Did you get a text with your SIN that claims to be from Canada Revenue Agency? It’s a scam
Fraudulent texts Canadians receiving include a person's name and other info. Read more here: CBC News
New Trust Reporting Requirements for T3 Returns
New rules mandate annual T3 Returns for most trusts, with changes effective for taxation years ending after December 30, 2023. Additional ownership details are required, extending filing obligations to previously exempt trusts and bare trusts. For more information please see:…
Underused Housing Tax
On June 9, 2022, the Underused Tax Act became law. Non-residents, non-Canadian owners of residential properties in Canada (and some Canadian partners, trustees and corporations) must file a return for the annual tax by April 30, 2023. There are penalties…
Worksheets for Tax Purposes
Forms to download: Rental Income Worksheet, Business Vehicle Worksheet, Business Use of Home Worksheet, and Self Employed Income Worksheet.
My CRA Account
My Account How to Sign Up
https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html
Old Age Security Deferral: Opting Out Retroactively
As of July 1, 2013, where receipt of Old Age Security (OAS) is delayed, the monthly pension is increased by a factor of 0.6% for each month deferred, to a maximum of 36% (60 months, commencing receipt at age 70).…
Taxpayer Relief: Financial Hardship
CRA may grant relief from penalties and interest in cases where the timely satisfaction of a tax obligation was not completed due to: extraordinary circumstances;actions of the CRA; orinability to pay or financial hardship. In a March 31, 2016 Federal…
Did You Buy or Sell a House?
CRA highlights relevant tax compliance and planning information if you bought or sold a home. It included information on: claiming the principal residence exemptionclaiming the home buyers' amountusing part of your RRSP to purchase a home under the Home Buyers'…
Tax on Split Income: Salary or Dividend?
Dividends received by individuals from private corporations as of January 1, 2018 may be subject to taxation at top marginal tax rates (due to the new TOSI rules) if, in general, they are determined to be unreasonable. Salaries, however, are…