TAX PROBLEM? WE CAN HELP
Tuesday's Tax Tidbits- Latest Income Tax Info (New money saving Income tax tips every Tuesday) - December 27, 2011
Canada Pension Plan changes
As of January 1, 2012 people between the ages of 60 and 65 who currently collect CPP benefits will have to resume contributions to the Canada Pension Plan if they continue to earn employment income. Employers will be required to withhold and match CPP contributions from these employees. Self-employed individuals will be assessed CPP as part of their annual personal income tax filings.
Read More Tax Saving Tips..Voluntary Disclosure:
Are you considering a voluntary disclosure (VDP or tax amnesty application) to the Canadian tax department for unflled Canadian income tax returns or undeclared income, but are feeling confused due to all of the conflicting information on the internet?
Are you afraid of a sinister "tax man" or "tax police" in dark glasses waiting to pounce on you and throw you in jail for tax evasion or not filing tax returns?
Nothing could be further from the truth. You CAN sleep at night, despite the fear mongering that you may have seen to the contrary.
The Canadian income taxation system is based on self-assessment. Taxpayers sometimes fail to report all income that they should, either through inadvertence or due to the extreme complexities of the Canadian tax system.
The purpose of the Canada tax amnesty program is to encourage Canadian taxpayers to voluntarily comply with their income tax obligations. Prosecution would be contrary to the goals of the VD program and contrary to the published guidelines (binding on CRA) that make it clear there will be no prosecution.
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Find useful tax tips on Canadian Income Taxation suggested by experienced Canadian Tax Lawyers. Proper Tax Planning can reduce your Canadian income taxes owing.
