CRA Corner
Tax Updates
FROM: JAN-FEB 2008 ISSUE
Reporting Online Income
The CRA is reminding Canadians who earn money through electronic commerce that this income is subject to the same tax laws as traditional commerce. Proprietors of online businesses are required to:
- file tax returns;
- register the business and its accounts;
- collect and remit GST/HST;
- keep records of business activities.
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A Growing Range of Services
The list of services offered through My Business Account continues to grow. Now users can:
- authorize an employee, individual, or firm to access their business account information;
- view transactions for an account’s payment period end or for a customized timeframe;
- access information for softwood lumber export businesses.
Visit www.cra.gc.ca/mybusinessaccount for more details.
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Reducing the Burden on Charities
The CRA recently carried out consultations with small and rural charities and is recommending improvements to reduce the administrative burden faced by these organizations. The CRA operates a toll-free enquiries service for charities: 1-800-267-2384.
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CPP Raises the Ceiling
The maximum pensionable earnings under the CPP for 2008 will be $44,900 – up from $43,700 in 2007. The basic exemption amount remains $3,500.
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