Rules, regulations and taxes for importing products depend on the product that you are importing, as well as what country you are importing from. You might want to enlist the services of a customs broker if importing becomes a regular component of your business strategy. A customs broker works to make the importing process seamless [...]
Posts Tagged ‘Canada Revenue Agency’
Apprenticeship Job Creation Tax Credit (AJCTC)
by Survive and Thrive - Wednesday, July 8th, 2009The Apprenticeship Job Creation Tax Credit (AJCTC) is a non-refundable federal tax credit equal to 10 per cent of the eligible salaries and wages payable to eligible apprentices in respect of employment after May 1, 2006. The maximum credit is $2,000 per year for each eligible apprentice.
Any business that hires an “eligible apprentice,” can qualify for the credit. [...]
CRA Guidelines on Tax Instalments
by Survive and Thrive - Wednesday, July 8th, 2009A business or self-employed individual must pay income taxes by quarterly or monthly instalments. Many taxpayers elect to pay instalments that are based on the level of income their business earned in the previous tax year. But if you are having a weak year, this means you are paying more tax than you will owe [...]
CRA Guidelines on Loss Carrybacks
by Survive and Thrive - Wednesday, July 8th, 2009If a business incurred a non-capital loss in its current fiscal year, or did have a loss last year, it can carry this loss back and apply it against a profit it made in any one of its previous three tax years. Applying this loss against a profitable year will provide a refund of some portion of the taxes that were paid [...]
CRA Voluntary Disclosures Program
by Survive and Thrive - Wednesday, July 8th, 2009The Voluntary Disclosures Program (VDP) allows taxpayers to come forward and correct inaccurate or incomplete information or to disclose information they have not reported during previous dealings with the CRA, without penalty or prosecution.
A disclosure may be made for Income Tax and Goods and Services Tax/Harmonized Sales Tax (GST/HST) purposes, as well as for charges under [...]
Scientific Research and Experimental Development (SR&ED) Tax Incentive Program
by Survive and Thrive - Wednesday, July 8th, 2009The Scientific Research and Experimental Development (SR&ED) Program is a federal tax incentive program, administered by the Canada Revenue Agency (CRA), that encourages Canadian businesses of all sizes, and in all sectors, to conduct research and development in Canada. It is the largest single source of federal government support for industrial R&D.
The SR&ED program gives [...]
Taxes: Making the inevitable as painless as possible
by David Logan - Tuesday, July 7th, 2009Though it is a cliché, it does bear repeating as a simple, unavoidable truth – nothing is as certain as death and taxes. And while we can always hope that the first is far off, the latter will occur with frequent and unavoidable regularity.
As a business that may be struggling, or proactively looking at ways [...]
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