When a vehicle is used partially for business purposes and partially for other purposes, the expenses relating to its use must be apportioned. Only those expenses relating to the business travel or commercial activity are considered eligible for a business deduction and for input tax credits on GST/HST. The proration in such cases is done based on the distances driven. To support a deduction or claim, the person must know and be able to demonstrate the distance travelled for business purposes and commercial activities.
This change is a move to increase the efficiency of government while also delivering service and value to taxpayers. This change is also consistent with other leading tax administrations. More than 90% of corporate tax filers produce their returns using commercial software today, so this is about how they transmit the information to the CRA. Having large corporations make use of available technology not only makes good business sense, but it also supports sustainable development.
The law allows Statistics Canada to access business taxpayer information collected by the Canada Revenue Agency (CRA). Statistics Canada can now share with provincial or territorial statistical agencies, for research and analysis purposes only, data concerning business activities carried out in their respective province or territory.
The underground economy typically involves commercial activity that is unreported for tax purposes. It is of concern to the CRA, as well as all provincial, territorial and municipal jurisdictions, and all law-abiding businesses and individuals across the country.
Cash payments you receive are subject to GST/HST and you have to report them on your annual income tax return. Failure to do so is tax evasion, which has serious consequences.
Basic information on how GST/HST works, what is HST, place-of-supply rules, what we mean by taxable, zero-rated, and exempt supplies, importing and exporting, buying or selling a business.
The Province of Prince Edward Island levies a 10% revenue tax (PST) on the purchase, importation, lease or rental of most goods and certain services. The PST is applied to the retail selling price, including GST, of taxable goods.
If your corporation incurs costs from qualified scientific research and experimental development made in Nova Scotia, you could receive a 15% tax credit when you file your taxes.
The Canadian Centre for Occupational Health and Safety (CCOHS) helps create and sustain healthy workplaces, by providing you and your organization with trusted, authoritative training and education programmes.
