Click on any of the links below to view the chart or table:

Important Dates

Corporate Income Tax Checklist

2011 Personal Income Tax Checklist

CPP and EI Premium Rates

BC Corporate Tax Rates

BC Personal Tax Rate

HST by province 2011

Maximum RRSP Contribution Limits

Automotive Tax Facts

Tax Facts for BC Residents 2010/2011

Deductible Moving Expenses
The Income Tax Act permits deduction of moving expenses if the move enables you to obtain employment or to carry on a business within Canada OR to attend a full-time post secondary education program. The new home must be at least 40km away from your existing home to qualify. Also, if you are considered a resident of Canada for tax purposes, the expenses for moving outside of Canada are also deductible.

   The types of moving expenses deductible:

• Travel costs including meals and lodging for you and your family.
• Selling costs relating to your old home.
• Cost of canceling leases of your old home.
• Transport cost of moving from old home to new home.
• Cost of meals and lodging for up to 15 days at a location either near your old home or your new home.
• Cost of revising legal documents to reflect your new address such as driver's license, permits etc….
• Cost of interest, property taxes, and utilities for the old home during the period of sale assuming that the property is not used by any family members or renters. Maximum amount deductible is $5,000Cdn.

Please note that you cannot deduct moving expenses if they are paid by your employer or if they are reimbursed unless the reimbursement is included in income; in which case, the moving expenses can be deducted to offset the income inclusion.

For more details, please refer to the Canada Revenue Agency website on moving expenses.

Prescribed Interest Rate
This interest rate from CRA determines the interest you owe on late payments or late installments and the interest on the refund CRA owes you. This rate varies quarterly based on the average yield on the Government of Canada 90-day T-Bill

The most up to date Prescribed rates may be found at the following Canada Revenue Agency link:

Canada Revenue Agency - Prescribed rates.

Interest that you owe is calculated from the day it is due whereas refund interest compounds beginning on the 45th day after the due date of the tax return. Please note that interest is compounded daily and thus the effective rate is a little higher than what is stated by CRA.

When must tax returns be filed in Canada?
For personal income taxes, the tax return and the amount of taxes owing must be filed by midnight on April 30. For instance, a 2011 personal tax return must be filed by April 30, 2012. If tax returns and tax owing are filed after April 30th, you are subject to penalties and interest at the CRA prescribed rate.

For corporate income taxes, the tax return must be filed within six months after the fiscal year end.

Note: The above tax tips are for references only; please consult Fairholm & Company for specific taxation needs.