XPost: can.general, can.politics, ott.general   
   From: Canuck57@nospam.com   
      
   On 12/10/2011 10:01 PM, John Fleming wrote:   
   > On Wed, 12 Oct 2011 02:06:32 -0600, while chained to a desk   
   > in the scriptorium Canuck57  wrote:   
   >> $On 11/10/2011 9:28 AM, Alan Baggett wrote:   
   >> $>  Nearly ONE MILLION Businesses Have Not Paid Income Tax : CRA SOTW   
   >> $>   
   >> $>  Nearly a million businesses have not paid income tax   
   >> $>   
   >> $>  Postmedia News September 28, 2011   
   >> $>   
   >> $>  New Democrats are calling for further investigation into why nearly a   
   >> $>  million businesses in Canada have not paid any corporate income tax   
   >> $>  for nearly a decade, according to recently released figures from the   
   >> $>  Canada Revenue Agency.   
   >> $>   
   >> $>  "We have to investigate further and see if there are loopholes," said   
   >> $>  NDP finance critic Peggy Nash.   
   >> $   
   >> $NDP must have found a new source of dope or drugs.  Millions of   
   >> $businesses exist in Canada, held by contractors and the like.   
   >> $   
   >> $But here is a hint for the fleabaggers, you don't pay taxes if you don't   
   >> $make money.  I know someone who has a company for 40 years, but hasn't   
   >> $filed for 15 years because zero income and zero assets.  Keeps it for   
   >> $posterity.   
   >> $   
   >> $I am sure tax greedy CRA is already on it.  And bet most as in 99.9% are   
   >> $a-ok.   
   >   
   > I believe he still does have to file a tax return, no?   
   > However, if his business has no revenue and no earnings, he   
   > isn't going to pay any tax or GST.   
      
   Legally no if you have no income.  But to keep CRA happy, yes.  I would   
   file a null return.  When I worked outside of Canada I would file null   
   returns and my ex-pat status just as a paper trail to keep the CRA   
   bustards off my case.   
      
   > And to pay corporate tax, you have to have more revenue than   
   > expenses.   
      
   I said file if income.  If you have ANY income you should file even if   
   expenses are greater.  You can carry losses forward and income generates   
   questions.  You need to file if you have any income to clean up the tax   
   year, and do it without loosing those expense receipts.   
      
   But if you haven't had any income, no expenses, no interest, not filing   
   isn't going to hurt much.  But even if you have no income, but have   
   expenses as in a startup company, I would suggest filing all the same as   
   curent expenses can be carried forward as tax destructions.   
      
   For example, December 1st I have $50K in expenses, but I get the income   
   in March the following year.  Current year shows $50K in expenses, in   
   the next year taxes I deduct the $50K of carry forward expense from the   
   $100K payment, for net taxable of $50K.  If I don't properly account for   
   expenses, I would be taxed on $100K not $50K.   
      
   But if the company is dormant, no activity, no expenses, no income and   
   no assets, file a null return for a year and there after ignore it.   
      
   > And lest some think otherwise, business expenses can be   
   > applied against personal income before calculating personal   
   > income tax if you are operating as a sole proprietorship. So   
   > if you are making widgets in your garage, you can claim some   
   > of the costs of running your home as business expenses.   
      
   Yep.  $1 saved is like $2 earned.   
      
      
   --   
   Eat the rich, screw the companies and wonder why there are no jobs.  But   
   we have big huge government we can't afford...   
       -- Obama and the lefty fleabagger attitude   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)