2005 News & Tax Tips
December 2005
Gift Certificates for Meals & Entertainment
This tip is based on a Tax Court of Canada decision from earlier this year. The tax department may appeal this decision or recommend changes to the legislation to change this outcome. However, at th…
November 2005
September 2005 Payments from Mutual Funds
In September 2005 you may have received cheques from the mutual funds with which you have investments. As a result of a settlement reached between five mutual fund companies and the Ontario Securiti…
October 2005
Charitable Donations
In Canada, there is a tax credit available for many charitable donations. Donations may be made in cash or in kind. Donations to the following donees qualify for a tax credit: a registered Can…
September 2005
Federal and Ontario Political Donations
If you make a contribution to a registered political party or a Federal or provincial candidate running for election you may be entitled to a tax credit when you file your tax return. Contributions …
August 2005
Employment Insurance Premiums
Employment insurance (EI) premiums must be deducted from most sources of employment income. The employer must also pay a premium based on the employee’s deduction. For 2005, the employee must …
July 2005
Penalties and Interest on Personal Taxes
If you file your tax return late, or make required tax payments late (either the final balance owing or instalment payments), Canada Revenue Agency (CRA) will charge you interest. The penalties and …
June 2005
Lifelong Learning Plan
An infrequently used provision of the Income Tax Act is the Lifelong Learning Plan (LLP). This allows an individual to withdraw up to $10,000 per year (to a maximum of $20,000 over a period of up to…
May 2005
T1 Adjustments
Occasionally, after a personal income tax return (T1) is filed, the taxpayer becomes aware of income or deductions that were omitted on the return that was filed. It is the responsibility of the tax…
April 2005
Updating the Adjusted Cost Base of Investments
If you own shares, mutual funds, trust units or similar investments you need to ensure that someone is keeping track of the adjusted cost base of each of these investments. When you sell an investme…
March 2005
February 23, 2005 Federal Budget
The minority federal Liberal government tabled its first federal budget on February 23, 2005. Although not significant, the budget contained a number of tax measures including future corporate tax r…
February 2005
Tax Returns for Children
There are several situations where an income tax return must be filed. They are detailed in the General Income Tax and Benefit Guide published by Canada Revenue Agency (CRA). In the case of children…
January 2005
McColl Turner Welcomes Brad Collyer
The partners of McColl Turner LLP Chartered Accountants, are pleased to welcome Brad Collyer as the newest member of their professional services team. A graduate of the Wilfrid Laurier Un…
January 2005
Shareholders’ Agreements
In the situation where a private corporation is owned by more than one shareholder there is often a shareholders’ agreement in place. A shareholders’ agreement is a legal document that s…
2005 News
Gift Certificates for Meals & Entertainment
September 2005 Payments from Mutual Funds
Charitable Donations
Federal and Ontario Political Donations
Employment Insurance Premiums
Penalties and Interest on Personal Taxes
Lifelong Learning Plan
T1 Adjustments
Updating the Adjusted Cost Base of Investments
February 23, 2005 Federal Budget
Tax Returns for Children
McColl Turner Welcomes Brad Collyer
Shareholders’ Agreements
News Archive
Industry News
