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Many entrepreneurs ask this question when starting a new business.

You are not required to register for GST/HST until your annual revenues exceed $30,000. However, it is generally recommended to register as soon as possible for the following reasons:
• Without registration you cannot claim GST/HST input tax credits (GST/HST paid on business expenses).

If your GST/HST taxable expenses are higher than your GST/HST taxable sales you can claim a refund of the excess from Canada Revenue Agency.
• If you are not registered for GST/HST, you are broadcasting to everyone that you have a truly small business that generates less than $30,000 per year in sales. Do you really want everyone to know that?

Keep in mind that if your customers are other businesses, then the GST/HST that you charge on sales does not represent a direct cost for them. Most businesses expect to pay GST/HST and would be surprised if you do not charge it.
• Businesses that are required to register for GST/HST must remit it to Canada Revenue Agency – even if it has not been collected from the customer.

If you forget to register for GST/HST and your sales surpass the $30,000 level, you will find yourself being registered retroactively and having to pay GST/HST out of your own pocket.
Read more details about GST/HST here and plan to register as soon as you can.

Category : Uncategorized | Blog

Life events: What you need to know when your marital status changes
Did you know?

If your marital status changes, it’s important to let the Canada Revenue Agency (CRA) know as soon as possible.
Important facts
Getting married

Change your marital status – You can change your marital status online by using the Change my marital status service through My Account, or by calling 1-800-387-1193, or send us a completed Form RC65, Marital Status Change.
Change of name – If you changed your name, let us know as soon as possible. Call us at 1-800-959-8281 so we can update our records. We do not accept changes of name by email or over the Internet.
Spouse or common-law partner amount – Did you make the majority of the household income this year? If at any time in the year you supported your spouse or common-law partner and his or her net income was less than $11,038, you can claim this amount! If you also claimed the family caregiver amount, your spouse or common-law partner’s net income must be less than $13,078 to be eligible.
Contributing to your spouse’s or common-law partner’s RRSP – Contributions you make to a spousal or common-law partner RRSP reduce your RRSP deduction limit. Find out how much you can contribute and deduct!
Authorize a representative – Is your spouse or common-law partner a tax whiz? You can authorize your spouse or common-law partner online, using My Account, as your representative for income tax matters.

Getting divorced…for more info go to..

Category : Uncategorized | Blog

Approximately seventy percent of individuals and small businesses use tax preparers to file their taxes. Do you? Shoebox Tax Prep & Accounting Services will make sure you get all the benefits and deductions available to you.

Category : Uncategorized | Blog

Oshawa, June 4, 2013…The Canada Revenue Agency (CRA) announced today that on May 31, 2013, Ms. Doreen Tennina was found guilty in the Superior Court of Justice in Oshawa, Ontario, on two counts of fraud over $5,000 under the Criminal Code and was sentenced to the maximum period of 10 years in jail on each count to be served concurrently. She was also ordered to pay a fine of $699,608 for causing her company, Executive Accounting, to fail to report income from the tax evasion scheme.

Ms. Tennina is currently under arrest in Spain, where she previously owned properties. Extradition proceedings are underway. Once Tennina is back in Canada she will commence serving her sentence.

Ms. Tennina, Director and owner of 1517069 Ontario Inc., also known as Executive Accounting, provided tax preparation and accounting related services.

In November 2006, the CRA, as part of their investigation, executed search warrants on Ms. Tennina’s residence, place of business and a storage facility. Documents obtained during the searches revealed that she had fraudulently claimed carrying charges and charitable donations totalling $58,500,000 on 4,200 income tax returns that she prepared on behalf of her clients for the 2003 to 2005 tax years. These false claims reduced the amount of federal taxes owed by over $10,000,000.

Ms. Tennina’s corporation, 1517069 Ontario Inc., failed to report taxable income of $2.8 million for the years 2003 to 2005 resulting in the evasion of $699,608 in federal tax.

The preceding information was obtained from the court records.

“Canadian taxpayers must have confidence in the fairness of the tax system,” said Darrell Mahoney, Assistant Commissioner, Ontario Region, CRA. “To maintain that confidence, the Canada Revenue Agency is determined to hold tax evaders accountable for their actions.”

Taxpayers who claim false expenses, credits or rebates from the government are subject to serious consequences. They are liable not only for corrections to their tax returns and payment of the full amount of tax owing, but also to penalties and interest. In addition, if convicted of tax evasion, the court may fine them up to 200% of the tax evaded and sentence them for up to a five-year jail term.

Taxpayers who have not filed returns for previous years, or who have not reported all of their income, can still voluntarily correct their tax affairs. They may not be penalized or prosecuted if they make a valid disclosure before they become aware of any compliance action being initiated by the CRA against them. These taxpayers may only have to pay the taxes owing, plus interest. More information on the Voluntary Disclosures Program (VDP) can be found on the CRA’s Web site at

Further information on convictions can also be found in the Media Room on the CRA website at

Category : Uncategorized | Blog