Properly Recording Your GST and HST

Back in May I offered a heads-up on changes resulting from Ontario and British Columbia combining their provincial sales tax with the federal GST into one Harmonized Sales Tax (HST) starting July 1. How are these GST/HST changes treating you so far? Have your carrier, fuel station and repair shop been handling the new tax correctly?

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Where Do I Live? And Other Not-so-simple Questions About Filing Your Taxes

Tax time induces so much angst because the process is overwhelming. Canada Revenue Agency’s General Income Tax and Benefit Guide for 2009 is 62 pages long—all that to help you complete a five-page income tax return. That said, folks ask the same basic questions each year.

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It's 2010, But You Can Still Cut Your '09 Tax Bill

It’s 2010 and last year may be a distant memory for you—and given the state of the economy, why not? But there’s still a chance to minimize your 2009 personal income tax bill. From the HRTC to HST, TFS Group’s Scott Taylor provides six opportunities you shouldn’t overlook.

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It’s In Your Interest: Take Care, Get Help When Deducting Loan Expenses

For many owner-operators, this past year has meant not only less revenue but more debt. If you signed new loan agreements or refinanced existing ones, be sure to account for the interest and finance costs on your tax return. Read this four-step plan.

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How to Ring Up a $20,000 Tax Bill

It’s no surprise to Scott Taylor when a client says, “Why did I get this notice?” Or, “Can you explain this in plain English?” But every now and then he gets a call like the “Case of the $20,000 Tax Bill.” It’s an exasperating story because the situation is so preventable.

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Keys to Filing Your IRP, IFTA, and MJVT Reports

The concept behind the International Registration Plan (IRP) is to make it easier to register and pay licensing fees to each jurisdiction you travel to. And I think everyone would agree that it does. Today, 10 provinces and the 48 contiguous states participate in IRP. Scott Taylor offers tips for IRP compliance, especially for carriers in Ontario.

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A Blueprint for Filing Your HRTC Claim

We all love tax credits, and pretty much everyone I know is dreaming of a bathroom or kitchen reno. But qualifying for the HRTC takes some planning and an understanding of what kinds of expenses are eligible.

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