The following is now available on the CRA Web site: Whether you are a hairdresser, a carpenter, a fisherman, a waiter or waitress, or anyone else who earns part or all of your income in cash, you should know that all of your income is taxable. The Canadian tax system is based on voluntary compliance and you are responsible for declaring all of your income regardless of whether it appears on a T4 slip. To ensure that all Canadians pay their share of taxes, the Canada Revenue Agency (CRA) conducts specific audits in areas where cash transactions are prevalent. The [More]
A Good Find … If you live in Canada and are curious .. check out the “Canadian Tax Tips Calculator” .. enter some financial information, and print out the report! CLICK HERE: Canadian Tax Tips Calculator – Everywhere Except Quebec CLICK HERE: Canadian Tax Tips Calculator – Quebec only ~~~~ From the TaxTips page The tax calculator (click above to access) uses the federal tax rate reductions announced October 30, 2007. The rate reductions received Royal Assent on December 14, 2007, so are now law. …. Features: * calculates taxes for both spouses * 2007 federal changes included: reduced tax [More]