The Federal Government’s 2017–18 Budget gives Canadians a taste of what they might expect over the next couple of years: attempted efficiencies, closed tax loopholes, steady deficits, and a touch of caution. Budget 2017 outlines only $200 million in net new spending, but also an increase to the deficit of more than $5 billion for 2017–18, partly due to commitments from the previous budget, reduced revenues and increased general expenses.
CPA Canada Federal Budget Commentary - Part 1: Business Income Tax Measures
[fa icon="calendar'] Mar 29, 2017 1:30:01 PM / by Allen Koroll posted in Tax Deductions, E-Commerce, Corporate, CRA, Small Business
New reporting requirements for internet business activities
[fa icon="calendar'] Jul 22, 2015 1:30:00 PM / by Allen Koroll posted in E-Commerce
All Canadian businesses must report and pay tax on any income arising from their business activities, whether those activities are carried out from a traditional bricks and mortar office or storefront, or through one or more websites. The Canada Revenue Agency (CRA) has become increasingly concerned, in recent years, about income generated through e-commerce on the Internet, and particularly about the possibility that such income may go unreported and therefore untaxed.