TAX PROBLEM? WE CAN HELP
Tuesday's Tax Tidbits- Latest Income Tax Info (New money saving Income tax tips every Tuesday) - August 31, 2010
Scientific Research & Experimental Development Tax Credits
The Canadian Government has mandated Export Development Canada (EDC) to begin underwriting bank loans to exporters that receive research and development tax credits through the SR&ED program. The loans will be delivered primarily through chartered banks although other lenders may also participate if they meet EDC criteria.
The loans will only be available to companies that meet three conditions: First, the company is an exporter. Second, it must expect to receive their SR&ED benefit in the form of a cash refund. Finally, the company must have a history of successful SR&ED claims over at least the last two years.
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REDUCE YOUR TAXES.
Find useful tax tips on Canadian Income Taxation suggested by experienced Canadian Tax Lawyers. Proper Tax Planning can reduce your Canadian income taxes owing.
UK Tax Articles:
Tax Amnesty - Voluntary Disclosure, A Way To Sleep At Night.
Taxpayer Compliance
Are you considering a voluntary disclosure (VDP or tax amnesty application) to the Canadian tax department for unflled Canadian income tax returns or undeclared income, but are feeling confused due to all of the conflicting information on the internet?
Are you afraid of a sinister "tax man" or "tax police" in dark glasses waiting to pounce on you and throw you in jail for tax evasion or not filing tax returns?
Nothing could be further from the truth. You CAN sleep at night, despite the fear mongering that you may have seen to the contrary.
The Canadian income taxation system is based on self-assessment. Taxpayers sometimes fail to report all income that they should, either through inadvertence or due to the extreme complexities of the Canadian tax system.
The purpose of the Canada tax amnesty program is to encourage Canadian taxpayers to voluntarily comply with their income tax obligations. Prosecution would be contrary to the goals of the VD program and contrary to the published guidelines (binding on CRA) that make it clear there will be no prosecution.
