by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
If you “do work” for a company, are you an employee or an independent contractor? And why does it matter? For tax purposes, it matters a lot. Generally, being an independent contractor is much preferable from a tax point of view. If your relationship...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Introduction The Ontario government announced in its March 26, 2009 budget that it plans to harmonize the 8% Ontario retail sales tax (RST) with the 5% federal goods and services tax (GST) to form a 13% harmonized sales tax (HST), effective July 1, 2010. With...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Under the Income Tax Act there are certain rules known as the “Taxpayer Relief Provisions” (formerly called “Fairness Provisions”), which provide the Canada Revenue Agency with the discretion to waive certain requirements of the Act. In particular, these...
by Joseph Truscott | Jan 6, 2020 | Uncategorized
The following comments are made with respect to Income Tax Audits conducted by Canada Revenue Agency, herein referred to as “CRA.” These procedures apply to (i) income tax audits (ii) GST audits and could apply, in whole or part to audits conducted for (iii)...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
A critical question facing all homeowners is whether to pay down the mortgage or contribute to the Registered Retirement Savings Plan (RRSP). There is no definitive answer. Your decision depends primarily on your goals: Retire early and comfortably or pay off...
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