Class 1 includes most buildings acquired after 1987, unless they specifically belong in another class.
CCA Class 1
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How to deduct employment expense – food and beverages
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If you are required by your employment contract to work away from your employer’s place, you can deduct food and beverage expenses under certain conditions.
How to determine the GST/HST rate for inter-provincial sales of goods – examples
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Example 2: A supplier in Alberta sells goods to a purchaser in Ontario Based on the terms of the agreement, legal delivery of the goods will occur in Alberta. However, the supplier agrees to have the goods shipped to the purchaser in Ontario. Although legal delivery of the goods will occur in Alberta, delivery of…
Place of supply rules
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Generally, when a good is sold, the supply of the good is deemed to have been made in a particular province, if legal delivery of the good to the purchaser occurs in that province.
Maximum annual RRSP contribution limits by year
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The following table shows the history of the maximum annual RRSP contribution limit.
Maximum annual RRSP contribution limits
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The following table shows the maximum annual RRSP contribution limit.
Half-year rule
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The half-year rue restricts the capital cost allowance (CCA) on net acquisitions (consisting of additions for the year less the lesser of original cost and proceeds of disposition for the year) in the year to one-half of the normal claim.
Basic CPP exemption for various pay periods
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When you are calculating an employee’s CPP contribution, you have to prorate the basic CPP exemption. The following table shows the prorated amount of basic CPP exemption for various pay periods.
What to do if you under deduct CPP contributions
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As an employer, in some cases, you may under deduct an employee’s CPP contributions. Once the CRA discovers the deficiency, they will issue you a notice of assessment and you are responsible for remitting the balance due including both the employer’s and employee’s shares.
Inclusion rate
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Inclusion rate is the rate used to determine taxable capital gains and allowable capital losses. For example, if the inclusion rate is 1/2 (50%), you multiply your capital gain for the year by this rate to determine your taxable capital gain. Similarly, you multiply your capital loss for the year by 1/2 to determine your allowable…