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 TAX TIPS & TRAPSThe latest Tax Tips & Traps issue includes helpful information on the following topics (and many more).
Please note that the Tax Tips & Traps link will open in Acrobat.com and may take a few seconds to load. To view previous Tax Tips & Traps issues, visit the Newsletter section of our website.
"I'm not filing U.S. taxes," says a Calgary resident we'll call "Joe". As an accidental American, I'm outraged that a foreign government is going after me for the fact that my Canadian parents had me in the U.S. and only stayed there for a few short months." To read the entire article click here
The Canada Revenue Agency (CRA) has announced that, starting with the 2012 tax year, it will be putting in place additional measures to deal with gifting tax shelter schemes. Tax shelter schemes typically promise the taxpayer a charitable donation tax deduction or credit many times the value of the actual donation or gift made. If a tax shelter promoter offers a tax receipt for a larger amount than the donation or payment, it is very likely not a valid donation. This is the time of year when promoters of these tax shelter schemes are heavily marketing them to Canadians. Please see Canada Revenue's news release protecting Canadians from gifting tax shelter schemes for more information.
Changes to the rules for deducting CPP contributions On January 1, 2012, changes to the rules for deducting CPP contributions came into effect. Under the new rules, an employee who works and receives a CPP retirement pension now has to contribute to the CPP if he or she is:
Under the old rules, you stopped deducting CPP once an employee was 60 to 70 years of age and the employee gave you proof that he or she was receiving a CPP pension. Note: Canada Revenue can assess you for failing to deduct CPP contributions or for failing to remit the CPP contributions to CRA as required. The assessment may also include penalty and interest charges. For more information, go to Penalties, interest, and other consequences. All information was obtained from the Canada Revenue Agency website. Events The team at Moriyama/Burton Chartered Accountants is always up to something new in and around Lethbridge. Check out our latest activities!
5th on 5th Youth Services - Frost & Flame Fundraising Ball 5th of 5th Youth Services held their first annual fundraising ball on September 28, 2012. The event raised funds to provide vital services for the 8,000 local youth who use the employment centre each year. The event was great fun - awesome food and music! Looking forward to next year!
Golf Tournament Sunshine, golf and good company - a great way to spend a Friday afternoon! A Moriyama/Burton foursome participated in the 3rd Annual High Performance Hockey Golf Scramble at the Land-O-Lakes Golf and Country Club on August 5th. The event raised funds for the University of Lethbridge Men's Pronghorns Hockey team, sponsoring kids for minor hockey and supporting local Olympian Jim Steacy in his 2012 Summer Olympics. The Moriyama/Burton team hit a surprising 3 under par! |
The deadline for Americans living in Canada to file a tax return with the U.S. Internal Revenue Service is less than a week away, but not everyone is scrambling to get their paperwork in order.
