What’s New?

ATTENTION THOSE BETWEEN 65 & 70 YEARS OLD
The CRA has introduced new legislation that will affect your Canadian Pension Plan deductions on your T4’s. Effective January 1, 2012, all employees between 65 and 70 years old must have CPP deducted from their pay. For more information please contact us.

DO YOU HIRE SUB-CONTRACTORS?
Effective immediately, the CRA is now requiring all companies to file slips for their contract workers. Construction companies must file T5018’s and all other industries will use the T4A. If you have contractors we may be contacting you for their information in order to file these.

BUSINESS USE OF PERSONAL VEHICLES
The CRA is getting very sticky on business vehicles. To make sure you don’t have any problems claiming your vehicle expenses we are strongly recommending that EVERYONE keep a log book to keep track of how many kilometers are for personal and business use. It is very simple to do this with a pocket calendar. All you need to put in it is your start of year kilometers on the vehicle, write on each day where you went and how many km’s you drove, then put the ending km’s at the end of the book. We can provide you with a pocket calendar if you request one. Please keep a separate log for each vehicle and write in the book which vehicle it is for.

 Note: If you are not incorporated you CANNOT claim a per kilometer expense, you must keep all receipts.