Tax tip for July

If anyone wins gambling winnings, they should ensure that a supporting document is obtained from the Casino, as proof.

Even though the gambling winnings are not a taxable income, it is the taxpayer’s responsibility to prove, in fact it was a gambling winning. If not the CRA has the right to treat it as a taxable income.

This tax tip brought to you by Talib & Associates

Tax Services
– Personal tax returns
– Appeals assistance and returns
– Personal income tax planning
– WSIB and EHT consulting and trust returns

Accounting Services
– Bookkeeping
– Financial analysis
– Monthly financial reporting and statement preparation
– Financial forecasts
– Cash flow statements
– Payroll
– GST, PST, WSIB, EHT filings and source deductions

Management Consulting Services
– Business counseling, development and purchase assistance
– Cash flow projections
– Financial forecasting

Samina Talib B.Com (Hons)
– Over 15 years experience working as an Accounting Analyst for retail and distribution industries

Munir Talib CMA (UK)
– Over 20 years international experience in finance and marketing, has helped companies increase market share and profits.
– Worked as a Management Consultant in North America, Europe, Africa and Asia for Fortune 500 companies

Consultant to Talib & Associates

Selvan Mogan CGA
– Over 25 years of accounting, audit and tax experience.
– Worked in the International Tax Division of PriceWaterhouse Coopers and also in the audit division of KPMG, Canada.

Talib & Associates
205 Wynford drive, Suite 2805
Toronto, Ontario M3C 3P4
Phone # (416) 429 8598.Cell # (647) 889 6864.Fax # (905) 554 4491
e-mail address: talib.samina@gmail.com or munirt@hotmail.com

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