taxes

” Track down the “T” slips regardless of value, and ensure they get entered on your tax return. And if you can’t get the official “T” slip, estimate the value and enter it, at least then you can say you tried.”

Little known tax penalty is no joke

by Ron Clarke Did you know that if a taxpayer fails to…

  • Apr 5, 2022
” Track down the “T” slips regardless of value, and ensure they get entered on your tax return. And if you can’t get the official “T” slip, estimate the value and enter it, at least then you can say you tried.”
Fraudsters and mail thieves crank up their game during tax season. Don’t fall for it warn the RCMP. Photo: Unsplash

B.C. RCMP warn, ‘Keep your guard up during tax season’

No police officer is going to call about income tax

Fraudsters and mail thieves crank up their game during tax season. Don’t fall for it warn the RCMP. Photo: Unsplash
An autoworker is seen on the general assembly line producing the Chevrolet Silverado, at the General Motors plant in Oshawa, Ont., on Tuesday, Feb. 22 2022. THE CANADIAN PRESS/Chris Young

Canada’s middle-aged, single parents, recent immigrants taxed harder for extra income

Federal study details workers whose extra earnings get dinged most by tax system

An autoworker is seen on the general assembly line producing the Chevrolet Silverado, at the General Motors plant in Oshawa, Ont., on Tuesday, Feb. 22 2022. THE CANADIAN PRESS/Chris Young
Tax Tips & Pits: “If you have ever completed a medical claim on your personal tax return you likely know that it’s not a straightforward process.”

Attendant care, nursing home, and the disability tax credit

This type of claim involves many rules, and many variations on those rules.

  • Mar 10, 2022
Tax Tips & Pits: “If you have ever completed a medical claim on your personal tax return you likely know that it’s not a straightforward process.”
“A reminder from the 2020 tax season. For those who received a COVID benefit during 2020 and also had taxes payable, qualified for an interest free extension to pay their taxes. That extension ends April 30, 2022, and is coming quickly.”

What’s new for 2021 income tax prep?

Ron Clarke, owner of JBS Business Services in Trail, provides accounting and tax service

  • Mar 3, 2022
“A reminder from the 2020 tax season. For those who received a COVID benefit during 2020 and also had taxes payable, qualified for an interest free extension to pay their taxes. That extension ends April 30, 2022, and is coming quickly.”
Enquiries may be directed to the Trail FAIR Society at 250.364.2326 or email: cvitp@gmail.com. Photo: Unsplash

Free tax service for Greater Trail low-income earners starts March 1

Community Volunteers Income Tax Program getting ready to prepare income tax forms

Enquiries may be directed to the Trail FAIR Society at 250.364.2326 or email: cvitp@gmail.com. Photo: Unsplash
“Until an agreement is in place, any payments made cannot be considered spousal support and cannot be reported to CRA by either the payer or recipient.”

Tackling a common tax season topic — spousal support payments

Typically if the agreement has an unqualified sunset clause CRA will deny a claim of spousal support

  • Feb 24, 2022
“Until an agreement is in place, any payments made cannot be considered spousal support and cannot be reported to CRA by either the payer or recipient.”
A sign outside the Canada Revenue Agency is seen Monday May 10, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld

Another ‘unique’ tax-filing season opens in Canada amid pandemic challenges: CRA

CRA says it has not extended the tax filing deadline, which remains April 30 for most Canadians

A sign outside the Canada Revenue Agency is seen Monday May 10, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Up to 50 per cent of the eligible pension can be split with the spouse of any age but if under 65, there is a restriction on types of eligible pension.

Word of caution; optimizing a pension split is not simple

Tax Tips & Pits with Trail business owner Ron Clarke of JBS Business Services

  • Feb 17, 2022
Up to 50 per cent of the eligible pension can be split with the spouse of any age but if under 65, there is a restriction on types of eligible pension.
“The taxation impact of a tax credit is not always 100 per cent of its reported value, but a percentage of that amount. In other words, a dollar is not always worth a dollar.”

‘Sometimes tax credits create benefit beyond tax reduction’

Tax Tips & Pits with Ron Clarke, Trail business owner

  • Feb 10, 2022
“The taxation impact of a tax credit is not always 100 per cent of its reported value, but a percentage of that amount. In other words, a dollar is not always worth a dollar.”
File photo

Tax Tips and Pits: Perks from employer

Are you an employer who bestows gifts, awards, staff parties, even cash upon your staff?

  • Feb 3, 2022
File photo
Ron Clarke is owner of JBS Business Services in Trail, providing accounting and tax services.

Are you a B.C. contractor? Brushing up on contractor income reporting

Tax Tips & Pits with Ron Clarke, Trail business owner

  • Jan 27, 2022
Ron Clarke is owner of JBS Business Services in Trail, providing accounting and tax services.
NDP Leader Jagmeet Singh holds a press conference on Parliament Hill in Ottawa on Wednesday, June 23, 2021. Singh says he would deal with Canada’s multi-billion deficit through its long-standing promise to tax the mega-wealthy. THE CANADIAN PRESS/Sean Kilpatrick

Jagmeet Singh says NDP would tackle Canada’s deficit through taxing the ‘ultra rich’

He added he would target web giants such as Google, Netflix and Amazon

NDP Leader Jagmeet Singh holds a press conference on Parliament Hill in Ottawa on Wednesday, June 23, 2021. Singh says he would deal with Canada’s multi-billion deficit through its long-standing promise to tax the mega-wealthy. THE CANADIAN PRESS/Sean Kilpatrick
Finance Minister Chrystia Freeland holds a press conference in Ottawa on Tuesday, April 20, 2021. THE CANADIAN PRESS/Sean Kilpatrick

Finance minister says Canada is committed to proposed global corporate tax rate

A global corporate minimum tax rate is now supported by 132 countries

Finance Minister Chrystia Freeland holds a press conference in Ottawa on Tuesday, April 20, 2021. THE CANADIAN PRESS/Sean Kilpatrick
The Canada Revenue Agency (CRA) headquarters Connaught Building is pictured in Ottawa on Monday, Aug. 17, 2020. Data from the Canada Revenue Agency shows its program to combat tax evasion by the super-rich has resulted in zero prosecutions or convictions in recent years. THE CANADIAN PRESS/Sean Kilpatrick

CRA audits of ultra-wealthy Canadians yield zero prosecutions, convictions

Only two cases proceeded to federal prosecutors, with no charges laid

The Canada Revenue Agency (CRA) headquarters Connaught Building is pictured in Ottawa on Monday, Aug. 17, 2020. Data from the Canada Revenue Agency shows its program to combat tax evasion by the super-rich has resulted in zero prosecutions or convictions in recent years. THE CANADIAN PRESS/Sean Kilpatrick
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How to tell if a call from ‘CRA’ is legitimate or a scam

Expert says it’s important to verify you really are dealing with the CRA before you give out any info

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Finance ministers from across the G7 nations meet at Lancaster House in London, Saturday, June 5, 2021 ahead of the G7 leaders’ summit. THE CANADIAN PRESS/Pool Photo via AP-Henry Nicholls

Canada to tax tech giants as planned despite framework G7 tax deal, says Freeland

The Group of Seven wealthy democracies agreed to support a global minimum corporate tax of at least 15% to deter multinational companies from avoiding taxes by stashing profits in low-rate countries

Finance ministers from across the G7 nations meet at Lancaster House in London, Saturday, June 5, 2021 ahead of the G7 leaders’ summit. THE CANADIAN PRESS/Pool Photo via AP-Henry Nicholls
Britain’s Chancellor of the Exchequer Rishi Sunak, left, and EU’s Economy Commissioner Paolo Gentiloni pose for photos as finance ministers from across the G7 nations meet at Lancaster House in London, Saturday, June 5, 2021 ahead of the G7 leaders’ summit. (AP Photo/Alberto Pezzali, Pool)

G-7 nations sign key pact to make tech giants pay fair taxes

Nations have been grappling with how to deter companies from legally avoiding paying taxes through tax havens

Britain’s Chancellor of the Exchequer Rishi Sunak, left, and EU’s Economy Commissioner Paolo Gentiloni pose for photos as finance ministers from across the G7 nations meet at Lancaster House in London, Saturday, June 5, 2021 ahead of the G7 leaders’ summit. (AP Photo/Alberto Pezzali, Pool)
Tax freedom day for Canadians happened May 24, a week later than last year, calculated the Fraser Institute. (Pixabay Image)

‘Tax Freedom Day’ in Canada is coming a week later this year

Fraser Institute calculates May 24 as day average household income matches tax payable for 2021

Tax freedom day for Canadians happened May 24, a week later than last year, calculated the Fraser Institute. (Pixabay Image)
Ron Clarke is a Trail Times columnist.

Why should I file my income taxes on time?

No extension for taxes this year, could cost you

Ron Clarke is a Trail Times columnist.