Mission statements are not just for large corporations. As an owner of a small business, you can benefit from going through the exercise of writing your mission statement. It can not only re-connect you with your “why,” it can also communicate an important part of your business to all of your stakeholders.
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Winston Churchill once said: “We make a living by what we get, but we make a life by what we give.” Canadians have a long history of charitable giving, with well over 90% of adults and youth making donations each year.
The Canadian government recognizes and appreciates our culture of giving, and is committed to promoting the giving spirit. Hence Canada has tax incentives for charitable donations, which have been described as among the most generous incentives in the world.
Many people assume that if they fail to include an information slip with their income tax return, the Canada Revenue Agency ("CRA") will simply adjust the return to report the income and adjust the income tax accordingly.This is half correct!The other half of the equation is a little known penalty the CRA imposes for repeated failure to report income. This penalty arises when an income slip is not added in your tax return two times in a three year period.
Several years ago form T 1135 was added to our tax returns for individuals, corporations, partnerships and trusts. It is a simple form that has been often overlooked and non-compliance has been high. More than likely this has been because the form does not enter into the calculation of income tax payable.