Tax saving tips - Articles about personal and business taxes

Rental Income Tax Return

How to Prepare Rental Income Tax Return

Rental Income Tax Return

Rental income is an income you earn from renting a property you own. Rental income is a great source of secondary income and helpful to pay extra bills. However, under the Income Tax Act rental income is taxable must be included on […]

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Automobile taxable benefit

Automobile Taxable Benefit

Per-kilometre allowance rates that CRA does not consider reasonable

If you pay your employee an allowance based on a per-kilometre rate that we do not consider reasonable because it is either too high or too low, it is a taxable benefit and […]

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Universal child care benefit (UCCB)

Under proposed legislation, the Government is increasing and expanding the UCCB starting in 2015. The UCCB is being enhanced by providing up to $1,920 per year for each child under the age of 6, and introducing a new benefit of up to $720 per year for children […]

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tax planning

Automobile Taxable Benefits

Employee’s benefit

Report the value of the benefit including the GST/HST that applies in box 14, “Employment income,” and in the “Other information” area enter code 34 at the bottom of the employee’s T4 slip.

Also, report the benefit […]

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