Essential Reading for All Taxpayers

Beware of CRA's Formidable Audit Powers >> read more

Technical Amendments Draft Legislation Released - When No One Was There To Notice

On Friday December 21, the Department of Finance released for comment draft legislation to implement technical changes to the Income Tax Act and Regulations.

2013 Auto Expense Deduction Limits & Allowances

The Minister of Finance has announced the 2013 automobile expense deduction limits and the prescribed rates for automobile operating expense benefits>> Read more

Interest Rates - 1st Quarter 2013

The CRA today released the prescribed interest rates applicable to the first quarter of 2013, January 1 to March 31.  These rates apply to refunds, arrears, and many calculations determined under the Income Tax Act by reference to the prescribed interest rate.  Read more

Why did this case end up in Court?

In this case, the Taxpayer claimed business losses from his stock market investing, which the Tax Court found to be well organized, if unsuccessful "day-trading"activity.  If this did not qualify as an "adventure in the nature of trade", I am not sure what would have.  I have no doubt that had the taxpayer been more successful the CRA would have easily characterized his gains as fully taxable.  Unfortunately the CRA only wants to participate in winning ventures, not losing ventures.

Deadline for Taxpayer Relief Applications for 2002

Ottawa, Ontario, November 30, 2012. The Canada Revenue Agency (CRA) reminds taxpayers and all tax registrants that they have until December 31, 2012, to file requests under the taxpayer relief provisions for the 2002 tax year and any reporting period that ended during the 2002 calendar year. read more

Increase to Annual Contribution Limit for Tax-Free Savings Accounts Announced

Ottawa, November 26, 2012
Related Document:
-Backgrounder: 2013 Tax-Free Savings Account Annual Contribution Limit Increase
The Canadian government today announced that Canadians will be able to save an additional $500 in their Tax-Free Savings Account (TFSA) starting in 2013, raising the annual contribution limit to $5,500.

Government Introduces Technical Tax Amendments legislation

Ottawa, November 21, 2012
The Honourable Jim Flaherty, Minister of Finance, today introduced the Technical Tax Amendments Act, 2012.

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