Category: Articles

You can deduct legitimate business expenses to low your income, and thus income taxes. But make sure you can back up your expense claims with supporting documents in case you are audited. Here are the common supporting documents:

If you file your corporate income tax return late, the penalty is 5% of the unpaid tax that is due on the filing deadline, plus 1% of the this unpaid tax for each complete month that the return is late, up to a maximum of 12 months. If the Canada Revenue Agency (CRA) sent you…

You have to file your corporate income tax return within six months of the end of each tax year. The tax year of a corporate is its fiscal period.

To make a claim for SR&ED tax incentives, you have to file an income tax return and Form T661 – Scientific Research and Experimental Development (SR&ED) Expenditures Claim.

This is part three of the example about how to calculate Capital Cost Allowance (CCA).

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 2015 to June 2016 is:

The deadline to file your SR&ED claim is the day that is 12 months after the filing due date of the income tax return for the year.

Once you determine a project that qualifies for SR&ED investment tax credit, you can claim the following expenditure associated with the project:

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.

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.