Forget to Report an Income Slip or Deduction on Your 2007 Tax Return?

Your 2007 tax has been filed.  Another T3 Trust Income slip just arrived in the mail.  What should you do?

The CRA has a matching program.  If your SIN is on a slip, the CRA's program will attempt to match it to your tax return.  Therefore, if you did not report a T3, T5, T4A slip, etc., the CRA could reassess your tax return to include it - even if it is a small amount.

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2008 Private Company Salary/Dividend Mix

Now that you have filed your 2007 tax return, it is a good time to review how you are going to pay yourself from your company.

One of the first things you will have to do is figure out how much cash you will need to pay your 2008 personal bills.  That will vary for each individual, based on whether you are single or a couple, have children or not, have a mortgage, children in private schools or university, etc.  We have developed a simple four-year personal expense projection spreadsheet to help determine your 2008 personal cash needs.

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Dealing With Tax Audits

Getting audited by tax authorities is an experience that can result in bad memories for taxpayers - both financially and mentally.  Having been a tax auditor with the Ontario Ministry of Revenue for over eight years conducting audits, I can say that tax audits can result in enormous amounts of income taxes, interest and penalties.  

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Are Personal Tax Rates Too High? Let's Compare 1987, 1997 and 2007

Just for fun, I decided to take a look back to 1987 and 1997 taxes and compare them to the 2007 taxes.  My comparison is based on what a taxpayer (single, Ontario resident, between 18 and 64) would have paid if they earned $100,000 net business income as their only income source. 

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