It’s Giving Season: Tax Credits for Charitable Donations vs. Political Contributions

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By: Alexandra Tzannidakis In the public mind, the idea of tax credits for giving to ‘good causes’ sometimes leads to confusion and conflation of charitable tax credits and political tax credits. The truth is that charities and political causes are legally very distinct concepts (there is no such thing as a political charity) and although an individual can get tax credits for donating to both, the schemes that govern the reporting and calculation of these credits are quite different. With the holiday season upon us,…

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The Penny Drops

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It is common knowledge that taxation authorities around the world are playing catch up with the developments of new technology. One of the most interesting areas of such ongoing technological development has been the advent of Bitcoin. But at least in the case of Bitcoin it seems that the Income Tax Act’s broad general definitions mean the Department of Finance is ahead of the game for once. Bitcoin is a type of virtual currency. It is not issued by any central bank nor subject to…

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Unfiled HST/GST

If you operate a business, whether you are a small business or a large corporation, you must file your HST/GST returns.  If you have unfiled  HST/GST returns you will run into issues with the CRA, and also incur impending interest charges, steep fines and penalties.   Unfiled HST/GST returns should not be taken lightly.  Consult an expert to explore your options.

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