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May 2014

Aliko Nutrition Store- Isotonix Market CanadaIsotonix™ Advanced B-Complex

Isotonix™ Advanced B-Complex-http://ca.shop.com/alikoshoppingmall/559110170-p+898.xhtml?vid=243360Vitamin
 
 
Aliko Nutrition Store- Isotonix Market Canada
Isotonix™ Advanced B-Complex
What Makes Isotonix™ Advanced B-ComplexUnique?
 
 
 
Isotonix™ Advanced B-complex is a mixture of the eight essential B-vitamins, such as Thiamin (B1), Riboflavin (B2), Niacin (B3), Pyridoxine (B6), Pantothenic Acid (B5), Folic Acid (B8), Cyanocobalamin (B12) and Biotin. Most of the B-vitamins play a critical role as cofactors in cellular energy metabolism. Deficiency can lead to fatigue and lethargy, which is why B-complex supplements are excellent energy boosters. Vitamin B12 is not synthesized from plants or animals, and the process of absorbing B12 is very complex. Because of this complexity, B12 absorption may be compromised, potentially leading to B12 deficiency. Thus, absorbability is a key factor in choosing B12 supplementation. http://ca.shop.com/alikoshoppingmall/559110170-p+898.xhtml?vid=243360Vitamin
 

Privacy battle heats up over three controversial bills that allow more snooping

www.aliko-aapayrollservices.com/blog
 
 
Privacy battle heats up over three controversial bills that allow more snooping
 
 
I think we all remember the fight against the Harper government's Bill C-30, the so-called online surveillance bill.
Bill C-30, introduced by the then public safety minister Vic Toews in February 2012, would have given police, in some instances, access to information about Canadians' online behaviour — with limited judicial oversight — via internet service provider (ISPs) records
The legislation resulted in widespread backlash from the public and the government retreated. Toews even became the target of a massive online campaign which publicized details of his nasty divorce proceedings.
Well, maybe this is round two?
The Harper government has served notice that Parliament will work extra hours ahead of the summer recess to get through its agenda. On the docket are three controversial bills — Bills S-4, C-13 and C-31 — which critics say will reduce our privacy by giving police and other authorities more snooping powers.
S-4, Canada's private sector privacy law, aims to update digital privacy laws. But as explained by University of Ottawa professor Michael Geist here, "the bill also includes a provision that could massively expand warrantless disclosure of personal information."
Bill C-13 is supposed to be a cyberbullying law but critics argue will grant legal immunity to telecoms who hand over customers’ private information without a warrant. The opposition parties are And C-31, as explained by the Globe and Mail, is a budget implementation bill that "allows the Canada Revenue Agency to hand over a person’s tax information to police, without a warrant or charge having been laid."
NDP MP Charlie Angus portrays the new Tory legislation as a "widespread" attack on privacy rights.
"There is a full-out assault with this suite of legislation that...is pushing us beyond the independent reports of the privacy commissioner," Angus said at a press conference on Parliament Hill.
"Since they had the Vic Toews attack on privacy rights, this government has been nursing its wounds and they're coming back for round two."
On Monday the New Democrats called on the Conservatives to convene a Blue Ribbon Panel of independent experts to investigate warrantless data collection by the Feds.
"This would be an offer to the prime minister to say cool your jets, reassure Canadians that you actually do care about basic constitutional rights to privacy in this country, appoint an independent panel and let's hear what they have to say," Angus said.
"We’re all for catching terrorists, we’re all for going after bullies but we can do it in a balanced way that also respects privacy and doesn’t open the door to abuse."
For their part, the Tories continue to defend the bills, saying that they do strike a balance by protecting Canadians and their privacy.
asking the government to split the bill so that the cyberbullying elements of the bill can pass without protest. Meanwhile, the bills — along with revelations about Communications Security Establishment Canada allegedly spying on Canadians and red flags about a million cases of warrantless snooping on the internet and telephone use — have buoyed the resolve of privacy advocacy groups like OpenMedia.ca.
That group, which was very active fighting against Toews' bill, has recently banded with over 50 academics and organizations to write the "Ottawa Statement" which sets out high-level recommendations aimed at putting a stop to blanket government spying on innocent Canadians.
They've also started a "pro-privacy coalition" and a petition.
"I think the momentum [against these bills] is really starting to build now. What was a long simmering rumble of discontent has really turn into much more of a wave now," David Christopher, communications manager of OpenMedia.ca, told Yahoo Canada News.
"I think if I was in government, I'd be looking at this thinking it's going to be one hell of a political price to pay with an election just around the corner. Canadians...are really concerned about this."
This certainly is starting to feel a lot like round two.
 
 
 
 
 
 
 
 
 

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Aliko Nutrition Store- Isotonix OPC-3®

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Aliko Nutrition Store- Isotonix OPC-3®
 
 
 
 
Studies have shown OPCs to be up to 20 times more powerful than vitamin C and 50 times more powerful than vitamin E in neutralizing free radicals. Isotonix OPC-3 contains the only isotonic form of Pycnogenol® in the world. Pycnogenol is a natural plant extract from the bark of the French maritime pine tree and the most clinically researched and potent bioflavonoid.* Isotonix® dietary supplements are delivered in an isotonic solution. This means that the body has less work to do to in obtaining maximum absorption.
 
 
 

Microsoft shows off real-time Skype translator -

Microsoft shows off real-time Skype translator -www.aliko-aapayrollservices.com/blog
 
 
Microsoft shows off real-time Skype translator
 
 
RANCHO PALOS VERDES Calif. (Reuters) - Microsoft Corp showed off a test version of a real-time, spoken-word translation service for Skype calls on Tuesday, the first time the world's largest software company has demonstrated the breakthrough technology publicly in the United States.
Skype Translator, as it is currently called, allows speakers in different languages to hear the other's words spoken in their own language, according to a demo introduced by Chief Executive Officer Satya Nadella at the Code Conference technology gathering in Rancho Palos Verdes, California.
"It is going to make sure you can communicate with anybody without language barriers," said Nadella, who took over as Microsoft CEO in February and is keen to re-establish the company as a technology leader after a decade of slipping behind Apple Inc and Google Inc in mobile computing.
Nadella described the underlying technology as "magical," but said the task now was turn it into a real product rather than just a research project, promising it would launch by the end of the year. He did not say if it would be a free add-on for Skype users or a paid extra.
Immediate reaction to the demo, featuring an English-speaking Microsoft executive chatting with a German counterpart, was mixed. One German-speaking audience member said the translation was good enough for vacation, but not for business.
The new technology, which Microsoft demoed in a rougher form 18 months ago in China, could represent a significant feature for its Skype online chat service, which boasts hundreds of millions of users. It is an advance on Microsoft's current translation features that only work with written words on its Bing search engine and Internet Explorer browser.
Microsoft has been working hard on speech recognition technology for years. Earlier this year it showed off Cortana, its voice-activated "personal assistant" designed to rival Apple's Siri.
(Reporting by Alexei Oreskovic and Bill Rigby; Editing by Lisa Shumaker)
 
 
 
 
 
 
 
 
 
 
 

Aliko Nutrition Store- Isotonix OPC-3®

Aliko Nutrition Store- Isotonix OPC-3®-http://ca.shop.com/alikoshoppingmall/559110168-p+898.xhtml?vid=243360
 
 
 
Aliko Nutrition Store- Isotonix OPC-3®
 
 
 
Studies have shown OPCs to be up to 20 times more powerful than vitamin C and 50 times more powerful than vitamin E in neutralizing free radicals. Isotonix OPC-3 contains the only isotonic form of Pycnogenol® in the world. Pycnogenol is a natural plant extract from the bark of the French maritime pine tree and the most clinically researched and potent bioflavonoid.* Isotonix® dietary supplements are delivered in an isotonic solution. This means that the body has less work to do to in obtaining maximum absorption.
 
 
 

Aliko Nutrition Store- Isotonix Vitamins

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Aliko Nutrition Store- Isotonix Vitamins
Isotonix™ Advanced B-Complex
 
 
What Makes Isotonix™ Advanced B-Complex Unique?
Isotonix™ Advanced B-complex is a mixture of the eight essential B-vitamins, such as Thiamin (B1), Riboflavin (B2), Niacin (B3), Pyridoxine (B6), Pantothenic Acid (B5), Folic Acid (B8), Cyanocobalamin (B12) and Biotin. Deficiency can lead to fatigue and lethargy, which is why B-complex supplements are excellent energy boosters.
 
 
 

Unexpected tax bill? How to work it out with the CRA

Unexpected tax bill? How to work it out with the CRA -www.aliko-aapayrollservices.com
 
 
 
Unexpected tax bill? How to work it out with the CRA
 
 
 
 
What a relief that tax season is over — unless you received a notice of assessment and owe the government more money than you anticipated.
Getting an unexpected tax bill can really sting. Before figuring out how to pay it, it’s crucial to get a sense of how it came about in the first place.
“It’s important to understand why so you can plan better and ensure it does not happen again in the future,” says Vancouver Money Coach Melanie Buffel. A few scenarios could explain the hit:
A withdrawal from your Registered Retirement Savings Plan (RRSP)
 
 

Most withdrawals from an RRSP will result in a tax liability at your marginal tax rate. “When you make the withdrawal the bank will hold back up to 10, 20 or 30 per cent of the amount depending on the size of the withdrawal and submit it to CRA,” Buffel explains.
“However if your marginal tax rate is higher, then you will still owe additional taxes. For example, in B.C. if your income is $60,000 your marginal tax rate is 29.7 per cent. If you withdraw $10,000 the bank will hold back 20 per cent and you will still need to save 9.7 per cent to cover the additional tax liability."
Working two or more separate jobs
It’s possible the amount of tax deducted from your pay cheques is less than what you owe based on your total income. “You can avoid this by asking one of your employers to withhold more taxes each paycheque so you do not receive such a large bill at tax time,” Buffel says.
 
 
 
 
 
 
 
 
 
 
 
 
Being self-employed
If you're not accurately tracking income and expenses, or setting aside money to cover income taxes and GST/HST, than you may get an unpleasant surprise come tax time.
“This can result in a big shock when you must pay your entire tax bill all at once if you have not planned for it,” Buffel says. “For the future you would need to set up a system whereby you set aside the full GST/HST plus a percentage of your revenue into a separate savings account labeled ‘taxes’ so that when tax time rolls around you have the money to cover the bill."
The percentage you use should reflect your effective tax rate, and 20 to 30 per cent is a great place to start saving depending on your level of income.
Don't wait to contact the CRA
So if you owe money to the Canada Revenue Agency, which currently has an interest rate of 5 per cent but you’re also dealing with consumer debt, say credit cards charging around 19 per cent, does the line of thinking to pay off high-interest debts first still apply?
Nope.
 
 
 
 
 
 
 
 
 
 
“The CRA does not appreciate the role of creditor, and it’s far more impatient for you to pay your tax bill,” Buffel says. “The first steps include developing a clear monthly cash flow plan to determine how much money you have available to pay the CRA monthly and negotiate a manageable payment plan with them. Depending on the patience of the CRA collection agent you will most likely need to clear that tax bill within the year, or sooner if they believe you could borrow the money elsewhere to pay off your tax debt."
Your credit cards will be happy to receive a minimum payment while you deal with your tax debt as quickly as you can.
And if you decide to ignore your tax bill?
"The CRA can initiate legal collection actions which could include wage garnishment, bank account seizure, and/or home or other personal property liens,” says fee-for-service financial planner Stevan Dostanic of Ottawa’s Astrolabe Financial Group.
Dostanic also advises speaking to an accountant, especially if you completed and filed your own tax return.
“It may be worth the cost to have your return and the reassessment reviewed be a qualified accountant,” he says. “This will both validate CRA’s reassessment as being correct and confirm that errors were not made by either the CRA during the reassessment or by yourself during the initial filing.”

Payment plans
When it comes to setting up a payment plan — which would allow for more manageable monthly payments rather a big lump sum, especially if you are servicing other debt — it may also be worth consulting a professional.
“It may be worthwhile to seek legal advice prior to initiating discussions with CRA or have a qualified tax lawyer negotiate on your behalf,” Dostanic notes.
In extreme cases, the taxpayer relief provision may apply.
“The tax payer relief provision will not allow you to eliminate the debt owing to the CRA; however, it may allow you to have penalties and interest cancelled or waived,” Dostanic says.  “Some of the instances where this provision may apply are extraordinary circumstances, inability to pay, or financial hardship.”
From there, come up with a plan to get out of consumer debt as fast as possible, Buffel says.
“A clear spending plan and a monthly cash-flow system will ensure that you always know what you can afford to spend so you do not continue to incur debt on an ongoing basis,” she says. “If you’ve been living in denial then it can be scary to see your financial situation with such clarity but the long term solution that comes from a clear plan will show you the light at the end of that tunnel of debt. That should help you release the debt stress and sleep better at night.”
 
 
 
 
 
 
 
 
 
 
 
 
 

Gambling in the U.S.? Know Your Tax Obligations

Gambling in the U.S.? Know Your Tax Obligations- www.aliko-aapayrollservices.com
 
 
Gambling in the U.S.? Know Your Tax Obligations
 
 
Many people have the misconception that gambling winnings are only taxable in the U.S. if you are a U.S citizen or resident, and that is simply not true.
 
 
Gambling/lottery winnings from the U.S. are fully taxable to anyone and must be reported on a U.S. tax return. There is no requirement to file a U.S. tax return unless withholding taxes have not been taken on the income or too much has been taken. If the required withholdings are taken, one does not have to file a return; however, if a tax refund is desired because the withholding tax is too high, one must file in order to claim it. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, casinos, cash winnings and also the fair market value of prizes such as cars and trips.
Recovering Taxes on Gambling Winnings. A 25% withholding tax is applicable on winnings over a certain dollar amount and the only way to recover the tax is to file a tax return to claim the refund. This process is different for a U.S. non-resident and a U.S. citizen/resident.
U.S. Residents. The only way to recover the tax is to deduct gambling losses for the year against the winnings for that year but you can only deduct enough losses to cover the winnings, nothing more. A U.S. citizen/resident can only deduct the losses as part of their “itemized deductions” but the problem is that most people in this situation do not itemize their deductions. Instead they take the “standard deduction” amount on the tax return, because it results in a higher deduction. This means that the taxes withheld on the gambling winnings cannot be recovered in most cases.
U.S. Non-residents. Canadians gambling in the U.S. would deduct gambling losses on form 1040NR; however, these are not deducted as an itemized deduction but on a separate section of the return specifically for gambling activity.
The personal exemption cannot be deducted against gambling/lottery winnings by non-residents.
It is important to keep an accurate diary or similar record of your gambling winnings and losses in case the IRS asks for proof of your losses to support your claim. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.
U.S. Citizens Living in Canada. If a U.S. citizen is also a Canadian resident and he or she wins a Canadian lottery, the winnings are not taxable in Canada but are fully taxable in the U.S.; therefore, it is always good tax planning to ensure that the Canadian spouse is the one who declares the lottery win if there is a U.S.-citizen spouse in the family.
Real Life: Canadian (non-U.S. citizen) hitting it big in the U.S.
Johnny is a Canadian resident, (non-U.S. citizen) who likes to frequent the casinos in Las Vegas. While in Vegas he was a lucky man and won $10,000 playing blackjack. In accordance with the U.S. tax laws, the casino withheld $2,500 and issued a W-2G slip to Johnny for use in filing his tax return. Johnny’s losses for the year total $8,000, which means that he can only claim the $8,000 of losses against his $10,000 of winnings, giving him a withholding tax recovery of $2,000. (In this case, he ends up having to pay $500 in tax on his winnings for the year, $2,500 - $2,000.)
 
 
 
 
 
 
 
 
 
 
 

Should I Borrow to Contribute to an RRSP?

Should I Borrow to Contribute to an RRSP?- www.aliko-aapayrollservices.com
 
 
 
Should I Borrow to Contribute to an RRSP?
 
 
 
 
Dear Old Wise One:Procrastinate, procrastinate, put off all the work I hate.  That's what I've done.  It's RRSP time again, I've spent all my money, and I don't have anything to put into RRSPs.  For the last 4 years it's been the same story, and my contribution room is getting huge.  I know I should have done my budget 4 years ago when you first told me to.  I'm just too busy, but I have to do something.  I'm getting further and further behind. I have the desire, but I just don't seem to have the discipline to make monthly contributions to an RRSP, or make a budget.  So, I've gone down to my friendly bank.  They have a great plan for me - borrow $5,000 at 6% interest for 12 months, put it into my RRSPs, and get my tax refund back.  It sounds like I can't lose.  It's forced savings.  It sounds too good to be true!  Is it? I should mention that I'm 29 years old, live in Ontario, earn $50,000 per year, and I am married with 2 children.  Both my spouse and I work, and we've listened to you and have paid down our high-interest debt.  We only have our mortgage left, and the interest rate is 7%.  I would like to retire when I'm 60, but we don't have company pensions.  What should I do, old wise one? Sincerely, Procrastinator Dear Procrastinator:I've done the math, and put the numbers through my super-de-duper computer, and here's what I've come up with.  Using the 9% return from our Recommended stocks/ETFs for inside or outside of your RRSP article, we have compared the following alternatives, using 2007 tax rates: Plan #1:  Borrow money from the bank, and use the tax refund to deposit into your RRSP.  Your monthly payments will be $430.33.  The interest on the bank loan is not tax deductible.  With annual income of $50,000 in Ontario, your marginal tax rate is 31.15%.  However, if we include the reduction in the Ontario Health Premium from your contribution, you save $1,708 of tax, or 34.16% of the $5,000.  The savings can be calculated using the Canadian Tax Calculator. Doing this plan annually, you would have $996,643 in your RRSP in 30 years.  This is a little more money than Plan #2, because you get your RRSP deposit in immediately, and your refund is deposited to your RRSP 3 months later.  This is the power of compounding interest.  The problem is, you have to go to the bank to get a loan every year. Plan #2:  Don't borrow money, but use the loan payment calculated in Plan #1 plus tax savings as a monthly deposit to RRSPs.  Thus, if you have a $430.33 loan payment and 34.16% tax savings, you would make a monthly deposit of $577.33 ($430.33 + (34.16% x $430.33)) to your RRSP.  Do this as an automatic payroll transfer to your RRSP, and the income tax will be automatically reduced.  Once you set this up, there is nothing else to do unless you change employers. With this plan, you would have $989,770 in your RRSP in 30 years. Plan #3:  Don't borrow money, use the loan payment calculated in Plan #1 as a monthly deposit to RRSPs.  Use the tax savings or refund for living expenses.  Set up and forget, as with Plan #2. With this plan, you would have $737,753 in your RRSP in 30 years.  It is significantly less than plans #1 and #2, because the tax savings are not going into your RRSP. Plan #4:  Borrow money from the bank,  and use the tax refund to pay down the loan.  Off to the bank every year, as with Plan #1. With this plan, you would have $742,876 in your RRSP 30 years. All four of the above plans are good, because you are putting money into RRSPs.  You can go to our Borrow for RRSPs Calculator, put in your numbers, and work out your own plan.  We recommend using Plan 2, but increasing your RRSP contribution to 15% of your gross earnings (see pay yourself first).  It is the simplest to do, it is less likely anything will go wrong, and it is a little better for dollar cost averaging.  With this plan, you would have $1,071,488 in your RRSP in 30 years.  One drawback is that you will probably only want to make a stock purchase every few months in order to minimize your commission costs.  This will slightly reduce the returns calculated above.  Since you have paid down all your high interest debt, we recommend that you go to your employer and get them to automatically transfer your "pay yourself first" money to your RRSP.    If your employer can't do this, get your financial institution to make automatic transfers to your RRSP. Sincerely, Old Wise One Tax Tip:  Before you put money into RRSPs, make sure you can pay off your mortgage before your children enter university.
 
Should I borrow more?Dear Old Wise One:Since the plan to borrow $5,000 to put money into RRSPs looked pretty good, should I borrow $50,000, put it in my RRSP, and pay it off over 10 years? Sincerely, Procrastinator Dear Procrastinator:Theoretically, you will be further ahead because you are getting your money into your RRSP sooner, but there are some major drawbacks to this plan. There are two alternatives to this plan - let's call them Plan 5 and Plan 6, to continue on with our above analysis. Plan 5:  Borrow $50,000 to contribute to your RRSP, and put the tax refund into your RRSP. You can't use all of the contribution in one year.  To maximize your tax savings, you would use $36,000 of the contribution in the first year, and $14,000 in the second year.  Your total tax savings would be $9,840 plus $4,584, or $14,424 over 2 years (use the Canadian Tax Calculator to determine your savings).  This is 28.8% of your contribution. To keep your payments the same as with the $5,000 loan you would have to pay back your loan over a period of 14.5 years.  This means your next contribution would be made in 15 years, taking out another loan. With this plan, you would have $1,083,020 in your RRSP in 30 years, more than with Plans 1 to 4.  However, you have a large outstanding debt which could be a major problem if anything goes wrong.
 
Plan 6:  Borrow $50,000 to contribute to your RRSP, and use the tax refund to reduce your loan balance.  This will mean your loan can be paid off in just over 9 years, so you could repeat this process in 10 years and again in 20 years. With this plan you would have $1,061,972 in your RRSP in 30 years, more than with Plans 1 to 4. We don't recommend either Plan 5 or 6 because: it is not a good idea to put such a large amount of money into stocks all at once.  It is better to dollar cost average your purchases to reduce your risk.  Plans 2 and 3 are the best for dollar cost averaging, and Plans 1 and 4 aren't bad.the large outstanding loan could be a problem in the event of job loss or extended sickness, or if you have a financial emergency.  You are still making mortgage payments, so increasing your debt by this much is probably a poor idea.Our recommendation is still to use your pay yourself first money to contribute to an RRSP, through automatic payroll transfers in order to have your income tax reduced immediately.  You will not have a large outstanding loan, and in case of financial emergency you could temporarily stop these transfers.With all six of these plans, you are still not using your available contribution room, which is getting larger and larger, because you can contribute $9,000 per year and you are only contributing $5,000 per year.  But don't worry.  If you stick to one of these plans (1 to 4) you are on the right track.  You have other things to spend your money on, such as paying down your mortgage and raising your children.  Once your mortgage is paid off, you will have more money for either RRSPs or your children's education.  Once your children are finished with their education, you will find that your wages have probably increased and you have lower expenses.  This is a good time to catch up on your RRSP contribution room.  If your spouse also uses one of these plans, you should have no problem retiring when you are 60.Sincerely, Old Wise OneEvery province and territory has different tax rates, and each person's situation differs.  Use our calculators to compare different scenarios.
 
Tax Tip:  Pay yourself first.
 
 
 
 
 
 
 

What is the Maximum Claim for Adoption Expenses?

What is the Maximum Claim for Adoption Expenses?
 
 
What is the Maximum Claim for Adoption Expenses?
 
 
Either parent may claim the costs of adopting a child or they may split the costs as long as no more than the actual amount spent is claimed.
 
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Allowable expenses include:
·         Fees paid to a provincially or territorially licensed adoption agency,
·         Court, legal, and administrative expenses,
·         Reasonable travel and living expenses for the child and adopting parents,
·         Document translation fees,
·         Mandatory fees paid to a foreign institution, and
·         Any other reasonable expenses required by a provincial or territorial government of a licensed adoption agency.
 
www.aliko-aapayrollservices.com/blog
 
The adoption period is the period that begins at the earlier of the time the adoptive parent makes an application to register with a licensed adoption agency or province and the time the application is made to a Canadian court, if earlier, and ends at the later of the time the file is acknowledged by the Canadian government or the moment the child begins to reside with the adopted parents. The maximum claim for 2014 is $15,000 and must be made in the year that the adoption period ends.
 
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An eligible child for whom the credit is to be claimed is an individual who has yet to turn 18 years old at the time the adoption file was acknowledged by the Canadian government. You’ll need to enter the amounts paid into your software, which will then calculate the credit against taxes payable. There are no provisions for carrying over expense claims where the parent is not taxable.
 
 
 
 
 
 
 
 
 
 
 
 

Big Disclosure Issues in Proposed Change to Income Tax Act

Big Disclosure Issues in Proposed Change to Income Tax Act
 
 
 
Big Disclosure Issues in Proposed Change to Income Tax Act
 
 
Currently the Income Tax Act (the Act) ensures disclosure of taxpayer information by Canada Revenue Agency (CRA) officials is specifically prohibited unless in relation to a criminal investigation or in emergency circumstances.
 
 
 
 
But a proposed amendment to the Act would give CRA auditors the right to disclose taxpayer information to police without a warrant or any notification to anyone; a provision that has Canada’s Privacy Commissioner concerned, as reported by the CBC last week.
The provision is well buried in a 375-page omnibus budget bill as a proposed amendment to the Act. It expands the justifications through which CRA officials can disclose information, especially in cases where CRA auditors have uncovered evidence of drug trafficking, terrorism, child pornography, and contracts for the commission of murder — and have been unable to pass on this information to law enforcement, according to a CRA spokesperson; all of which sound like valid concerns.
But, Chantal Bernier, Canada's interim privacy commissioner, told CBC news that there needs to be a proper oversight mechanism in place, especially in lieu of any requirement to go through the courts.
"Obviously tax data can be relevant to criminal investigations," she said. "But there's a process to disclose and we would like to know why this provision would create an exception to that process."
 
www.aliko-aapayrollservices.com/blog
 
These proposed changes should be carefully debated — how will they impact a self-assessment system that has worked quite well up until now? Will they increase public safety and policy, and if so, at what cost to the integrity of our self-assessment system? Should CRA be given these powers without due process?
 
 
 
 
 
 
 
 
 

Business Owner Reduces Taxes with Income Splitting

Business Owner Reduces Taxes with Income Splitting
 
Business Owner Reduces Taxes with Income Splitting
 
 
Steve currently makes $84,000 in his small unincorporated business in BC; he wants to pay his new wife Carin half this amount, as they work together in the business. How much will the family save on taxes if they split income?
 
 
Currently Steve pays $20,349 in income taxes (including $4,712 in CPP Contributions). If he pays Carin a salary of $40,000, his net business income will be reduced to $42,193. (The business will need to pay the employer portion of Carin’s CPP contributions.)
As a result, Steve’s tax bill is reduced to $9,422 (including $3,830 in CPP contributions) and Carin’s tax bill will be $5,232 (plus CPP contributions of $1,807). Together they pay $18,267 for income taxes and CPP contributions.
That’s a savings of $2,082 each year by splitting the income. As a bonus, Carin will now be eligible for a CPP retirement pension when she reaches age 60, and potentially (depending on eligibility), a CPP disability benefit.
 
 
This family should also be looking closely at how to maximize earned income for RRSP/ PRPP purposes. This involved producing enough taxable income to reach contribution maximums. There are many benefits. The RRSP or PRPP contribution will reduce net income on the tax return, thereby increasing some tax credits. Future retirement income will be earned on a tax deferred basis. In addition, it’s possible to tap RRSP funds for the Lifelong Learning Plan or Home Buyer’s Plan. Couples who plan well can even use their tax refunds to fund their Tax-Free Savings Accounts (TFSAs)—another way to be sure all their eggs are not in one basket.
To legitimately write off the costs of hiring family members, certain rules must be followed:
 
 
·         work must actually be performed by the family member;
·         the amount paid must be reasonable for the work, time and effort put into the business by the family member and should be similar to the amount that would be paid a stranger in the same capacity; and
·         the amounts must be actually paid and a normal paper trail, including payroll source deductions and T4 Slip issuance, is required.
 
 
 
 
 
 
 

Changing your tax return once you have already filed it

Changing your tax return once you have already filed it
 
 
 
Changing your tax return once you have already filed it 
 
 
 

Income Tax Act S. 142(4.2)If you have filed your return and then determine that you need to make a change, either because you have received another T-slip, or because you didn't claim an expense and later learned it was deductible, you can request an adjustment to your tax return.If you've just discovered that pension splitting with your spouse would save you some tax, this is also a good reason to adjust your prior return.  However, make sure that combined taxes payable are reduced by doing this, and keep in mind that the taxes payable of one spouse will probably increase, resulting in interest on the tax amount payable.The time limit for filing adjustments to your tax returns by mail is ten (10) years.  An adjustment request may be made in 2013 for the 2003 or subsequent taxation years.You can request the changeonline for your most recent return, or your returns for the previous two tax years, orby mail, for tax returns for the past ten years.Requesting a change onlineRequesting a change online is very simple, and is done by logging into your account at the CRA My Account page.  A separate request has to be filed for each tax year.You can also use the online request if you forgot to apply for the GST/HST tax credit when you filed your tax return.Requesting a change by mailYou can obtain a form T1Adj from the CRA web site, complete it and mail it in, along with documents supporting your change request.See also the CRA web page How to change your return. 

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Aliko Nutrition  Store - Isotonix Vision with Lutein
 
Aliko Nutrition  Store - Isotonix Vision with Lutein
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