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CRA Issues New Tax Collections Policies

By JamesBridge Tax AccountantsNewsMarch 27, 20171 comments

CRA Issues New Tax Collections Policies The CRA has cancelled information Circular IC98-1R5 and replaced it with a sixth version (http://www.cra-arc.gc.ca/E/pub/tp/ic98-1r6-e.html), which provides a new overview of CRA collections policies for individuals, corporations, GST registrants, ...

5 Tax Changes That Will Impact Your 2016 Return

By JamesBridge Tax AccountantsNewsMarch 27, 20171 comments

5 Tax Changes That Will Impact Your 2016 Return   1. No More Family Tax Cut   The federal government has done away with the Family Tax Cut, also known as the Income Splitting Tax Credit, a reduction measure that allowed individuals to transfer up to $50,000 of income ...

Students and Their Parents Lose Ground in 2017

By JamesBridge Tax AccountantsNewsMarch 27, 20171 comments

Students and Their Parents Lose Ground in 2017   Despite a CRA new release (http://www.cra-arc.gc.ca/nwsrm/txtps/2017/tt170201-eng.html) which tells students they will be saving more on their taxes this term, students and their parents will actually pay more tax in 2017 due ...

Ten Income-Splitting Ideas for Canadians

By JamesBridge Tax AccountantsNewsMarch 27, 20171 comments

Ten Income-Splitting Ideas for Canadians   If you follow the rules, you can reduce your taxes by splitting income with your spouse or child.   1. Lend Money to Your Spouse Provided you charge the prescribed rate of interest (just 1 % today) and your spouse pays the ...