Cut expense in the Waiver

Aug 6th, 2022
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How to cut expense in the Waiver

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We talked about three ways to reduce the maintenance cost. So if you have this discussion which you will at some point in your career if you havent had it hundred times already, we need to reduce maintenance costs. Have this discussion: how do we do this? What happens in most places is, it was X this year, last year, this year its X minus 5%. Why do we do that? Well this year we have this big rebuild of our boilers. Well I dont care. Its gonna go down 5%. Thats not really a healthy way to do business is it? Because maintenance costs may go up one year because you have a lot of maintenance works because maintenance is is not annual. Some jobs happens every five years, some jobs happens every 10 years, so we need to look at our maintenance budgets. So what were talking about here is we can cut the cost if you want to, we can just cut the cost. You can hire a monkey to do that. You dont need a maintenance manager, you can hire my my six-year-old son and he can cut your maintenance

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persons who would otherwise be refused under the Regulation 105 treaty-based waiver guidelines. The income and expense waiver process allows a non-resident person to claim their estimated expenses against their Canadian-sourced income.
To reduce income tax deductions, the employee must get a letter of authority. The employee must send to the CRA, either: A Form T1213, Request to Reduce Tax Deductions at Source. A written request to the Sudbury Tax Centre and include documents that support their position why less income tax should be deducted at
Tax-free basic personal amounts (BPA) This means that an individual Canadian taxpayer can earn up-to $15,000 in 2023 before paying any federal income tax. For the 2024 tax year, the federal basic personal amount is $15,705 (for taxpayers with a net income of $173,205 or less).
What is Regulation 102? Regulation 102 is a Canadian tax regulation that applies when non-resident employees are paid to perform services in Canada.
You can use this application form to reduce or eliminate regulation 105 withholding tax on amounts paid to you for services provided in Canada as a self-employed non-resident artist or athlete if the amount you will earn from services performed in Canada in the calendar year does not exceed CAN$15,000.
If a non-resident can show that the withholding is more than their potential tax liability in Canada, either due to treaty protection or income and expenses, the CRA may waive or reduce the withholding.
A waiver refers to penalties and interest otherwise payable by a taxpayer for which relief is granted by the CRA before these amounts are assessed or charged to the taxpayer. A cancellation refers to penalties and interest amounts that were assessed or charged to the taxpayer for which relief is granted by the CRA.
The CRA will generally agree to waive the filing of a Canadian income tax and benefit return, as long as you qualify for the simplified process, and you have not exceeded the CAN$15,000 limit for income earned in Canada during the calendar year.

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