Tax Tips 2011 Fourth Quarter

Tax Tips 2011 Third Quarter

In our Tax Tips 2011 First Quarter News Letter we see that  hairdressers and barbers must contribute to EI even if they are self employed.   In an August 2010 court case, at issue was whether a salesman was an independent contractor or an employee.  We also take a look at some CPP changes coming into effect in 2012.

In our Tax Tips 2010 Fourth Quarter Newsletter you will find the 2010 personal income tax return checklist and some year-end tax planning tips.  You have until March 1, 2011 to make your RRSP contributions.  

Seniors will begin to lose their “age credit” if net income exceeds $32,506.  

Dividends paid by your corporation may be used to reduce any cumulative net investment loss balance restoring access to the capital gain exemption.  

CRA has expanded the scholarship exemption so that most scholarships and bursaries received by students are exempt from income tax.  

In a June 3010 court case CRA took the position that 43 incorporated truck drivers were employees and subject to EI and CPP