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Current CRA website
The deadline for self-employed individuals to file their 2023 income tax and benefit return is approaching
Since June 15, 2024 falls on a Saturday, you will be considered to have filed on time if we receive your return on or before June 17, 2024. ... Your payment will be considered paid on time if we received it, or it was processed at a Canadian financial institution, on or before, April 30, 2024. ... If you earn income from online platforms, you're considered part of the platform economy. ...
Current CRA website
Who can claim
Usually, the amount of land that can be considered part of the eligible dwelling is limited to half a hectare (1.24 acres). However, if it can be shown that more land is needed to use and enjoy the home, then more than half a hectare can be considered as part of the eligible dwelling. ... For the purpose of claiming the MHRTC, the deceased individual is considered to be: a resident of Canada at the time of death and until the end of the year, if they were resident in Canada immediately before they died the same age at the end of the year as they would have been if they were still alive at the end of the year the cohabiting spouse or common-law partner of another individual (referred to as the "surviving spouse") at the end of the year if: The deceased individual and surviving spouse were cohabiting immediately before death The surviving spouse is not the cohabiting spouse or common-law partner of someone other than the deceased individual at the end of the year Sharing renovation costs Some families may choose to share the renovation costs between two or more family members. ...
Current CRA website
Businesses have different filing and payment deadlines – here is a quick reference to help you stay organized
When a due date falls on a Saturday, Sunday, or public holiday recognized by the CRA, your return is considered on time if the CRA receives it or if it is postmarked on or before the next business day. ... Here is an example for quarterly instalments: If a corporation’s tax year begins on October 10, 2024, the first instalment payment is due by January 9, 2025 The following payments are due on April 9, and July 9, and October 9, 2025 When a due date falls on a Saturday, Sunday or public holiday recognized by the CRA, your payment is considered on time if the CRA receives it on or before the next business day. ... When a due date falls on a Saturday, Sunday or public holiday recognized by the CRA, your payment is considered on time if the CRA receives it on or before the next business day. ...
Current CRA website
Participating in the Lifelong Learning Plan
The educational institution determines when the student is considered to be enrolled in a program, and when the student is no longer enrolled. Usually, the student is considered to be enrolled when part or all of the student's fees are paid. ... In this case, you will not be considered a full-time student for LLP purposes. ...
Current CRA website
Residency of a corporation
Other factors, such as the place where the principal business is done, books and records are located, the company seal is kept, bank accounts are maintained, and where the directors reside, have been considered by British courts as useful, but not conclusive. ... Since treaties override the ITA whenever a corporation is considered resident in more than one country, including Canada, reference must be made to any treaty that applies. ... This would be the case where a corporation is considered resident in Canada for the purposes of the ITA under common law but is, under a tax treaty between Canada and another country, resident in the other country. ...
Current CRA website
Lesson plan: Working for yourself
Suggested answers could be: Driving for rideshare apps, like Uber or Lyft Working as a food courier for a company, like Uber Eats or SkipTheDishes Social media influencer YouTuber Selling items online, like on Etsy, eBay or Amazon Working as a freelancer Working as an independent tradesperson Step 3: Explain to students that making money and receiving gifts from side gigs or their own business is considered self-employment income, and it has to be reported at tax time. Step 4: Ask students to create a list the kinds of things, besides money, they could receive that would be considered income. ... Suggested answers could be: Trips Clothing Products, like cosmetics or video games Event tickets, like to hockey games or concerts Meals Gift cards Second exercise Step 1: Explain to students that when they are self-employed, whether it is full-time or part-time, they may be considered a small business for tax purposes. ...
Current CRA website
Opening a payroll program account
Form RC1, Request for a Business Number Form RC366, Direct Deposit Request for Businesses Related topics Employing a caregiver, baby-sitter, or domestic worker- Find out if you are considered to be the employer of that person. ...
Current CRA website
Tax on an advantage
However, if the advantage is considered to be extended by the TFSA issuer, or by a person at arm's length with the issuer, the issuer is liable to pay the tax, rather than the holder. ...
Current CRA website
Deemed dispositions
Consequently, a deemed disposition is not considered for the purposes of Income Tax Regulation 230 and a T5008 slip is not required. ...
Current CRA website
Home-purchase loan
If the term of repayment for a home-purchase loan is more than five years, the balance owing at the end of five years (from the day the loan was made) is considered a new loan. ...