Yes
No
1.
CRA will be conducting a Letter Campaign Initiative in 2012 for personal tax returns, similar to the Campaign in 2010 and 2011.
2.
If a taxpayer has a child under the age of 16 who is in ballet, and the fees are $1,000, $500 can be claimed for the Arts Credit and $500 for the Fitness Credit.
3.
All construction contracts which are completed within two years are eligible to use the “Completion Method” provided for in Paragraph 12 of IT-92R2.
4.
When determining whether stock transactions incurred by an individual are on capital or income account, it is important to be consistent from year to year with respect to similar transactions.
5.
Where a creditor of a corporation was involved in the financial aspects of the corporation to preserve his receivable, he was considered as a de facto director for purposes of director liability for unpaid source deductions and GST/HST.
6.
Where there was a series of transactions which resulted in a tax benefit, the finding that one transaction in a series was an avoidance transaction satisfied the requirements to apply the General Anti-Avoidance Rule under Subsection 245(3).
7.
Where the legal fees to obtain child support are in excess of the income in the year, the excess triggers a non-capital loss to be used against other years.
8.
It is important to have an office policy if your firm, and/or your client, is faced with a CRA/police “Search and Seizure”
9.
CRA will allow a taxpayer to re-appropriate a refund on a dividend out of the refundable dividend tax on hand even though the return was not filed within three years.
10.
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11.
Working individuals who are age 65 to 70 do not have to pay CPP unless they elect to do so.
12.
There are no particular U.S. problems when a U.S. citizen, resident in Canada, does an Estate Freeze for Canadian tax purposes.
13.
Directors of a corporation may be held personally liable for unpaid provincial sales tax in British Columbia.
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