Arm’s length transaction

Am arm’s length transaction is a transaction between persons who each act in their own self-interest. Related persons are not considered to deal with each other at arm’s length.

Common-law partner

Common-law partner applies to a person who is not your spouse, with whom you are living in a conjugal relationship, and to whom at least one of the following situations applies. He or she:

Basic Canada child tax benefit in Alberta 2013-2014

The Alberta government has chosen to vary the Canada child tax benefit (CCTB) amounts based on the age of each child. For Alberta residents, the basic monthly benefit for the benefit year from July 2013 to June 2014 is:

How to value inventory for income tax purpose

In accounting, there are different methods to value inventory. When it comes to income tax, there are specific rules your have to follow to value your inventory since the value you place on the items in your-year-end inventory is important in determining your income, and thus income tax.

For how long do I have to keep my records?

If you file your income tax returns on time, you must retain your records for six years after the end of tax year to which they relate. For example, you must keep your records for your 2012 taxation year until the end of year 2018.