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Thank you for visiting. This blog is sponsored by Accounting Troubleshooters, a network of bookkeeping and accounting professionals. Here, you will find tips and advice on all business aspects including marketing, sales, finance and e-commerce.

Accounting Troubleshooters provide business advice, coaching, training as well as bookkeeping and accounting solutions for small and microbusinesses. Its mission is to educate businesses with sound financial concepts and provide them with the financial tools to manage their business effectively.

Beware of Phisng Email Scams claiming to be from CRA

Fake CRA email

If you receive an email from CRA (Canada Revenue Agency) asking you to click a link to find out about your tax refund, beware!  this is a scam.   CRA has issued a warning to all Canadians to watch out for these scam emails that may result in identity theft.  For more information, check out Revenue Canada website re CRA Phising email scams.

Ottawa, Ontario, December 10 2013… The Canada Revenue Agency (CRA) warns all Canadians to beware of telephone calls, mail, or email that claim to be from the CRA but are not. These are phishing scams that could result in identity thefts. Email scams may also contain embedded malware, or malicious software, that can harm your computer and put your personal information at risk. The CRA does not email Canadians to request personal information.

Allowable child care expenses for 2012

What is the allowable child care deduction for 2012?

CRA defines the overall maximum amount that a taxpayer can deduct for a tax year for each eligible child. The maximum amount to be deducted is dependent on the child’s age, physical and mental condition.

The annual child care expense allowable deduction is:
• $7,000 for each child under 7 years of age at the end of the year;
• $4,000 for each child over 6 years of age at the end of the year and under 16 years of age at any time during the year; or
• $4,000 for each child over 15 years of age throughout the year who has a physical or mental infirmity and is dependent on the taxpayer, the taxpayer’s spouse or common-law partner.

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