November 2009 Archives

BC Income Taxation Branch Update

The British Columbia Income Taxation Branch has issued the following new item on its web site

For the 2010 tax year:
The BC Consumer Price Index (CPI) for the period ending September 30, 2009 as published has been used to calculate the 2010 Personal Income Tax Brackets and the 2010 Non-refundable Tax Credit Blocks.

In addition, the Training Tax Credit brochure has been updated with Budget 2009 increased tax credits.

URL: http://www.sbr.gov.bc.ca/msbr/whats_new/income_taxes/whatsnew.htm

CRA Tax Tip: Save the stamp, save the time – pay online!

The following Tax Tip is available from the Canada Revenue Agency.

Did you know…

That you can quickly and securely send a payment to the Canada Revenue Agency (CRA) from your bank account?

The CRA's new My Payment service simplifies the process of making a payment to the CRA. This service can help anyone—from a business submitting its goods and services tax/harmonized sales tax (GST/HST) instalments, to an individual making a payment toward a personal income tax amount owing. Now you can click your way to instantaneous payments—no more accounting for outstanding cheques, no more concerns over mailing time. This is an instant and immediate payment!

For more information on this or other CRA tax tips, see:
http://www.cra-arc.gc.ca/nwsrm/txtps/2009/tt091124-eng.html

Mandatory T2 electronic filing coming soon!

The following tax tip is available on the Canada Revenue Agency web site.

Did you know…

For tax years ending after 2009, it will be mandatory for corporations with gross revenues exceeding $1 million to file their T2 corporation returns via the Internet. It is important to note that penalties will be applied to tax years ending after 2010 if you do not file your T2 corporation return using the Internet.

Corporations with gross revenues of less than $1 million are strongly encouraged to submit their corporation returns electronically, even if it is not mandatory. Corporations filing over the Internet can benefit from fewer delays, elimination of traditional delivery expenses, reduction of printing costs, and immediate confirmation of filing.

Canada Revenue Agency invites you to submit your corporation return using the Internet filing option available in Canada Revenue Agency-certified software packages. For more information on Internet filing for corporation returns, go to www.cra.gc.ca/corporation-internet.

You can view the status of your return through My Business Account. This service provides secure access 21 hours a day and also allows you to transfer payments within an account, view account balances and transactions, authorize a representative to access your account information, and more. Find out more at www.cra.gc.ca/mybusinessaccount.

Think green, act green!

This and other CRA tax tips are available on the Agency web site at:
http://www.cra-arc.gc.ca/nwsrm/txtps/2009/tt091110-eng.html

CCPA: Canada's Long Road to Economic Recovery

The Canadian Centre for Policy Alternatives (CCPA) has released a report contending that Canada's economy is still mired in recession. According to the CCPA, Canada's economy is still a long way from recovery, despite months of "green shoot" speculation. Canada's Long Road to Economic Recovery , by Jim Stanford and David Macdonald, examines key economic indicators and concludes more public investment will be key to Canada's recovery.

For more information, see the CCPA web site at:
ttp://www.policyalternatives.ca