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There are two basic types of trust: inter vivos trust and testamentary trust. Inter vivos trust must have a December 31 year end. However, a testamentary trust can have a fiscal year end other than December 31.
Many people think that they can claim donation tax credit for their time and effort when you do volunteer work for charity. Actually, it is not true. You cannot claim a credit for donation of services.
You can deduct expenses for the business use of work space in your home, but you have to meet one of the following conditions:
The types of automobile expenses you can claim include:
You can deduct expenses you incur to run a motor vehicle you use to earn business income, employment income, or rental income.
If your business sells gift cards or gift certificates, there are certain rules regarding how to account for the taxes.
A partnership by itself does not pay income tax on its operating results and does not file an annual income tax return. Instead, as a partner, you include your share of the partnership income (or loss) on your income tax return. You do this whether or not you actually received your share in money or…
Average Canadians celebrate their tax freedom day, the day their stop paying the taxman and start paying themselves, on June 10, 2013. This day comes two days later than in last year. Tax Freedom Day varies from province to province, depending on the taxation levels of provincial and local governments. From earliest to latest:
Once you file a tax return, your return is recorded in the Canada Revenue Agency (CRA)’s computer system. The computer system can sort tax returns into various groups to help auditors select tax returns for audit. Most returns are selected for audit review from Computer-generated lists.
A corporation must file a corporation income tax return (T2) by its due date even if it does not owe taxes. Complete financials statements and the necessary schedules should also be attached to the T2 return.