Here is an interesting video on YouTube .. * YouTube Description Get the latest tax tips from Cleo Hamel, a Senior Tax Analyst with H&R Block. On this episode we discuss how to start filing tax credits for Families. Universal Child Care Credit, and how to go about to continue to receiving child care benefits. You can also save up to 0 annually per child. Source: http://www.youtube.com/v/Rd9sKNGGQnI?f=videos&app=youtube_gdata
I thought I would add some clarity to the designation of eligible dividends, as noted in the previous post notice from Canada Revenue Agency .. although you should direct your queries to your own tax preparer or CPA/CA/Accountant for tax professional advice. Background Effective January 1, 2007 the small business limit for Canadian Controlled Private Corporations (CCPC) and all groups of associated CCPCs .. will be increased to $400,000. That means that eligible small businesses will be able to earn $400,000 net taxable income and pay income taxes at a lower tax rate. If the business earns more than this [More]
The following is now available on the CRA Web site: 2006-12-20 Canadian resident individuals who receive eligible dividends in 2006 and subsequent years will be entitled to a higher gross-up and dividend tax credit. Corporations have to designate each eligible dividend that they pay, and notify shareholders in writing that the dividend is eligible. A corporation must make every effort to notify shareholders of an eligible dividend. The following are general guidelines for corporations to follow. A. Notification of Shareholders For the 2006 Year All Corporations For 2006, we will accept designations based on identification of eligible dividends on the [More]