A Few Tax Tips

Travelling??  - then you should try to mix business with pleasure, consider whether there are any business activities or side trips you can incorporate into your travel plans.  If you can, you may be able to deduct a portion of your related expenses from your income.

Incorporate or Not??

The question of whether to incorporate or not is a question that repeatedly comes up for a number of individuals.  There are many benefits of incorporation such as limited liability, the ability to remunerate your spouse or children for work performed and lower tax rates for the first $200,000

Business income that is earned as a proprietor or as a partner in an unincorporated company is subject to the income tax rate at your personal marginal rates.  In successful years you will pay proportionally more taxes as additional income will put you into a higher tax bracket.

Tax Relief for Year 2000

Revenue Canada has allowed an accelerated capital cost allowance on Year 2000 .... see details

Going Public??

If you are thinking about going public .... click here.

T.I.P.S. (Tax Information Phone Service)

Canada Customs & Revenue Agency (formerly Revenue Canada) operates a tax information phone service which allows you to hear information on a number of topics including, the status of your income tax refund, goods & service tax, a bulletin board for new items, and general business information.    The telephone number for this service in Toronto is (416) 973-7969 or long distance 1-800-387-0720 and 1-800-387-0716.
 
NETFILE 

For the first time individuals can personally file their tax returns online using a highly secure web site run by the Canada Customs and Revenue Agency.  To do so individuals must use NETFILE certified tax preparation software.  Nearly four million people are being invited to file their tax forms online this year.   For more information go to NETFILE. 

(c) 1998 Sam Seidman, CA, All rights reserved.