News

Inside this issue:

The CRA's Sector Audit Letter. Did You Get One?
A new and exciting way to get taxpayers to second guess their filed tax returns. The CRA has been sending out letters to some real estate agents and taxpayers with rental income...[more]
Employer-Provided Scholarship Plans
Providing scholarship plans is one area where employers can distinguish themselves from their competitors. When structured properly, they can provide an incentive for retaining existing employees or they can be a powerful recruiting tool in searching for new talent...[more]
Salary vs. Dividends? The Impact on Your Bottom Line
In the past, many owner-managers of Canadian-Controlled Private Corporations (CCPC) have chosen to pay themselves a salary or bonus to reduce their corporate taxable income. With corporate tax rates decreasing, dividends are becoming a more attractive alternative...[more]
Getting More Out of Your Financial Reporting - Income Statements
In our technology driven society, many businesses use software to prepare their accounting records. Accountants encourage this, as it makes their lives easier when compiling the year-end financial statements and preparing the tax returns. Accountants also analyse the success of a business based on these records. The downfall is that, for many businesses, this may only happen once a year. What do you do for the rest of the year?...[more]

Special points of interest:

Maximum RRSP limits:
2009 - $21,000
2010 - $22,000
Deadline for making RRSP contributions for 2009 tax year is March 1, 2010
The Harmonized Sales Tax (HST) comes into effect in
Ontario and British Columbia on July 1, 2010.
Personal tax instalments:
- March 15, 2010
- June 15, 2010
- September 15, 2010
- December 15, 2010

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