as possible. We remind you that our receipt of your information prior to April 15, 2014 Read more

CRA New Service – Manage Online Mail

Commencing February 9, 2015, a new service called Manage Online Mail is being offered by the Canada Revenue Agency (CRA) to electronically deliver mail to Canadians. Online mail is the best way to manage your correspondence from the CRA.

This service will provide you with:

  • quick and convenient online access to notices (notices of assessment and reassessment) and;
  • online access to future eligible correspondence as more becomes available electronically.

With your consent, tax preparers who EFILE your Individual Income Tax and Benefit return can assist you with the registration for online mail. Once you are signed up for online mail, you will receive an email confirming your registration. Read more

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

CRA Business Tax Reminders Mobile App

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today took part in a roundtable with businesses to launch the first-ever mobile app for small and medium-sized businesses from the Canada Revenue Agency (CRA). The new Business Tax Reminders mobile app is another example of our Government’s client-focused and technology-driven approach to reducing red tape for businesses.  The new app lets business users create custom reminders and alerts for key CRA due Read more

Small Business Owner Saves Taxes with Income Splitting

A practical example for small business owner saving taxes with income splitting

Mr Li runs a small unincorporated business in Ottawa, Ontario. His business net income is $88,888. His wife does not have a job and no any income. In 2013 income tax return, Mr Li pays $25,700 income taxes (including $4,712 in CPP contributions for self-employment).

If Mr Li paid a salary of $40,000 to his wife, his net business income would be reduced to $48,888. As a result, Li?s tax bill would be $12,204 Read more

CRA extending the filing deadline for tax returns

Heartbleed security bug: Canadian tax services back online

The Canada Revenue Agency says full service has been restored on all of its online systems as of Sunday. A release from the CRA said that ?individuals, businesses and representatives are now able to file returns, make payments, and access all other e-services available through the CRA?s website, including all our secure portals.? ?Our systems are back online. We apologize for the delay and the inconvenience it has Read more

Income Tax for Canadian Non-Residents

It is important to determine a Canadian emigrant?s residency status, because Canadian residents are taxed on their world income.  If a Canadian is intending to emigrate to a foreign country for an indeterminate period of time, he or she may want to consider a non-resident status for tax reasons.   A Canadian is deemed to be a resident unless he/she severs all ties in accordance to the rules laid out by the Canadian Revenue Agency.   It is important to consult an Accountant to make sure Read more

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’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