Carl Smith Accounting

12/29/2017

MINIMUM WAGE RATES SET TO INCREASE JANUARY 1, 2018
What’s new

We’ve passed legislation to increase Ontario’s general minimum wage from $11.60 per hour to:
•$14 per hour on January 1, 2018
•$15 per hour on January 1, 2019

Special minimum wage rates will remain but will increase by the same percentage as the general minimum wage for:
•liquor servers
•students under 18
•hunting and fishing guides
•homeworkers (i.e. employees who do paid work in their own home for an employer)

Learn more about the legislation and other changes to Ontario’s employment and labour laws.

Special minimum wage rates

Liquor servers

Liquor servers will see an increase from $10.10 per hour to:
•$12.20 per hour on January 1, 2018
•$13.05 per hour on January 1, 2019

Students under 18

Students under the age of 18, who work part time during the school year (up to 28hrs/week) and on school breaks, will see an increase from $10.90 per hour to:
•$13.15 per hour on January 1, 2018
•$14.10 per hour on January 1, 2019

09/26/2017

MINIMUM WAGE RATES SET TO INCREASE OCTOBER 1st

Minimum wage Your guide to the Employment Standards Act Posting and distributing information: Rights and obligationsRecord keepingPayment of wagesTips and other gratuitiesMinimum wageHours of workOvertime payVacationPublic holidaysRetail workersBenefit plansPregnancy and parental leavePersonal emerg...

03/10/2017

The CRA’s annual Office Audit Letter Campaign


The Canada Revenue Agency (CRA) will soon be conducting its eighth annual Office Audit Letter Campaign.

The letter campaign is designed to encourage behavioural changes among a selected taxpayer population by providing relevant information about their current or past reporting requirements and guidance on how to correct any common errors.

In February and March 2017, the CRA will send approximately 30,000 “intent-to-audit” letters to selected groups of individual taxpayers and business owners claiming consecutive business or rental losses, and selected taxpayers who may have sold rental property. The objective of the campaign is to encourage letter recipients to review and correct their tax affairs where applicable. This can be done on-line through My Account or in paper format by submitting required changes using Form T1-ADJ - T1 Adjustment Request, or through the Voluntary Disclosures Program.

The CRA’s emphasis is on helping individuals and small businesses better understand their tax obligations, which in turn increases future voluntary compliance, protects the government’s tax base and uses resources within the CRA more effectively.

02/03/2017

Time to compile information for your 2016 income tax return. Here is a checklist to help get you started.

02/02/2017

http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa03-eng.html

This page provides the Questions and Answers (Qs and As) in respect of the Teacher and early childhood educator school supplies tax credit.

02/02/2017

What's new for the 2017 tax-filing season
• Income splitting tax credit – The family tax cut has been eliminated for the 2016 year and future tax years. However, if you are receiving a pension, you may be able to split your eligible pension income with your spouse or common-law partner to reduce your taxes.
• Children’s fitness tax credit – For 2016, the maximum eligible fees in the year is reduced from $1,000 to $500, but the additional amount of $500 for children eligible for the disability tax credit has not changed. Therefore the maximum credit is reduced to $75 ($150 for a child eligible for the disability tax credit).
• Children’s arts tax credit – For 2016, the maximum eligible fees in the year is reduced from $500 to $250, but the additional amount of $500 for children eligible for the disability tax credit will not change. Therefore the maximum credit is reduced to $37.50 ($112.50 for a child eligible for the disability tax credit).
• Home accessibility tax credit (HATC) – For 2016 and subsequent tax years, you can claim a non-refundable tax credit for eligible expenses incurred for work performed or goods acquired for a qualifying renovation of an eligible dwelling of a qualifying individual.
• Reporting the sale of your principal residence – Starting with the 2016 tax year, you are required to report basic information (date of acquisition, proceeds of disposition (e.g. sale) and address) on your tax return when you sell your principal residence to claim the full principal residence exemption. You do not have to pay tax on any capital gain when you sell your house if it was your principal residence for all the years you owned it and you did not use any part of it to earn income.

03/30/2016

Minimum Wage Rates set to increase on October 1, 2016
Make sure your business is ready for the increase
Need help with your businesses payroll? - Call and find out how we can help keep you on track from calculating your employees paycheques, source deduction and wsib remittances, Records of Employment and T4 slips
http://www.labour.gov.on.ca/english/es/pubs/guide/minwage.php

This chapter of the Guide provides information on minimum wage under the Employment Standards Act, 2000.

02/29/2016

Happy February 29th everyone!
Important date for businesses and individuals

For businesses today is the last day for filing information slips for employees. Make sure yours are done to avoid any late filing penalties

For individuals today is the last day to purchase RRSPs and use them to reduce your 2015 taxable income.

02/03/2016

The CRA’s annual Office Audit Letter Campaign


The Canada Revenue Agency (CRA) will soon be conducting its seventh annual Office Audit Letter Campaign.

The letter writing campaign is designed to facilitate behavioural changes among a selected taxpayer population by providing the selected population with relevant information in order to improve their understanding of their current or past reporting requirements and guidance on how to correct any common errors.

In January 2016, the CRA will send approximately 30,000 “intent-to-audit” letters to selected groups of individual taxpayers and business owners who claim consecutive business or rental losses or who are employees claiming employment expenses on line 229 of their tax return. The objective of the campaign is to encourage letter recipients to review and where applicable correct their tax affairs by accessing their account on-line through My Account, submitting in paper format any required changes using Form T1-ADJ - T1 Adjustment Request, or through the Voluntary Disclosures Program.

CRA’s emphasis is on helping individuals and small businesses better understand their tax obligations, which in turn increases future voluntary compliance, protects the government’s tax base, and utilizes resources within the CRA more effectively.

If you or your clients have questions about the CRA’s Office Audit Letter Campaign or need help making changes to previously filed returns, go to www.cra.gc.ca/lettercampaign. You can also call the individual income tax enquiries line at 1-800-959-8281 or the business enquiries line at 1-800-959-5525.

Information for taxpayers who received a letter from CRA and have claimed deductions that often lead to common errors, information about these errors, and how to request an adjustment if necessary.

09/29/2015

Minimum Wage Rates

Rates that will apply as of October 1, 2015

General Minimum Wage $ 11.25 per hour
Student Minimum Wage $ 10.55 per hour
Liquor Servers Minimum Wage $ 9.80 per hour
Homeworkers Wage $ 12.40 per hour

04/29/2015

Will you receive the new UCCB?
If you are currently receiving the Canada Child Tax Benefit for your child then you will automatically receive the Enhanced UCCB

How do I know if I am receiving the CCTB?
You can call 1-800-387-1193 to speak with someone at the Benefits phone line or go to the My Account for Individuals page and login or register at http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html
Once there you can go to the benefits and credits tab and click on View and update children in my care. This will show you which children are registered for CCTB. These children will automatically be eligible for the Enhanced UCCB

What is the new Enhanced Universal Child Care Benefit?
The Government of Canada is introducing changes to the law to increase and expand the UCCB. Enhanced payments for the universal child care benefit would take effect as of January 2015 and would begin to be reflected in monthly payments to recipients in July 2015.

The UCCB is increasing for children under the age of six. Effective January 1, 2015, parents will receive a benefit of up to $160 per month for each child under the age of six, up from $100 per month. If the changes to the law pass, parents will receive up to $1,920 per child per year.

The UCCB is also expanding to children aged six through 17. Effective January 1, 2015, parents will receive a benefit of up to $60 per month for children aged six through 17. If the changes to the law pass, parents will receive up to $720 per child per year.

The first enhanced payment will be issued in July 2015 and will include any retroactive payments for the period of January 2015 to June 2015.

My Account is an electronic service for individuals allowing to track their refunds, check their benefit and credit payments and their RRSP limit, set up direct deposit, etc.

04/29/2015

Filing deadline extension


For individuals filing their 2014 income tax and benefit returns, late filing penalties will not be applied to returns filed by midnight on May 5th (local time), regardless of the filing method. In addition, interest will not be charged on any amount owing for the 2014 tax year during the period from April 30 up to and including May 5, 2015.

For self-employed individuals and their spouses or common-law partners, the deadline to file their 2014 income tax and benefit returns is midnight on June 15, 2015 (local time), and any balance owing is due by April 30, 2015. However, interest will not be charged on any amount owing for 2014 during the period from April 30 up to and including May 5, 2015.

The CRA sincerely regrets and apologizes for any confusion this may have caused.

For more information please refer to the following link: http://www.cra-arc.gc.ca/gncy/t1gtrdy/menu-eng.html

This webpage provides information to taxpayers about completing and filing their 2014 income tax return.