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Archives for Tax Matters

Canada Child Benefits

If you are in receipt of Canada Child Benefits you may be contacted by CRA and requested to support your eligibility or entitlement to these benefits. In general, there are three main topics of review:

1- Marital status

2- Residency

3- Primary caregiver

In most situations the documentation that will be requested is listed below. However, there are circumstances where the requested information will be specific to the individual’s situation and may not be included here.

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T1 Tax Returns – Changes affecting your 2016 T1 Personal Tax Return

The Tax Season is upon us! As your Accountant in Oakville, I have summarized the 2016 Personal Income Tax changes, which may affect our clients’ T1 General (Personal Income Tax Returns) one way or another, depending on your own individual circumstances of course. Feel free to call us at 416.454.8812 or email at mina.hanna@accountingontrack.com if you have any questions.

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EU VAT CHANGES FOR 2015

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction mechanism provides the legal basis to the countries that are members of the EU to integrate an emergency measure in they are in position to serious case of sudden and massive VAT fraud.

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FUNDAMENTAL ACCOUNTING

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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SAVE ON TAXES

Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the National Government. It was introduced in 1973 and is the third largest source of government revenue after Income Tax and National Insurance. It is administered and collected by HM revenue and customs, primarily through the Value Added Tax Act 1994. VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the European Union.

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PROPER INVOICE INFO

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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