FOREIGN ASSETS & INCOME
Whether you born in Canada or have recently moved here, if you have any investments portfolio (including foreign currencies) in a primary market which is outside Canada, with value in the excess of $100,000 in Canadian dollars then you must disclose that foreign assets in income tax return filling. Foreign assets includes any foreign bank accounts, estate property, stocks, company shares, and many more. Failure or improper reporting of foreign assets can consider to be tax envasion and hit you through penalty by CRA. This is very crucial and one that certainly you do not want to be charged.
Make sure that the disclosure of foreign assets does not relate to investments of Tax Free saving Accounts (TFSAs) or Registered Retirement Saving Plans (RRSPs). You can also exclude assets those are primary but for personal use and assets for running business.
Declaring foreign assets is to informing CRA that you hold foreign assets that worth more than $100,000 and has no major impact on your declaration, unless it generate income (rental, interest income). This income must be disclosed; where you may have little or no tax pay on this income after tax treaty.
To know if you are eligible for foreign assets tax file. Get in touch with our professional.
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What are taxable accounting services and who needs them?It is the process of accounting for the Tax which applies to everyone including individuals, businesses, corporations, and other entities. Taxation accounting services include bookkeeping, accounting, financial statements preparation along with other services like federal or provincial tax returns, tax rebates, and refunds, forms, including tax claims research and development.
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Why it is important to have record-keeping for small businesses?Every Entrepreneur should keep track of earning and spending, goods in stocks, debt as well as collection left on business. To keep the record up to date, bookkeeping accounting is the process of distinguishing, calculating, recording, accumulating, abstracting, storing, and channelizing the information about the activities of a firm. Without balancing records, of income, spending, and asset, a business is certain to fail.
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How to make sure that my business taxes are properly executed?Accounting and taxes are closely interrelated in accounting service, so bookkeeping statement should be clear and flawless. Not all companies get an opportunity to do bookkeeping for some reason. Third party accounting services can help in reducing the cost for all activities on the company.
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How does the Federal Government of Canada support research and development?The Federal Government of Canada manages several funding, grants and incentive programs to encourage research, development and demonstration in Canada. Emissions Reduction Fund: Learn about the new funding program for eligible oil and gas companies.
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What is remittance to CRA?A amount that you send to CRA after paying taxable benefit or remuneration to a recipient.
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How can I reduce my tax bill?You can control your tax bill in several ways. By contributing to an employer-sponsored retirement plan or your own individual retirement account you can reduce your taxable income. Also, you can make a high deductible health plan through a Flexible spending account (FSA).
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What is the deadline for filing the Taxes?The deadline is April 30, the deadline for most of the Canadian employees, and June 15, if you or your partner are self-employed (but you should file and pay your bill by April 30, otherwise interest will be charged)
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What happens if I miss filing My Taxes on time?If you file your taxes after the deadline, you’ll be charged a 5%penalty of your balance owing, and 1% for each full month that your return is late, up to maximum of 12 months. For more info on penalties, you can contact us.
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How long does it take to get a Tax Return after filing the tax?For electronically filed returns, you can expect to get a refund within 2 weeks and for filing a paper return, your waiting time will be at least 8 weeks.
