CRA is putting out a caution to those people that are enticed into investing their RRSP funds into something the scammers indicate there is no tax implications. There is a bit more to read, from information put out by CRA, so if you have been approached, be aware, that something that sounds to good to be true, is just that !
Here is the link back to CRA information: Self Directed RRSP Scam
In Ontario, as in other provinces, when a taxpayer files a tax return, there is a credit for tax being calculated and referred to as a “climate action incentive” that puts money in one pocket.
I don’t mean to be sarcastic, but it may be prudent to keep your hand on your wallet. When one provokes the bear, someone may get bitten, unless I’m off the mark here.
At the pump, a person travelling like a salesman, will possibly end up paying for the “credit” a few times over.
At least we are aware of concerns, and will have to go along with the suggestions until another change is required.
Do you want to read a little on the subject?
Well, here you go then… How it will work
Sometimes things just don’t work out as planned, and sometimes, a company lives a natural life, and requires a hand in having it taken off the records.
This process is called Dissolving a Company and there is a process to do that, otherwise you will constantly be informed to file one thing or another with the government.
The articles of dissolution can be obtained on the internet with the following link:
Articles of Dissolution
You might want to read a little about it here:
Ontario Dissolution of a Company
Once the permission letter is received, and you have two signed copies of the Articles of Dissolution, and have them “stamped”, and the necessary fee paid, there is a final step.
That is, a final tax return must be filed from the date of the last filed return, and the date of dissolution.
Merry Christmas and a Very Happy and Healthy New Year.
We will be on a vacation break and not back until January 2, Wednesday 2019.
How to get a copy of your CPP contributions.
Need a record of your pensionable earning and your contributions to the Plan, just click on the link below.
This is the CRA website which lets you put in the line number from your personal tax return that you would like to research.
For example, line 305 is for other deductions for an eligible dependant. Do you qualify for it, based on the best information you have, and the little information CRA gives to you, before they come up with a reason to disallow it?
All Deductions link – press it
From the Government Web Site, some information pertaining to your CPP.
Click for CPP Information
I’m so glad you noticed.
It looks like most of the time we spent adding links to the web site, and you actually used those links from time to time.
We were using a third party program to write the different items that were contained within the web site, and it was generally useful to those folks that really are into web design, backups and the technical part of design.
We are not that type, but have tried our best to adapt.
Now, it seems easier to use a different tool, and simply blog from time to time unless you drop us a line that you need some accounting support. That we can sure give to you.
Ask, seek, knock. You know how it goes, right?
Now this one probably can’t play chess, but can probably catch a fly if it’s pitched right.
I love the way this little guy looks so pensive. Maybe it should be awarded the championship for those under thirteen, unless there is an objection. .