New Residential Rental Property Rebate
If you are a landlord of a new residential rental property, it is important to know about the New Residential Rental Property Rebate. When you purchase a residential rental property, depending on your province of residence, you have to pay goods and services tax/harmonized sales tax, or GST/HST/QST. To address the situation and level the playing field, the government introduced the NRRP Rebate. You do not need to be a GST/HST/QST registrant to apply. Individuals may also qualify.
For more information http://www.canadian-tax-refund.net/new-residential-rental-property-rebates/
Most Small Businesses Spend $1000 or More on Tax Administration Alone
- US Small businesses are spending way too much time and money on federal taxes, a new survey has found.
- According to the National Small Business Association Tax-Survey-2017 (PDF), federal tax burden is one of the biggest challenges facing small businesses. The report finds the majority of small businesses (67 percent) are spending more than $1,000 each year on just the administration of federal taxes.
- It reveals one in three small businesses are spending more than 80 hours each year on federal taxes.
- It also reveals (61 percent) of small business are using a external tax professional.
NSBA 2017 Small Business Taxation Survey
Administrative Burden Continues to be an Issue
There’s also evidence this administrative burden weighs heavy on small business owners.
According to the survey, 58 percent of small businesses find the administrative burden of handling taxes a bigger issue than the actual financial cost of federal taxes (38 percent).
Businesses Want Tax Reform
What’s worth noting is that for most small business owners, the possible elimination of deductions and credits without an offsetting reduction in tax rates is the top concern.
Not surprisingly, most surveyed small business owners support tax reform that would reduce taxes and deductions for both corporations and individuals.
“The need for broad tax reform — and not just a tinkering here and there — is a real need for millions of American small businesses,” said NSBA Chair Pedro Alfonso of Dynamic Concepts, Inc. in Washington, D.C.
The 2017 NSBA Small Business Taxation Survey was conducted online March 8-30 with responses from 950 small business owners.
2015 September report by the Quebec ombudsman recently accused Revenue Quebec of becoming more intransigent and less respectful towards taxpayers, prompting an immediate reaction from the provincial finance minister who ordered the tax department to come up with a “concrete action plan” to remedy the “unacceptable” situation.
Revenue Quebec “frequently failed” to apply the principles of natural justice or the fundamental rules of procedural fairness while recovering tax dollars, rigidly interpreted fiscal laws which often resulted in needless court action to resolve tax disputes, and “employed inadequate, and even abusive” auditing methods, according to the latest report marking the second year in a row that the ombudsman has castigated the tax collector.
Here is the full report : annual-report-protecteur-2014-2015
If you are in the agri-food business, you could get funding to explore export markets, develop strategies, and seize business opportunities.
You could get a refund of up to 30% of the cost of activities related to exporting products outside of Quebec.
Eligible activities include:
- Market exploration
- Market validation
- Hosting buyers in Quebec
- Participation in trade shows
- Conduct processing and packaging activities in Quebec
- Have processed or marketed agri-food products predominantly from Québec for at least 2 years
- Be able to provide a three-year export business plan.
For most Canadian taxpayers, the normal reassessment period for income tax is three years. This means that the CRA has three years from the date that your tax return for a particular year is initially assessed to reassess.
After that normal reassessment period has expired, you can argue that a reassessment is not valid and should be vacated. After the normal reassessment period has expired for a given year, we refer to an assessment of that year as being “statute-barred”.
Generally you can ask for a change to a return for a tax year ending in any of the 10 previous calendar years. For example, a request made in 2016 must relate to the 2006 or a later tax year to be considered.
If you have a adjustment to be made in the 2006 calendar year, just contact us…
If you are a non-resident visitor to Canada, you cannot claim a rebate of the goods and services tax/harmonized sales tax (GST/HST) that you paid for all purchases made in Canada. The visitor rebate program for GST/HST was replaced on April 1, 2007, with the Foreign Convention and Tour Incentive Program (FCTIP). A non-resident visitor to Canada may be eligible to claim a GST/HST rebate on certain purchases related to conventions or for tour packages under the FCTIP.
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