Category: Articles

Can I make an anonymous disclosure through Voluntary Disclosure Program (VDP)? You can make an anonymous disclosure, also known as the “no-name” method. A non-name disclosure means you do not identify yourself on the initial disclosure submission, but you do have to prove how you meet the four criteria. You must also supply the supporting…

What is “named” disclosure method? A “named” disclosure is a disclosure in which the identification of the tax payer is stated on the initial voluntary disclosure submission.

If you are a non-resident owner of Canadian rental property, your Canadian “payer” (tenant or agent) is required to withhold and remit Part XIII tax, which is 25% of the gross rent, to the Canada Revenue Agency (CRA).

North residents deductions are special tax deductions available to residents who live in remote areas of northern Canada to help with the additional costs of living in those areas.

The Canada Plan Plan (CPP) or Quebec Pension Plan (QPP) death benefit is a one-time, lump-sum payment made to the estate upon the death of a contributor. If you received this amount and you are a beneficiary of the deceased person’s estate, you can choose to to include it on line 114 of your own…

When an employee dies and employer makes a payment to the surviving spouse or common-law partner or other beneficiary in recognition of the deceased’s employment service, the first $10,000 of this amount is generally a tax-free death benefit.

In 2012, the full caregiver amount is $4,402 providing you with a maximum tax credit of $660.30 (15% of $4,402). The credit is a non-refundable tax credit. The amount is reduced dollar by dollar by your dependant’s net income (line 236 of his or her tax return) excess of $15,033. It expires where the dependant’s income is…

To qualify you for caregiver amount, you dependant must be one of the following individuals:

The late-filing penalty for certain information returns (slips) is the greater of $100 or a penalty determined as follows:

To be eligible for children’s arts amount, the child must have been under age 16 (under 18 if the child is eligible for disability tax credit) at the beginning the year in which an eligible arts expense was paid.