Effective January 1, 2012, Canada’s federal general corporate income tax rate fell from 16.5% to 15% under the five-year tax reduction plan the federal government announced in 2006. Most provincial governments also have been lowering corporate tax rates, though not quite as quickly as some had promised.

The goal here is to promote both investment and job creation in Canada.

You may recall some old new headlines – major GST scams skimming off millions of dollars with illegitimate Input Tax Credit filings. The embarrassment this has caused the government was certain to create some changes in the way CRA works. But, these changes weren’t necessarily aimed at the crooks.

Don’t pay too much tax. That optional inventory amount (OIA) carried forward from 2011 completely slipped your mind? Too bad…it’s going to cost you. And maybe you’ve made other errors too. Here’s a list of common farm tax filer blunders.

Tax return time is looming once again. We can’t suggest ways to avoid income taxes altogether, but we can help you hang on to as much of your hard-earned money as possible.

Although the cost of purchasing and operating an automobile continues to rise, the federal government is holding most automobile expense deduction limits for 2003 at last year’s levels.

Use medical tax credits to trim your tax bill.

Want to make the most out of your retirement. Here are some tips to give your RRSP a boost.

If you are registered for GST/HST and use vehicles for commercial purposes you’re required to collect GST/HST on the sale of the vehicle.

Year end tax planning reduces taxes. Start off by evaluating your assets, salaries, bonuses and awards before the years end.

What happens when a supplier charges you GST and gives you his GST number? In most cases you are allowed to claim the GST paid as an input tax credit (ITC) on your GST return.