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So who must file an income tax return for a given year?
It's now an annual ritual. Once the new year rolls around, the focus changes to income tax. For many, their reason for filing is clear cut. They have taxable income, so they must report it or face the consequences. However, for others, their reason for filing is not always clear to them. If they have no income, they may figure that there is no need to file. However, there are reasons to file other than simply to pay tax on earnings.

Children's fitness tax credit
Federally, a non-refundable tax credit is available to parents who incur costs associated with registering their child in a prescribed program of physical activity. The child whom the parent claims this expense for must be under the age of 16 at the beginning of the year or if eligible for the disability credit, under the age of 18. A parent is allowed to claim up to $500 of expenses per year, per child. For 2009, the tax credit is equal to 15% of the expense claimed. For children eligible for the disability credit, an additional $500 in expenses can be claimed if the total expenses are at least $100. You should receive or ask for a receipt from the organization that provides the prescribed activity.

Moving Expenses
You may deduct moving expenses from your income if you move your residence in order to earn salary, wages, or self-employment income in Canada. Your move must result in your new residence being at least 40 kilometres closer to your new place of work or business. This distance is calculated based on the shortest normal route open to the travelling public.
Back to School tax tips #1
Expense for post secondary education can leave the family in a tailspin. At this point, the questions start coming up as to what can be recovered at tax time.
Back to School tax tips # 2
Expenses for post secondary education can leave the family in a tailspin. At this point, the questions start coming up as to what can be recovered at tax time.
Registered charities perform valuable work in our communities.
Donations in the form of cash or gifts in kind made to a registered charity or other qualified donees may reduce your taxes. A list of registered charities is provided on CRA's website. The receipt for your gift should include the value of the consideration given. If you receive something in return such as an event ticket, for example, you must deduct the value of this "advantage", as CRA calls it, from the eligible amount of your donation. The other important thing to keep in mind is that your donation receipt should include the registration number of the charity. Otherwise, it is not an official donation receipt for tax purposes.
When Your Business Requires Wheels - Business Vehicle Expenses
What expenses can your business claim for operating a motor vehicle.
What's New for 2009 Personal Tax Returns ?
An outline of some of the main changes made to the T1 personal tax return for Canadians in 2009.
Remembering Taxable Benefits
An overview of taxable benefits.
Incometax
Preparing your own income tax return can be a hassle. According to a study released by the US Government's General Accounting Office last year, most taxpayers believe they benefited from using a professional tax preparer.

Are you an Employee or a Self Employed Individual ?
How to determine if you are or should be an employee or a contracted self employed worker.
How To Choose The Right Structure for Your Business
In recent years the LLC has become the darling of entrepreneurs and small businesses around the country. But the LLC is not always the best choice. Sometimes a Subchapter S corporation or another structure is preferable. This article helps you choose the right structure for your new business
Why an Integrated Financial Accounts?
I've often heard that retailers want different system for inventory control and financial accounts. They always says that it confuses our accountants and pos operators. Secondly, people who are not designated to view such data can access because it is integrated.
Taxing eBay Part Deux
Several folks argued that just because their little eBay hobby generated a little cash, that didn’t make it a full blown business. It seems they consider the income from their little hobby to be financial manna from Heaven and thereby not taxable by earthly tax collectors. I’ve always been amused by folks who try to impress me with talk about their “little side business” but when the subject turns to taxes they suddenly refer to it as “my little hobby.”
Do You Pay Taxes On eBay Income
Last week's column on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation
Taxation of Non-Resident Franchisors in Canada
This article provides a brief overview of the kinds of taxation issues a foreign franchisor can expect to encounter when doing business in Canada. peter macrae dillon Siskinds franchise franchisor franchising lawyer attorney Toronto Ontario Canada www.franchiselaw.ca
Tough to Tackle Taxes without Tax Pro’s Help
With the Internal Revenue Service stepping up its auditing of small businesses, tax professionals are advising entrepreneurs to get the jump on tax planning now so they will be better prepared in case they are targeted for an audit.

Other income tax Related Articles

Developing Passive Income
Passive income is crucial to growing your business in a way that is not dependent on your time input. Passive income is income that comes without you directly having to work for it on an ongoing basis.

What You Always Wanted To Know About Second Income Ideas
The idea of a second income is that you do not have to give up your primary income. Using this as our premise we will talk about a few ideas where you can use the Internet to create a second income around your full-time job.
Residual Income Business Opportunities-Leveraging the Internet
With the economy in rapid decline, many are turning toward the internet looking for residual income business opportunities. Many people are looking for a new income opportunity to replace a lost income or have a job and want multiple streams of income. In either case, some basic strategies remain for identifying the home based business opportunity that best meets your needs.
Will your MLM comp plan ever pay you what you are worth?
What are your income goals? Are you looking for a quick extra income, or to replace an income? How long will it really take you to reach your income goals?
13 Examples of Continuity Income in a Service-Based Business
Tired of the day-to-day struggle of chasing one client to the next? Want a better way to run your business that enables you to better predict your monthly income? One of the best ways to stabilize your income when you're a self-employed service professional is to create a monthly recurring source of income for yourself, commonly referred to as a continuity program. Here are 13 examples of how I've seen recurring income for services offered:
Whose Money is it Anyways???

There are many ways of earning an income.Regardless of where the income comes from if proper tax planning is not in place a considerable amount of the income may be lost to taxes.

How much an individual takes home will determines his real lifestyle. Yet taxes prevents many people from living their desired lifestyle because their paychecks are too small.

A taxpayer might earn his money from many income sources and so the amount of taxes that he pays will depend a great deal on these sources. How is the income earned and what vehicle is being used?

"It's not how much you make it's how much you keep"
Income Opportunities Online
With the economy in a slope, more and more people are turning to the internet for income opportunities. Whether as extra income or full time income. This said, there are many very good income opportunities online. There are also many scams that offer overnight success, making thousands of dollars a week.
Create Passive Income: Stop Trading Time for Money
The IRS defines passive income as income from "trade or business activities in which you do not materially participate". Traditional sources are dividend/interest income from investments, rental income and royalties from books.
Automated income generating activities in 4 ways
You can grow your income stream by taking up another part-time job or change to a better pay job. Let me tell you that there are other ways to grow your income not by putting in my labour time to work, rather the smart way by changing your active income into passive automatic generating income.
Best passive income
According to many experts there are many definition of passive income but to me it simply means earning money with 5% of your time and involvement. In order to achieve any reasonable income, you will need to under go some initial seting up and then periodically manage the income process. For active income, I will allocate about 95% of your time to earn. For passive income it will be 5% instead.

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