GST34 - GST/HST Tax Return form

RC 59 - Business Consent Form

T1013 - Personal and Trust Tax Account Authorization

CRA Forms and Publications

Frequently Asked Questions:

Prescribed CRA Rates on Mileage, Business Meals, Currency Exchange, CPP, EI etc.

Worksafe BC Premium Rates

CCA Capital Cost Allowance Rates

Determining a Canadian Residency Status for Tax Purposes

 

We welcome questions from our our website visitors, which we will turn into tax tips information.  Please email us with your questions to
info@accountingtroubleshooters.com

Tax Tip No. 1  Deductible Employment Expenses

Question:  I am an employee, but works from home and am required to pay for my own expenses.  Can I deduct these expenses from my tax return?

Answer:    If you are an employee and you are required to incur and pay personally for business expenses that are related to your employment contract, then you are eligible for some tax deductions on your tax returns.

What you need to Do:
An employee claiming a deduction for employment expenditures on their annual personal income tax return must file Form T2200 with their income tax return. The majority of the form must be completed and signed by an authorized representative of the employer.   Read more

Tax Tip No. 2   Depreciation rate schedules

Question:  How do I determine how much depreciation I can deduct for my depreciable property used in business?

Answer: Canada Revenue Agency has a prescribed Capital Cost Allowance Class and rate schedule.  Click here to see a sample CCA class and rate schedule for the taxyear 2009.

Tax Tip No. 3   Calculating annual depreciation

Question:   I was told that I cannot deduct a full year's depreciation on my business property on the first year of property acquisition or first year of use?

Answer: The CCA rate is the maximum rate that can be applied to assets in that class in each year; only one-half of the normal CCA rate can generally be claimed in the year that an asset is acquired and first used, and a taxpayer may elect to claim a smaller deduction in any year if it is advantageous.  Read more.

Tax Tip No. 4   Understanding Financial Statements

Question:  I  have heard of financial statement ratio analysis tools used for measuring the liquidity of a company and the management of inventory and receivables.  What are their names and where can I find them?

We have prepared a list of of financial ratios, their uses and formulas that you can use to analyze your financial statements.  Click here for the financial ratio formulas.