February 21, 2023 Ottawa, Ontario Canada Revenue Agency Millions of Canadians file their income tax and benefit returns every year. For the 2022 tax-filing season, Canadians filed approximately 31 million returns and 92% of them were filed electronically. Also, there were over 17 million refunds processed, resulting in a total amount of $37 billion! We know …
WHAT YOU NEED TO KNOW FOR THE 2023 TAX-FILING SEASON (PART 1) Read More »
Please see the beginning of the article in our previous posts. Climate action incentive payment The Climate action incentive payment (CAIP) is a tax-free amount paid to help individuals and families offset the cost of the federal pollution pricing. You may be eligible for the CAIP if you are a resident of Alberta, Saskatchewan, Manitoba, or Ontario. …
Students: Put more money in your pocket with benefits and credits! (part 3) Read More »
Save money at tax time When you file your return, you may be eligible for benefits and credits that put more money in your pocket. You can find out what you’re eligible for and how to apply on our Tax credits and benefits for individuals page. If you owe money this year, you may also be able …
Students: Put more money in your pocket with benefits and credits! (part 2) Read More »
January 17, 2023 Ottawa, Ontario Canada Revenue Agency As a student, you may have many questions about taxes. It might even be your first time filing an income tax and benefit return, and that’s okay! We’re here to make tax-filing easier and to make sure you receive the benefits and credits you may be entitled …
Students: Put more money in your pocket with benefits and credits! (part 1) Read More »
A one-time tax-free payment of $500, announced in September 2022, is now available to low-income renters. The payment does not reduce other federal income-tested benefits. Eligible individuals must: be 15 years of age or older on December 1, 2022; be resident in Canada for tax purposes in 2022; have filed their 2021 tax return with …
One-Time Top-Up to The Canada Housing Benefit: Additional Support Read More »
The Canada dental benefit, announced in September 2022, provides up-front tax-free payments to cover dental expenses for children under age 12 without dental coverage. The program began December 1, 2022, with expenses retroactive to October 1, 2022 being covered. The program is available for two periods: December 1, 2022 to June 30, 2023, and July …
Canada Dental Benefit: Support for those with Young Children Read More »
A June 17, 2022 Ontario Superior Court of Justice case considered whether a will had been appropriately witnessed. In 2020, the owner of an insurance agency was diagnosed with terminal cancer and drafted a final will and testament. As it was the height of the COVID-19 pandemic, she chose two of her employees to meet …
Witnesses For Legal Documents: Choose them Wisely Read More »
CRA updated several administrative policies in respect of employment benefits, effective January 1, 2022. Two of the key changes relate to employee gifts and parking. These updates were released in late 2022. Gifts, awards and long-service awards Under CRA’s existing gifts and awards administrative policy, the first $500 of annual gifts and awards provided to …
Employee Gifts and Parking: Updated CRA Policies Read More »
A September 12, 2022 Tax Court of Canada case reviewed the gain on a residential property purchased in 2007 and disposed of in 2011. The property was substantially rebuilt during the ownership period. The proceeds, cost and gain were all determined by CRA as the sale was unreported. These amounts were largely unchallenged by the …
Unreported Real Estate Dispositions: Multiple Issues Read More »
You must tell the Canada Revenue Agency (CRA) about your new marital status by the end of the following month after your status changed. For example, if your status changed in March, you must tell us by the end of April. Notify the CRA if: you married you became common-law you separated for more than 90 …
UPDATE YOUR CRA INFORMATION: CHANGE YOUR MARITAL STATUS Read More »