help with Canadian taxes

GST/HST is a tax associated with the sales of goods and services in Canada. If you are self employed and will have sales in any given year over $30,000, you must register and charge GST/HST on future sales. As a result, you will be able to claim your GST/HST amounts (called Input Tax Credits or [...]

The deadline for contributing to your RRSP for the 2011 tax year is Wednesday February 29th, 2012. The annual limit for 2011 is $22,450 or 18% or your earned income, this means you can contribute up to this amount plus any unused amount carried forward from previous years. You can find your unused amount on [...]

There are new rules regarding CPP for employees between the ages of 60 & 70. CRA has created a new page to discuss this – There are also new rules for those between the ages of 60 & 70. Some details include, payments into CPP if you are 65 and older and working, as well [...]

The home buyers plan allows a first time home buyer to use up to $25,000 of you RRSP’s to purchase or build a qualifying house. Here are the conditions to qualify: The RRSP’s must be in your account for at least 90 days, or you cannot use them for the purchase. The house must be [...]

Here are some dates to remember for the 2010 tax season: Feb.15 – First date CRA starts accepting Netfile and Efile returns. Feb. 28 – Last date to mail out T4′s and T5′s. Mar.1 – Final date to purchase RRSP’s for 2010 tax returns. Apr.30 – Last day to remit T1′s. Jun.30 – Last day [...]