Commis­sioner and chief executive of the Canadian Revenue Agency reminds us in a story in the Financial Post that there are no random audits in Canada. If your tax return is selected for audit, the CRA has identified some aspect of your return, be it a deduction claimed or an industry that it is focusing […]

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The Canadian government released a mini-budget this past week that featured serious tax cuts. The GST goes down another point to 5% and the lowest bracket of personal tax is lowered back down to 15%. Corporate taxes continued their downward trajectory. The CICA focused first on the reduction to corporate taxes: “The government’s commitment to […]

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Continuing the new post series where I answer readers’ questions they’ve Googled to find my site, as logged by 103bees.com, the next one is sent chills down my spine: “How to read the Income Tax Act?” The last time I cracked open the Act, it was probably tax class in university. Once you’re done those classes, […]

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As of March 19, 2007, the capital gains exemption has been increased to $750,000 from its previous $500,000 limit. This means that if you haven’t already taken advantage of the tax preferred treatment of capital gains on qualified small business shares, you should do so while the getting’s good. If you have already maxed out […]

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Canada’s CAs have announced guidance for a key metric of income trusts, that of distrib­utable cash. The term ‘distrib­utable cash’ generally refers to the cash that an income trust could poten­tially distribute to unit holders. Investors use this infor­mation when assessing the entity’s ability to fund future distri­b­u­tions and to help value their invest­ments. But […]

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