Tax Alerts
Prescribed leasing interest rate for January 2025
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Canada Pension Plan benefits to increase by 2.6% for 2025
Benefits received under the Canada Pension Plan are indexed annually to increases in the Consumer Price Index. Based on that indexing formula, CPP benefits payable will increase by 2.6%, effective as ...
Benefits received under the Canada Pension Plan are indexed annually to increases in the Consumer Price Index. Based on that indexing formula, CPP benefits payable will increase by 2.6%, effective as ...
$250 payment to be issued under new “Working Canadians Rebate” program
The federal government has announced that eligible Canadians will receive a $250 Working Canadians Rebate to help them meet recent increases in the cost of living. The non-taxable rebate payment will ...
The federal government has announced that eligible Canadians will receive a $250 Working Canadians Rebate to help them meet recent increases in the cost of living. The non-taxable rebate payment will ...
Federal government to provide temporary GST/HST holiday
The federal government recently announced that a temporary tax holiday would be provided from the imposition of the GST/HST. The two-month holiday will run from December 14, 2024, to February 15, 2025...
The federal government recently announced that a temporary tax holiday would be provided from the imposition of the GST/HST. The two-month holiday will run from December 14, 2024, to February 15, 2025...
Inflation rate increases to 2.0% for October 2024
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of October 2024. During October, the overall inflation rate stood...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of October 2024. During October, the overall inflation rate stood...
Personal income tax brackets to increase by 2.7% in 2025
Federal personal income tax brackets and tax credit amounts are indexed, with such indexing based on year-over-year changes in the overall Consumer Price Index. The Canada Revenue Agency (CRA) recentl...
Federal personal income tax brackets and tax credit amounts are indexed, with such indexing based on year-over-year changes in the overall Consumer Price Index. The Canada Revenue Agency (CRA) recentl...
Prescribed leasing interest rate for December 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
No change in unemployment rate for October
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of October. That rate stood at 6.5%, the same rate recorded for the ...
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of October. That rate stood at 6.5%, the same rate recorded for the ...
CRA issues Tax Tip for participants in online economy
Canadians who earn income from the online economy are required to report all such income earned on their annual tax returns. To assist the tax authorities in the enforcement of those reporting obligat...
Canadians who earn income from the online economy are required to report all such income earned on their annual tax returns. To assist the tax authorities in the enforcement of those reporting obligat...
Canada Pension Plan contribution amounts for 2025
The federal government has announced the Canada Pension Plan contribution percentages and amounts which will be in effect during 2025. Maximum pensionable earnings for 2025 will be $71,300, and the ba...
The federal government has announced the Canada Pension Plan contribution percentages and amounts which will be in effect during 2025. Maximum pensionable earnings for 2025 will be $71,300, and the ba...
CRA issues updated guide to Students and Income Tax
The Canada Revenue Agency (CRA) provides a comprehensive guide to the federal tax rules relevant to post-secondary students during the current taxation year. That guide, P105 – Students and Income T...
The Canada Revenue Agency (CRA) provides a comprehensive guide to the federal tax rules relevant to post-secondary students during the current taxation year. That guide, P105 – Students and Income T...
Canada Carbon Rebate for small businesses to be issued in December 2024
In its budget for the 2024-25 year, the federal government announced that a new Canada Carbon Rebate (CCR) would be provided for small businesses. In order to receive the CCR, a business must be a Can...
In its budget for the 2024-25 year, the federal government announced that a new Canada Carbon Rebate (CCR) would be provided for small businesses. In order to receive the CCR, a business must be a Can...
Employment Insurance premium rates for 2025 announced
The federal government has announced the Employment Insurance (EI) premium rates which will be payable by employees and employers during the 2025 calendar year. For 2025, those rates are set at $1.64 ...
The federal government has announced the Employment Insurance (EI) premium rates which will be payable by employees and employers during the 2025 calendar year. For 2025, those rates are set at $1.64 ...
Bank of Canada reduces interest rates by one-half percentage point
In its regularly scheduled interest rate announcement made on October 23, the Bank of Canada announced that the Bank Rate would be lowered by one-half percentage point, from 4.5% to 4.0%. In the press...
In its regularly scheduled interest rate announcement made on October 23, the Bank of Canada announced that the Bank Rate would be lowered by one-half percentage point, from 4.5% to 4.0%. In the press...
Unemployment rate down slightly in September
The October release of the federal Labour Force Survey shows a slight reduction in the overall rate of unemployment recorded for September 2024, as compared to the previous month. That rate declined b...
The October release of the federal Labour Force Survey shows a slight reduction in the overall rate of unemployment recorded for September 2024, as compared to the previous month. That rate declined b...
Inflation rate drops to 1.6% for September
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation fell to 1.6% for the month of September 2024. As noted in the StatsCan release, that rate...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation fell to 1.6% for the month of September 2024. As noted in the StatsCan release, that rate...
CRA issues Tax Tip on new rules for reporting of income earned from online sales
Millions of Canadians earn income by selling goods or services through websites or apps, and the revenue from such sales represents income to those vendors, which they are required to report on their ...
Millions of Canadians earn income by selling goods or services through websites or apps, and the revenue from such sales represents income to those vendors, which they are required to report on their ...
Prescribed leasing interest rate for November 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
CRA issues updated guides for GST/HST registrants
Canadian businesses which have sales of taxable goods or services in excess of $30,000 must register for GST/HST purposes and are required to file returns and remit GST/HST amounts on a prescribed sch...
Canadian businesses which have sales of taxable goods or services in excess of $30,000 must register for GST/HST purposes and are required to file returns and remit GST/HST amounts on a prescribed sch...
Bank of Canada releases interest rate announcement dates for 2025
The Bank of Canada has provided the dates on which it will make scheduled interest rate announcements during the 2025 calendar year. Those dates are as follows. Wednesday, January 29, Wednesday, Marc...
The Bank of Canada has provided the dates on which it will make scheduled interest rate announcements during the 2025 calendar year. Those dates are as follows. Wednesday, January 29, Wednesday, Marc...
Old Age Security rates to increase by 1.3% in fourth quarter
Benefit amounts provided under the federal Old Age Security (OAS) program are indexed to inflation and adjusted at the beginning of each quarter of the calendar year. The federal government has announ...
Benefit amounts provided under the federal Old Age Security (OAS) program are indexed to inflation and adjusted at the beginning of each quarter of the calendar year. The federal government has announ...
Prescribed leasing interest rate for October 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Inflation rate for August down to 2.0%
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows that the overall rate of inflation for the month of August 2024, as measured on a year-over-year basis, stood at 2.0% ...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows that the overall rate of inflation for the month of August 2024, as measured on a year-over-year basis, stood at 2.0% ...
Mortgage lending rules changed to expand access to 30-year amortizations
Finance Canada has announced that, effective as of December 15, 2024, all first-time home buyers and all buyers of new-build residential properties will qualify for 30-year amortization periods (the t...
Finance Canada has announced that, effective as of December 15, 2024, all first-time home buyers and all buyers of new-build residential properties will qualify for 30-year amortization periods (the t...
Unemployment rate for August up by 0.2%
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall unemployment rate for the month of August. That rate rose to 6.6%, as compared to the 6.4% r...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall unemployment rate for the month of August. That rate rose to 6.6%, as compared to the 6.4% r...
Upcoming deadline for third income tax instalment payment for 2024
The third individual income tax instalment payment for the 2024 tax year is due and payable on or before September 15, 2024. As September 15 falls on a Sunday this year, tax instalments due will be co...
The third individual income tax instalment payment for the 2024 tax year is due and payable on or before September 15, 2024. As September 15 falls on a Sunday this year, tax instalments due will be co...
Prescribed interest rates for 2024
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2024, as well as the rates that will apply for the purpose of calculating emp...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2024, as well as the rates that will apply for the purpose of calculating emp...
Bank of Canada reduces interest rates by 0.25%
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada reduced interest rates by 0.25%, meaning that the Bank Rate is now 4.5%. In its press release announcing t...
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada reduced interest rates by 0.25%, meaning that the Bank Rate is now 4.5%. In its press release announcing t...
Tax credit for volunteer first responders doubled for 2024
The federal government provides a non-refundable tax credit for volunteer firefighters and search and rescue volunteers who perform at least 200 hours of combined volunteer service during the year. Th...
The federal government provides a non-refundable tax credit for volunteer firefighters and search and rescue volunteers who perform at least 200 hours of combined volunteer service during the year. Th...
CRA issues updated application form for child and family tax benefits
The federal, provincial, and territorial governments provide a number of child and family tax credit and benefit programs, and the current benefit year for such programs began on July 1, 2024. In most...
The federal, provincial, and territorial governments provide a number of child and family tax credit and benefit programs, and the current benefit year for such programs began on July 1, 2024. In most...
Upcoming deadline for third tax instalment payment for 2024
Individuals who pay income tax by instalments must make the third such instalment payment for the 2024 tax year on or before September 15th, 2024. As that date falls on a Sunday this year, such paymen...
Individuals who pay income tax by instalments must make the third such instalment payment for the 2024 tax year on or before September 15th, 2024. As that date falls on a Sunday this year, such paymen...
Inflation rate for July 2024 down to 2.5%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation (as measured on a year-over-year basis) stood at 2.5% for the month of July - the lowest ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation (as measured on a year-over-year basis) stood at 2.5% for the month of July - the lowest ...
No change in unemployment rate for July 2024
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of July 2024. That rate stood at 6.4%, the same rate recorded for Ju...
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of July 2024. That rate stood at 6.4%, the same rate recorded for Ju...
Finance announces enhancements to Canadian Entrepreneurs’ Incentive
In this year’s budget, the federal government announced that the inclusion rate for all capital gains earned by corporations after June 24, 2024 would increase from 50% to 66.6%. At the same time, t...
In this year’s budget, the federal government announced that the inclusion rate for all capital gains earned by corporations after June 24, 2024 would increase from 50% to 66.6%. At the same time, t...
Prescribed leasing interest rate for September 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
CRA issues guides to tax credit and benefit programs for 2024-25
The federal and provincial governments offer a range of tax credit and benefit programs which provide tax-free payments to eligible Canadians. The current benefit year for such credit and benefit prog...
The federal and provincial governments offer a range of tax credit and benefit programs which provide tax-free payments to eligible Canadians. The current benefit year for such credit and benefit prog...
30-year amortization mortgages to be available for first-time home buyers
Home purchasers who take out a mortgage must pay back that mortgage amount (plus interest) over a specified period of time, known as the amortization period. While the standard amortization period is ...
Home purchasers who take out a mortgage must pay back that mortgage amount (plus interest) over a specified period of time, known as the amortization period. While the standard amortization period is ...
CRA expands SimpleFile service for 2023 returns
The federal and provincial governments offer a number of tax credits and benefits for which both eligibility and the amount receivable are determined, in part, by the income of the recipient. In order...
The federal and provincial governments offer a number of tax credits and benefits for which both eligibility and the amount receivable are determined, in part, by the income of the recipient. In order...
Interest and penalty relief for taxpayers affected by wildfires
The Canada Revenue Agency (CRA) administers a program – the Taxpayer Relief Program – under which interest and penalty charges can be waived where taxpayers are unable to meet their tax filing or ...
The Canada Revenue Agency (CRA) administers a program – the Taxpayer Relief Program – under which interest and penalty charges can be waived where taxpayers are unable to meet their tax filing or ...
Bank of Canada cuts interest rates again
In its regularly scheduled interest rate announcement made on July 24, the Bank of Canada announced that rates would be lowered by 25 basis points. As a result, the Bank Rate now stands at 4.75%. In t...
In its regularly scheduled interest rate announcement made on July 24, the Bank of Canada announced that rates would be lowered by 25 basis points. As a result, the Bank Rate now stands at 4.75%. In t...
HST/GST exemption now provided for mental health services
The Canada Revenue Agency has issued a News Release reminding taxpayers and mental health service providers that mental health services are now generally (except in the province of Québec) exempt fro...
The Canada Revenue Agency has issued a News Release reminding taxpayers and mental health service providers that mental health services are now generally (except in the province of Québec) exempt fro...
Overall inflation rate down slightly in June
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of June 2024. That rate stood at 2.7%, as compared to ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of June 2024. That rate stood at 2.7%, as compared to ...
Unemployment rate up slightly in June
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall rate of unemployment during the month of June 2024. That rate stood at 6.4%, as compared to ...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall rate of unemployment during the month of June 2024. That rate stood at 6.4%, as compared to ...
Upcoming filing deadline for small business Canada Carbon Rebate
In this year’s budget, the federal government announced that the Canada Carbon Rebate program would be expanded to be available to small businesses. In order to be eligible for the rebate a small bu...
In this year’s budget, the federal government announced that the Canada Carbon Rebate program would be expanded to be available to small businesses. In order to be eligible for the rebate a small bu...
Prescribed leasing interest rate for August 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Increase in overall inflation rate for May 2024
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of May 2024 stood at 2.9% – an increase from the 2.7% inflation figure...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of May 2024 stood at 2.9% – an increase from the 2.7% inflation figure...
New tax credit and benefit year begins July 1, 2024
The federal and provincial governments provide eligible taxpayers with a range of refundable tax credit and benefit amounts. Such benefits are generally paid on a monthly or quarterly basis and are re...
The federal and provincial governments provide eligible taxpayers with a range of refundable tax credit and benefit amounts. Such benefits are generally paid on a monthly or quarterly basis and are re...
Increase in Old Age Security benefit amounts for third quarter of 2024
The Old Age Security (OAS) benefit paid to Canadian residents aged 65 and older is indexed quarterly to changes in the Consumer Price Index. The federal government recently announced that, for the thi...
The Old Age Security (OAS) benefit paid to Canadian residents aged 65 and older is indexed quarterly to changes in the Consumer Price Index. The federal government recently announced that, for the thi...
Prescribed leasing interest rate for July 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Increase in capital gains tax effective June 25, 2024
As announced in the 2024-25 federal budget, the percentage of capital gains included in income will increase from 50% to 66.6%, effective for gains realized after June 24, 2024. The change in the incl...
As announced in the 2024-25 federal budget, the percentage of capital gains included in income will increase from 50% to 66.6%, effective for gains realized after June 24, 2024. The change in the incl...
Slight increase in unemployment rate for May
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of May increased slightly, to 6.2%. The comparable rate for April 2024 was 6.1%. Acr...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of May increased slightly, to 6.2%. The comparable rate for April 2024 was 6.1%. Acr...
Prescribed interest rates for 2024
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2024, as well as the rates that will apply for th...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2024, as well as the rates that will apply for th...
June 17 return filing deadline for self-employed taxpayers
All self-employed taxpayers, and their spouses, are required to file an individual income tax return for the 2023 tax year on or before Monday June 17, 2024. All taxpayers (including those who are sel...
All self-employed taxpayers, and their spouses, are required to file an individual income tax return for the 2023 tax year on or before Monday June 17, 2024. All taxpayers (including those who are sel...
Bank of Canada reduces interest rates
In its regularly scheduled interest rate announcement made on June 5, the Bank of Canada announced that rates would be lowered by 25 basis points. As a result, the Bank Rate now stands at 5.0%. The ch...
In its regularly scheduled interest rate announcement made on June 5, the Bank of Canada announced that rates would be lowered by 25 basis points. As a result, the Bank Rate now stands at 5.0%. The ch...
Federal government to provide carbon rebate to small businesses
In its 2024-25 budget, the federal government announced the creation of the Canada Carbon Rebate for Small Businesses, which will be provided to eligible Canadian-controlled private corporations which...
In its 2024-25 budget, the federal government announced the creation of the Canada Carbon Rebate for Small Businesses, which will be provided to eligible Canadian-controlled private corporations which...
Upcoming deadline for second tax instalment payment for 2024
The second individual income tax instalment payment for the 2024 tax year is due and payable on or before Monday June 17, 2024. Taxpayers who are subject to the instalment payment requirement will hav...
The second individual income tax instalment payment for the 2024 tax year is due and payable on or before Monday June 17, 2024. Taxpayers who are subject to the instalment payment requirement will hav...
CRA simplifies procedure for obtaining access to online services
The Canada Revenue Agency’s digital services make it possible for Canadian taxpayers to manage all of their personal tax filing, payment, and appeal rights and obligations online, on the Agency’s ...
The Canada Revenue Agency’s digital services make it possible for Canadian taxpayers to manage all of their personal tax filing, payment, and appeal rights and obligations online, on the Agency’s ...
Rate of inflation down slightly in April
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of April. For that month, the inflation rate stood at ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of April. For that month, the inflation rate stood at ...
Online application process now open for rental housing GST/HST rebate
The Canada Revenue Agency has issued a notice indicating that applications for the GST/HST rebate for new purpose-built rental housing (PBRH) can be made online, on the CRA website, as of May 13, 2024...
The Canada Revenue Agency has issued a notice indicating that applications for the GST/HST rebate for new purpose-built rental housing (PBRH) can be made online, on the CRA website, as of May 13, 2024...
Unemployment rate unchanged in April
The most recent release of Statistics Canada’s Labour Force Survey shows that, while employment during the month of April increased by 90,000, the overall unemployment rate was unchanged from March,...
The most recent release of Statistics Canada’s Labour Force Survey shows that, while employment during the month of April increased by 90,000, the overall unemployment rate was unchanged from March,...
CRA issues updated Guide to reporting of self-employment income for 2023
Self-employed taxpayers (and their spouses) are required to file an individual income tax return for the 2023 tax year on or before June 17, 2024. The Canada Revenue Agency (CRA) recently updated and ...
Self-employed taxpayers (and their spouses) are required to file an individual income tax return for the 2023 tax year on or before June 17, 2024. The Canada Revenue Agency (CRA) recently updated and ...
Prescribed leasing interest rate for June 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Making a payment arrangement with the Canada Revenue Agency
All Canadian individual taxpayers were required to pay any balance of income tax owed for the 2023 tax year on or before April 30, 2024. While self-employed taxpayers and their spouses have until June...
All Canadian individual taxpayers were required to pay any balance of income tax owed for the 2023 tax year on or before April 30, 2024. While self-employed taxpayers and their spouses have until June...
Upcoming change to capital gains inclusion rate
The 2024-25 federal budget included a measure to increase the percentage of capital gains which must be included in income by corporations and trusts and, in some circumstances, individual taxpayers. ...
The 2024-25 federal budget included a measure to increase the percentage of capital gains which must be included in income by corporations and trusts and, in some circumstances, individual taxpayers. ...
Individual income tax return filing deadline is April 30, 2024
Most Canadian individual taxpayers are required to file their income tax return for the 2023 tax year on or before Tuesday April 30, 2024. The exception is self-employed taxpayers (and their spouses) ...
Most Canadian individual taxpayers are required to file their income tax return for the 2023 tax year on or before Tuesday April 30, 2024. The exception is self-employed taxpayers (and their spouses) ...
April 30 payment deadline for all individual income tax amounts owed
All Canadian individual taxpayers who have tax amounts owing for the 2023 tax year must pay those amounts in full on or before Tuesday April 30, 2024. Where amounts owed are not paid in full by that d...
All Canadian individual taxpayers who have tax amounts owing for the 2023 tax year must pay those amounts in full on or before Tuesday April 30, 2024. Where amounts owed are not paid in full by that d...
Inflation rate for March increases to 2.9%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation rose from 2.8% in February 2024 to 2.9% in March 2024. Both rates are as measured on a ye...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation rose from 2.8% in February 2024 to 2.9% in March 2024. Both rates are as measured on a ye...
Federal budget proposes increase in Home Buyers’ Plan withdrawal limits
The federal home buyers' plan (HBP) allows eligible first-time home buyers to withdraw up to $35,000 from a registered retirement savings plan (RRSP) to purchase or build a first home. No tax is payab...
The federal home buyers' plan (HBP) allows eligible first-time home buyers to withdraw up to $35,000 from a registered retirement savings plan (RRSP) to purchase or build a first home. No tax is payab...
Budget 2024: Manipulation of Bankrupt Status
Budget 2024 proposes to repeal the exception to the debt forgiveness rules for bankrupt corporations and the loss restriction rule applicable to bankrupt corporations. This change would subject bankru...
Budget 2024 proposes to repeal the exception to the debt forgiveness rules for bankrupt corporations and the loss restriction rule applicable to bankrupt corporations. This change would subject bankru...
Budget 2024: Synthetic Equity Arrangements
Budget 2024 proposes to remove the tax-indifferent investor exception (including the exchange traded exception) to the anti-avoidance rule. This measure would simplify the anti-avoidance rule and prev...
Budget 2024 proposes to remove the tax-indifferent investor exception (including the exchange traded exception) to the anti-avoidance rule. This measure would simplify the anti-avoidance rule and prev...
Budget 2024: Mutual Fund Corporations
Budget 2024 proposes amendments to the Income Tax Act to preclude a corporation from qualifying as a mutual fund corporation where it is controlled by or for the benefit of a corporate group (includ...
Budget 2024 proposes amendments to the Income Tax Act to preclude a corporation from qualifying as a mutual fund corporation where it is controlled by or for the benefit of a corporate group (includ...
Budget 2024: Avoidance of Tax Debts
Budget 2024 proposes to introduce a supplementary rule to strengthen the tax debt anti-avoidance rule, applicable in the following circumstances: there has been a transfer of property from a tax debt...
Budget 2024 proposes to introduce a supplementary rule to strengthen the tax debt anti-avoidance rule, applicable in the following circumstances: there has been a transfer of property from a tax debt...
Budget 2024: Interest Deductibility Limits - Purpose-Built Rental Housing
Legislative proposals to implement the excessive interest and financing expenses limitation (EIFEL) rules are currently before Parliament in Bill C-59. The EIFEL rules provide an exemption for interes...
Legislative proposals to implement the excessive interest and financing expenses limitation (EIFEL) rules are currently before Parliament in Bill C-59. The EIFEL rules provide an exemption for interes...
Budget 2024: Canada Carbon Rebate for Small Businesses
Budget 2024 proposes to return a portion of fuel charge proceeds from a province via the new Canada Carbon Rebate for Small Businesses, an automatic, refundable tax credit directly for eligible busine...
Budget 2024 proposes to return a portion of fuel charge proceeds from a province via the new Canada Carbon Rebate for Small Businesses, an automatic, refundable tax credit directly for eligible busine...
Budget 2024: Immediate Expensing for Productivity-Enhancing Assets
Budget 2024 proposes to provide immediate expensing for new additions of property in respect of Class 44 (patents or the rights to use patented information for a limited or unlimited period), Class 46...
Budget 2024 proposes to provide immediate expensing for new additions of property in respect of Class 44 (patents or the rights to use patented information for a limited or unlimited period), Class 46...
Budget 2024: Accelerated Capital Cost Allowance (CCA)
Budget 2024 proposes to provide an accelerated CCA of 10% for new eligible purpose-built rental projects that begin construction on or after Budget Day and before January 1, 2031, and are available fo...
Budget 2024 proposes to provide an accelerated CCA of 10% for new eligible purpose-built rental projects that begin construction on or after Budget Day and before January 1, 2031, and are available fo...
Budget 2024: Clean Technology Manufacturing Investment Tax Credit
Budget 2024 proposes adjustments to the Clean Technology Manufacturing investment tax credit to provide greater support to businesses engaged in the production of qualifying materials at polymetallic ...
Budget 2024 proposes adjustments to the Clean Technology Manufacturing investment tax credit to provide greater support to businesses engaged in the production of qualifying materials at polymetallic ...
Budget 2024: Clean Electricity Investment Tax Credit
Budget 2024 provides the design and implementation details of the Clean Electricity investment tax credit announced in Budget 2023. Eligible corporations would be: taxable Canadian corporations; prov...
Budget 2024 provides the design and implementation details of the Clean Electricity investment tax credit announced in Budget 2023. Eligible corporations would be: taxable Canadian corporations; prov...
Budget 2024: Home Buyers' Plan
Budget 2024 proposes to increase the home buyers' plan (“HBP”) withdrawal limit from $35,000 to $60,000. This increase would also apply to withdrawals made for the benefit of a disabled individual...
Budget 2024 proposes to increase the home buyers' plan (“HBP”) withdrawal limit from $35,000 to $60,000. This increase would also apply to withdrawals made for the benefit of a disabled individual...
Budget 2024: Charities and Qualified Donees
Budget 2024 proposes to extend the period for which qualifying foreign charities are registered as a qualified donee from 24 months to 36 months. In addition, foreign charities would be required to su...
Budget 2024 proposes to extend the period for which qualifying foreign charities are registered as a qualified donee from 24 months to 36 months. In addition, foreign charities would be required to su...
Budget 2024: Employee Ownership Trust Tax Exemption
Budget 2023 proposed tax rules to facilitate the creation of employee ownership trusts (“EOTs”). These legislative proposals are currently before Parliament in Bill C-59. The 2023 Fall Economic St...
Budget 2023 proposed tax rules to facilitate the creation of employee ownership trusts (“EOTs”). These legislative proposals are currently before Parliament in Bill C-59. The 2023 Fall Economic St...
Budget 2024: Disability Supports Deduction
Budget 2024 proposes to expand the list of expenses recognized under the Disability Supports Deduction, subject to the specified conditions, such as the cost of: an ergonomic work chair (including an...
Budget 2024 proposes to expand the list of expenses recognized under the Disability Supports Deduction, subject to the specified conditions, such as the cost of: an ergonomic work chair (including an...
Budget 2024: Canada Child Benefit
Budget 2024 proposes to amend the Income Tax Act to extend eligibility for the Canada Child Benefit (“CCB”) in respect of a child for six months after the child's death (the "extended period"), if...
Budget 2024 proposes to amend the Income Tax Act to extend eligibility for the Canada Child Benefit (“CCB”) in respect of a child for six months after the child's death (the "extended period"), if...
Budget 2024: Alternative Minimum Tax
Budget 2023 announced amendments to the Income Tax Act that would change the Alternative Minimum Tax (“AMT”) calculation. Draft legislative proposals to implement these changes were published for ...
Budget 2023 announced amendments to the Income Tax Act that would change the Alternative Minimum Tax (“AMT”) calculation. Draft legislative proposals to implement these changes were published for ...
Budget 2024: Volunteer Firefighters and Search and Rescue Volunteers Tax Credits
Budget 2024 proposes to double the credit amount for the Volunteer Firefighters Tax Credit and the Search and Rescue Volunteers Tax Credit from $3,000 to $6,000, applicable to the 2024 and subsequent ...
Budget 2024 proposes to double the credit amount for the Volunteer Firefighters Tax Credit and the Search and Rescue Volunteers Tax Credit from $3,000 to $6,000, applicable to the 2024 and subsequent ...
Budget 2024: Capital Gains Inclusion Rate
Budget 2024 proposes to increase the capital gains inclusion rate from one half to two thirds for corporations and trusts, and from one half to two thirds on the portion of capital gains realized in t...
Budget 2024 proposes to increase the capital gains inclusion rate from one half to two thirds for corporations and trusts, and from one half to two thirds on the portion of capital gains realized in t...
Budget 2024: Canadian Entrepreneurs' Incentive
Budget 2024 proposes to introduce the Canadian Entrepreneurs' Incentive, which would reduce the tax rate on capital gains on the disposition of qualifying shares by an eligible individual. Specificall...
Budget 2024 proposes to introduce the Canadian Entrepreneurs' Incentive, which would reduce the tax rate on capital gains on the disposition of qualifying shares by an eligible individual. Specificall...
Budget 2024: Lifetime Capital Gains Exemption
The amount of the Lifetime Capital Gains Exemption (“LCGE”) is $1,016,836 in 2024 and indexed to inflation. Budget 2024 proposes to increase the LCGE to apply to up to $1.25 million of eligible ca...
The amount of the Lifetime Capital Gains Exemption (“LCGE”) is $1,016,836 in 2024 and indexed to inflation. Budget 2024 proposes to increase the LCGE to apply to up to $1.25 million of eligible ca...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 10, the Bank of Canada indicated that, in its view, no change was required to current interest rates. Accordingly, the Bank Rate rem...
In its regularly scheduled interest rate announcement made on April 10, the Bank of Canada indicated that, in its view, no change was required to current interest rates. Accordingly, the Bank Rate rem...
Slight increase in unemployment rate for March
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the rate of unemployment during the month of March. That rate increased by 0.3%, to 6.1%. Among demograph...
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the rate of unemployment during the month of March. That rate increased by 0.3%, to 6.1%. Among demograph...
Mineral exploration tax credit program extended for additional year
The federal government provides investors in flow-through shares of qualifying mineral exploration companies with a non-refundable 15% tax credit. That mineral exploration tax credit program was sched...
The federal government provides investors in flow-through shares of qualifying mineral exploration companies with a non-refundable 15% tax credit. That mineral exploration tax credit program was sched...
Prescribed leasing interest rate for May 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
No change to Old Age Security rates for second quarter of 2024
Increases to benefits payable under the Old Age Security program are based on changes to the Consumer Price Index, with such benefit amounts indexed quarterly. The federal government has announced tha...
Increases to benefits payable under the Old Age Security program are based on changes to the Consumer Price Index, with such benefit amounts indexed quarterly. The federal government has announced tha...
CRA issues updated guide to students and income tax
Post-secondary students are entitled to claim a number of tax deductions and credits for costs relating to their education. In addition, such students are frequently in a position to claim several tax...
Post-secondary students are entitled to claim a number of tax deductions and credits for costs relating to their education. In addition, such students are frequently in a position to claim several tax...
Inflation rate down slightly in February 2024
The most recent release of Statistics Canada’s Consumer Price Index shows a slight decline in the overall inflation rate for the month of February 2024. That rate stood at 2.8%, a 0.1% decline from ...
The most recent release of Statistics Canada’s Consumer Price Index shows a slight decline in the overall inflation rate for the month of February 2024. That rate stood at 2.8%, a 0.1% decline from ...
Prescribed interest rates for 2024
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2024, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2024, as well as the rates that will apply for the purpose ...
Prescribed leasing interest rate for April 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Unemployment rate up slightly in February 2024
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall rate of unemployment during the month of February. That rate rose to 5.8%, as compared to th...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall rate of unemployment during the month of February. That rate rose to 5.8%, as compared to th...
Date announced for release of 2024-25 federal budget
Finance Canada has announced that the federal budget for the upcoming (2024-25) fiscal year will be brought down on Tuesday April 16, 2024, at around 4 p.m. Once the budget measures are announced, the...
Finance Canada has announced that the federal budget for the upcoming (2024-25) fiscal year will be brought down on Tuesday April 16, 2024, at around 4 p.m. Once the budget measures are announced, the...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 5.25...
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 5.25...
Old Age Security clawback income threshold for 2024
The Canada Revenue Agency has published the income threshold which will apply for purposes of the Old Age Security (OAS) clawback threshold during 2024. Individuals who receive OAS benefits can have u...
The Canada Revenue Agency has published the income threshold which will apply for purposes of the Old Age Security (OAS) clawback threshold during 2024. Individuals who receive OAS benefits can have u...
Electronic filing now mandatory for GST/HST registrants
Canadian businesses which have registered for goods and services tax/harmonized sales tax (GST/HST) purposes must file returns with the federal government on a prescribed schedule, which can be monthl...
Canadian businesses which have registered for goods and services tax/harmonized sales tax (GST/HST) purposes must file returns with the federal government on a prescribed schedule, which can be monthl...
Inflation rate declines slightly in January
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation declined to below 3% during the month of January 2024. The inflation rate for that month (as meas...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation declined to below 3% during the month of January 2024. The inflation rate for that month (as meas...
NETFILE service for filing of 2023 tax returns now available
The Canada Revenue Agency has announced that its digital services for the filing of individual income tax returns for the 2023 tax year are now open. Both NETFILE and ReFILE services are available 21...
The Canada Revenue Agency has announced that its digital services for the filing of individual income tax returns for the 2023 tax year are now open. Both NETFILE and ReFILE services are available 21...
Prescribed leasing interest rate for March 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Slight decline in unemployment rate for January
The most recent release of Statistics Canada’s Labour Force Survey shows a slight drop in the overall rate of unemployment for the month of January 2024. That rate declined by 0.1%, from 5.8% to 5.7...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight drop in the overall rate of unemployment for the month of January 2024. That rate declined by 0.1%, from 5.8% to 5.7...
CRA announces individual tax filing deadlines for 2023 returns
The Canada Revenue Agency (CRA) has announced that the filing deadline for individual income tax returns for the 2023 tax year will be Tuesday April 30, 2024. Self-employed individuals and their spous...
The Canada Revenue Agency (CRA) has announced that the filing deadline for individual income tax returns for the 2023 tax year will be Tuesday April 30, 2024. Self-employed individuals and their spous...
February 29, 2024 deadline for making RRSP contributions for 2023
The Canada Revenue Agency has announced that the deadline for making registered retirement savings plan (RRSP) contributions which can be deducted on the return for the 2023 tax year will be Thursday ...
The Canada Revenue Agency has announced that the deadline for making registered retirement savings plan (RRSP) contributions which can be deducted on the return for the 2023 tax year will be Thursday ...
Income tax return packages to be sent by mid-February
While the majority of Canadian taxpayers file their income tax returns by electronic means, paper returns can still be filed with and processed by the Canada Revenue Agency (CRA). The Agency will be s...
While the majority of Canadian taxpayers file their income tax returns by electronic means, paper returns can still be filed with and processed by the Canada Revenue Agency (CRA). The Agency will be s...
NETFILE service for 2023 tax returns available February 19
The Canada Revenue Agency has announced that its services for the online filing of individual income tax returns for the 2023 tax year will be available in mid-February. Both NETFILE and ReFILE servic...
The Canada Revenue Agency has announced that its services for the online filing of individual income tax returns for the 2023 tax year will be available in mid-February. Both NETFILE and ReFILE servic...
Prescribed leasing interest rate for February 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on January 24, 2024, the Bank of Canada indicated that, in its view, no change to current rates was needed. Accordingly, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on January 24, 2024, the Bank of Canada indicated that, in its view, no change to current rates was needed. Accordingly, the Bank Rate remain...
Online filing of prior year tax returns available until January 26
Canadian taxpayers can still file individual income tax returns for the 2017 to 2022 tax years using the Canada Revenue Agency’s online tax filing service NETFILE. The NETFILE filing service provide...
Canadian taxpayers can still file individual income tax returns for the 2017 to 2022 tax years using the Canada Revenue Agency’s online tax filing service NETFILE. The NETFILE filing service provide...
Rate of inflation increases in December 2023
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of December 2023. That rate stood at 3.4%, as compared to the 3.1...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of December 2023. That rate stood at 3.4%, as compared to the 3.1...
January 18 deadline for repayment of CEBA loans
During the pandemic, the federal government provided loan financing to eligible Canadian businesses through the Canada Emergency Business Assistance (CEBA) program. Such loan amounts provided are part...
During the pandemic, the federal government provided loan financing to eligible Canadian businesses through the Canada Emergency Business Assistance (CEBA) program. Such loan amounts provided are part...
No change in unemployment rate for December 2023
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of December 2023. That rate stood at 5.8%, the same as the rate reco...
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of December 2023. That rate stood at 5.8%, the same as the rate reco...
No change in inflation rate for November 2023
The most recent release of Statistics Canada’s Consumer Price Index shows no change in the overall rate of inflation for the month of November 2023. That rate stood at 3.1%, the same rate recorded f...
The most recent release of Statistics Canada’s Consumer Price Index shows no change in the overall rate of inflation for the month of November 2023. That rate stood at 3.1%, the same rate recorded f...
Canada Pension Plan benefits to increase by 4.4% in 2024
Benefits paid under the Canada Pension Plan are indexed annually, based on changes to the Consumer Price Index. The federal government has announced that CPP benefits paid during the 2024 calendar yea...
Benefits paid under the Canada Pension Plan are indexed annually, based on changes to the Consumer Price Index. The federal government has announced that CPP benefits paid during the 2024 calendar yea...
Prescribed leasing interest rate for January 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Prescribed interest rates for 2024
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2024, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2024, as well as the rates that will apply for the purpo...
Old Age Security payments to increase by 0.8% for first quarter of 2024
Employment and Social Development Canada (ESDC) has announced that Old Age Security (OAS) payments for the first quarter (January to March) of 2024 will increase by 0.8%. OAS benefit amounts are adjus...
Employment and Social Development Canada (ESDC) has announced that Old Age Security (OAS) payments for the first quarter (January to March) of 2024 will increase by 0.8%. OAS benefit amounts are adjus...
Final individual income tax instalment for 2023 due on December 15
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2023 tax year must be mad...
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2023 tax year must be mad...
Little change in unemployment rate for November
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the general unemployment rate for the month of November 2023. For that month, unemployment stood at 5.8%, as...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the general unemployment rate for the month of November 2023. For that month, unemployment stood at 5.8%, as...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 6, 2023, the Bank of Canada indicated that, in its view, no change to current rates was needed. Accordingly, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on December 6, 2023, the Bank of Canada indicated that, in its view, no change to current rates was needed. Accordingly, the Bank Rate remain...
New T4 and T4A reporting requirements for 2023
The Canada Revenue Agency has issued a Tax Tip reminding employers and pension plan administrators of a change in T4 and T4A reporting rules, beginning with the 2023 tax year. All issuers of T4s and T...
The Canada Revenue Agency has issued a Tax Tip reminding employers and pension plan administrators of a change in T4 and T4A reporting rules, beginning with the 2023 tax year. All issuers of T4s and T...
CRA announces indexation adjustment for 2024 personal tax amounts
Annual changes in personal income tax brackets and tax credit amounts are based on changes in the Consumer Price Index. The Canada Revenue Agency has announced that, for the upcoming 2024 tax year, su...
Annual changes in personal income tax brackets and tax credit amounts are based on changes in the Consumer Price Index. The Canada Revenue Agency has announced that, for the upcoming 2024 tax year, su...
Fall Economic Statement shows deficit of $40 billion for current fiscal year
The 2023-24 Fall Economic Statement brought down by the Minister of Finance on November 21 indicates that the federal government will run a deficit of $40 billion for the current (2023-24) fiscal year...
The 2023-24 Fall Economic Statement brought down by the Minister of Finance on November 21 indicates that the federal government will run a deficit of $40 billion for the current (2023-24) fiscal year...
Overall inflation rate declines in October 2023
The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall inflation rate for the month of October, with the inflation rate for that month coming in at 3.1%, as ...
The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall inflation rate for the month of October, with the inflation rate for that month coming in at 3.1%, as ...
Deadline extended for filing of underused housing tax returns for 2022
The federal government levies a 1% underused housing tax (“UHT”) on some owners of vacant or underused residential properties in Canada. Generally, affected property owners are foreign nationals, ...
The federal government levies a 1% underused housing tax (“UHT”) on some owners of vacant or underused residential properties in Canada. Generally, affected property owners are foreign nationals, ...
Date announced for release of Fall Economic Statement
Finance Canada has announced that the Fall Economic Statement for the 2023-24 fiscal year will be presented by the Minister of Finance on Tuesday November 21, 2023 at around 4 p.m. Once the measures i...
Finance Canada has announced that the Fall Economic Statement for the 2023-24 fiscal year will be presented by the Minister of Finance on Tuesday November 21, 2023 at around 4 p.m. Once the measures i...
Little change in overall unemployment rate for October
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the unemployment rate recorded for the month of October 2023. That rate rose by 0.2%, from 5.5% to 5.7%, wit...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the unemployment rate recorded for the month of October 2023. That rate rose by 0.2%, from 5.5% to 5.7%, wit...
CRA announces Canada Pension Plan contribution amounts for 2024
The Canada Revenue Agency (CRA) has announced the contribution percentages, limits, and amounts which will apply for purposes of the Canada Pension Plan (CPP) during 2024. Those figures include change...
The Canada Revenue Agency (CRA) has announced the contribution percentages, limits, and amounts which will apply for purposes of the Canada Pension Plan (CPP) during 2024. Those figures include change...
Rural supplement for Climate Action Incentive Payment to be increased
Residents of Ontario, Nova Scotia, New Brunswick, Manitoba, Prince Edward Island, Saskatchewan, Alberta, and Newfoundland and Labrador receive a Climate Action Incentive Payment (CAIP) from the federa...
Residents of Ontario, Nova Scotia, New Brunswick, Manitoba, Prince Edward Island, Saskatchewan, Alberta, and Newfoundland and Labrador receive a Climate Action Incentive Payment (CAIP) from the federa...
Temporary exemption from carbon tax on purchases of home heating oil
The federal government has announced that sales of home heating oil delivered between November 9, 2023 and April 1, 2027 will be exempt from the federal carbon tax. In the same announcement, the feder...
The federal government has announced that sales of home heating oil delivered between November 9, 2023 and April 1, 2027 will be exempt from the federal carbon tax. In the same announcement, the feder...
CRA issues Tax Tip on reporting of cryptocurrency holdings and transactions
Canadians who hold “crypto-assets”, including cryptocurrency, are required to report any income or capital gains resulting from transactions involving such assets. The Canada Revenue Agency recent...
Canadians who hold “crypto-assets”, including cryptocurrency, are required to report any income or capital gains resulting from transactions involving such assets. The Canada Revenue Agency recent...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on October 25, the Bank of Canada indicated that, in its view, no change to current interest rates was required. The Bank Rate accordingly re...
In its regularly scheduled interest rate announcement made on October 25, the Bank of Canada indicated that, in its view, no change to current interest rates was required. The Bank Rate accordingly re...
CRA issues information on registration renewal for EFILE providers for 2024
EFILE services for the filing of individual income tax returns for the 2023 tax year will be available sometime in early 2024. The Canada Revenue Agency recently issued a program update reminding EFIL...
EFILE services for the filing of individual income tax returns for the 2023 tax year will be available sometime in early 2024. The Canada Revenue Agency recently issued a program update reminding EFIL...
Inflation rate down slightly in September
The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall rate of inflation for the month of September. That rate stood at 3.8%, as compared to the 4.0% inflati...
The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall rate of inflation for the month of September. That rate stood at 3.8%, as compared to the 4.0% inflati...
Prescribed leasing interest rate for November
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
No change in unemployment rate for September
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate recorded for the month of September, with that rate remaining at 5.5% for the thir...
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate recorded for the month of September, with that rate remaining at 5.5% for the thir...
Employment Insurance premium rates for 2024
The Canada Employment Insurance Commission has announced the premium rates and limits which will apply for purposes of the Employment Insurance program during the 2024 calendar year. For 2024, as a re...
The Canada Employment Insurance Commission has announced the premium rates and limits which will apply for purposes of the Employment Insurance program during the 2024 calendar year. For 2024, as a re...
Increase in Old Age Security benefits for October to December 2023
The federal government has announced that amounts paid under the Old Age Security (OAS) program will increase for the fourth quarter (October to December) of 2023. The increases are based on changes t...
The federal government has announced that amounts paid under the Old Age Security (OAS) program will increase for the fourth quarter (October to December) of 2023. The increases are based on changes t...
Prescribed interest leasing rate for October
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Inflation rate increases to 4.0% in August
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of August stood at 4.0%, as compared to the 3.3% inflation rate recorded fo...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of August stood at 4.0%, as compared to the 3.3% inflation rate recorded fo...
Interest and penalty relief provided for taxpayers affected by wildfires
The Canada Revenue Agency has issued a Tax Tip indicating that interest and penalty relief will be provided to taxpayers who are unable to meet their tax filing and/or payment obligations due to this ...
The Canada Revenue Agency has issued a Tax Tip indicating that interest and penalty relief will be provided to taxpayers who are unable to meet their tax filing and/or payment obligations due to this ...
Repayment deadline extended for small business pandemic loans
During the pandemic, the federal government provided the small business sector with financial assistance through the Canada Emergency Business Account (CEBA) program. That program provided eligible sm...
During the pandemic, the federal government provided the small business sector with financial assistance through the Canada Emergency Business Account (CEBA) program. That program provided eligible sm...
Prescribed interest rates for 2023
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the last quarter of 2023, as well as the rates that will apply for the purpos...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the last quarter of 2023, as well as the rates that will apply for the purpos...
No change in unemployment rate for August
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 5.5%, the same rate recorded for the month of July. As no...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 5.5%, the same rate recorded for the month of July. As no...
Third individual instalment payment of 2023 due September 15
Individual Canadian taxpayers who pay federal income tax by instalments make those instalment payments of tax four times each year, by specified deadlines. The third income tax instalment deadline for...
Individual Canadian taxpayers who pay federal income tax by instalments make those instalment payments of tax four times each year, by specified deadlines. The third income tax instalment deadline for...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on September 6, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate re...
In its regularly scheduled interest rate announcement made on September 6, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate re...
Credit toward CERB repayment debt available to eligible post secondary students
During the pandemic a number of post-secondary students received the Canada Emergency Response Benefit (CERB) and, in some cases, have been asked to repay those benefits to the federal government. The...
During the pandemic a number of post-secondary students received the Canada Emergency Response Benefit (CERB) and, in some cases, have been asked to repay those benefits to the federal government. The...
Increase in withdrawal limits for Registered Education Savings Plans
Canadian parents can save for their children’s post-secondary education on a tax-assisted basis, through the federal Registered Education Savings Plan (RESP) program, which allows parents to contrib...
Canadian parents can save for their children’s post-secondary education on a tax-assisted basis, through the federal Registered Education Savings Plan (RESP) program, which allows parents to contrib...
New forms issued for withdrawals and transfers involving First Home Savings Accounts
Beginning in 2023, Canadians are able to save for the purchase of a first home on a tax-assisted basis through the new First Home Savings Account (FHSA) program. One of the features of the FHSA progra...
Beginning in 2023, Canadians are able to save for the purchase of a first home on a tax-assisted basis through the new First Home Savings Account (FHSA) program. One of the features of the FHSA progra...
Upcoming changes to electronic filing requirements for businesses
For several years, businesses which file more than 50 information returns (slips and summaries) have been required to file those returns by electronic means, rather than paper filing. Effective as of ...
For several years, businesses which file more than 50 information returns (slips and summaries) have been required to file those returns by electronic means, rather than paper filing. Effective as of ...
Finance Canada issues reminder of availability of First Home Savings Accounts
Beginning in 2023, Canadians aged 18 and over can save for the purchase of a first home on a tax-assisted basis, through the First Home Savings Account (FHSA) program. Contributions (to a maximum of $...
Beginning in 2023, Canadians aged 18 and over can save for the purchase of a first home on a tax-assisted basis, through the First Home Savings Account (FHSA) program. Contributions (to a maximum of $...
Increase in rate of inflation for July
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall inflation rate increased by .5% for the month of July. That rate reached 3.3%, as compared to the 2.8% infl...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall inflation rate increased by .5% for the month of July. That rate reached 3.3%, as compared to the 2.8% infl...
Updated publication issued for GST/HST tax credit for 2023-24
The federal government provides a refundable tax credit to lower and middle-income Canadians, to help offset the impact of the goods and services tax/harmonized sales tax (GST/HST). That credit is p...
The federal government provides a refundable tax credit to lower and middle-income Canadians, to help offset the impact of the goods and services tax/harmonized sales tax (GST/HST). That credit is p...
Unemployment rate for July up by 0.1%
The most recent release of Statistics Canada’s Labour Force Survey shows little change in overall unemployment rate for the month of July 2023. That rate increased by 0.1% to 5.5%. Across demographi...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in overall unemployment rate for the month of July 2023. That rate increased by 0.1% to 5.5%. Across demographi...
Prescribed interest rate for leasing for September 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada releases schedule for interest rate announcements in 2024
The Bank of Canada issues interest rate announcements on eight scheduled dates throughout the year, and the Bank recently released its schedule for such announcements during 2024. Interest rate announ...
The Bank of Canada issues interest rate announcements on eight scheduled dates throughout the year, and the Bank recently released its schedule for such announcements during 2024. Interest rate announ...
Updated guide issued for Canada Child Benefit program for 2023-24
Through its Canada Child Benefit program, the federal government provides a non-taxable monthly benefit to parents of children under the age of 18. Benefit amounts are adjusted at the start of each be...
Through its Canada Child Benefit program, the federal government provides a non-taxable monthly benefit to parents of children under the age of 18. Benefit amounts are adjusted at the start of each be...
CRA issues updated information on tax collection policies
During the pandemic, relieving changes were made to the policies and practices of the Canada Revenue Agency (CRA) with respect to the collection of tax amounts owed by Canadians. In the past several m...
During the pandemic, relieving changes were made to the policies and practices of the Canada Revenue Agency (CRA) with respect to the collection of tax amounts owed by Canadians. In the past several m...
Second benefit period for Canada Dental Benefit opened July 1
The Canada Revenue Agency has issued a reminder to Canadian taxpayers that applications for the second benefit period for the Canada Dental Benefit can be made as of July 1, 2023. Eligible families ca...
The Canada Revenue Agency has issued a reminder to Canadian taxpayers that applications for the second benefit period for the Canada Dental Benefit can be made as of July 1, 2023. Eligible families ca...
Overall inflation rate for June down to 2.8%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June 2023 (as measured on a year-over-year basis) stood at 2.8%. The com...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June 2023 (as measured on a year-over-year basis) stood at 2.8%. The com...
Increases to Old Age Security benefits effective July 2023
The federal government has announced that maximum payments under the Old Age Security program will increase for the July to September 2023 benefit period. Effective with the July 2023 payment, the max...
The federal government has announced that maximum payments under the Old Age Security program will increase for the July to September 2023 benefit period. Effective with the July 2023 payment, the max...
Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, another increase to interest was warranted. Consequently, the Bank Rate now stand...
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, another increase to interest was warranted. Consequently, the Bank Rate now stand...
Prescribed interest rate for leasing for August 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Advance payment of Canada Workers’ Benefit begins in July 2023
The Canada Workers’ Benefit (CWB) is a refundable tax credit provided to lower-income individuals and families which have working income from employment or self-employment. In previous years, the CW...
The Canada Workers’ Benefit (CWB) is a refundable tax credit provided to lower-income individuals and families which have working income from employment or self-employment. In previous years, the CW...
Taxpayer relief for Canadians affected by wildfires
The Canada Revenue Agency has issued a reminder to Canadians of the availability of administrative relief from tax interest and penalty charges for taxpayers who have been affected by this spring’s ...
The Canada Revenue Agency has issued a reminder to Canadians of the availability of administrative relief from tax interest and penalty charges for taxpayers who have been affected by this spring’s ...
Inflation rate down to 3.4% for May
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for May 2023 stood at 3.4%, as measured on a year-over-year basis. The comparable rate fo...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for May 2023 stood at 3.4%, as measured on a year-over-year basis. The comparable rate fo...
Online digital form now available for disability tax credit applications
Qualifying Canadians are entitled to claim a disability tax credit which reduces both federal and provincial tax payable. In order to claim that credit an individual must complete and submit an applic...
Qualifying Canadians are entitled to claim a disability tax credit which reduces both federal and provincial tax payable. In order to claim that credit an individual must complete and submit an applic...
New information released on upcoming payment of grocery rebate
The federal government has released additional details of the “grocery rebate” which was announced in the 2023 federal Budget. That rebate is scheduled to be paid to eligible Canadians on July 5, ...
The federal government has released additional details of the “grocery rebate” which was announced in the 2023 federal Budget. That rebate is scheduled to be paid to eligible Canadians on July 5, ...
Unemployment rate up slightly in May
The most recent release of Statistics Canada’s Labour Force Survey shows that unemployment rose slightly during May 2023, the first such increase since August of 2022. During May, the unemployment r...
The most recent release of Statistics Canada’s Labour Force Survey shows that unemployment rose slightly during May 2023, the first such increase since August of 2022. During May, the unemployment r...
Prescribed interest rates for first three quarters of 2023
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2023, as well as the rates that will apply for th...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2023, as well as the rates that will apply for th...
Prescribed interest rate for leasing for July 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada raises interest rates by one-quarter percentage point
In its regularly scheduled interest rate announcement made on June 7, the Bank of Canada indicated that interest rates would be increased by one-quarter percentage point, bringing the Bank Rate to 5%....
In its regularly scheduled interest rate announcement made on June 7, the Bank of Canada indicated that interest rates would be increased by one-quarter percentage point, bringing the Bank Rate to 5%....
Second individual income tax instalment for 2023 due June 15
Canadians who pay income tax by instalment make those instalment payments of tax four times each year, by specified deadlines. The second income tax instalment deadline for the 2023 tax year falls on ...
Canadians who pay income tax by instalment make those instalment payments of tax four times each year, by specified deadlines. The second income tax instalment deadline for the 2023 tax year falls on ...
June 15, 2023 filing deadline for self-employed taxpayers
While most Canadian taxpayers were required to file their income tax returns for the 2022 tax year on or before May 1, 2023, self-employed taxpayers (and their spouses) have until Thursday June 15, 20...
While most Canadian taxpayers were required to file their income tax returns for the 2022 tax year on or before May 1, 2023, self-employed taxpayers (and their spouses) have until Thursday June 15, 20...
New tax credit and benefit year starts July 1, 2023
The federal (and provincial) governments provide taxpayers with a number of tax credits and benefits which are delivered through monthly or quarterly direct payments. In many cases, eligibility for su...
The federal (and provincial) governments provide taxpayers with a number of tax credits and benefits which are delivered through monthly or quarterly direct payments. In many cases, eligibility for su...
Payment of one-time “grocery rebate” scheduled for July 5
In its 2023-24 budget, the federal government announced that, to assist Canadians coping with recent inflationary increases in the cost of food, it would be providing a one-time “grocery rebate”. ...
In its 2023-24 budget, the federal government announced that, to assist Canadians coping with recent inflationary increases in the cost of food, it would be providing a one-time “grocery rebate”. ...
Making a payment arrangement with the Canada Revenue Agency
All Canadian individual taxpayers were required to pay any tax balance owed for the 2022 tax year on or before May 1, 2023. As of May 2, 2023, interest at a rate of 9% is levied on all such outstandin...
All Canadian individual taxpayers were required to pay any tax balance owed for the 2022 tax year on or before May 1, 2023. As of May 2, 2023, interest at a rate of 9% is levied on all such outstandin...
Inflation rate up slightly for April 2023
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation increased slightly during the month of April, to 4.4%. The comparable rate for March 2023...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation increased slightly during the month of April, to 4.4%. The comparable rate for March 2023...
CRA issues updated publication on taxpayer objection and appeal rights
Most Canadians were required to file an income tax return for the 2022 tax year by the end of April 2023. For each such filing, a Notice of Assessment is issued by the Canada Revenue Agency (CRA), out...
Most Canadians were required to file an income tax return for the 2022 tax year by the end of April 2023. For each such filing, a Notice of Assessment is issued by the Canada Revenue Agency (CRA), out...
Prescribed interest rate for leasing for June 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Requesting a reduction in tax withholdings from Old Age Security payments
Canadians who receive Old Age Security (OAS) benefits and whose net income is above a specified threshold (currently $86,912) must repay a portion of those benefits, through the OAS recovery tax (or c...
Canadians who receive Old Age Security (OAS) benefits and whose net income is above a specified threshold (currently $86,912) must repay a portion of those benefits, through the OAS recovery tax (or c...
Prescribed interest rate for leasing for May 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
May 1, 2023 deadline for filing of individual income tax returns for 2022
Most individual Canadian taxpayers must file their income tax returns for the 2022 tax year on or before Monday, May 1, 2023. Self-employed individuals and their spouses, however, have until June 15, ...
Most individual Canadian taxpayers must file their income tax returns for the 2022 tax year on or before Monday, May 1, 2023. Self-employed individuals and their spouses, however, have until June 15, ...
May 1, 2023 deadline for payment of individual income taxes for 2022
Monday May 1, 2023 is the deadline by which all individual income taxes owed for the 2022 tax year must be paid. The May 1 payment deadline applies regardless of the date by which an individual must f...
Monday May 1, 2023 is the deadline by which all individual income taxes owed for the 2022 tax year must be paid. The May 1 payment deadline applies regardless of the date by which an individual must f...
CRA warns of scam involving grocery rebate
In the 2023-24 budget, the federal government announced that a one-time payment would be made to Canadians to help them meet inflationary increases in the cost of living. That payment – the “groce...
In the 2023-24 budget, the federal government announced that a one-time payment would be made to Canadians to help them meet inflationary increases in the cost of living. That payment – the “groce...
Inflation rate for March down to 4.3%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall inflation rate for the month of March 2023 stood at 4.3%, as compared to the 5.2% rate recorded for Februar...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall inflation rate for the month of March 2023 stood at 4.3%, as compared to the 5.2% rate recorded for Februar...
Bank of Canada leaves interest rates unchanged
In its scheduled interest rate announcement made on April 12, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 4.75...
In its scheduled interest rate announcement made on April 12, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 4.75...
Unemployment rate for March unchanged at 5.0%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of March 2023 stood at 5.0%, the same rate recorded for the previous month. ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of March 2023 stood at 5.0%, the same rate recorded for the previous month. ...
Federal government announces OAS payment amounts for second quarter of 2023
Old Age Security (OAS) benefits paid monthly to eligible Canadians are indexed to inflation on a quarterly basis, meaning that such benefit amounts increase to reflect that indexing at the beginning o...
Old Age Security (OAS) benefits paid monthly to eligible Canadians are indexed to inflation on a quarterly basis, meaning that such benefit amounts increase to reflect that indexing at the beginning o...
Penalty and interest waiver available for Underused Housing Tax returns
The federal government imposes a 1% annual Underused Housing Tax (UHT) on the ownership of vacant or underused housing in Canada. While the tax usually applies to non-resident, non-Canadian owners it ...
The federal government imposes a 1% annual Underused Housing Tax (UHT) on the ownership of vacant or underused housing in Canada. While the tax usually applies to non-resident, non-Canadian owners it ...
CRA resumes debt collection activities
Where the Canada Revenue Agency (CRA) owes an amount to the taxpayer (such as a tax refund), the Agency has the right to deduct from that amount any debts owed by the taxpayer to the federal governmen...
Where the Canada Revenue Agency (CRA) owes an amount to the taxpayer (such as a tax refund), the Agency has the right to deduct from that amount any debts owed by the taxpayer to the federal governmen...
Prescribed interest rates for first half of 2023
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2023, as well as the rates that will apply for the purpose of cal...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2023, as well as the rates that will apply for the purpose of cal...
Budget 2023 - Alcohol Excise Duty
Budget 2023 proposes to temporarily cap the inflation adjustment for excise duties on beer, spirits, and wine at two per cent, for one year only, as of April 1, 2023. The excise duty rates on all alco...
Budget 2023 proposes to temporarily cap the inflation adjustment for excise duties on beer, spirits, and wine at two per cent, for one year only, as of April 1, 2023. The excise duty rates on all alco...
Budget 2023 - General Anti-Avoidance Rule (“GAAR”)
Budget 2023 proposes to amend the GAAR by: introducing a preamble; changing the avoidance transaction standard; introducing an economic substance rule; introducing a penalty; and extending the reasse...
Budget 2023 proposes to amend the GAAR by: introducing a preamble; changing the avoidance transaction standard; introducing an economic substance rule; introducing a penalty; and extending the reasse...
Budget 2023 - Strengthening the Intergenerational Business Transfer Framework
Budget 2023 proposes to amend the rules introduced by Bill C-208 to ensure that they apply only where a genuine intergenerational business transfer takes place. To provide flexibility, it is proposed ...
Budget 2023 proposes to amend the rules introduced by Bill C-208 to ensure that they apply only where a genuine intergenerational business transfer takes place. To provide flexibility, it is proposed ...
Budget 2023 - Registered Disability Savings Plans
Budget 2023 proposes to extend the qualifying family member measure (which allows a family member to open an RDSP for an adult relative) by three years, to December 31, 2026. Siblings will also be qua...
Budget 2023 proposes to extend the qualifying family member measure (which allows a family member to open an RDSP for an adult relative) by three years, to December 31, 2026. Siblings will also be qua...
Budget 2023 - Registered Education Savings Plans
Budget 2023 proposes to increase limits on certain RESP withdrawals from $5,000 to $8,000 for full-time students, and from $2,500 to $4,000 for part-time students. Budget 2023 also proposes to allow d...
Budget 2023 proposes to increase limits on certain RESP withdrawals from $5,000 to $8,000 for full-time students, and from $2,500 to $4,000 for part-time students. Budget 2023 also proposes to allow d...
Budget 2023 - Deduction for Tradespeople’s Tool Expenses
Budget 2023 proposes to double the maximum employment deduction for tradespeople’s and apprentice mechanics’ tools from $500 to $1,000, effective for 2023 and subsequent taxation years....
Budget 2023 proposes to double the maximum employment deduction for tradespeople’s and apprentice mechanics’ tools from $500 to $1,000, effective for 2023 and subsequent taxation years....
Budget 2023 - Automatic Tax Filing
The CRA’s automatic tax filing service called “File My Return”, which reached some 53,000 Canadians in 2022, will be expanded to reach more than 2 million Canadians by 2025. The government will ...
The CRA’s automatic tax filing service called “File My Return”, which reached some 53,000 Canadians in 2022, will be expanded to reach more than 2 million Canadians by 2025. The government will ...
Budget 2023 - Grocery Rebate
Budget 2023 proposes to introduce an increase to the maximum GST/HST tax credit (“GSTC”) amount for January 2023 that would be known as the Grocery Rebate. Eligible individuals would receive an ad...
Budget 2023 proposes to introduce an increase to the maximum GST/HST tax credit (“GSTC”) amount for January 2023 that would be known as the Grocery Rebate. Eligible individuals would receive an ad...
Budget 2023 - Alternative Minimum Tax for High-Income Individuals
The federal government proposes to: Increase the Alternative Minimum Tax (“AMT”) capital gains inclusion rate from 80% to 100%. Capital loss carry forwards and allowable business investment losse...
The federal government proposes to: Increase the Alternative Minimum Tax (“AMT”) capital gains inclusion rate from 80% to 100%. Capital loss carry forwards and allowable business investment losse...
Prescribed interest rate for leasing for April 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Inflation rate for February 2023 at 5.2%
The most recent release of Statistics Canada’s Consumer Price Index puts the overall rate of inflation for the month of February 2023 at 5.2%, as compared to the 5.9% rate recorded for January. Both...
The most recent release of Statistics Canada’s Consumer Price Index puts the overall rate of inflation for the month of February 2023 at 5.2%, as compared to the 5.9% rate recorded for January. Both...
April 1 launch of Tax-Free First Home Savings Account program
As part of the 2022 Federal Budget, the federal government introduced the Tax-Free First Home Savings Account (FHSA). The FHSA allows eligible taxpayers to contribute $8,000 per year (to a lifetime ma...
As part of the 2022 Federal Budget, the federal government introduced the Tax-Free First Home Savings Account (FHSA). The FHSA allows eligible taxpayers to contribute $8,000 per year (to a lifetime ma...
Date announced for 2023-24 Federal Budget
The Minister of Finance has announced that the 2023-24 Federal Budget will be brought down on Tuesday March 28, 2023, at around 4 p.m. EST. The media release providing the budget date can be found on ...
The Minister of Finance has announced that the 2023-24 Federal Budget will be brought down on Tuesday March 28, 2023, at around 4 p.m. EST. The media release providing the budget date can be found on ...
CRA telephone help services for 2023 filing season
The Canada Revenue Agency (CRA) provides taxpayers with several telephone help lines, through which taxpayers can obtain both general tax information and information specific to their tax situation. T...
The Canada Revenue Agency (CRA) provides taxpayers with several telephone help lines, through which taxpayers can obtain both general tax information and information specific to their tax situation. T...
Bank of Canada leaves interest rates unchanged
For the first time since January of 2022, the Bank of Canada has determined that no increase to current interest rates is needed. Consequently, the Bank Rate remains at 4.75%. In the press release ann...
For the first time since January of 2022, the Bank of Canada has determined that no increase to current interest rates is needed. Consequently, the Bank Rate remains at 4.75%. In the press release ann...
CRA announces meal and vehicle expense amounts claimable for 2022
Taxpayers are entitled to make a claim on their annual return for costs incurred in certain circumstances for meal costs and vehicle expenses. Such costs may, for instance, be claimable by individuals...
Taxpayers are entitled to make a claim on their annual return for costs incurred in certain circumstances for meal costs and vehicle expenses. Such costs may, for instance, be claimable by individuals...
Inflation rate for January 2023 decreases to 5.9%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation continues to moderate. The inflation rate for the month of January 2023 stood at 5.9%, as...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation continues to moderate. The inflation rate for the month of January 2023 stood at 5.9%, as...
March 31, 2023 deadline for claiming top-up to Canada Housing Benefit
In 2022, the federal government announced the creation of a top-up to the existing Canada Housing Benefit, which would provide a one-time payment of $500 to lower income individuals who pay a dispropo...
In 2022, the federal government announced the creation of a top-up to the existing Canada Housing Benefit, which would provide a one-time payment of $500 to lower income individuals who pay a dispropo...
CRA issues Tax Tip on reporting of income from pandemic benefits
Millions of Canadians received federal government benefits during the pandemic, and those benefits represented income which must be reported on the annual tax return. The CRA will, by the end of Febru...
Millions of Canadians received federal government benefits during the pandemic, and those benefits represented income which must be reported on the annual tax return. The CRA will, by the end of Febru...
No change in unemployment rate for January
The most recent release of Statistics Canada’s Labour Force Survey shows that, while there was an increase in employment during January 2023, the unemployment rate was unchanged at 5.0%. Employment ...
The most recent release of Statistics Canada’s Labour Force Survey shows that, while there was an increase in employment during January 2023, the unemployment rate was unchanged at 5.0%. Employment ...
CRA announces payment deadline for 2022 tax balances
The Canada Revenue Agency has announced that the tax payment deadline for individual income taxes owed for the 2022 tax year will be Monday May 1, 2023. While the payment deadline is usually April 30,...
The Canada Revenue Agency has announced that the tax payment deadline for individual income taxes owed for the 2022 tax year will be Monday May 1, 2023. While the payment deadline is usually April 30,...
CRA announces individual tax filing deadline for 2022 returns
The Canada Revenue Agency has announced that the filing deadline for individual income tax returns for the 2022 tax year will be Monday May 1, 2023. While the filing deadline is usually April 30, an e...
The Canada Revenue Agency has announced that the filing deadline for individual income tax returns for the 2022 tax year will be Monday May 1, 2023. While the filing deadline is usually April 30, an e...
March 1, 2023 deadline for making RRSP contributions for 2022
The Canada Revenue Agency has announced that the deadline for making registered retirement savings plan (RRSP) contributions which can be deducted on the return for the 2022 tax year will be Wednesday...
The Canada Revenue Agency has announced that the deadline for making registered retirement savings plan (RRSP) contributions which can be deducted on the return for the 2022 tax year will be Wednesday...
CRA issues individual income tax return package for 2022
The Canada Revenue Agency (CRA) has issued the tax package to be used for the filing of individual income tax returns for the 2022 tax year. That package, which includes both the income tax return and...
The Canada Revenue Agency (CRA) has issued the tax package to be used for the filing of individual income tax returns for the 2022 tax year. That package, which includes both the income tax return and...
NETFILE service for 2022 returns available February 20
The Canada Revenue Agency (CRA) has announced that its NETFILE service for filing of federal individual income tax returns for the 2022 tax year will be available on Monday February 20, 2023. Informat...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for filing of federal individual income tax returns for the 2022 tax year will be available on Monday February 20, 2023. Informat...
CRA to distribute paper T1 return forms to selected taxpayers
While the majority of Canadian taxpayers file their individual income tax returns electronically, a significant number of taxpayers file a paper return. The Canada Revenue Agency has issued a Tax Tip ...
While the majority of Canadian taxpayers file their individual income tax returns electronically, a significant number of taxpayers file a paper return. The Canada Revenue Agency has issued a Tax Tip ...
Bank of Canada announces eighth straight increase in interest rates
In its regularly scheduled interest rate announcement made on January 25, the Bank of Canada announced that interest rates would be increased by one-quarter percentage point. That change marks the eig...
In its regularly scheduled interest rate announcement made on January 25, the Bank of Canada announced that interest rates would be increased by one-quarter percentage point. That change marks the eig...
NETFILE service for prior year returns open until January 27
The Canada Revenue Agency has announced that its NETFILE service for the filing of prior year returns will be available until January 27, 2023. Specifically, NETFILE and ReFILE services for tax years ...
The Canada Revenue Agency has announced that its NETFILE service for the filing of prior year returns will be available until January 27, 2023. Specifically, NETFILE and ReFILE services for tax years ...
Inflation rate down slightly in December 2022
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of December 2022. For that month, inflation stood at 6...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of December 2022. For that month, inflation stood at 6...
Finance holds public consultation process for 2023-24 federal Budget
Finance Canada is currently conducting the consultation process leading to the release of the 2023-24 federal Budget this spring. There are two parts to the budget consultation process – an online s...
Finance Canada is currently conducting the consultation process leading to the release of the 2023-24 federal Budget this spring. There are two parts to the budget consultation process – an online s...
Unemployment rate for December 2022
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2022 stood at 5.0%. During the month of December, the country ad...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2022 stood at 5.0%. During the month of December, the country ad...
Canada Pension Plan retirement benefit amounts for 2023
The federal government has announced the amounts which may be paid as benefits under the Canada Pension Plan (CPP) during 2023. The amount of retirement benefit receivable by an individual is based on...
The federal government has announced the amounts which may be paid as benefits under the Canada Pension Plan (CPP) during 2023. The amount of retirement benefit receivable by an individual is based on...
Old Age Security benefit amounts for first quarter of 2023
The federal government has announced the amounts which will be paid to recipients of Old Age Security benefits for the first quarter of 2023. Such benefit amounts are indexed quarterly, based on the c...
The federal government has announced the amounts which will be paid to recipients of Old Age Security benefits for the first quarter of 2023. Such benefit amounts are indexed quarterly, based on the c...
Bank of Canada releases interest rate announcement dates for 2023
The Bank of Canada announces its decision with respect to interest rates on eight scheduled dates each year, and the Bank has provided the dates on which such interest rate announcements will be made ...
The Bank of Canada announces its decision with respect to interest rates on eight scheduled dates each year, and the Bank has provided the dates on which such interest rate announcements will be made ...
Prescribed interest rate for leasing for January 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Prescribed interest rates for first quarter of 2023
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2023, as well as the rates that will apply for the purpose of ...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2023, as well as the rates that will apply for the purpose of ...
Application process for rental support payment now open
The federal government is providing a one-time non-taxable $500 payment to assist eligible Canadians who pay more than 30% of their income for rental housing, and the application process for that bene...
The federal government is providing a one-time non-taxable $500 payment to assist eligible Canadians who pay more than 30% of their income for rental housing, and the application process for that bene...
Final individual instalment payment for 2022 due on December 15
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2022 tax year must be mad...
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2022 tax year must be mad...
Bank of Canada announces seventh straight increase in interest rates
In its regularly scheduled interest rate announcement made on December 7, the Bank of Canada announced that interest rates would be increased by one-half percentage point. That change marks the sevent...
In its regularly scheduled interest rate announcement made on December 7, the Bank of Canada announced that interest rates would be increased by one-half percentage point. That change marks the sevent...
Old Age Security benefit clawback threshold for 2023
Most Canadians are eligible to receive Old Age Security (OAS) benefits after they turn 65 (although receipt of such benefits can be deferred to as late as age 70). Regardless of the age at which recei...
Most Canadians are eligible to receive Old Age Security (OAS) benefits after they turn 65 (although receipt of such benefits can be deferred to as late as age 70). Regardless of the age at which recei...
CRA issues 2022 guide to employee taxable benefits
The Canada Revenue Agency (CRA) has updated and re-issued its publication T4130 Employers’ Guide – Taxable Benefits and Allowances. The Guide, which can be found on the CRA website at T4130 Employ...
The Canada Revenue Agency (CRA) has updated and re-issued its publication T4130 Employers’ Guide – Taxable Benefits and Allowances. The Guide, which can be found on the CRA website at T4130 Employ...
Tax-free savings account contribution limit increased for 2023
Canadians over the age of 17 can make annual contributions (up to a specified maximum) to a tax-free savings account (TFSA). While contributions made are not deductible from income, all investment inc...
Canadians over the age of 17 can make annual contributions (up to a specified maximum) to a tax-free savings account (TFSA). While contributions made are not deductible from income, all investment inc...
CRA announces personal income tax indexing factor for 2023
Each year, personal income tax brackets and tax credit amounts are increased to reflect year-over-year changes in the Consumer Price Index. The Canada Revenue Agency has announced that the indexing fa...
Each year, personal income tax brackets and tax credit amounts are increased to reflect year-over-year changes in the Consumer Price Index. The Canada Revenue Agency has announced that the indexing fa...
Overall unemployment rate for October at 5.2%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of October 2022 stood at 5.2%.During that month, employment increased among ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of October 2022 stood at 5.2%.During that month, employment increased among ...
Inflation rate for October comes in at 6.9%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of October stood at 6.9%, the same rate recorded for the month of September...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of October stood at 6.9%, the same rate recorded for the month of September...
Employment Insurance premium rates for 2023 announced
The federal government has announced the amount of Employment Insurance (EI) premiums which will be payable by employees and employers during the 2023 calendar year. The 2023 EI premium rate is $1.63 ...
The federal government has announced the amount of Employment Insurance (EI) premiums which will be payable by employees and employers during the 2023 calendar year. The 2023 EI premium rate is $1.63 ...
Canada Workers Benefit to be paid in advance
The Canada Workers Benefit is a refundable tax credit provided by the federal government to lower income Canadians who have “earned working income” during the year. The credit of up to $1,428 for ...
The Canada Workers Benefit is a refundable tax credit provided by the federal government to lower income Canadians who have “earned working income” during the year. The credit of up to $1,428 for ...
Prescribed interest rate for leasing for December 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Canada Revenue Agency announces CPP contribution amounts for 2023
The Canada Revenue Agency (CRA) has announced that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600. The basic exemption amount for 2023 remains $3,500. Th...
The Canada Revenue Agency (CRA) has announced that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600. The basic exemption amount for 2023 remains $3,500. Th...
Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on October 26, the Bank of Canada once again announced an increase in interest rates, bringing the Bank Rate to 4.00%. The most recent change...
In its regularly scheduled interest rate announcement made on October 26, the Bank of Canada once again announced an increase in interest rates, bringing the Bank Rate to 4.00%. The most recent change...
Canada Revenue Agency issues updated guide to determining who is an employee
The characterization of an individual as an employee or as a self-employed taxpayer affects both the tax treatment of that individual’s income and the remittance and filing obligations which are imp...
The characterization of an individual as an employee or as a self-employed taxpayer affects both the tax treatment of that individual’s income and the remittance and filing obligations which are imp...
Prescribed interest rate for leasing for November 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Food inflation rate reaches 41-year high in September
The most recent release of Statistics Canada’s Consumer Price Index shows that inflationary increases in the price of food continue to outpace the overall inflation rate.During September, that overa...
The most recent release of Statistics Canada’s Consumer Price Index shows that inflationary increases in the price of food continue to outpace the overall inflation rate.During September, that overa...
Filing and payment deadline extension provided to taxpayers in Atlantic Canada
The Canada Revenue Agency has announced that administrative tax relief will be provided to taxpayers living in Atlantic Canada who were affected by Hurricane Fiona. Specifically, the CRA has announced...
The Canada Revenue Agency has announced that administrative tax relief will be provided to taxpayers living in Atlantic Canada who were affected by Hurricane Fiona. Specifically, the CRA has announced...
Unemployment rate down slightly in September
The most recent release of Statistics Canada’s Labour Force Survey shows that there was little change in the overall employment picture for the month of September. The unemployment rate for that mon...
The most recent release of Statistics Canada’s Labour Force Survey shows that there was little change in the overall employment picture for the month of September. The unemployment rate for that mon...
Old Age Security benefit amounts to increase for fourth quarter of 2022
The federal government has announced that maximum payments under the Old Age Security (OAS) program will increase for the October to December 2022 benefit period. For that period, and owing to changes...
The federal government has announced that maximum payments under the Old Age Security (OAS) program will increase for the October to December 2022 benefit period. For that period, and owing to changes...
November 3 final application deadline for business pandemic benefits
While the last of the pandemic benefit programs for Canadian businesses ended as of May 7, 2022, eligible businesses have up to 180 days after the end of a benefit claim period to apply for such benef...
While the last of the pandemic benefit programs for Canadian businesses ended as of May 7, 2022, eligible businesses have up to 180 days after the end of a benefit claim period to apply for such benef...
Federal government to provide one-time Canada Housing Benefit top-up payment
Finance Canada has announced that it plans to provide a one-time payment of $500 under the Canada Housing Benefit program, to assist individuals and families who must allocate a significant portion of...
Finance Canada has announced that it plans to provide a one-time payment of $500 under the Canada Housing Benefit program, to assist individuals and families who must allocate a significant portion of...
Federal government matching program for Atlantic Canada storm relief donations
The federal government has announced that, for a period of 30 days (until October 24, with the possibility of extension), it will match donations made to the Canadian Red Cross for storm relief effort...
The federal government has announced that, for a period of 30 days (until October 24, with the possibility of extension), it will match donations made to the Canadian Red Cross for storm relief effort...
Overall inflation rate down slightly in August
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of August was down slightly. That rate stood at 7.0% (as measured on a year...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of August was down slightly. That rate stood at 7.0% (as measured on a year...
GST/HST tax credit doubled for July to December 2022 period
The federal government provides eligible Canadians with a GST/HST tax credit, with the amount of credit receivable based on family composition, size, and income. For the July 2022 through June 2023 b...
The federal government provides eligible Canadians with a GST/HST tax credit, with the amount of credit receivable based on family composition, size, and income. For the July 2022 through June 2023 b...
Prescribed interest rate for leasing for October 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Unemployment rate increases by 0.5% in August 2022
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of August rose slightly, to 5.4%. Among demographic groups, employment fell among yo...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of August rose slightly, to 5.4%. Among demographic groups, employment fell among yo...
Prescribed interest rates for 2022
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for 2022, as well as the rates that will apply for the purpose of calculating employee ...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for 2022, as well as the rates that will apply for the purpose of calculating employee ...
Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on September 7, the Bank of Canada once again announced an increase in interest rates, bringing the Bank Rate to 3.50%. The most recent chang...
In its regularly scheduled interest rate announcement made on September 7, the Bank of Canada once again announced an increase in interest rates, bringing the Bank Rate to 3.50%. The most recent chang...
CRA issues updated form for requests to reduce employee source deductions
Canadian employees have tax deducted from their income at source – that is, the employer deducts income tax from the employee’s wages and then remits such tax to the federal government on the empl...
Canadian employees have tax deducted from their income at source – that is, the employer deducts income tax from the employee’s wages and then remits such tax to the federal government on the empl...
Third instalment payment for 2022 due September 15
Individual taxpayers who pay income tax by instalment are required to make such payments quarterly. The third instalment payment deadline for the 2022 tax year falls on Thursday September 15, 2022. Mo...
Individual taxpayers who pay income tax by instalment are required to make such payments quarterly. The third instalment payment deadline for the 2022 tax year falls on Thursday September 15, 2022. Mo...
Prescribed rate for leasing for September 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
CRA issues Tax Tip on electronic filing of T2 returns
All Canadian resident corporations, regardless of size, are required to file a T2 corporation income tax return annually. The Canada Revenue Agency (CRA) has issued a Tax Tip for such corporate filers...
All Canadian resident corporations, regardless of size, are required to file a T2 corporation income tax return annually. The Canada Revenue Agency (CRA) has issued a Tax Tip for such corporate filers...
Finance Canada issues details of Tax-Free First Home Savings Account
In this year’s budget, the federal government announced that, beginning in 2023, first-time home buyers would be able to save for a home purchase on a tax-free basis, through the new Tax-Free First ...
In this year’s budget, the federal government announced that, beginning in 2023, first-time home buyers would be able to save for a home purchase on a tax-free basis, through the new Tax-Free First ...
Inflation rate for July down by one-half percentage point
The most release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 7.6%. The comparable rate for Jun...
The most release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 7.6%. The comparable rate for Jun...
CRA issues guides to GST/HST tax credit and Canada Child Benefit for 2022-23
The benefit year for most individual tax credit and benefit programs administered by the Canada Revenue Agency runs from July 1 to the following June 30, and benefit amounts change with each year. The...
The benefit year for most individual tax credit and benefit programs administered by the Canada Revenue Agency runs from July 1 to the following June 30, and benefit amounts change with each year. The...
Unemployment rate for July unchanged
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of July was unchanged, at 4.9%. Employment was down in Ontario and Prince Edward ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of July was unchanged, at 4.9%. Employment was down in Ontario and Prince Edward ...
Canada Revenue Agency issues updated guide to Tax Free Savings Accounts
Since 2009 Canadians have been able to save on a tax-sheltered basis through Tax Free Savings Accounts, or TFSAs. While TFSA contributions made are not tax-deductible, investment income earned by cont...
Since 2009 Canadians have been able to save on a tax-sheltered basis through Tax Free Savings Accounts, or TFSAs. While TFSA contributions made are not tax-deductible, investment income earned by cont...
Bank of Canada provides interest rate announcement dates for 2023
The Bank of Canada has released the schedule on which it will make interest rate announcements during the 2023 calendar year. Those announcements will be made on the following dates: January 25, Mar...
The Bank of Canada has released the schedule on which it will make interest rate announcements during the 2023 calendar year. Those announcements will be made on the following dates: January 25, Mar...
Prescribed interest leasing rate for August
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Upcoming deadline for payment of third individual instalment for 2022
Canadian individual taxpayers who pay income tax by instalments make such payments four times a year, on prescribed dates. The third such instalment payment for 2022 is due and payable on or before Th...
Canadian individual taxpayers who pay income tax by instalments make such payments four times a year, on prescribed dates. The third such instalment payment for 2022 is due and payable on or before Th...
Canada Child Benefit amounts increase as of July 2022
The Canada Child Benefit is a non-taxable payment made monthly by the federal government to eligible families having children under the age of 18. There are two benefit levels – one for children und...
The Canada Child Benefit is a non-taxable payment made monthly by the federal government to eligible families having children under the age of 18. There are two benefit levels – one for children und...
Inflation rate for June reaches 8.1%
The July release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation reached 8.1% for the month of June, as measured on a year-over-year basis. That 8.1% figure was ...
The July release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation reached 8.1% for the month of June, as measured on a year-over-year basis. That 8.1% figure was ...
Unemployment rate for June down to 4.9%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of June fell by 0.2%, to a new record low of 4.9%. Statistics Canada, howeve...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of June fell by 0.2%, to a new record low of 4.9%. Statistics Canada, howeve...
Bank of Canada increases interest rates by 1 percentage point
In its regularly scheduled interest rate announcement made on July 13, the Bank of Canada increased interest rates by a full percentage point. Consequently, the Bank Rate now stands at 2.75%, the high...
In its regularly scheduled interest rate announcement made on July 13, the Bank of Canada increased interest rates by a full percentage point. Consequently, the Bank Rate now stands at 2.75%, the high...
Application period for business pandemic benefits for 2022 still open
While the remaining pandemic benefit relief programs for businesses ended on May 7, 2022, the application process for such benefits for 2022 is still open. Applications are made and benefits paid sepa...
While the remaining pandemic benefit relief programs for businesses ended on May 7, 2022, the application process for such benefits for 2022 is still open. Applications are made and benefits paid sepa...
Increases to Old Age Security benefits effective July 2022
The federal government has announced that maximum payments under the Old Age Security (OAS) program will increase for the July to September 2022 benefit period. Two changes will take effect as of July...
The federal government has announced that maximum payments under the Old Age Security (OAS) program will increase for the July to September 2022 benefit period. Two changes will take effect as of July...
Maximum permitted borrowings under some mortgage lending products to be reduced
The Office the Superintendent of Financial Institutions (OSFI) has announced that changes will be made with respect to maximum borrowings permitted under some “combined loan plans”. Those products...
The Office the Superintendent of Financial Institutions (OSFI) has announced that changes will be made with respect to maximum borrowings permitted under some “combined loan plans”. Those products...
New federal child and family benefit payment year starts July 1
For many federal tax benefits, including the GST/HST credit, the Canada Child Benefit, the Canada Workers Benefit, and the Climate Action Incentive Payment, the new benefit payment year starts on July...
For many federal tax benefits, including the GST/HST credit, the Canada Child Benefit, the Canada Workers Benefit, and the Climate Action Incentive Payment, the new benefit payment year starts on July...
First Climate Action Incentive payments to be made in July
The federal government provides residents of Ontario, Alberta, Manitoba, and Saskatchewan with a Climate Action Incentive (CAI) intended to help offset the cost of the federal carbon tax. In previous ...
The federal government provides residents of Ontario, Alberta, Manitoba, and Saskatchewan with a Climate Action Incentive (CAI) intended to help offset the cost of the federal carbon tax. In previous ...
Inflation rate for May reaches 7.7%
The overall inflation rate for the month of May, as measured on a year-over-year basis, stood at 7.7% – nearly a full percentage point higher than the 6.8% increase recorded for the month of April 2...
The overall inflation rate for the month of May, as measured on a year-over-year basis, stood at 7.7% – nearly a full percentage point higher than the 6.8% increase recorded for the month of April 2...
Old Age Security rates increase for Canadians over age 75
Effective as of July 1, 2022, the monthly Old Age Security benefit will be increased by 10% for recipients aged 75 and older. Recipients who turn 75 after July 1, 2022 will see the increase in their b...
Effective as of July 1, 2022, the monthly Old Age Security benefit will be increased by 10% for recipients aged 75 and older. Recipients who turn 75 after July 1, 2022 will see the increase in their b...
Unemployment rate reaches historic low of 5.1%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment for the month of May stood at 5.1% – marking a new record low for the third consecuti...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment for the month of May stood at 5.1% – marking a new record low for the third consecuti...
Prescribed interest rates for 2022
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2022, as well as the rates that will apply for the purp...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2022, as well as the rates that will apply for the purp...
Upcoming deadline for payment of 2022 individual income tax instalment
Individual taxpayers who pay income tax by instalment are required to make such payments quarterly. The second instalment payment deadline for the 2022 tax year falls on Wednesday June 15, 2022. Most ...
Individual taxpayers who pay income tax by instalment are required to make such payments quarterly. The second instalment payment deadline for the 2022 tax year falls on Wednesday June 15, 2022. Most ...
Upcoming deadline for filing of 2021 returns by self-employed taxpayers
While all individual taxpayers were required to pay any balance of taxes owed for the 2021 tax year on or before April 30, 2022, self-employed taxpayers (and their spouses) benefit from a later tax re...
While all individual taxpayers were required to pay any balance of taxes owed for the 2021 tax year on or before April 30, 2022, self-employed taxpayers (and their spouses) benefit from a later tax re...
Bank of Canada raises interest rates by one-half percent
As anticipated, in its scheduled interest rate announcement made on June 1, the Bank of Canada raised interest rates by another one-half percentage point. This latest change brings the Bank Rate to 1....
As anticipated, in its scheduled interest rate announcement made on June 1, the Bank of Canada raised interest rates by another one-half percentage point. This latest change brings the Bank Rate to 1....
Updated guide issued on Tax-Free Savings Accounts
The Canada Revenue Agency recently updated and re-issued its Guide RC4466 to the Tax-Free Savings Account (TFSA). The updated Guide includes information on determining TFSA contribution room, permitte...
The Canada Revenue Agency recently updated and re-issued its Guide RC4466 to the Tax-Free Savings Account (TFSA). The updated Guide includes information on determining TFSA contribution room, permitte...
CRA provides Tax Tip on correcting errors in a tax return
The CRA has issued a new Tax Tip for tax filers who become aware, after the return has been filed, that their income tax return for 2021 contains an error. In all cases taxpayers should wait until the...
The CRA has issued a new Tax Tip for tax filers who become aware, after the return has been filed, that their income tax return for 2021 contains an error. In all cases taxpayers should wait until the...
CRA issues Notices of Redetermination on CERB overpayments
At the beginning of the pandemic in 2020, more than 8 million Canadians applied for and received the Canada Emergency Response Benefit (CERB). In applying for the CERB, recipients self-assessed their ...
At the beginning of the pandemic in 2020, more than 8 million Canadians applied for and received the Canada Emergency Response Benefit (CERB). In applying for the CERB, recipients self-assessed their ...
Inflation rate for April reaches 6.8%
The most recent release of Statistics Canada’s Consumer Price Survey shows that the overall rate of inflation reached 6.8% for the month of April 2022, as measured on a year-over-year basis. The lar...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the overall rate of inflation reached 6.8% for the month of April 2022, as measured on a year-over-year basis. The lar...
Application process for pandemic benefit programs continues
Most of the pandemic benefit programs which the federal government has provided over the past two years came to an end on May 7, 2022. Notwithstanding the ending of the programs, applications for bene...
Most of the pandemic benefit programs which the federal government has provided over the past two years came to an end on May 7, 2022. Notwithstanding the ending of the programs, applications for bene...
Unemployment rate for April at new record low
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of April stood at 5.2%, down 0.1% from the rate recorded for March 2022. Among demog...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of April stood at 5.2%, down 0.1% from the rate recorded for March 2022. Among demog...
First-time Home Buyers’ tax credit amount doubled
The federal government provides a non-refundable tax credit to first time home buyers (defined as individuals who have not owned and lived in a home in the current year or any of the previous four yea...
The federal government provides a non-refundable tax credit to first time home buyers (defined as individuals who have not owned and lived in a home in the current year or any of the previous four yea...
Inflation rate reaches 30-year high
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of March 2022 (as measured on a year-over-year basis) was the highest such rate sin...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of March 2022 (as measured on a year-over-year basis) was the highest such rate sin...
Pandemic benefit programs for individuals to end on May 7, 2022
Under current legislation, three major pandemic benefit programs for individuals are scheduled to expire on May 7, 2022. The Canada Recovery Sickness Benefit, the Canada Recovery Caregiving Benefit, a...
Under current legislation, three major pandemic benefit programs for individuals are scheduled to expire on May 7, 2022. The Canada Recovery Sickness Benefit, the Canada Recovery Caregiving Benefit, a...
Home accessibility tax credit amount increased
Since 2016, the federal government has provided a non-refundable tax credit for home renovation expenses undertaken to increase accessibility. Individuals eligible for this credit include those who ar...
Since 2016, the federal government has provided a non-refundable tax credit for home renovation expenses undertaken to increase accessibility. Individuals eligible for this credit include those who ar...
CRA issues one-time grant payment to seniors
In some instances, seniors who were eligible for the federal Guaranteed Income Supplement (GIS) and who received pandemic benefits during 2020 saw their GIS benefit amounts reduced or eliminated begin...
In some instances, seniors who were eligible for the federal Guaranteed Income Supplement (GIS) and who received pandemic benefits during 2020 saw their GIS benefit amounts reduced or eliminated begin...
May 2, 2022 payment deadline for income taxes owed for 2021
All Canadian individual taxpayers are required to pay income tax balances owed for 2021 on or before Monday May 2, 2022. Where payment is not made on or before that date, interest will be levied on al...
All Canadian individual taxpayers are required to pay income tax balances owed for 2021 on or before Monday May 2, 2022. Where payment is not made on or before that date, interest will be levied on al...
Unemployment rate for March at record low
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of March stood at 5.3%. That rate is the lowest rate on record since compara...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of March stood at 5.3%. That rate is the lowest rate on record since compara...
Bank of Canada increases interest rates
In its regularly scheduled interest rate announcement made on April 13, the Bank of Canada determined that an increase in interest rates was warranted. Following that increase, the Bank Rate stands at...
In its regularly scheduled interest rate announcement made on April 13, the Bank of Canada determined that an increase in interest rates was warranted. Following that increase, the Bank Rate stands at...
Budget 2022: Taxation of Vaping Products
The proposed federal excise duty framework for vaping products would come into force on October 1, 2022. Retailers may continue to sell until January 1, 2023, unstamped products that are in inventory ...
The proposed federal excise duty framework for vaping products would come into force on October 1, 2022. Retailers may continue to sell until January 1, 2023, unstamped products that are in inventory ...
Budget 2022: GST/HST on Assignment Sales by Individuals
Budget 2022 proposes to amend the Excise Tax Act to make all assignment sales in respect of newly constructed or substantially renovated residential housing taxable for GST/HST purposes....
Budget 2022 proposes to amend the Excise Tax Act to make all assignment sales in respect of newly constructed or substantially renovated residential housing taxable for GST/HST purposes....
Budget 2022: Substantive CCPCs
Budget 2022 proposes targeted amendments to the Income Tax Act to align the taxation of investment income earned and distributed by “substantive CCPCs” with the rules that currently apply to CC...
Budget 2022 proposes targeted amendments to the Income Tax Act to align the taxation of investment income earned and distributed by “substantive CCPCs” with the rules that currently apply to CC...
Budget 2022: Genuine Intergenerational Share Transfers
Budget 2022 announces a consultation process for Canadians to share views as to how the existing rules could be modified to protect the integrity of the tax system while continuing to facilitate genu...
Budget 2022 announces a consultation process for Canadians to share views as to how the existing rules could be modified to protect the integrity of the tax system while continuing to facilitate genu...
Budget 2022: Small Business Deduction
In order to facilitate small business growth, Budget 2022 proposes to extend the range over which the business limit is reduced based on the combined taxable capital employed in Canada of the Canadia...
In order to facilitate small business growth, Budget 2022 proposes to extend the range over which the business limit is reduced based on the combined taxable capital employed in Canada of the Canadia...
Budget 2022: Medical Expense Tax Credit for Surrogacy and Other Expenses
Budget 2022 proposes to broaden the Medical Expense Tax Credit to recognize circumstances that involve medical expenses for individuals other than the intended parents....
Budget 2022 proposes to broaden the Medical Expense Tax Credit to recognize circumstances that involve medical expenses for individuals other than the intended parents....
Budget 2022: Labour Mobility Deduction for Tradespeople
Budget 2022 proposes to introduce a Labour Mobility Deduction for Tradespeople to recognize certain travel and relocation expenses of workers in the construction industry....
Budget 2022 proposes to introduce a Labour Mobility Deduction for Tradespeople to recognize certain travel and relocation expenses of workers in the construction industry....
Budget 2022: Residential Property Flipping Rule
Profits arising from dispositions of residential property (including a rental property) that was owned for less than 12 months would be deemed to be business income....
Profits arising from dispositions of residential property (including a rental property) that was owned for less than 12 months would be deemed to be business income....
Budget 2022: Home Accessibility Tax Credit
Budget 2022 proposes to increase the annual expense limit of the Home Accessibility Tax Credit from $10,000 to $20,000....
Budget 2022 proposes to increase the annual expense limit of the Home Accessibility Tax Credit from $10,000 to $20,000....
Budget 2022: Multigenerational Home Renovation Tax Credit
This new refundable credit would provide recognition of eligible expenses for a qualifying renovation....
This new refundable credit would provide recognition of eligible expenses for a qualifying renovation....
Budget 2022: Home Buyers’ Tax Credit
Budget 2022 proposes to double the Home Buyers’ Tax Credit amount from $5,000 to $10,000, which would provide up to $1,500 in tax relief to eligible home buyers....
Budget 2022 proposes to double the Home Buyers’ Tax Credit amount from $5,000 to $10,000, which would provide up to $1,500 in tax relief to eligible home buyers....
Budget 2022: Tax-Free First Home Savings Account
Budget 2022 proposes to create the Tax-Free First Home Savings Account, a new registered account to help individuals save for their first home....
Budget 2022 proposes to create the Tax-Free First Home Savings Account, a new registered account to help individuals save for their first home....
Increase to Old Age Security benefit for second quarter of 2022
The Old Age Security (OAS) benefit payable to most Canadians over the age of 65 is indexed to inflation, with the benefit being adjusted at the beginning of each calendar quarter. For the second quart...
The Old Age Security (OAS) benefit payable to most Canadians over the age of 65 is indexed to inflation, with the benefit being adjusted at the beginning of each calendar quarter. For the second quart...
Tax tip issued for gig economy workers
Many Canadian taxpayers work in the “gig” economy – holding down part-time, contract, or on-call positions or providing services to clients through online platforms, or some combination of those...
Many Canadian taxpayers work in the “gig” economy – holding down part-time, contract, or on-call positions or providing services to clients through online platforms, or some combination of those...
Unemployment rate for February drops to 5.5%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of February dropped by a full percentage point, from 6.5% to 5.5%. While emp...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of February dropped by a full percentage point, from 6.5% to 5.5%. While emp...
Date announced for 2022-23 federal budget
The Minister of Finance has announced that the federal budget for the upcoming 2022-23 fiscal year will be brought down on Thursday April 7, 2022, at around 4 p.m. The announcement of the budget date ...
The Minister of Finance has announced that the federal budget for the upcoming 2022-23 fiscal year will be brought down on Thursday April 7, 2022, at around 4 p.m. The announcement of the budget date ...
Extended hours for individual tax enquiries line
The Canada Revenue Agency provides an individual tax enquiries line where taxpayers can obtain general tax information, or information specific to their personal taxes. While the individual tax enquir...
The Canada Revenue Agency provides an individual tax enquiries line where taxpayers can obtain general tax information, or information specific to their personal taxes. While the individual tax enquir...
Reporting of income from digital transactions
Millions of Canadians earn money each year from online or digital sales transactions, often through platforms like Etsy or eBay. The Canada Revenue Agency recently issued a Tax Tip, reminding taxpayer...
Millions of Canadians earn money each year from online or digital sales transactions, often through platforms like Etsy or eBay. The Canada Revenue Agency recently issued a Tax Tip, reminding taxpayer...
Prescribed interest rates for 2022
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2022, as well as the rates that will apply for the purpose of cal...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2022, as well as the rates that will apply for the purpose of cal...
Inflation rate for February reaches 5.7%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of February 2022 reached 5.7% (as measured on a year-over-year basis), t...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of February 2022 reached 5.7% (as measured on a year-over-year basis), t...
CRA issues guide to claiming employment expenses for 2021
Canadian individual taxpayers can claim a deduction for a number of expenses which they incur in the course of their employment. For 2021, those deductible expenses can include a flat rate deduction f...
Canadian individual taxpayers can claim a deduction for a number of expenses which they incur in the course of their employment. For 2021, those deductible expenses can include a flat rate deduction f...
NETFILE hours of service
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2017, 2018, 2019, 2020 and 2021 tax years is available 21 hours each day. The hours of servi...
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2017, 2018, 2019, 2020 and 2021 tax years is available 21 hours each day. The hours of servi...
NETFILE service for filing of 2021 tax returns now open
Canadian individual taxpayers can now file their income tax returns for the 2021 tax year using the Canada Revenue Agency’s (CRA) NETFILE tax service. That service, which will be available until Fri...
Canadian individual taxpayers can now file their income tax returns for the 2021 tax year using the Canada Revenue Agency’s (CRA) NETFILE tax service. That service, which will be available until Fri...
Bank of Canada increases interest rates
In its regularly scheduled interest rate announcement made on March 2 the Bank of Canada, as expected, announced an increase to interest rates. Specifically, the Bank Rate has been increased from 0.50...
In its regularly scheduled interest rate announcement made on March 2 the Bank of Canada, as expected, announced an increase to interest rates. Specifically, the Bank Rate has been increased from 0.50...
Federal individual tax credits for 2022
Dollar amounts on which individual non-refundable federal tax credits for 2022 are based, and the actual tax credit claimable, will be as follows: ...
Dollar amounts on which individual non-refundable federal tax credits for 2022 are based, and the actual tax credit claimable, will be as follows: ...
Federal individual tax rates and brackets for 2022
The indexing factor for federal tax credits and brackets for 2022 is 2.4%. The following federal tax rates and brackets will be in effect for individuals for the 2022 tax year. Income level ...
The indexing factor for federal tax credits and brackets for 2022 is 2.4%. The following federal tax rates and brackets will be in effect for individuals for the 2022 tax year. Income level ...
CRA issues Tax Tip for employees working from home
During the 2021 tax year, many employees continued to work from home for pandemic-related reasons. Such employees may be eligible to claim a deduction for specified home office related expenses incurr...
During the 2021 tax year, many employees continued to work from home for pandemic-related reasons. Such employees may be eligible to claim a deduction for specified home office related expenses incurr...
Inflation rate for January 2022 reaches 5.1%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of January 2022 stood at 5.1%, as measured on a year-over-year basis. The last prev...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of January 2022 stood at 5.1%, as measured on a year-over-year basis. The last prev...
CRA issues guide to claiming medical expenses for 2021
Canadian individual taxpayers are entitled to claim a non-refundable tax credit for qualifying medical expenses incurred. Detailed information on the rules governing the types of expenses which qualif...
Canadian individual taxpayers are entitled to claim a non-refundable tax credit for qualifying medical expenses incurred. Detailed information on the rules governing the types of expenses which qualif...
Unemployment rate up slightly in January
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate rose slightly during the month of January, from 6% to 6.5%. The change marked the first su...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate rose slightly during the month of January, from 6% to 6.5%. The change marked the first su...
CRA issues Tax Tip for students for 2021 return filings
Post-secondary students filing a return for the 2021 tax year are entitled to claim a number of tax credits and deductions for education-related expenses which they incur, in addition to the credits a...
Post-secondary students filing a return for the 2021 tax year are entitled to claim a number of tax credits and deductions for education-related expenses which they incur, in addition to the credits a...
NETFILE service for 2021 individual tax returns available February 21
The Canada Revenue Agency (CRA) has announced that its NETFILE service for online filing of individual income tax returns for the 2021 tax year will be available on Monday February 21, 2022. In order ...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for online filing of individual income tax returns for the 2021 tax year will be available on Monday February 21, 2022. In order ...
Inflation rate reaches 4.8% for December 2021
The January release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of December 2021 (as measured on a year-over-year basis) reached 4.8%. While pr...
The January release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of December 2021 (as measured on a year-over-year basis) reached 4.8%. While pr...
Bank of Canada maintains interest rates … for now
In its regularly scheduled interest rate announcement made on January 26, the Bank of Canada indicated that, in its view, no change to current rates was needed. Consequently, the Bank Rate remains at ...
In its regularly scheduled interest rate announcement made on January 26, the Bank of Canada indicated that, in its view, no change to current rates was needed. Consequently, the Bank Rate remains at ...
CRA issues Tax Tip for paper filers of 2021 tax return
Taxpayers who filed their income tax return on paper last year will automatically receive the 2021 income tax package from the Canada Revenue Agency (CRA) by February 21, 2022. The package taxpayers w...
Taxpayers who filed their income tax return on paper last year will automatically receive the 2021 income tax package from the Canada Revenue Agency (CRA) by February 21, 2022. The package taxpayers w...
CRA issues automobile expense deduction limits for 2022
The Canada Revenue Agency (CRA) has announced the automobile expense deduction limits which will apply during the 2022 taxation year. Owing to increases in the Consumer Price Index, most such limits h...
The Canada Revenue Agency (CRA) has announced the automobile expense deduction limits which will apply during the 2022 taxation year. Owing to increases in the Consumer Price Index, most such limits h...
Income tax return forms for 2021 available on January 18, 2022
The Canada Revenue Agency (CRA) has announced that individual (T1) income tax return forms for the 2021 tax year will be available on the Agency’s website on January 18, 2022. Such returns must be f...
The Canada Revenue Agency (CRA) has announced that individual (T1) income tax return forms for the 2021 tax year will be available on the Agency’s website on January 18, 2022. Such returns must be f...
Access to Canada Worker Lockdown Benefit expanded
In October 2021, the federal government announced the creation of a new pandemic benefit, the Canada Worker Lockdown Benefit (CWLB), which was intended to be provided to workers affected by regional p...
In October 2021, the federal government announced the creation of a new pandemic benefit, the Canada Worker Lockdown Benefit (CWLB), which was intended to be provided to workers affected by regional p...
Old Age Security rates for first quarter of 2022
The amount of Old Age Security (OAS) benefit paid to eligible Canadians is adjusted each quarter to take account of increases in the Consumer Price Index. Based on recent increases to the Consumer Pri...
The amount of Old Age Security (OAS) benefit paid to eligible Canadians is adjusted each quarter to take account of increases in the Consumer Price Index. Based on recent increases to the Consumer Pri...
Prescribed interest rates for 2022
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2022, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2022, as well as the rates that will apply for the purpose ...
Canada Revenue Agency issues TD1 Form for 2022
The Canada Revenue Agency (CRA) has issued the TD1 form to be used by all Canadian resident employees for the 2022 tax year. On the TD1 form, the employee indicates the federal personal tax credit amo...
The Canada Revenue Agency (CRA) has issued the TD1 form to be used by all Canadian resident employees for the 2022 tax year. On the TD1 form, the employee indicates the federal personal tax credit amo...
December 31 deadline for final RRSP contributions
Canadian taxpayers who have a registered retirement savings plan (RRSP) must collapse that RRSP by the end of the year in which the taxpayer turns 71. Such taxpayers are entitled to make a final RRSP ...
Canadian taxpayers who have a registered retirement savings plan (RRSP) must collapse that RRSP by the end of the year in which the taxpayer turns 71. Such taxpayers are entitled to make a final RRSP ...
Small Business Air Quality Improvement Tax Credit introduced
As part of the Economic and Fiscal Update, the federal government announced that small businesses would be provided with a refundable Small Businesses Air Quality Improvement Tax Credit. That credit, ...
As part of the Economic and Fiscal Update, the federal government announced that small businesses would be provided with a refundable Small Businesses Air Quality Improvement Tax Credit. That credit, ...
Changes to home office expense deduction extended through 2022
As part of pandemic relief measures, changes were made to the existing home office expense deduction for employees. Those changes, which were for the 2020 tax year only, allowed employees to use a fla...
As part of pandemic relief measures, changes were made to the existing home office expense deduction for employees. Those changes, which were for the 2020 tax year only, allowed employees to use a fla...
Final individual tax instalment for 2021 payable by December 15
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2021 tax year must be mad...
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2021 tax year must be mad...
Economic and Fiscal Update to be delivered on December 14, 2021
The 2021 Economic and Fiscal Update will be delivered by the Minister of Finance on Tuesday, December 14 at around 4 p.m. The update is expected to include information on the current state of the Cana...
The 2021 Economic and Fiscal Update will be delivered by the Minister of Finance on Tuesday, December 14 at around 4 p.m. The update is expected to include information on the current state of the Cana...
Prescribed interest leasing rate for January 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Taxpayer relief for Canadians affected by extreme weather events
The Canada Revenue Agency (CRA) has posted a Tax Tip on its website reminding individuals who have been affected by the recent extreme weather events of the availability of the Taxpayer Relief Program...
The Canada Revenue Agency (CRA) has posted a Tax Tip on its website reminding individuals who have been affected by the recent extreme weather events of the availability of the Taxpayer Relief Program...
Upcoming deadline for final individual income tax instalment for 2021
The fourth and final income tax instalment payment deadline for individuals for 2021 falls on Wednesday December 15. Taxpayers who pay income tax by instalment will have received an Instalment Reminde...
The fourth and final income tax instalment payment deadline for individuals for 2021 falls on Wednesday December 15. Taxpayers who pay income tax by instalment will have received an Instalment Reminde...
Canada Revenue Agency issues income tax guide for students for 2021
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the tax treatment of the types of income and expenses (like scholarship income and tuition expenses) which ...
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the tax treatment of the types of income and expenses (like scholarship income and tuition expenses) which ...
Canada Revenue Agency announces individual tax brackets and credit amounts for 2022
The Canada Revenue Agency (CRA) has released the indexing factor which will apply for purposes of determining individual income tax brackets and non-refundable tax credits for 2022. That indexing fact...
The Canada Revenue Agency (CRA) has released the indexing factor which will apply for purposes of determining individual income tax brackets and non-refundable tax credits for 2022. That indexing fact...
Inflation rate for October reaches 4.7%
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows that during the month of October inflation rose by 4.7%, as measured on a year-over-year basis. That increase marked t...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows that during the month of October inflation rose by 4.7%, as measured on a year-over-year basis. That increase marked t...
Unemployment rate down slightly in October
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined slightly during the month of October, from 6.9% to 6.7%. Employment held steady f...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined slightly during the month of October, from 6.9% to 6.7%. Employment held steady f...
Employment insurance premium rates for 2022
The federal government has announced the premium rates and amounts which will apply for purposes of the Employment Insurance program during the 2022 calendar year. For 2022, maximum insurable earnings...
The federal government has announced the premium rates and amounts which will apply for purposes of the Employment Insurance program during the 2022 calendar year. For 2022, maximum insurable earnings...
Prescribed leasing interest rate for December 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Canada Pension Plan contribution amounts for 2022
The Canada Revenue Agency (CRA) has released the contribution rates and amounts which will apply with respect to the Canada Pension Plan (CPP) during the 2022 calendar year. For 2022, the employer and...
The Canada Revenue Agency (CRA) has released the contribution rates and amounts which will apply with respect to the Canada Pension Plan (CPP) during the 2022 calendar year. For 2022, the employer and...
Bank of Canada maintains interest rate at current levels
In its regularly scheduled interest rate announcement made on October 27, the Bank of Canada indicated that, in its view, no change was required to current interest rates. Accordingly, the Bank Rate r...
In its regularly scheduled interest rate announcement made on October 27, the Bank of Canada indicated that, in its view, no change was required to current interest rates. Accordingly, the Bank Rate r...
Inflation rate for September up by 4.4%
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation, as measured on a year-over-year basis, rose by 4.4% during the month of September. The compa...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation, as measured on a year-over-year basis, rose by 4.4% during the month of September. The compa...
Prescribed leasing rate for November 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Enhanced security measures introduced for online representatives
The Canada Revenue Agency (CRA) has announced that new security measures have been made available with respect to the authorization of online representatives by taxpayers. Generally, representatives a...
The Canada Revenue Agency (CRA) has announced that new security measures have been made available with respect to the authorization of online representatives by taxpayers. Generally, representatives a...
Pandemic benefit programs ending October 23, 2021
The federal government currently provides a range of pandemic benefit programs, for both individuals and businesses, and a number of those programs are scheduled to end on Saturday October 23, 2021. H...
The federal government currently provides a range of pandemic benefit programs, for both individuals and businesses, and a number of those programs are scheduled to end on Saturday October 23, 2021. H...
Employment returns to pre-pandemic levels in September
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined during the month of September, by 0.2 percentage points. The September unemployme...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined during the month of September, by 0.2 percentage points. The September unemployme...
Employment Insurance premium rates for 2022 released
The federal government has announced the premium rates and amounts which will apply for purposes of Employment Insurance during the 2022 calendar year. The contribution rates for both employers and em...
The federal government has announced the premium rates and amounts which will apply for purposes of Employment Insurance during the 2022 calendar year. The contribution rates for both employers and em...
Old Age Security rates for fourth quarter of 2021
The amount of Old Age Security (OAS) benefit paid to eligible Canadians is adjusted each quarter to take account of increases in the Consumer Price Index. Based on recent increases to the CPI, the fed...
The amount of Old Age Security (OAS) benefit paid to eligible Canadians is adjusted each quarter to take account of increases in the Consumer Price Index. Based on recent increases to the CPI, the fed...
Final payment of CCB young child supplement to be issued in October
In the 2020 Fall Economic Statement, the federal government announced that, as part of its pandemic relief measures, an additional amount would be paid during 2021 to qualifying families who were elig...
In the 2020 Fall Economic Statement, the federal government announced that, as part of its pandemic relief measures, an additional amount would be paid during 2021 to qualifying families who were elig...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2021, as well as the rates that will apply for the purpose of calculating employ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2021, as well as the rates that will apply for the purpose of calculating employ...
Pandemic relief programs ending in October 2021
A number of pandemic relief benefit programs provided to individual Canadians are currently scheduled to end as of October 23, 2021. Those programs are as follows: Canada Recovery Benefit Canada Reco...
A number of pandemic relief benefit programs provided to individual Canadians are currently scheduled to end as of October 23, 2021. Those programs are as follows: Canada Recovery Benefit Canada Reco...
Inflation rate up sharply in August
The latest release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, rose by 4.1% during the month of August, as compared to the 3....
The latest release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, rose by 4.1% during the month of August, as compared to the 3....
Unemployment rate down slightly in August
The most recent release of Statistics Canada’s Labour Force Survey shows a decline in the overall unemployment rate during the month of August. During that month, the rate declined by 0.4%, to 7.1%....
The most recent release of Statistics Canada’s Labour Force Survey shows a decline in the overall unemployment rate during the month of August. During that month, the rate declined by 0.4%, to 7.1%....
Prescribed leasing rate for October 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Upcoming deadline for third instalment payment of 2021
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The third of those deadlines falls on Wednesday September 15, 2021. Taxpa...
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The third of those deadlines falls on Wednesday September 15, 2021. Taxpa...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on September 8, the Bank of Canada (the “Bank”) indicated that, in its view, no change to current rates was needed. Accordingly, the Bank...
In its regularly scheduled interest rate announcement made on September 8, the Bank of Canada (the “Bank”) indicated that, in its view, no change to current rates was needed. Accordingly, the Bank...
Bank of Canada releases schedule of interest rate announcement dates for 2022
Each year, on pre-announced dates, the Bank of Canada releases its decision on any changes to current interest rates. The Bank recently issued a listing of the dates on which such interest rate announ...
Each year, on pre-announced dates, the Bank of Canada releases its decision on any changes to current interest rates. The Bank recently issued a listing of the dates on which such interest rate announ...
CRA issues guide to GST/HST credit for 2021/22
The benefit year for many federal tax credits, including the GST/HST tax credit, runs from July 1 to June 30 of the following year. Each year, credit amounts change, as do the income thresholds which ...
The benefit year for many federal tax credits, including the GST/HST tax credit, runs from July 1 to June 30 of the following year. Each year, credit amounts change, as do the income thresholds which ...
CRA issues warning on Canada Emergency Wage Subsidy tax scams
In July of this year, the federal government announced that the Canada Emergency Wage Subsidy (CEWS) program would be extended to be available to employers until October 2021. The Canada Revenue Agenc...
In July of this year, the federal government announced that the Canada Emergency Wage Subsidy (CEWS) program would be extended to be available to employers until October 2021. The Canada Revenue Agenc...
Federal government launches consultation process on luxury tax
This year’s federal Budget included a proposal for a “luxury tax” which would apply, at varying rates, to sales of specified goods over a prescribed price threshold. The proposal indicated that ...
This year’s federal Budget included a proposal for a “luxury tax” which would apply, at varying rates, to sales of specified goods over a prescribed price threshold. The proposal indicated that ...
CRA issues guidelines on qualifying SR&ED activities
The Canadian tax system provides credits and incentives for taxpayers who carry out qualifying scientific research and experimental development (SR&ED) work. When claims are made for such credit a...
The Canadian tax system provides credits and incentives for taxpayers who carry out qualifying scientific research and experimental development (SR&ED) work. When claims are made for such credit a...
Inflation rate increases in July 2021
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 3.7%. The comparable rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 3.7%. The comparable rate ...
Prescribed leasing rate for September 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Upcoming deadline for payment of individual income tax instalment
Individual taxpayers who pay income tax by instalments must make the third instalment payment of the year on or before Wednesday September 15, 2021. Such taxpayers should receive an Instalment Reminde...
Individual taxpayers who pay income tax by instalments must make the third instalment payment of the year on or before Wednesday September 15, 2021. Such taxpayers should receive an Instalment Reminde...
Inflation rate for June at 3.1%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of June, as measured on a year-over-year basis, reached 3.1%. That rate was slightl...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of June, as measured on a year-over-year basis, reached 3.1%. That rate was slightl...
Federal government extends availability period for pandemic benefits
The federal government has announced that a number of pandemic relief benefit programs, for both businesses and individuals, have been extended. The changes announced are as follows. The eligibility p...
The federal government has announced that a number of pandemic relief benefit programs, for both businesses and individuals, have been extended. The changes announced are as follows. The eligibility p...
Eligibility criteria for Canada Workers Benefit expanded
The federal government administers the Canada Workers Benefit (CWB), a refundable tax credit which supplements income amounts for lower-income working Canadians. The annual benefit amount is $1,400 fo...
The federal government administers the Canada Workers Benefit (CWB), a refundable tax credit which supplements income amounts for lower-income working Canadians. The annual benefit amount is $1,400 fo...
Prescribed leasing interest rate for August 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
One-time Old Age Security supplement to be paid in mid-August
As announced in this year’s federal Budget, some recipients of Old Age Security will receive a one-time supplement, to be paid in August 2021. During that month, OAS recipients who were born on or b...
As announced in this year’s federal Budget, some recipients of Old Age Security will receive a one-time supplement, to be paid in August 2021. During that month, OAS recipients who were born on or b...
Canada Child Benefit increase effective July 2021
The current benefit year for the Canada Child Benefit runs from July 1, 2021 to June 30, 2022. The federal government recently announced that Child Tax Benefit amounts for this benefit year have been ...
The current benefit year for the Canada Child Benefit runs from July 1, 2021 to June 30, 2022. The federal government recently announced that Child Tax Benefit amounts for this benefit year have been ...
Unemployment rate for June 2021 down to 7.8%
The most recent release of Statistics Canada’s Labour Force Survey shows a rebound in employment, as pandemic-related public health restrictions were eased in several provinces. For the month of Jun...
The most recent release of Statistics Canada’s Labour Force Survey shows a rebound in employment, as pandemic-related public health restrictions were eased in several provinces. For the month of Jun...
Bank of Canada leaves interest rates at current levels
In its regularly scheduled interest rate announcement made on July 14, the Bank of Canada indicated that, in its view, no change to current rates was required. Accordingly, the Bank Rate remains at 0....
In its regularly scheduled interest rate announcement made on July 14, the Bank of Canada indicated that, in its view, no change to current rates was required. Accordingly, the Bank Rate remains at 0....
Old Age Security benefit to increase for third quarter of 2021
The Old Age Security benefit administered by the federal government is adjusted quarterly to reflect the rate of inflation. The federal government has announced that the maximum basic OAS benefit paya...
The Old Age Security benefit administered by the federal government is adjusted quarterly to reflect the rate of inflation. The federal government has announced that the maximum basic OAS benefit paya...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2021, as well as the rates that will apply for the p...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2021, as well as the rates that will apply for the p...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on June 9, 2021, the Bank of Canada determined that, in its view, no change to current rates was needed. Accordingly, the Bank rate remains a...
In its regularly scheduled interest rate announcement made on June 9, 2021, the Bank of Canada determined that, in its view, no change to current rates was needed. Accordingly, the Bank rate remains a...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2021, as well as the rates that will apply for the p...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2021, as well as the rates that will apply for the p...
Prescribed leasing interest rate for July 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
June 30, 2021 filing deadline for calendar-year companies
Canadian companies are required to file their federal income tax returns within 6 months after their fiscal year end. Consequently, companies which had a calendar year end on December 31, 2020 must fi...
Canadian companies are required to file their federal income tax returns within 6 months after their fiscal year end. Consequently, companies which had a calendar year end on December 31, 2020 must fi...
Unemployment rate for May up slightly
While there was little change in the overall unemployment rate for the month of May, employment did fall by 68,000 positions, most of those in part-time work. The overall unemployment rate for the mon...
While there was little change in the overall unemployment rate for the month of May, employment did fall by 68,000 positions, most of those in part-time work. The overall unemployment rate for the mon...
Inflation rate for May up by 3.6%
The most recent release of Statistics Canada’s Consumer Price Index shows an increase of 3.6% increase in the rate of inflation for the month of May, as measured on a year-over-year basis. The comp...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase of 3.6% increase in the rate of inflation for the month of May, as measured on a year-over-year basis. The comp...
Upcoming 2021 individual income tax instalment payment deadline
For individuals who pay income tax through quarterly instalments, the second instalment payment deadline for the year is Tuesday June 15, 2021. Information on the instalment payment system, including ...
For individuals who pay income tax through quarterly instalments, the second instalment payment deadline for the year is Tuesday June 15, 2021. Information on the instalment payment system, including ...
June 15, 2021 income tax filing deadline for self-employed individuals
The filing deadline for income tax returns for the 2020 tax year for self-employed individuals and their spouses is Tuesday June 15, 2021. Information on that filing deadline and on available filing m...
The filing deadline for income tax returns for the 2020 tax year for self-employed individuals and their spouses is Tuesday June 15, 2021. Information on that filing deadline and on available filing m...
Prescribed leasing interest rate for June 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
CRA announces details of refund of CERB repayments to self-employed taxpayers
In 2020, some self-employed Canadians received Canada Emergency Relief Benefits (CERB) to which they were not entitled, as the result of erroneous information provided by the federal government, and t...
In 2020, some self-employed Canadians received Canada Emergency Relief Benefits (CERB) to which they were not entitled, as the result of erroneous information provided by the federal government, and t...
CRA issues Tax Tip on how to change a tax return
The Canada Revenue Agency (CRA) has posted a Tax Tip on its website outlining the several methods taxpayers can use to make a change, or correct an error, on an already-filed return. Requests for chan...
The Canada Revenue Agency (CRA) has posted a Tax Tip on its website outlining the several methods taxpayers can use to make a change, or correct an error, on an already-filed return. Requests for chan...
Payments of Canada Child Benefit young child supplement to begin May 28
Last year, the federal government announced that families who are eligible for the Canada Child Benefit in 2021 and have a child or children under the age of six could receive a supplement — the Can...
Last year, the federal government announced that families who are eligible for the Canada Child Benefit in 2021 and have a child or children under the age of six could receive a supplement — the Can...
Inflation rate for April up by 3.4%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April 2021 was up by 3.4%, as measured on a year-over-year basis. Statistics Can...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April 2021 was up by 3.4%, as measured on a year-over-year basis. Statistics Can...
CRA issues warning on TFSA “maximizer” tax scheme
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scheme currently being promoted, typically to homeowners who have significant equity in their homes and substant...
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scheme currently being promoted, typically to homeowners who have significant equity in their homes and substant...
CRA issues updated application form for Taxpayer Relief program
Taxpayers who are unable to file their returns or make payment of taxes owed on a timely basis for reasons outside their control (including financial hardship) can apply, under the Taxpayer Relief Pro...
Taxpayers who are unable to file their returns or make payment of taxes owed on a timely basis for reasons outside their control (including financial hardship) can apply, under the Taxpayer Relief Pro...
April unemployment rate increases to 8.1%
The most recent release of Statistics Canada’s Labour Force Survey shows an increase in the rate of unemployment during the month of April 2021. That rate, as measured on a year-over-year basis, ros...
The most recent release of Statistics Canada’s Labour Force Survey shows an increase in the rate of unemployment during the month of April 2021. That rate, as measured on a year-over-year basis, ros...
Inflation up by 2.2% for March 2021
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of March 2021 was 2.2%, as measured on a year-over-year basis. While the monthly in...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of March 2021 was 2.2%, as measured on a year-over-year basis. While the monthly in...
Prescribed interest rate for leasing May 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 21, the Bank of Canada indicated that, in its view, no change to current rates was warranted. Accordingly, the Bank Rate remains at ...
In its regularly scheduled interest rate announcement made on April 21, the Bank of Canada indicated that, in its view, no change to current rates was warranted. Accordingly, the Bank Rate remains at ...
Payments of 2020 individual income tax due Friday April 30, 2021
The deadline for payment of all individual income tax amounts owed for the 2020 tax year is Friday, April 30, 2021. For most individuals (other than self-employed taxpayers and their spouses), April 3...
The deadline for payment of all individual income tax amounts owed for the 2020 tax year is Friday, April 30, 2021. For most individuals (other than self-employed taxpayers and their spouses), April 3...
Budget 2021: Anti-avoidance rules and taxpayer disclosure
The Budget includes proposals to address perceived anti-avoidance activity and failures by taxpayers to comply with transaction reporting rules. To address the issue of failure to report, the governme...
The Budget includes proposals to address perceived anti-avoidance activity and failures by taxpayers to comply with transaction reporting rules. To address the issue of failure to report, the governme...
Budget 2021: Film and television production tax credits
The federal government provides two tax credit programs for the film and television industry. The Canadian Film or Video Production Tax Credit (CPTC) provides a 25% refundable tax credit on qualified ...
The federal government provides two tax credit programs for the film and television industry. The Canadian Film or Video Production Tax Credit (CPTC) provides a 25% refundable tax credit on qualified ...
Budget 2021: Business pandemic support programs to be extended
In the Budget, the federal government announced that the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy, and the Lockdown Support programs, which are currently scheduled to expire on...
In the Budget, the federal government announced that the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy, and the Lockdown Support programs, which are currently scheduled to expire on...
Budget 2021: Additional clean energy assets eligible for accelerated capital cost allowance
Under Canada’s capital cost allowance (CCA) system, an asset is written off over a period of years, at a prescribed percentage rate per year, based on the useful life of that asset. Acquisitions of ...
Under Canada’s capital cost allowance (CCA) system, an asset is written off over a period of years, at a prescribed percentage rate per year, based on the useful life of that asset. Acquisitions of ...
Budget 2021: Tax rate reductions provided for zero-emission technology manufacturers
The Budget includes a proposal for a temporary measure to reduce corporate income tax rates for qualifying zero-emission technology manufacturers. Specifically, taxpayers would be able to apply reduce...
The Budget includes a proposal for a temporary measure to reduce corporate income tax rates for qualifying zero-emission technology manufacturers. Specifically, taxpayers would be able to apply reduce...
Budget 2021: “Immediate expensing” of asset acquisition costs by CCPCs
Under Canadian tax rules, companies which acquire capital assets are required to deduct, or write off, the cost of those assets over a period of years, under the rules provided in the Capital Cost All...
Under Canadian tax rules, companies which acquire capital assets are required to deduct, or write off, the cost of those assets over a period of years, under the rules provided in the Capital Cost All...
Budget 2021: Canada Recovery Hiring Program to be introduced
The federal Budget includes a proposal for a Canada Recovery Hiring Program. That program will provide eligible employers with a subsidy of up to 50% on the incremental remuneration paid to eligible e...
The federal Budget includes a proposal for a Canada Recovery Hiring Program. That program will provide eligible employers with a subsidy of up to 50% on the incremental remuneration paid to eligible e...
Budget 2021: Repayment of Wage Subsidy to be required in some circumstances
The Budget papers provide that public corporations which received the Canada Emergency Wage Subsidy will, in some instances, be required to repay part or all of that subsidy. Specifically, where the t...
The Budget papers provide that public corporations which received the Canada Emergency Wage Subsidy will, in some instances, be required to repay part or all of that subsidy. Specifically, where the t...
Budget 2021: Electronic Filing and Payment Requirements
Current rules provide that tax preparers and filers of information returns who file more than a prescribed number of returns each year must file such returns electronically. Those rules will be amende...
Current rules provide that tax preparers and filers of information returns who file more than a prescribed number of returns each year must file such returns electronically. Those rules will be amende...
Budget 2021: Electronic communication with the CRA
Changes are proposed to the rules to increase the ability of the Canada Revenue Agency (CRA) to communicate with taxpayers electronically, without the taxpayer having to authorize the CRA to do so. Ge...
Changes are proposed to the rules to increase the ability of the Canada Revenue Agency (CRA) to communicate with taxpayers electronically, without the taxpayer having to authorize the CRA to do so. Ge...
Budget 2021: Changes to rules affecting registered charities
The Canada Revenue Agency has the authority to revoke the charitable registration status of an organization where that organization fails to fulfill its legal obligations. The rules governing such rev...
The Canada Revenue Agency has the authority to revoke the charitable registration status of an organization where that organization fails to fulfill its legal obligations. The rules governing such rev...
Budget 2021: Tax treatment of pandemic benefit repayments
Millions of Canadian taxpayers received pandemic benefits during the 2020 taxation year. While most such recipients were entitled to those benefits, there were instances in which the benefits were pai...
Millions of Canadian taxpayers received pandemic benefits during the 2020 taxation year. While most such recipients were entitled to those benefits, there were instances in which the benefits were pai...
Budget 2021: Tax treatment of postdoctoral fellowship income
Postdoctoral fellows are generally not, for purposes of the income tax system, considered to be students. Consequently, postdoctoral fellowship income does not qualify for the exemption generally prov...
Postdoctoral fellows are generally not, for purposes of the income tax system, considered to be students. Consequently, postdoctoral fellowship income does not qualify for the exemption generally prov...
Budget 2021: Northern residents deductions
Canadians who live in prescribed northern areas of Canada for at least six consecutive months in a year are eligible for the Northern residents deduction. That deduction has both a residency component...
Canadians who live in prescribed northern areas of Canada for at least six consecutive months in a year are eligible for the Northern residents deduction. That deduction has both a residency component...
Budget 2021: Canada Workers’ Benefit increased
The Canada Workers’ Benefit (CWB) is a non-taxable refundable tax credit that supplements the earnings of low-income and medium-income workers. The CWB, which is generally available to workers who e...
The Canada Workers’ Benefit (CWB) is a non-taxable refundable tax credit that supplements the earnings of low-income and medium-income workers. The CWB, which is generally available to workers who e...
Budget 2021: Eligibility criteria for disability tax credit expanded
The federal government provides qualifying individuals with a disability tax credit (DTC) which reduces federal tax otherwise payable. For 2021, the value of the DTC is $1,299. To qualify for the DTC,...
The federal government provides qualifying individuals with a disability tax credit (DTC) which reduces federal tax otherwise payable. For 2021, the value of the DTC is $1,299. To qualify for the DTC,...
CRA provides guidance on changes to the 2020 tax return
The tax return completed by individual Canadians changes from one year to the next, as tax credits or deductions are introduced, eliminated, or changed, or reporting requirements are altered. The Cana...
The tax return completed by individual Canadians changes from one year to the next, as tax credits or deductions are introduced, eliminated, or changed, or reporting requirements are altered. The Cana...
April 30, 2021 deadline for filing of most individual income tax returns for 2020
The filing deadline for most individual income tax returns for the 2020 taxation year is Friday, April 30, 2021. Self-employed individuals and their spouses are not required to file their returns unti...
The filing deadline for most individual income tax returns for the 2020 taxation year is Friday, April 30, 2021. Self-employed individuals and their spouses are not required to file their returns unti...
April 30, 2021 deadline for payment of 2020 individual income tax owed
Last year, the federal government provided a deferral of the payment deadline for individual income taxes owed. No such deferral is allowed for this year, meaning that any balance of individual income...
Last year, the federal government provided a deferral of the payment deadline for individual income taxes owed. No such deferral is allowed for this year, meaning that any balance of individual income...
Federal government extends benefit period for Canada Recovery Sickness Benefit
The federal government, through the Canada Recovery Sickness Benefit, provides a weekly benefit of $500 to qualifying individual Canadians who are unable to work because they are sick or need to self-...
The federal government, through the Canada Recovery Sickness Benefit, provides a weekly benefit of $500 to qualifying individual Canadians who are unable to work because they are sick or need to self-...
CRA issues guidance on 2020 tax consequences of home sales, purchases, and renovations
While gains made on a sale of a principal residence in Canada are generally tax exempt, there are reporting requirements imposed on such sales. In addition, certain tax credits may be claimed by home ...
While gains made on a sale of a principal residence in Canada are generally tax exempt, there are reporting requirements imposed on such sales. In addition, certain tax credits may be claimed by home ...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first half of 2021, as well as the rates that will apply for the purpose of ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first half of 2021, as well as the rates that will apply for the purpose of ...
Inflation rate for February up slightly
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation for the month of February 2021. That rate stood at 1.1%, as compared to the rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation for the month of February 2021. That rate stood at 1.1%, as compared to the rate ...
Federal Budget 2021-22 to be brought down in April
The Minister of Finance has announced that the federal Budget for the upcoming 2021-22 fiscal year will be delivered on Monday April 19, 2021. This year’s Budget will be the first one delivered sinc...
The Minister of Finance has announced that the federal Budget for the upcoming 2021-22 fiscal year will be delivered on Monday April 19, 2021. This year’s Budget will be the first one delivered sinc...
Canada Revenue Agency locks down individual online tax accounts
Over the past month, the Canada Revenue Agency (CRA) identified a large number of individual taxpayer online accounts for which user IDs and passwords had been obtained by unauthorized third parties. ...
Over the past month, the Canada Revenue Agency (CRA) identified a large number of individual taxpayer online accounts for which user IDs and passwords had been obtained by unauthorized third parties. ...
Employment increases by 259,000 positions in February
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in employment during the month of February. During that month, employment rose by 259,000 jobs, and th...
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in employment during the month of February. During that month, employment rose by 259,000 jobs, and th...
Bank of Canada leaves interest rates unchanged
As expected, the Bank of Canada announced on March 10 that no changes would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5%. In the press release announcing its decision,...
As expected, the Bank of Canada announced on March 10 that no changes would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5%. In the press release announcing its decision,...
Federal government to provide interest relief on pandemic benefit tax debt
The Canada Revenue Agency (CRA) has announced that targeted interest relief will be provided to Canadians who received pandemic income support benefits during 2020. Specifically, qualifying individual...
The Canada Revenue Agency (CRA) has announced that targeted interest relief will be provided to Canadians who received pandemic income support benefits during 2020. Specifically, qualifying individual...
Inflation rate for January at 1%
The most recent release of Statistics Canada’s Consumer Price Survey shows a slight increase in the rate of inflation for January 2021. The inflation rate for that month, as measured on a year-over-...
The most recent release of Statistics Canada’s Consumer Price Survey shows a slight increase in the rate of inflation for January 2021. The inflation rate for that month, as measured on a year-over-...
NETFILE service hours of availability
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2017, 2018, 2019, and 2020 tax years is now available 21 hours a day, 7 days a week. The ser...
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2017, 2018, 2019, and 2020 tax years is now available 21 hours a day, 7 days a week. The ser...
CRA issues 2020 guide for self-employed taxpayers
The Canada Revenue Agency (CRA) has issued the guide to be used by taxpayers who are reporting business or professional income, commission income, and income from farming and fishing received during 2...
The Canada Revenue Agency (CRA) has issued the guide to be used by taxpayers who are reporting business or professional income, commission income, and income from farming and fishing received during 2...
CRA help line to be available Saturdays during tax filing season
The Canada Revenue Agency (CRA) has announced that, beginning February 27, 2021, its Individual Tax Enquiries line will be available on Saturdays, from 9 a.m. to 5 p.m. That service is also available ...
The Canada Revenue Agency (CRA) has announced that, beginning February 27, 2021, its Individual Tax Enquiries line will be available on Saturdays, from 9 a.m. to 5 p.m. That service is also available ...
Prescribed interest leasing rate for March
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Extended hours and callback service now available on individual tax help line
The Canada Revenue Agency (CRA) has announced that its individual income tax enquiries line will be open for extended hours during the upcoming tax filing season. That line — reachable at 1-800-959-...
The Canada Revenue Agency (CRA) has announced that its individual income tax enquiries line will be open for extended hours during the upcoming tax filing season. That line — reachable at 1-800-959-...
NETFILE service for 2020 individual tax returns available February 22
The Canada Revenue Agency’s (CRA) NETFILE service for the online filing of individual income tax returns for the 2020 taxation year will be available starting Monday, February 22, 2021. In order to ...
The Canada Revenue Agency’s (CRA) NETFILE service for the online filing of individual income tax returns for the 2020 taxation year will be available starting Monday, February 22, 2021. In order to ...
Unemployment rate increases to 9.4% in January
The most recent release of Statistics Canada’s Labour Force Survey shows a significant decline in employment during the month of January, and a corresponding increase in the overall unemployment rat...
The most recent release of Statistics Canada’s Labour Force Survey shows a significant decline in employment during the month of January, and a corresponding increase in the overall unemployment rat...
Canada Revenue Agency releases 2020 individual income tax return package
The Canada Revenue Agency (CRA) has issued the individual income tax forms and guides to be used by Canadian residents in filing an income tax return for the 2020 taxation year. The particular form to...
The Canada Revenue Agency (CRA) has issued the individual income tax forms and guides to be used by Canadian residents in filing an income tax return for the 2020 taxation year. The particular form to...
Consultation process launched for 2021-22 federal Budget
The federal government has launched the consultation process leading to the release of the 2021-22 federal Budget. This year, there are three components to the consultation process. The government wil...
The federal government has launched the consultation process leading to the release of the 2021-22 federal Budget. This year, there are three components to the consultation process. The government wil...
Prescribed leasing interest rate for February
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on January 20 the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 0....
In its regularly scheduled interest rate announcement made on January 20 the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 0....
CRA issues guide to employment expense deductions for 2020
The Canada Revenue Agency (CRA) has issued an updated version of Guide T4044, Employment Expenses 2020, which outlines the tax treatment of various employment expenses, and will be used by taxpayers i...
The Canada Revenue Agency (CRA) has issued an updated version of Guide T4044, Employment Expenses 2020, which outlines the tax treatment of various employment expenses, and will be used by taxpayers i...
Inflation rate up in December 2020
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate inflation rose by 0.7% during the month of December 2020, as measured on a year-over-year basis. The rate for...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate inflation rose by 0.7% during the month of December 2020, as measured on a year-over-year basis. The rate for...
CRA announces automobile benefit and deduction amounts for 2021
The Canada Revenue Agency (CRA) has released the automobile expense deduction limits and benefit rates which will apply during the 2021 taxation year. Most of the rates and limits which applied during...
The Canada Revenue Agency (CRA) has released the automobile expense deduction limits and benefit rates which will apply during the 2021 taxation year. Most of the rates and limits which applied during...
Unemployment rate up slightly in December
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2020 increased to 8.6%. The comparable rate for the month of Nov...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2020 increased to 8.6%. The comparable rate for the month of Nov...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2021, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2021, as well as the rates that will apply for the purpose ...
NETFILE service for 2019 returns open until January 22, 2021
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2016, 2017, 2018, and 2019 taxation years will be available until Friday, January 22, 2021. ...
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2016, 2017, 2018, and 2019 taxation years will be available until Friday, January 22, 2021. ...
CRA issues 2020 income tax guide for students
Post-secondary students in Canada are eligible for a range of tax credits and deductions, including a tuition tax credit, deductions for moving expenses, and a claim for qualifying student loan intere...
Post-secondary students in Canada are eligible for a range of tax credits and deductions, including a tuition tax credit, deductions for moving expenses, and a claim for qualifying student loan intere...
CRA announces new flat rate method for home office expense claims
The Canada Revenue Agency (CRA) has announced that a new temporary home office tax credit may be claimable by qualifying individuals who worked from home during 2020. Taxpayers are eligible to use thi...
The Canada Revenue Agency (CRA) has announced that a new temporary home office tax credit may be claimable by qualifying individuals who worked from home during 2020. Taxpayers are eligible to use thi...
Upcoming changes to CRA administrative policy on representatives
The Canada Revenue Agency (CRA) permits taxpayers to designate another person, firm, or business to communicate with the CRA on the taxpayer’s behalf, where a written authorization has been provided...
The Canada Revenue Agency (CRA) permits taxpayers to designate another person, firm, or business to communicate with the CRA on the taxpayer’s behalf, where a written authorization has been provided...
December 31 deadline for tax relief applications
Taxpayers may apply to the Minister of National Revenue for administrative relief from interest and penalty charges imposed or, in some cases, for permission to late-file tax elections. In order to be...
Taxpayers may apply to the Minister of National Revenue for administrative relief from interest and penalty charges imposed or, in some cases, for permission to late-file tax elections. In order to be...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 9, the Bank of Canada announced that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5...
In its regularly scheduled interest rate announcement made on December 9, the Bank of Canada announced that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5...
Unemployment rate down slightly in November
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment declined by 0.4% during the month of November. The unemployment rate for the month was 8.5%. Fu...
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment declined by 0.4% during the month of November. The unemployment rate for the month was 8.5%. Fu...
Prescribed interest leasing rate for December
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Federal government updates deficit projection for 2020-21
On November 30, the Minister of Finance released the Fall Economic Statement, which included updated deficit projections for the current and future fiscal years. The deficit is now projected to reach ...
On November 30, the Minister of Finance released the Fall Economic Statement, which included updated deficit projections for the current and future fiscal years. The deficit is now projected to reach ...
Wage subsidy program extended to June 2021
The federal government has announced that the program providing a wage subsidy to eligible businesses experiencing a pandemic-related revenue loss has been extended to be available until June 2021. Th...
The federal government has announced that the program providing a wage subsidy to eligible businesses experiencing a pandemic-related revenue loss has been extended to be available until June 2021. Th...
Date announced for 2020 Fall Economic Statement
The federal government has announced that its Fall Economic Statement for the 2020-21 fiscal year will be released on Monday November 30, 2020. The press release announcing the date and time of the St...
The federal government has announced that its Fall Economic Statement for the 2020-21 fiscal year will be released on Monday November 30, 2020. The press release announcing the date and time of the St...
Inflation rate for October up slightly
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation for the month of October rose by 0.7%, as measured on a year-over-year basis. The comparable inc...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation for the month of October rose by 0.7%, as measured on a year-over-year basis. The comparable inc...
Employment Insurance premium rates for 2021 announced
The federal government has released the premium rates and amounts which will apply in 2021 for purposes of the Employment Insurance (EI) program. For 2021, the EI premium rate will be 1.58% and maximu...
The federal government has released the premium rates and amounts which will apply in 2021 for purposes of the Employment Insurance (EI) program. For 2021, the EI premium rate will be 1.58% and maximu...
CRA announces increases in retirement savings contribution limits
The Canada Revenue Agency (CRA) has announced upcoming changes in the allowable contribution limits for a range of retirement savings programs. For registered pension plans, the 2021 money purchase l...
The Canada Revenue Agency (CRA) has announced upcoming changes in the allowable contribution limits for a range of retirement savings programs. For registered pension plans, the 2021 money purchase l...
Unemployment rate for October at 8.9%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment stood at 8.9% for the month of October. While the unemployment rate for the month was l...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment stood at 8.9% for the month of October. While the unemployment rate for the month was l...
CRA issues updated Employer’s Guide to Taxable Benefits
The tax treatment of non-monetary benefits provided by employers to their employees can vary widely. Some such benefits must be included in the employee’s taxable income for the year, while others a...
The tax treatment of non-monetary benefits provided by employers to their employees can vary widely. Some such benefits must be included in the employee’s taxable income for the year, while others a...
CRA announces Canada Pension Plan contribution rates and amounts for 2021
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts which will apply for purposes of the Canada Pension Plan during 2021. For 2021, the employer and employee contribution ...
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts which will apply for purposes of the Canada Pension Plan during 2021. For 2021, the employer and employee contribution ...
Prescribed interest leasing rate for November
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates at current levels
In its October 28 announcement, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 0.5%. The press release announcing...
In its October 28 announcement, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 0.5%. The press release announcing...
Bank of Canada releases interest rate announcement schedule for 2021
The Bank of Canada has released its schedule for policy interest rate announcements to be made during the 2021 calendar year, and that schedule is as follows: Wednesday, January 20 Wednesday, March 1...
The Bank of Canada has released its schedule for policy interest rate announcements to be made during the 2021 calendar year, and that schedule is as follows: Wednesday, January 20 Wednesday, March 1...
Inflation rate up slightly in September
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation rose 0.5% on a year-over-year basis in September, up from a 0.1% increase in August. While pric...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation rose 0.5% on a year-over-year basis in September, up from a 0.1% increase in August. While pric...
Application process for Canada Recovery Benefit now open
In September, the Canada Emergency Response Benefit program came to an end, and three new programs to provide financial assistance to individuals impacted by the pandemic were launched. One of those p...
In September, the Canada Emergency Response Benefit program came to an end, and three new programs to provide financial assistance to individuals impacted by the pandemic were launched. One of those p...
Unemployment rate down to 9% in September
The most recent release of Statistics Canada’s Labour Force Survey shows that Canada’s overall unemployment rate declined by 1.2% during the month of September. For the month, that rate stood at 9...
The most recent release of Statistics Canada’s Labour Force Survey shows that Canada’s overall unemployment rate declined by 1.2% during the month of September. For the month, that rate stood at 9...
Application process now open for two new individual COVID-19 benefits
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
CRA issues warning of tax scam involving debt write-offs
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scam currently operating, which involves claims for bad debt write-offs. While bad debts can be written off for ...
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scam currently operating, which involves claims for bad debt write-offs. While bad debts can be written off for ...
Application process now open for two new individual COVID-19 benefits
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2020, as well as the rates that will apply for the purpose of calculating employ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2020, as well as the rates that will apply for the purpose of calculating employ...
Old Age Security benefit increase for fourth quarter of 2020
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that the basic OAS benefit of $6...
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that the basic OAS benefit of $6...
Prescribed leasing interest rate for October
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
September 30, 2020 final application deadline for Canada Emergency Student Benefit
As part of its pandemic relief plan, the federal government provided eligible post-secondary students and recent post-secondary and high school graduates who were unable to find work for pandemic-rela...
As part of its pandemic relief plan, the federal government provided eligible post-secondary students and recent post-secondary and high school graduates who were unable to find work for pandemic-rela...
June and September individual income tax instalment payments due by September 30, 2020
Canadian taxpayers who pay income tax by instalment usually make four instalment payments each year, by the 15th day of March, June, September, and December. Earlier this year, the federal government ...
Canadian taxpayers who pay income tax by instalment usually make four instalment payments each year, by the 15th day of March, June, September, and December. Earlier this year, the federal government ...
Individual tax balances for 2019 tax year due by September 30
Earlier this year, the Canada Revenue Agency (CRA) announced that the deadline for payment of individual income tax balances for the 2019 tax year, which is usually April 30, was being extended to Wed...
Earlier this year, the Canada Revenue Agency (CRA) announced that the deadline for payment of individual income tax balances for the 2019 tax year, which is usually April 30, was being extended to Wed...
Unemployment rate decreases to 10.2% for August
The September release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 10.2%. That rate represented a decrease of 0.7% from the ra...
The September release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 10.2%. That rate represented a decrease of 0.7% from the ra...
Increase announced to non-taxable meal allowance rate
The federal government has announced an increase in the amount of any overtime meal allowance, or meal portion of a travel allowance, that employers can provide to employees on a non-taxable basis. Th...
The federal government has announced an increase in the amount of any overtime meal allowance, or meal portion of a travel allowance, that employers can provide to employees on a non-taxable basis. Th...
Filing of 2019 tax return necessary to ensure continued payment of tax credits
Eligibility for a number of refundable tax credits and benefits, including the harmonized sales tax/goods and services tax credit and the child tax benefit is based in part on a taxpayer’s income fo...
Eligibility for a number of refundable tax credits and benefits, including the harmonized sales tax/goods and services tax credit and the child tax benefit is based in part on a taxpayer’s income fo...
September 29 deadline for all applications for Canada Student Benefit Program
The pandemic emergency benefit program provided by the federal government for post-secondary students and recent secondary and post-secondary graduates ended on August 29, 2020. Those eligible for suc...
The pandemic emergency benefit program provided by the federal government for post-secondary students and recent secondary and post-secondary graduates ended on August 29, 2020. Those eligible for suc...
Federal government announces transition measures for end of CERB program
Since March 15 of this year, Canadians who have lost income as a result of the pandemic have been able to receive $500 per week from the Canada Emergency Response Benefit (CERB). The CERB program will...
Since March 15 of this year, Canadians who have lost income as a result of the pandemic have been able to receive $500 per week from the Canada Emergency Response Benefit (CERB). The CERB program will...
CRA to contact taxpayers affected by cyberattack
Earlier this month, a cyberattack on the Canada Revenue Agency (CRA) and other agencies of the federal government compromised the personal tax and financial information of approximately 5500 taxpayers...
Earlier this month, a cyberattack on the Canada Revenue Agency (CRA) and other agencies of the federal government compromised the personal tax and financial information of approximately 5500 taxpayers...
Application forms available for expanded Canada Employer Wage Subsidy program
On July 17, the federal government announced that the existing Canada Employer Wage Subsidy (CEWS) program would be extended to be available until November 21, 2020, and that eligibility criteria for ...
On July 17, the federal government announced that the existing Canada Employer Wage Subsidy (CEWS) program would be extended to be available until November 21, 2020, and that eligibility criteria for ...
Inflation rate for July drops to 0.1%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 0.1%. The comparable rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 0.1%. The comparable rate ...
Prescribed leasing interest rate for September 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Unemployment rate for July down to 10.9%
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for July was 10.9%. The change means that the unemployment rate has fallen by 1.4 percentage poi...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for July was 10.9%. The change means that the unemployment rate has fallen by 1.4 percentage poi...
Extension announced for September individual instalment payments
Individual taxpayers who pay income tax by instalment are required to make four such instalment payments each year. The usual deadlines for such payments are the 15th day of March, June, September, an...
Individual taxpayers who pay income tax by instalment are required to make four such instalment payments each year. The usual deadlines for such payments are the 15th day of March, June, September, an...
Online filing option where paper return not yet assessed by CRA
The Canada Revenue Agency (CRA) has posted a notice on its website indicating that it is experiencing delays in the processing of paper-filed individual income tax returns for the 2019 taxation year. ...
The Canada Revenue Agency (CRA) has posted a notice on its website indicating that it is experiencing delays in the processing of paper-filed individual income tax returns for the 2019 taxation year. ...
CRA provides interest waiver period on tax amounts owed
The Canada Revenue Agency (CRA) has announced that an interest waiver period will be provided to individual taxpayers with respect to income taxes owed. That waiver period will run from April 1 to Sep...
The Canada Revenue Agency (CRA) has announced that an interest waiver period will be provided to individual taxpayers with respect to income taxes owed. That waiver period will run from April 1 to Sep...
Individual income tax payment deadline extended to September 30, 2020
Earlier this year, the deadline for payment of individual income tax amounts owed for the 2019 taxation year was extended from April 30 to September 1, 2020. The federal government has now indicated t...
Earlier this year, the deadline for payment of individual income tax amounts owed for the 2019 taxation year was extended from April 30 to September 1, 2020. The federal government has now indicated t...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on July 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rema...
In its regularly scheduled interest rate announcement made on July 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rema...
Prescribed leasing interest rate for August 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Federal emergency wage subsidy to be available until December
Canadian employers whose businesses have been affected by the pandemic may be eligible for a federal government wage subsidy – the Canada Emergency Wage Subsidy (CEWS). The CEWS, which pays the empl...
Canadian employers whose businesses have been affected by the pandemic may be eligible for a federal government wage subsidy – the Canada Emergency Wage Subsidy (CEWS). The CEWS, which pays the empl...
Unemployment rate down slightly in June
The most recent release of Statistics Canada’s Labour Force Survey shows a slight decline in the rate of unemployment during the month of June. The unemployment rate for June stood at 12.3%, a decli...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight decline in the rate of unemployment during the month of June. The unemployment rate for June stood at 12.3%, a decli...
Federal government projects $343 billion current-year deficit
On July 8, the federal government provided an update of its fiscal position for the current (2020-21) fiscal year, taking in account expenditures made in connection with the pandemic. That “Economic...
On July 8, the federal government provided an update of its fiscal position for the current (2020-21) fiscal year, taking in account expenditures made in connection with the pandemic. That “Economic...
Supplemental OAS payment issued during first week of July
Earlier this year, the federal government announced that, as part of its pandemic relief measures, recipients of Old Age Security would receive an additional one-time payment. Such payment is intended...
Earlier this year, the federal government announced that, as part of its pandemic relief measures, recipients of Old Age Security would receive an additional one-time payment. Such payment is intended...
NETFILE service for 2019 returns still available
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding Canadians that its online filing services for the filing of individual income tax returns for the 2019 tax year are still open. Such indi...
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding Canadians that its online filing services for the filing of individual income tax returns for the 2019 tax year are still open. Such indi...
No change to basic Old Age Security benefit for third quarter 2020
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that, as the rate of inflation d...
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that, as the rate of inflation d...
Prescribed leasing interest rate for July 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2020, as well as the rates that will apply for the p...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2020, as well as the rates that will apply for the p...
Canada Emergency Response Benefit program extended
The federal government has announced that the Canada Emergency Response Benefit (CERB) program has been extended to be available for a further eight weeks in some circumstances. As originally designed...
The federal government has announced that the Canada Emergency Response Benefit (CERB) program has been extended to be available for a further eight weeks in some circumstances. As originally designed...
Inflation rate down by 0.4% for May
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation fell by 0.4% during the month of May, as measured on a year-over-year basis. Prices were up in f...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation fell by 0.4% during the month of May, as measured on a year-over-year basis. Prices were up in f...
Prescribed interest rate for leasing for June 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Unemployment rate up slightly in May
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate rose slightly during the month of May, from 13% to 13.7%. The StatsCan analysis indicates that une...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate rose slightly during the month of May, from 13% to 13.7%. The StatsCan analysis indicates that une...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on June 3 the Bank of Canada, as anticipated. made no change to current rates. Accordingly, the Bank Rate remains at 0.5%. In its announcemen...
In its regularly scheduled interest rate announcement made on June 3 the Bank of Canada, as anticipated. made no change to current rates. Accordingly, the Bank Rate remains at 0.5%. In its announcemen...
June 15 return filing deadline for self-employed taxpayers
Self-employed Canadians and their spouses must file an individual income tax return for the 2019 tax year on or before June 15, 2020. As part of the federal government’s pandemic response plan, howe...
Self-employed Canadians and their spouses must file an individual income tax return for the 2019 tax year on or before June 15, 2020. As part of the federal government’s pandemic response plan, howe...
June 15 individual income tax instalment due date deferred
Individual Canadians who pay income tax by instalments would normally be required to make the second instalment payment for this year on June 15, 2020. The Canada Revenue Agency (CRA) has indicated, h...
Individual Canadians who pay income tax by instalments would normally be required to make the second instalment payment for this year on June 15, 2020. The Canada Revenue Agency (CRA) has indicated, h...
CRA extends filing and payment deadlines for corporations and trusts
The Canada Revenue Agency (CRA) has announced that the deadline for filing of T2 returns by corporations and T3 returns by trusts has been extended. That announcement provides that all businesses and ...
The Canada Revenue Agency (CRA) has announced that the deadline for filing of T2 returns by corporations and T3 returns by trusts has been extended. That announcement provides that all businesses and ...
Free tax return preparation clinics go online
Each year community organizations across Canada operate a number of tax clinics at which individual income tax returns are prepared and filed free of charge to the taxpayer. Due to concerns surroundin...
Each year community organizations across Canada operate a number of tax clinics at which individual income tax returns are prepared and filed free of charge to the taxpayer. Due to concerns surroundin...
CRA extends federal benefit eligibility period
The benefit year for many federal benefits, like the Canada Child Benefit and the Goods and Services Tax Credit runs from July 1 to June 30. Eligibility for and the amount of such benefits are based, ...
The benefit year for many federal benefits, like the Canada Child Benefit and the Goods and Services Tax Credit runs from July 1 to June 30. Eligibility for and the amount of such benefits are based, ...
Repaying the Canada Emergency Response Benefit
The Canada Revenue Agency has issued a reminder to Canadians that there are circumstances in which the Canada Emergency Response Benefit (CERB) must be repaid. In particular, individuals who return to...
The Canada Revenue Agency has issued a reminder to Canadians that there are circumstances in which the Canada Emergency Response Benefit (CERB) must be repaid. In particular, individuals who return to...
Federal government to provide one time increase in Old Age Security payments
The federal government has announced that, in order to help seniors with additional costs resulting from the pandemic, a one-time supplement will be provided to Canadians who already receive Old Age S...
The federal government has announced that, in order to help seniors with additional costs resulting from the pandemic, a one-time supplement will be provided to Canadians who already receive Old Age S...
CRA issues warning of Canada Emergency Response Benefit scam
The Canada Revenue Agency (CRA) has issued an alert on its website warning Canadians of a scam operating with respect to the Canada Emergency Response Benefit (CERB). That Benefit, for which more than...
The Canada Revenue Agency (CRA) has issued an alert on its website warning Canadians of a scam operating with respect to the Canada Emergency Response Benefit (CERB). That Benefit, for which more than...
Online applications available for Canada Emergency Wage Subsidy
As part of its pandemic response, the federal government is providing eligible employers with a partial wage subsidy through the Canada Emergency Wage Subsidy (CEWS) program. The CEWS program provides...
As part of its pandemic response, the federal government is providing eligible employers with a partial wage subsidy through the Canada Emergency Wage Subsidy (CEWS) program. The CEWS program provides...
Prescribed leasing interest rate for May 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2020, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2020, as well as the rates that will apply for the purpose ...
Inflation rate down sharply for March
The April release of Statistics Canada’s Consumer Price Index shows a sharp decline in the rate of inflation for the month of March. That rate stood at 0.9%, as measured on a year-over-year basis. T...
The April release of Statistics Canada’s Consumer Price Index shows a sharp decline in the rate of inflation for the month of March. That rate stood at 0.9%, as measured on a year-over-year basis. T...
Significant increase in unemployment rate during March
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in the rate of unemployment during the month of March. The April release of the Labour Force Survey, w...
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in the rate of unemployment during the month of March. The April release of the Labour Force Survey, w...
Canada Student Loan repayments suspended until September 30, 2020
The federal government has announced that required repayments of Canada Student Loans will be suspended until September 30th, 2020. Where payments are usually made by pre-authorized debit, such paymen...
The federal government has announced that required repayments of Canada Student Loans will be suspended until September 30th, 2020. Where payments are usually made by pre-authorized debit, such paymen...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rem...
In its regularly scheduled interest rate announcement made on April 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rem...
Wage subsidy program to be provided to Canadian employers
The federal government will be providing a wage subsidy program to eligible employers who have experienced a recent reduction in revenues of 30% or more. That program—the Canada Emergency Wage Subsi...
The federal government will be providing a wage subsidy program to eligible employers who have experienced a recent reduction in revenues of 30% or more. That program—the Canada Emergency Wage Subsi...
Application process for Canada Emergency Response Benefit now open
As of April 6, 2020, Canadians can apply for the federal Canada Emergency Response Benefit (CERB), which provides eligible individuals with $500 per week for a maximum of 16 weeks. The benefit is gene...
As of April 6, 2020, Canadians can apply for the federal Canada Emergency Response Benefit (CERB), which provides eligible individuals with $500 per week for a maximum of 16 weeks. The benefit is gene...
Federal government defers remittance of HST/GST payments
The federal government will be providing businesses with an extension with respect to remittance deadlines related to goods and services tax (GST) and harmonized sales tax (HST). The deferral will app...
The federal government will be providing businesses with an extension with respect to remittance deadlines related to goods and services tax (GST) and harmonized sales tax (HST). The deferral will app...
Bank of Canada announces further reduction in interest rates
In an unscheduled announcement made on March 27, the Bank of Canada lowered interest rates for the third time this month. In that announcement, the Bank reduced current rates by one-half percentage po...
In an unscheduled announcement made on March 27, the Bank of Canada lowered interest rates for the third time this month. In that announcement, the Bank reduced current rates by one-half percentage po...
One-time increase in Canada Child Benefit to be provided
The federal government has announced that, for the current benefit year only, the amount of Canada Child Benefit will be increased by a one-time payment of $300 per child. The $300 additional benefit ...
The federal government has announced that, for the current benefit year only, the amount of Canada Child Benefit will be increased by a one-time payment of $300 per child. The $300 additional benefit ...
Individual tax filing and payment deadlines extended
The deadline for filing of most 2019 individual income tax returns, as well as payment of any balance of tax owed for the 2019 taxation year by individual taxpayers would usually be April 30, 2020. Th...
The deadline for filing of most 2019 individual income tax returns, as well as payment of any balance of tax owed for the 2019 taxation year by individual taxpayers would usually be April 30, 2020. Th...
Bank of Canada reduces interest rates
Citing the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent drop in oil prices, the Bank of Canada has announced a further reduction in interest rates. The unsch...
Citing the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent drop in oil prices, the Bank of Canada has announced a further reduction in interest rates. The unsch...
Federal government postpones individual tax filing deadline for 2019 returns
The federal government has announced that the filing deadline for individual Canadian tax filers who would usually be required to file by April 30 has been extended to June 1, 2020. (Returns for 2019 ...
The federal government has announced that the filing deadline for individual Canadian tax filers who would usually be required to file by April 30 has been extended to June 1, 2020. (Returns for 2019 ...
CRA issues Tax Tip for property buyers and sellers
Canadian taxpayers who buy or sell a property during the year may be subject to requirements to report that transaction on their annual return and, in some cases, to pay tax on sale proceeds. The CRA ...
Canadian taxpayers who buy or sell a property during the year may be subject to requirements to report that transaction on their annual return and, in some cases, to pay tax on sale proceeds. The CRA ...
Little change in unemployment rate for February
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the overall unemployment rate during the month of February. That rate rose by 0.1%, to 5.6%. During the mont...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the overall unemployment rate during the month of February. That rate rose by 0.1%, to 5.6%. During the mont...
Extended hours for CRA individual tax enquiries line
The Canada Revenue Agency’s individual income tax enquiries telephone service will be available for extended hours during tax filing season. That enquiries service, which can be reached at 1-800-959...
The Canada Revenue Agency’s individual income tax enquiries telephone service will be available for extended hours during tax filing season. That enquiries service, which can be reached at 1-800-959...
Bank of Canada cuts interest rates
In its regularly scheduled interest rate announcement made on March 4 the Bank of Canada indicated that, in its view, a reduction to current interest rates was required. Accordingly, the bank rate was...
In its regularly scheduled interest rate announcement made on March 4 the Bank of Canada indicated that, in its view, a reduction to current interest rates was required. Accordingly, the bank rate was...
CRA releases 2019 Guide to Self-Employed Business, Professional, Commission, Farming and Fishing Income
The Canada Revenue Agency (CRA) has released its 2019 Guide to Self-Employed Business, Professional, Commission, Farming and Fishing Income for 2019. That Guide is used by taxpayers who are reporting ...
The Canada Revenue Agency (CRA) has released its 2019 Guide to Self-Employed Business, Professional, Commission, Farming and Fishing Income for 2019. That Guide is used by taxpayers who are reporting ...
NETFILE service for filing of individual returns for 2019 now available
The Canada Revenue Agency’s NETFILE service for the filing of individual income tax returns for the 2019 taxation year is now available. The current NETFILE service, which can be found on the CRA we...
The Canada Revenue Agency’s NETFILE service for the filing of individual income tax returns for the 2019 taxation year is now available. The current NETFILE service, which can be found on the CRA we...
Upcoming deadline for 2019 RRSP contributions
The Canada Revenue Agency (CRA) has announced that contributions to a registered retirement savings plan (RRSP), in order to be deducted on the return for 2019, must be made on or before Monday March ...
The Canada Revenue Agency (CRA) has announced that contributions to a registered retirement savings plan (RRSP), in order to be deducted on the return for 2019, must be made on or before Monday March ...
Increase in inflation rate for January 2020
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the rate of inflation for the month of January. That rate stood at 2.4%, as measured on a year-over-year basi...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the rate of inflation for the month of January. That rate stood at 2.4%, as measured on a year-over-year basi...
Unemployment rate down slightly for January 2020
The most recent release of Statistics Canada’s Labour Force Survey shows that that unemployment rate dropped slightly during the month of January, from 5.6% to 5.5%. During that month, employment in...
The most recent release of Statistics Canada’s Labour Force Survey shows that that unemployment rate dropped slightly during the month of January, from 5.6% to 5.5%. During that month, employment in...
Canada Revenue Agency issues meal and travel expense deduction rates and limits for 2019
The rates and limits for deduction and credit claims for meal and travel expenses are now posted on the Canada Revenue Agency (CRA) website. Such rates and limits apply to meal and travel expense clai...
The rates and limits for deduction and credit claims for meal and travel expenses are now posted on the Canada Revenue Agency (CRA) website. Such rates and limits apply to meal and travel expense clai...
Digital news subscription tax credit now available
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
Digital news subscription tax credit now available
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
CRA issues updated guide to students and income tax
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the rules governing typical tax situations for such students. Those rules include the tax treatment of tuit...
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the rules governing typical tax situations for such students. Those rules include the tax treatment of tuit...
NETFILE service for 2019 returns available February 24, 2020
The Canada Revenue Agency (CRA) has announced that the NETFILE service for online filing of individual income tax returns for the 2019 tax year will be available beginning Monday, February 24, 2020. M...
The Canada Revenue Agency (CRA) has announced that the NETFILE service for online filing of individual income tax returns for the 2019 tax year will be available beginning Monday, February 24, 2020. M...
CRA issues 2019 Individual Income Tax Return and Guide
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide for all provinces and territories for the 2019 tax year, and those forms and guides are posted on its website at...
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide for all provinces and territories for the 2019 tax year, and those forms and guides are posted on its website at...
Bank of Canada leaves interest rate unchanged
In its regularly scheduled interest rate announcement made on January 22, 2020, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on January 22, 2020, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remain...
CRA announces automobile expense deduction limits for 2020
The Canada Revenue Agency has announced the rates and limits which will apply for purposes of automobile-related benefits and deductions in 2020. Most such rates and limits are unchanged, as follows: ...
The Canada Revenue Agency has announced the rates and limits which will apply for purposes of automobile-related benefits and deductions in 2020. Most such rates and limits are unchanged, as follows: ...
OAS payment rates for first quarter of 2020
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the first quarter (January 1 to March 31) of 2020. OAS payments are indexed quarterly to c...
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the first quarter (January 1 to March 31) of 2020. OAS payments are indexed quarterly to c...
Unemployment rate down for December 2019
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 35,000 jobs during the month of December and that the overall unemployment rate fell by 0.3%, to...
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 35,000 jobs during the month of December and that the overall unemployment rate fell by 0.3%, to...
Personal tax credit amounts increased
The federal government has announced that the basic personal tax credit, the spousal credit, and the eligible dependant credit amounts will increase, in four stages, from $12,298 to $15,000. The first...
The federal government has announced that the basic personal tax credit, the spousal credit, and the eligible dependant credit amounts will increase, in four stages, from $12,298 to $15,000. The first...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2020, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2020, as well as the rates that will apply for the purpose ...
Prescribed leasing interest rate for January 2020
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
Climate action incentive payment amounts for 2020
The federal government has announced the amounts which will be paid under the climate action incentive program during 2020. Such amounts are claimed when filing the individual income tax return for 20...
The federal government has announced the amounts which will be paid under the climate action incentive program during 2020. Such amounts are claimed when filing the individual income tax return for 20...
NETFILE service for prior years available until January 24, 2020
Taxpayers who have not yet filed their individual income tax returns for 2018 (or the three prior years) can file those returns on NETFILE until Friday, January 24, 2020. Until that date, the Canada R...
Taxpayers who have not yet filed their individual income tax returns for 2018 (or the three prior years) can file those returns on NETFILE until Friday, January 24, 2020. Until that date, the Canada R...
Economic and Fiscal Update projects increased current year deficit
The 2019 Economic and Fiscal Update released on December 16 by the Minister of Finance shows a significant increase in the projected deficit for the current fiscal year. In the 2019-20 Budget announce...
The 2019 Economic and Fiscal Update released on December 16 by the Minister of Finance shows a significant increase in the projected deficit for the current fiscal year. In the 2019-20 Budget announce...
December 16 deadline for final instalment payment for 2019
Canadians who pay income tax by instalments are required to pay the fourth and final instalment payment of 2019 on or before Monday December 16, 2019. Taxpayers subject to the instalment payment requi...
Canadians who pay income tax by instalments are required to pay the fourth and final instalment payment of 2019 on or before Monday December 16, 2019. Taxpayers subject to the instalment payment requi...
December 31 deadline for taxpayer relief applications for 2009
Under the federal government’s Taxpayer Relief Program, the Minister of National Revenue can provide relief to taxpayers from interest or penalty charges which have been assessed. Such taxpayer reli...
Under the federal government’s Taxpayer Relief Program, the Minister of National Revenue can provide relief to taxpayers from interest or penalty charges which have been assessed. Such taxpayer reli...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2...
In its regularly scheduled interest rate announcement made on December 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2...
Indexing adjustment for 2020 released by CRA
The Canada Revenue Agency has announced that personal income tax brackets and credit amounts for the 2020 taxation year will increase by 1.9%. Each year, such individual income tax brackets and cred...
The Canada Revenue Agency has announced that personal income tax brackets and credit amounts for the 2020 taxation year will increase by 1.9%. Each year, such individual income tax brackets and cred...
Inflation rate for October 2019 unchanged
The most recent release of Statistics Canada’s Consumer Price Index indicates that there was no change in the rate of inflation recorded for the month of October. That rate stood at 1.9%, as measure...
The most recent release of Statistics Canada’s Consumer Price Index indicates that there was no change in the rate of inflation recorded for the month of October. That rate stood at 1.9%, as measure...
CRA issues Payroll Deduction Formula guide for 2020
The Canada Revenue Agency has issued the 2020 version of Guide T4127, Payroll Deduction Formulas, which is intended for use by payroll software providers or companies which develop their own in-house ...
The Canada Revenue Agency has issued the 2020 version of Guide T4127, Payroll Deduction Formulas, which is intended for use by payroll software providers or companies which develop their own in-house ...
Upcoming CRA webinar on payroll
On Wednesday November 27, the Canada Revenue Agency (CRA) will be hosting a webinar on payroll requirements for Canadian employers. The webinar, which will start at 1:00 p.m. EST, is free of charge fo...
On Wednesday November 27, the Canada Revenue Agency (CRA) will be hosting a webinar on payroll requirements for Canadian employers. The webinar, which will start at 1:00 p.m. EST, is free of charge fo...
CRA issues 2019 guide to students and income tax
The Canada Revenue Agency (CRA) has updated and re-issued its tax guide for post-secondary students. That guide (P105, Students and Income Tax) reviews the tax treatment of common deductions and credi...
The Canada Revenue Agency (CRA) has updated and re-issued its tax guide for post-secondary students. That guide (P105, Students and Income Tax) reviews the tax treatment of common deductions and credi...
Employment Insurance contribution rates for 2020
The federal government has announced the Employment Insurance (EI) premium rates which will be levied during 2020. For 2020, maximum insurable earnings for the year will be $54,200. The premium rate f...
The federal government has announced the Employment Insurance (EI) premium rates which will be levied during 2020. For 2020, maximum insurable earnings for the year will be $54,200. The premium rate f...
No change in unemployment rate for October
The most recent release of Statistics Canada’s Labour Force Survey shows that there was no change in the overall unemployment rate for the month of October 2019, with that rate remaining at 5.5%. Am...
The most recent release of Statistics Canada’s Labour Force Survey shows that there was no change in the overall unemployment rate for the month of October 2019, with that rate remaining at 5.5%. Am...
CRA issues employer guide to payroll deductions for 2020
The Canada Revenue Agency has issued its Employer’s Guide: Payroll Deductions and Remittances for 2020 (T4001(E)). That guide provides employers with information on the deductions which must be made...
The Canada Revenue Agency has issued its Employer’s Guide: Payroll Deductions and Remittances for 2020 (T4001(E)). That guide provides employers with information on the deductions which must be made...
Canada Pension Plan contribution rates for 2020 released
The federal government has announced the contribution rates and amounts and maximum pensionable earnings which will apply for purposes of the Canada Pension Plan in 2020. Employee and employer contrib...
The federal government has announced the contribution rates and amounts and maximum pensionable earnings which will apply for purposes of the Canada Pension Plan in 2020. Employee and employer contrib...
CRA issues 2019 employer guide to taxable benefits
Employers are required, by the end of February 2020, to issue T4 slips for their employees for the 2019 taxation year. Those T4s will summarize the amount of remuneration received by the employee duri...
Employers are required, by the end of February 2020, to issue T4 slips for their employees for the 2019 taxation year. Those T4s will summarize the amount of remuneration received by the employee duri...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on October 30, 2019, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate will r...
In its regularly scheduled interest rate announcement made on October 30, 2019, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate will r...
CPP contribution rate to increase January 1, 2020
As previously announced, changes are to be made to the Canada Pension Plan over the next 5 years, with the goal of increasing the amount of CPP retirement benefits available to contributors. The next ...
As previously announced, changes are to be made to the Canada Pension Plan over the next 5 years, with the goal of increasing the amount of CPP retirement benefits available to contributors. The next ...
Online retirement income calculator available
The federal government provides a detailed online retirement income calculator which can be used by taxpayers planning retirement. The online calculator allows users to input income amounts from vario...
The federal government provides a detailed online retirement income calculator which can be used by taxpayers planning retirement. The online calculator allows users to input income amounts from vario...
No change in inflation rate for September
The overall inflation rate was unchanged for the month of September, with that rate matching the 1.9% year-over-year increase posted for the month of August 2019. The greatest contributor to the infla...
The overall inflation rate was unchanged for the month of September, with that rate matching the 1.9% year-over-year increase posted for the month of August 2019. The greatest contributor to the infla...
Unemployment rate down in September
The most recent release of Statistics Canada’s Labour Force Survey shows a sharp increase in job creation for the month of September. During that month employment rose by 54,000, mainly in full-time...
The most recent release of Statistics Canada’s Labour Force Survey shows a sharp increase in job creation for the month of September. During that month employment rose by 54,000, mainly in full-time...
Prescribed interest rate for leasing for November
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
2020 Employment Insurance premium rates announced
The federal government has announced the Employment Insurance premium rates and amounts which will be levied during the 2020 calendar year. For 2020, the Employment Insurance premium rate is decreased...
The federal government has announced the Employment Insurance premium rates and amounts which will be levied during the 2020 calendar year. For 2020, the Employment Insurance premium rate is decreased...
OAS payment rates for fourth quarter of 2019
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the fourth quarter (October 1 to December 31) of 2019. OAS payments are indexed quarterly ...
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the fourth quarter (October 1 to December 31) of 2019. OAS payments are indexed quarterly ...
Prescribed interest rates for 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2019, as well as the rates that will apply for the purpose of calculating emp...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2019, as well as the rates that will apply for the purpose of calculating emp...
CRA updates and re-issues publication on tax audits
The Canada Revenue Agency (CRA) has updated and re-issued its publication on the conduct of tax audits. The updated publication (RC4188E)) outlines the process by which the CRA chooses a file for audi...
The Canada Revenue Agency (CRA) has updated and re-issued its publication on the conduct of tax audits. The updated publication (RC4188E)) outlines the process by which the CRA chooses a file for audi...
Prescribed interest rate for leasing for October
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
Rate of inflation at 1.9% for August
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August stood at 1.9%, as measured on a year-over-year basis. The inflation rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August stood at 1.9%, as measured on a year-over-year basis. The inflation rate ...
Federal government releases financial results for 2018-19
Finance Canada has released the Annual Financial Report of the Government of Canada for 2018-19, which provides an overview of the federal government’s financial results for the 2018-19 fiscal year ...
Finance Canada has released the Annual Financial Report of the Government of Canada for 2018-19, which provides an overview of the federal government’s financial results for the 2018-19 fiscal year ...
CRA issues tax guidance for international students
Each September thousands of international students move to (or return to) Canada to attend Canadian secondary or post-secondary educational institutions. Depending on their residency status, those stu...
Each September thousands of international students move to (or return to) Canada to attend Canadian secondary or post-secondary educational institutions. Depending on their residency status, those stu...
Unemployment rate unchanged in August
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 81,000 positions during the month of August 2019. Notwithstanding that increase, the unemploymen...
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 81,000 positions during the month of August 2019. Notwithstanding that increase, the unemploymen...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at ...
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at ...
Individual income tax instalment payment due September 16
Individual taxpayers who make quarterly instalment payments of tax must make the third such instalment payment for the year on or before September 15. As that date falls on a Sunday this year, payment...
Individual taxpayers who make quarterly instalment payments of tax must make the third such instalment payment for the year on or before September 15. As that date falls on a Sunday this year, payment...
Bank of Canada announces 2020 interest rate announcement schedule
The Bank of Canada has released a listing of the eight dates on which it will make regularly scheduled interest rate announcements during 2020. That listing is as follows: Wednesday, January 22 Wedne...
The Bank of Canada has released a listing of the eight dates on which it will make regularly scheduled interest rate announcements during 2020. That listing is as follows: Wednesday, January 22 Wedne...
CRA issues warning on self-directed RRSP withdrawal schemes
The Canada Revenue Agency has issued a Tax Tip warning owners of self-directed RRSPs about a current tax scheme which they may encounter. Promoters of such schemes falsely promise owners of self-direc...
The Canada Revenue Agency has issued a Tax Tip warning owners of self-directed RRSPs about a current tax scheme which they may encounter. Promoters of such schemes falsely promise owners of self-direc...
CRA issues updated guide to electronic record keeping by taxpayers
The Canada Revenue Agency has updated and re-issued its Information Circular outlining the rules and requirements which apply to taxpayers who keep business and tax books and records in electronic for...
The Canada Revenue Agency has updated and re-issued its Information Circular outlining the rules and requirements which apply to taxpayers who keep business and tax books and records in electronic for...
Inflation rate unchanged in July
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation recorded for the month of July was unchanged from the previous month. For both June and July, tha...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation recorded for the month of July was unchanged from the previous month. For both June and July, tha...
Prescribed interest rate for leasing for September
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, which includes the applicable rate for the upcoming month, as well as the rates in ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, which includes the applicable rate for the upcoming month, as well as the rates in ...
Unemployment rate up slightly for July
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the unemployment rate for the month of July, as measured on a year-over-year basis. For that month, the ...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the unemployment rate for the month of July, as measured on a year-over-year basis. For that month, the ...
CRA enhances telephone security procedures
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding taxpayers of the procedures which it utilizes to protect their personal information, particularly with respect to contacts between taxpay...
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding taxpayers of the procedures which it utilizes to protect their personal information, particularly with respect to contacts between taxpay...
Third quarterly income tax instalment due September 15
Individuals who are required to pay income tax by instalments must make their third quarterly instalment for 2019 on or before September 15, 2019. As that date is a Sunday, such payments are considere...
Individuals who are required to pay income tax by instalments must make their third quarterly instalment for 2019 on or before September 15, 2019. As that date is a Sunday, such payments are considere...
Federal government issues initial listing of prescribed livestock tax deferral areas for 2019
The federal government provides tax relief to livestock producers who are experiencing severe weather or climate conditions during the year. Such relief is provided through the livestock tax deferral ...
The federal government provides tax relief to livestock producers who are experiencing severe weather or climate conditions during the year. Such relief is provided through the livestock tax deferral ...
Bank of Canada releases 2020 interest rate announcement dates
The Bank of Canada has released the listing of dates on which it will make scheduled interest rate announcements during calendar year 2020. There will be 8 such scheduled interest rate announcements d...
The Bank of Canada has released the listing of dates on which it will make scheduled interest rate announcements during calendar year 2020. There will be 8 such scheduled interest rate announcements d...
Mortgage stress test interest rate lowered to 5.19%
Prospective mortgage borrowers in Canada are subject to a “stress test” as part of the assessment of their credit-worthiness. Under that test, such borrowers are required to qualify for a mortgage...
Prospective mortgage borrowers in Canada are subject to a “stress test” as part of the assessment of their credit-worthiness. Under that test, such borrowers are required to qualify for a mortgage...
Inflation rate up by 2% in June
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of June 2019 stood at 2%. The comparable rate for May was 2.4%. The decr...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of June 2019 stood at 2%. The comparable rate for May was 2.4%. The decr...
Prescribed interest rate for leasing for August
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
Slight increase in unemployment rate for June
The most recent release of Statistics Canada’s Labour Force Survey shows that, although the unemployment rate for the month of June rose by 0.1%, employment increased by 132,000 positions during the...
The most recent release of Statistics Canada’s Labour Force Survey shows that, although the unemployment rate for the month of June rose by 0.1%, employment increased by 132,000 positions during the...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the bank rate remains at 2%. ...
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the bank rate remains at 2%. ...
Prescribed interest rates for the first three quarters of 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2019, as well as the rates that will apply for th...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2019, as well as the rates that will apply for th...
Increases to GST/HST credit and Canada Child Benefit payment rates
July 1, 2019 is the start of the 2019-20 benefit year for many provincial and federal child and tax benefits, including the federal GST/HST credit and the Canada Child Benefit. As of that date, the pa...
July 1, 2019 is the start of the 2019-20 benefit year for many provincial and federal child and tax benefits, including the federal GST/HST credit and the Canada Child Benefit. As of that date, the pa...
OAS payment rates for third quarter of 2019
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the third quarter (July 1 to September 30) of 2019. OAS payments are indexed quarterly to ...
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the third quarter (July 1 to September 30) of 2019. OAS payments are indexed quarterly to ...
Prescribed interest rate for leasing for July
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July 2019. The prescribed rate for July is 2.75%. A chart showi...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July 2019. The prescribed rate for July is 2.75%. A chart showi...
Inflation rate for May at 2.4%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of May 2019, as measured on a year-over-year basis, stood at 2.4%. Inflation during...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of May 2019, as measured on a year-over-year basis, stood at 2.4%. Inflation during...
Finance holding consultations on upcoming changes to stock option rules
Under the Canadian tax system, employee stock options receive preferential tax treatment. In this year’s Budget the federal government indicated that, in its view, the existing rules on stock option...
Under the Canadian tax system, employee stock options receive preferential tax treatment. In this year’s Budget the federal government indicated that, in its view, the existing rules on stock option...
First-time home buyer’s incentive to launch September 2, 2019
In this year’s federal Budget, a new program was announced to benefit first-time home buyers. Under that program, the First-Time Home Buyer’s Incentive, the Canada Mortgage and Housing Corporation...
In this year’s federal Budget, a new program was announced to benefit first-time home buyers. Under that program, the First-Time Home Buyer’s Incentive, the Canada Mortgage and Housing Corporation...
Increases to Canada child benefit effective July 1, 2019
Effective as of July 2019, the amount of Canada Child Benefit (CCB) payable to eligible Canadian families will be increased to account for inflation. Starting with the July payment (which will be made...
Effective as of July 2019, the amount of Canada Child Benefit (CCB) payable to eligible Canadian families will be increased to account for inflation. Starting with the July payment (which will be made...
Unemployment rate down slightly in May
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate recorded for the month of May. The unemployment rate for that month stood at...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate recorded for the month of May. The unemployment rate for that month stood at...
Prescribed interest rates for leasing for June 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of June 2019. The prescribed rate for that month will be increase...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of June 2019. The prescribed rate for that month will be increase...
Individual income tax instalment payment due June 17
Individual taxpayers who pay income tax by instalments must make their second instalment payment for 2019 on or before June 17, 2019. Such taxpayers will have received an instalment notice setting out...
Individual taxpayers who pay income tax by instalments must make their second instalment payment for 2019 on or before June 17, 2019. Such taxpayers will have received an instalment notice setting out...
2018 returns for self-employed taxpayers due June 17, 2019
Self-employed taxpayers (and their spouses) have until Monday June 17, 2019 to file their income tax returns for the 2018 tax year. Returns filed after that date will be subject to late-filing penalti...
Self-employed taxpayers (and their spouses) have until Monday June 17, 2019 to file their income tax returns for the 2018 tax year. Returns filed after that date will be subject to late-filing penalti...
Bank of Canada maintains interest rates at current levels
In its regularly scheduled interest rate announcement made on May 29, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Consequently, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on May 29, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Consequently, the Bank Rate remain...
Filing of 2018 tax return required to receive federal tax benefits
The federal government and many of the provinces provide benefit programs for which both entitlement and benefit amount are based, at least in part, on the income of the recipient taxpayer. Those bene...
The federal government and many of the provinces provide benefit programs for which both entitlement and benefit amount are based, at least in part, on the income of the recipient taxpayer. Those bene...
Overall inflation rate for April 2019 at 2%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April stood at 2%, as measured on a year-over-year basis. Seven of the eight maj...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April stood at 2%, as measured on a year-over-year basis. Seven of the eight maj...
CRA confirms June 17 filing deadline for self-employed taxpayers
The Canada Revenue Agency (CRA) has issued a Tax Tip confirming that the filing deadline for individual income tax returns filed for the 2018 tax year by self-employed individuals and their spouses is...
The Canada Revenue Agency (CRA) has issued a Tax Tip confirming that the filing deadline for individual income tax returns filed for the 2018 tax year by self-employed individuals and their spouses is...
Good employment news for the month of April
The most recent release of Statistics Canada’s Labour Force Survey shows growth in employment during the month of April for nearly all demographic groups. The overall unemployment rate for the month...
The most recent release of Statistics Canada’s Labour Force Survey shows growth in employment during the month of April for nearly all demographic groups. The overall unemployment rate for the month...
CRA issues warning on Health Spending Account tax schemes
The Canada Revenue Agency (CRA) has issued a warning about a current tax scheme involving Health Spending Accounts (HSAs) which are being marketed to small businesses. HSAs are self-insured health pla...
The Canada Revenue Agency (CRA) has issued a warning about a current tax scheme involving Health Spending Accounts (HSAs) which are being marketed to small businesses. HSAs are self-insured health pla...
Canada Child Benefit rates to increase in July
The federal government has announced that, effective with the July 2019 payment, Canada Child Benefit rates will increase.As of July, the maximum benefit for a child under the age of 6 will increase t...
The federal government has announced that, effective with the July 2019 payment, Canada Child Benefit rates will increase.As of July, the maximum benefit for a child under the age of 6 will increase t...
Prescribed interest rate for leasing for May 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of May 2019. The prescribed rate for that month will be reduced t...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of May 2019. The prescribed rate for that month will be reduced t...
CRA reminds flood-affected taxpayers of available relief
The Canada Revenue Agency (CRA) has issued a press release reminding taxpayers who have been affected by this spring’s floods of the availability of relief with respect to their obligation to file a...
The Canada Revenue Agency (CRA) has issued a press release reminding taxpayers who have been affected by this spring’s floods of the availability of relief with respect to their obligation to file a...
Increase in rate of inflation for March 2019
The most recent release of Statistics Canada’s Consumer Price Index shows a significant increase in the rate of inflation recorded for the month of March 2019. During that month, the CPI rose 1.9%, ...
The most recent release of Statistics Canada’s Consumer Price Index shows a significant increase in the rate of inflation recorded for the month of March 2019. During that month, the CPI rose 1.9%, ...
Bank of Canada leaves interest rates unchanged
The Bank of Canada, in its regularly scheduled interest rate announcement made on April 24, determined that no change was needed to current rates. The Bank Rate therefore remains at 2%. The press rele...
The Bank of Canada, in its regularly scheduled interest rate announcement made on April 24, determined that no change was needed to current rates. The Bank Rate therefore remains at 2%. The press rele...
OAS rates unchanged for the second quarter of 2019
The federal government has announced the Old Age Security payment rates which will be in effect for the second quarter (April 1 to June 30) of 2019. OAS payment rates are indexed quarterly to inflatio...
The federal government has announced the Old Age Security payment rates which will be in effect for the second quarter (April 1 to June 30) of 2019. OAS payment rates are indexed quarterly to inflatio...
April 30 deadline for payment of 2018 individual income taxes
All payments of individual income tax owed for the 2018 taxation year must be received by the Canada Revenue Agency (CRA) on or before Tuesday April 30, 2019. There are a number of means by which paym...
All payments of individual income tax owed for the 2018 taxation year must be received by the Canada Revenue Agency (CRA) on or before Tuesday April 30, 2019. There are a number of means by which paym...
CRA issues guide to medical expense claims for 2018
The Canada Revenue Agency (CRA) has issued an updated guide to be used by taxpayers who are claiming medical expenses on their income tax returns for 2018. Individual taxpayers are entitled to claim a...
The Canada Revenue Agency (CRA) has issued an updated guide to be used by taxpayers who are claiming medical expenses on their income tax returns for 2018. Individual taxpayers are entitled to claim a...
Unemployment rate unchanged in March
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change in the overall unemployment rate for the month of March. That rate remained at 5.8%. Employment ...
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change in the overall unemployment rate for the month of March. That rate remained at 5.8%. Employment ...
Prescribed interest rates for leasing for April
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the month April 2019. The prescribed rate for the upcoming month is 3.1%. A chart...
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the month April 2019. The prescribed rate for the upcoming month is 3.1%. A chart...
Prescribed interest rates for the first half of 2019
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2019, as well as the rates that will apply for the purpose of cal...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2019, as well as the rates that will apply for the purpose of cal...
CRA posts Tax Tips for students and seniors
The Canada Revenue Agency (CRA) has posted a number of Tax Tips for seniors and students on its website. Those Tax Tips list and explain particular credits, deductions, or benefits which are most like...
The Canada Revenue Agency (CRA) has posted a number of Tax Tips for seniors and students on its website. Those Tax Tips list and explain particular credits, deductions, or benefits which are most like...
Inflation increases by 1.5% in February
The most recent release of Statistics Canada’s Consumer Price Survey indicates that the rate of inflation for the month of February, as measured on a year-over-year basis, stood at 1.5%. The compara...
The most recent release of Statistics Canada’s Consumer Price Survey indicates that the rate of inflation for the month of February, as measured on a year-over-year basis, stood at 1.5%. The compara...
Budget 2019: Adjusting the Rules for Cannabis Taxation
Budget 2019 is proposing that the excise duty framework for cannabis products be amended to more effectively apply the excise duty on new classes of cannabis products, as well as to cannabis oils, whi...
Budget 2019 is proposing that the excise duty framework for cannabis products be amended to more effectively apply the excise duty on new classes of cannabis products, as well as to cannabis oils, whi...
Budget 2019: Expanding Health-Related Tax Relief
Budget 2019 proposes to expand health-related tax relief under the Goods and Services Tax/Harmonized Sales Tax (GST/HST) system to better meet the health care needs of Canadians by: providing GST/HST...
Budget 2019 proposes to expand health-related tax relief under the Goods and Services Tax/Harmonized Sales Tax (GST/HST) system to better meet the health care needs of Canadians by: providing GST/HST...
Budget 2019: Employee Stock Options
Budget 2019 announces the Government’s intent to limit the use of the current employee stock option tax regime and move toward aligning the tax treatment with the United States for employees of larg...
Budget 2019 announces the Government’s intent to limit the use of the current employee stock option tax regime and move toward aligning the tax treatment with the United States for employees of larg...
Budget 2019: Electronic Delivery of Requirements for Information
Budget 2019 proposes that the Canada Revenue Agency (CRA) will be allowed to send requirements for information electronically to a bank or credit union only if the bank or credit union notifies the CR...
Budget 2019 proposes that the Canada Revenue Agency (CRA) will be allowed to send requirements for information electronically to a bank or credit union only if the bank or credit union notifies the CR...
Budget 2019: Carrying on Business in a Tax-Free Savings Account
Budget 2019 proposes that the joint and several liability for tax owing on income from carrying on a business in a TFSA be extended to the TFSA holder. The joint and several liability of a trustee of ...
Budget 2019 proposes that the joint and several liability for tax owing on income from carrying on a business in a TFSA be extended to the TFSA holder. The joint and several liability of a trustee of ...
Budget 2019: Mutual Funds: Allocation to Redeemers Methodology
Budget 2019 proposes to introduce a new rule that would deny a mutual fund trust a deduction in respect of the portion of an allocation made to a unitholder on a redemption of a unit of the mutual fun...
Budget 2019 proposes to introduce a new rule that would deny a mutual fund trust a deduction in respect of the portion of an allocation made to a unitholder on a redemption of a unit of the mutual fun...
Budget 2019: Pensionable Service Under an Individual Pension Plan (IPP)
Budget 2019 proposes to prohibit Individual Pension Plans (IPPs) from providing retirement benefits in respect of past years of employment that were pensionable service under a defined benefit plan of...
Budget 2019 proposes to prohibit Individual Pension Plans (IPPs) from providing retirement benefits in respect of past years of employment that were pensionable service under a defined benefit plan of...
Budget 2019: Contributions to a Specified Multi-Employer Plan (SMEP) for Older Members
To bring the Specified Multi-Employer Plan (SMEP) rules in line with the pension tax provisions that apply to other defined benefit RPPs, Budget 2019 proposes to amend the tax rules to prohibit contri...
To bring the Specified Multi-Employer Plan (SMEP) rules in line with the pension tax provisions that apply to other defined benefit RPPs, Budget 2019 proposes to amend the tax rules to prohibit contri...
Budget 2019: Medical Expense Tax Credit
Amounts paid for cannabis products may be eligible for the medical expense tax credit where such products are purchased for a patient for medical purposes in accordance with the Access to Cannabis for...
Amounts paid for cannabis products may be eligible for the medical expense tax credit where such products are purchased for a patient for medical purposes in accordance with the Access to Cannabis for...
Budget 2019: Supporting Donations of Cultural Property
A recent court decision related to the interpretation of “national importance” has created uncertainty about the availability of these tax incentives. Budget 2019 proposes to introduce legislative...
A recent court decision related to the interpretation of “national importance” has created uncertainty about the availability of these tax incentives. Budget 2019 proposes to introduce legislative...
Budget 2019: Tax Measures for Kinship Care Providers, Tax Treatment of Financial Assistance Payments
Budget 2019 proposes to amend the Income Tax Act to clarify that financial assistance payments received by care providers under a kinship care program are neither taxable nor included in income for th...
Budget 2019 proposes to amend the Income Tax Act to clarify that financial assistance payments received by care providers under a kinship care program are neither taxable nor included in income for th...
Budget 2019: Tax Measures for Kinship Care Providers, Canada Workers Benefit
Budget 2019 proposes to amend the Income Tax Act to clarify that an individual may be considered to be the parent of a child in their care for the purpose of the Canada Workers Benefit, regardless of ...
Budget 2019 proposes to amend the Income Tax Act to clarify that an individual may be considered to be the parent of a child in their care for the purpose of the Canada Workers Benefit, regardless of ...
Budget 2019: Improvements to the Registered Disability Savings Plan (RDSP)
To ensure that the Registered Disability Savings Plan (RDSP) continues to respond to the needs of Canadians with disabilities, Budget 2019 proposes two changes that will better protect the long-term s...
To ensure that the Registered Disability Savings Plan (RDSP) continues to respond to the needs of Canadians with disabilities, Budget 2019 proposes two changes that will better protect the long-term s...
Budget 2019: Variable Payment Life Annuities
Budget 2019 proposes to amend the tax rules to permit PRPPs and defined contribution RPPs to provide a variable payment life annuity (VPLA) to members directly from the plan. A VPLA will provide payme...
Budget 2019 proposes to amend the tax rules to permit PRPPs and defined contribution RPPs to provide a variable payment life annuity (VPLA) to members directly from the plan. A VPLA will provide payme...
Budget 2019: Advanced Life Deferred Annuities
Budget 2019 proposes to amend the tax rules to permit an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, under certain registered plans. An ALDA w...
Budget 2019 proposes to amend the tax rules to permit an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, under certain registered plans. An ALDA w...
Budget 2019: Change in Use Rules for Multi-Unit Residential Properties
To improve the consistency of the tax treatment of owners of multi-unit residential properties in comparison to owners of single-unit residential properties, Budget 2019 proposes to allow a taxpayer t...
To improve the consistency of the tax treatment of owners of multi-unit residential properties in comparison to owners of single-unit residential properties, Budget 2019 proposes to allow a taxpayer t...
Budget 2019: Modernizing the Home Buyers’ Plan (HBP)
Budget 2019 proposes to increase the Home Buyers’ Plan (HBP) withdrawal limit to $35,000. This would be available for withdrawals made after March 19, 2019. Budget 2019 also proposes to extend acces...
Budget 2019 proposes to increase the Home Buyers’ Plan (HBP) withdrawal limit to $35,000. This would be available for withdrawals made after March 19, 2019. Budget 2019 also proposes to extend acces...
Budget 2019: Canada Training Credit
Budget 2019 proposes this new, non-taxable credit that would help Canadians pay for training fees. Every year, eligible workers between the ages of 25 and 64 would accumulate a credit balance of $250 ...
Budget 2019 proposes this new, non-taxable credit that would help Canadians pay for training fees. Every year, eligible workers between the ages of 25 and 64 would accumulate a credit balance of $250 ...
Budget 2019: Strengthening Canada’s International Tax Rules
Budget 2019 proposes to: extend the foreign affiliate dumping rules in the Income Tax Act to prevent a corporation resident in Canada that is controlled by a non-resident individual or trust from red...
Budget 2019 proposes to: extend the foreign affiliate dumping rules in the Income Tax Act to prevent a corporation resident in Canada that is controlled by a non-resident individual or trust from red...
Budget 2019: Strengthening Beneficial Ownership Transparency
In Budget 2019, the Government proposes further amendments to the Income Tax Act to make the beneficial ownership information maintained by federally incorporated corporations more readily available t...
In Budget 2019, the Government proposes further amendments to the Income Tax Act to make the beneficial ownership information maintained by federally incorporated corporations more readily available t...
Budget 2019: Character Conversion Transactions
Budget 2019 proposes an amendment that introduces an additional qualification for the commercial transaction exception in the definition “derivative forward agreement” as the exception applies to ...
Budget 2019 proposes an amendment that introduces an additional qualification for the commercial transaction exception in the definition “derivative forward agreement” as the exception applies to ...
Budget 2019: Canadian-Belgian Co-productions - Canadian Film or Video Production Tax Credit
Budget 2019 proposes to add The Memorandum of Understanding between the Government of Canada and the Respective Governments of the Flemish, French and German-speaking Communities of the Kingdom of Bel...
Budget 2019 proposes to add The Memorandum of Understanding between the Government of Canada and the Respective Governments of the Flemish, French and German-speaking Communities of the Kingdom of Bel...
Budget 2019: Improving Support for Small, Growing Companies
Budget 2019 proposes to repeal the use of taxable income as a factor in determining a CCPC’s annual expenditure limit for the purpose of the enhanced SR&ED tax credit. As a result, small CCPCs w...
Budget 2019 proposes to repeal the use of taxable income as a factor in determining a CCPC’s annual expenditure limit for the purpose of the enhanced SR&ED tax credit. As a result, small CCPCs w...
Budget 2019: Small Business Deduction - Farmers and Fishers
Budget 2019 proposes to eliminate the requirement that sales be to a farming or fishing cooperative corporation in order to be excluded from specified corporate income. As such, this exclusion will ap...
Budget 2019 proposes to eliminate the requirement that sales be to a farming or fishing cooperative corporation in order to be excluded from specified corporate income. As such, this exclusion will ap...
Budget 2019: Supporting Business Investment in Zero-Emission Vehicles
Budget 2019 proposes that these vehicles be eligible for a full tax write-off in the year they are put in use. Qualifying vehicles will include electric battery, plug-in hybrid (with a battery capacit...
Budget 2019 proposes that these vehicles be eligible for a full tax write-off in the year they are put in use. Qualifying vehicles will include electric battery, plug-in hybrid (with a battery capacit...
Budget 2019: Support for Canadian Journalism
Budget 2019 proposes to introduce three new tax measures to support Canadian journalism: allowing journalism organizations to register as qualified donees; a refundable labour tax credit for qualifyi...
Budget 2019 proposes to introduce three new tax measures to support Canadian journalism: allowing journalism organizations to register as qualified donees; a refundable labour tax credit for qualifyi...
Unemployment rate unchanged in February
The most recent release of Statistics Canada’s Labour Force survey shows that, while the rate of unemployment for the month of February was unchanged, employment grew by 56,000 positions. The unempl...
The most recent release of Statistics Canada’s Labour Force survey shows that, while the rate of unemployment for the month of February was unchanged, employment grew by 56,000 positions. The unempl...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2% I...
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2% I...
Inflation down to 1.4% for January 2019
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows a drop in the rate of inflation for the month of January. That rate, as measured on a year-over-year basis, was 1.4%. ...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows a drop in the rate of inflation for the month of January. That rate, as measured on a year-over-year basis, was 1.4%. ...
First instalment payment of 2019 due March 15
The first instalment payment of individual income taxes for the 2019 tax year is due on or before Friday March 15, 2019. Individuals who have previously paid tax by instalments will have received an i...
The first instalment payment of individual income taxes for the 2019 tax year is due on or before Friday March 15, 2019. Individuals who have previously paid tax by instalments will have received an i...
CRA providing extended hours for individual tax help line
The Canada Revenue Agency (CRA) has announced that its Individual Income Tax Enquiries line (1-800-959-8281) is now available for extended hours. Until April 30, 2019, telephone agents will be availab...
The Canada Revenue Agency (CRA) has announced that its Individual Income Tax Enquiries line (1-800-959-8281) is now available for extended hours. Until April 30, 2019, telephone agents will be availab...
Date announced for 2019-20 federal Budget
The Minister of Finance has announced that the 2019-20 federal Budget will be brought down on Tuesday, March 19, 2019. Once the Budget is released, at around 4 p.m., the Budget Papers will be posted o...
The Minister of Finance has announced that the 2019-20 federal Budget will be brought down on Tuesday, March 19, 2019. Once the Budget is released, at around 4 p.m., the Budget Papers will be posted o...
Obtaining a 2018 tax return form and guide
The 2018 T1 Individual Income Tax Return and Guide package is now available on the Canada Revenue Agency (CRA) website at https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packag...
The 2018 T1 Individual Income Tax Return and Guide package is now available on the Canada Revenue Agency (CRA) website at https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packag...
NETFILE available for filing of 2018 individual income tax returns
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns is available as of Monday, February 18, 2019. The current NETFILE service (which ...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns is available as of Monday, February 18, 2019. The current NETFILE service (which ...
CRA issues tax filing tips for students
The Canada Revenue Agency (CRA) has issued a Tax Tip for post-secondary students and graduates who will be filing an income tax return for the 2018 tax year. That Tax Tip, which can be found on the CR...
The Canada Revenue Agency (CRA) has issued a Tax Tip for post-secondary students and graduates who will be filing an income tax return for the 2018 tax year. That Tax Tip, which can be found on the CR...
Small increase in unemployment rate for January
During the month of January, the number of people employed in Canada rose by 67,000, with that figure attributable for most part to increased employment of those aged 15 to 24 and those working in the...
During the month of January, the number of people employed in Canada rose by 67,000, with that figure attributable for most part to increased employment of those aged 15 to 24 and those working in the...
Prescribed interest rate for leasing
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of March 2019. That prescribed rate for the month of March will be...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of March 2019. That prescribed rate for the month of March will be...
CRA issues tax filing tips for seniors
The Canada Revenue Agency (CRA) has posted a Tax Tip which lists the tax deductions and credits which are most relevant to seniors, and which can be claimed by eligible seniors when preparing and fili...
The Canada Revenue Agency (CRA) has posted a Tax Tip which lists the tax deductions and credits which are most relevant to seniors, and which can be claimed by eligible seniors when preparing and fili...
NETFILE service for 2018 returns available February 18
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns for the 2018 tax year will be available online on Monday February 18, 2019. The N...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns for the 2018 tax year will be available online on Monday February 18, 2019. The N...
Upcoming changes to the CRA’s e-mail service
Effective as of February 11, 2019, the Canada Revenue Agency (CRA) will be merging its online mail and account alerts services. Notification of the change is being sent to users of those services, and...
Effective as of February 11, 2019, the Canada Revenue Agency (CRA) will be merging its online mail and account alerts services. Notification of the change is being sent to users of those services, and...
Pre-Budget consultations ending on January 29
Finance Canada has issued a reminder that the current consultation process with respect to the upcoming 2019-20 federal Budget will end on Tuesday, January 29, 2019. Interested stakeholders can make t...
Finance Canada has issued a reminder that the current consultation process with respect to the upcoming 2019-20 federal Budget will end on Tuesday, January 29, 2019. Interested stakeholders can make t...
Inflation rate increases to 2% in December
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, stood at 2% during the month of December 2018. The equiva...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, stood at 2% during the month of December 2018. The equiva...
Finance announces automobile allowance limits and rates for 2019
Finance Canada has announced the automobile deduction limits and expense benefit rates which will apply to businesses and their employees during the 2019 taxation year. Most of the limits which applie...
Finance Canada has announced the automobile deduction limits and expense benefit rates which will apply to businesses and their employees during the 2019 taxation year. Most of the limits which applie...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on January 9, 2019, the Bank of Canada indicated that no change would be made to current interest rates. The Bank Rate therefore remains at 2...
In its regularly scheduled interest rate announcement made on January 9, 2019, the Bank of Canada indicated that no change would be made to current interest rates. The Bank Rate therefore remains at 2...
Prescribed interest rates for leasing for January and February
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the months of January and February 2019.The prescribed rate for January is ...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the months of January and February 2019.The prescribed rate for January is ...
Prescribed interest rates for the first quarter of 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2019, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2019, as well as the rates that will apply for the purpo...
Canada Pension Plan changes to take effect January 1, 2019
Over the next seven years, significant changes will be made to the Canada Pension Plan. Those changes will result, overall, in an increase of about 50% in the maximum retirement benefit. The first suc...
Over the next seven years, significant changes will be made to the Canada Pension Plan. Those changes will result, overall, in an increase of about 50% in the maximum retirement benefit. The first suc...
Inflation for November down to 1.7%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of November, as measured on a year-over-year basis, stood at 1.7%. The comparable r...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of November, as measured on a year-over-year basis, stood at 1.7%. The comparable r...
NETFILE service for prior years available until January 25, 2019
Taxpayers who have not yet filed their individual income tax returns for 2017 (or the three prior years) can file those returns on NETFILE until Friday, January 25, 2019. Until that date, the Canada R...
Taxpayers who have not yet filed their individual income tax returns for 2017 (or the three prior years) can file those returns on NETFILE until Friday, January 25, 2019. Until that date, the Canada R...
Prescribed leasing interest rate for January 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of January 2019. The prescribed rate for that month will be 3.39%....
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of January 2019. The prescribed rate for that month will be 3.39%....
December 31, 2018 deadline for 2008 tax fairness applications
Where taxpayers fail to meet their tax filing or payment obligations, penalties and interest are usually levied for that failure. However, the Minister of National Revenue has the authority to forgive...
Where taxpayers fail to meet their tax filing or payment obligations, penalties and interest are usually levied for that failure. However, the Minister of National Revenue has the authority to forgive...
Unemployment rate for November at 42-year low
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of November was the lowest recorded since 1976. The unemployment rate for the month,...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of November was the lowest recorded since 1976. The unemployment rate for the month,...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on December 5, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate rem...
In its regularly scheduled interest rate announcement made on December 5, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate rem...
Personal tax credit amounts for 2019
The federal government will provide the following personal tax credit amounts for 2019: Basic personal amount ……………………………… $12,069 Spouse or common law partner amount …...
The federal government will provide the following personal tax credit amounts for 2019: Basic personal amount ……………………………… $12,069 Spouse or common law partner amount …...
Inflation rate up slightly in October
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation rate for the month of October. That rate rose 2.4%, following a 2.2% increase for...
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation rate for the month of October. That rate rose 2.4%, following a 2.2% increase for...
Finance announces start of 2019-20 federal Budget consultation process
Finance Canada has announced details of the consultation process leading up the release of the 2019-20 Federal Budget next spring. The budget consultation process will include both in-person and digit...
Finance Canada has announced details of the consultation process leading up the release of the 2019-20 Federal Budget next spring. The budget consultation process will include both in-person and digit...
New tax credits to support news organizations
In the 2018-19 Fall Economic Statement, the Minister of Finance announced that three new tax initiatives would be introduced to support both traditional and digital news organizations. Those changes w...
In the 2018-19 Fall Economic Statement, the Minister of Finance announced that three new tax initiatives would be introduced to support both traditional and digital news organizations. Those changes w...
Federal government announces new business tax incentives
In the Fall Economic Statement issued on November 21, the Minister of Finance announced new tax measures that would: allow businesses to immediately write off the cost of machinery and equipment used...
In the Fall Economic Statement issued on November 21, the Minister of Finance announced new tax measures that would: allow businesses to immediately write off the cost of machinery and equipment used...
CRA issues 2018 employer’s guide to taxable benefits
Some of the non-monetary benefits which employers provide to their employees must be included in the employee’s income and taxed as such. Each year, employers must include the amount of any such tax...
Some of the non-monetary benefits which employers provide to their employees must be included in the employee’s income and taxed as such. Each year, employers must include the amount of any such tax...
CRA announces enhancements to BizApp
The Canada Revenue Agency (CRA) provides a mobile web app for small business owners and sole proprietors which enables them to manage their business tax accounts on any browser-enabled mobile device. ...
The Canada Revenue Agency (CRA) provides a mobile web app for small business owners and sole proprietors which enables them to manage their business tax accounts on any browser-enabled mobile device. ...
Unemployment rate down slightly for September
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in unemployment during the month of September. That rate stood at 5.8%, down 0.1% from the rate posted for Au...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in unemployment during the month of September. That rate stood at 5.8%, down 0.1% from the rate posted for Au...
Canada Pension Plan contribution rates for 2019
The Canada Revenue Agency has announced the contribution rates and amounts for the Canada Pension Plan which will apply during the 2019 calendar year, and that announcement can be found at https://www...
The Canada Revenue Agency has announced the contribution rates and amounts for the Canada Pension Plan which will apply during the 2019 calendar year, and that announcement can be found at https://www...
Prescribed interest rate for leasing for November
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of November. The prescribed rate for that month will be 3.43%. A c...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of November. The prescribed rate for that month will be 3.43%. A c...
CRA announces contingency plans for postal disruption
The Canada Revenue Agency (CRA) (as well as other federal government departments and agencies) has issued information indicating how government payments will be handled during the current postal disru...
The Canada Revenue Agency (CRA) (as well as other federal government departments and agencies) has issued information indicating how government payments will be handled during the current postal disru...
Inflation rate at 2.2% for September
The most recent release of Statistics Canada’s Consumer Price Index shows that the inflation rate for the month of September stood at 2.2%, as measured on a year-over-year basis. The comparable rate...
The most recent release of Statistics Canada’s Consumer Price Index shows that the inflation rate for the month of September stood at 2.2%, as measured on a year-over-year basis. The comparable rate...
Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on October 24, the Bank of Canada once again increased the bank rate, which now stands at 2%.In the press release announcing the increase, wh...
In its regularly scheduled interest rate announcement made on October 24, the Bank of Canada once again increased the bank rate, which now stands at 2%.In the press release announcing the increase, wh...
OAS payment rates for the fourth quarter of 2018
The federal government has announced the maximum Old Age Security (OAS) benefit amount which will be paid to eligible recipients in the last quarter — October, November, and December — of 2018. Th...
The federal government has announced the maximum Old Age Security (OAS) benefit amount which will be paid to eligible recipients in the last quarter — October, November, and December — of 2018. Th...
CRA issues updated forms for reduced source deductions
In some circumstances, taxpayers are entitled to request a reduction in the amount of tax being deducted at source from their income. An employee can request that the amount of income tax being deduct...
In some circumstances, taxpayers are entitled to request a reduction in the amount of tax being deducted at source from their income. An employee can request that the amount of income tax being deduct...
CRA to hold webinar on CPP changes for the self-employed
A number of changes have been made over the past few years to the Canada Pension Plan (CPP), with those changes generally providing greater flexibility to CPP contributors. Some of those changes parti...
A number of changes have been made over the past few years to the Canada Pension Plan (CPP), with those changes generally providing greater flexibility to CPP contributors. Some of those changes parti...
Slight decline in unemployment rate for September
The most recent release of Statistics Canada’s Labour Force Survey shows a small decrease in the overall unemployment rate for the month of September. That rate decreased from the 6% rate recorded f...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decrease in the overall unemployment rate for the month of September. That rate decreased from the 6% rate recorded f...
Prescribed interest rate for leasing for October
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of October. The prescribed rate for that month will be 3.33%. A ch...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of October. The prescribed rate for that month will be 3.33%. A ch...
Prescribed interest rates for the fourth quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the fourth quarter of 2018, as well as the rates that will apply for the purp...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the fourth quarter of 2018, as well as the rates that will apply for the purp...
NETFILE still available for filing of 2017 returns
While the deadline for filing of individual income tax returns for the 2017 tax year (for both employees and the self-employed) has passed, the Canada Revenue Agency’s (CRA’s) NETFILE service thro...
While the deadline for filing of individual income tax returns for the 2017 tax year (for both employees and the self-employed) has passed, the Canada Revenue Agency’s (CRA’s) NETFILE service thro...
Inflation rate down slightly in August
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August 2018 stood at 2.8%, as measured on a year-over-year basis. The comparable...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August 2018 stood at 2.8%, as measured on a year-over-year basis. The comparable...
CRA updates fact sheet for temporary Canadian workers
Canada’s tax system is one based on residency, and individuals who are considered to be residents of Canada are subject to federal and provincial tax. The federal government has issued a fact sheet ...
Canada’s tax system is one based on residency, and individuals who are considered to be residents of Canada are subject to federal and provincial tax. The federal government has issued a fact sheet ...
Employment insurance premium rate for 2019
The Minister of Finance has announced that the employment insurance premium rate payable by employees and the self-employed for the 2019 tax year will be reduced. The premium rate for that year will b...
The Minister of Finance has announced that the employment insurance premium rate payable by employees and the self-employed for the 2019 tax year will be reduced. The premium rate for that year will b...
CRA issues updated guide to federal and provincial child benefits
The federal government has updated and re-issued its guide to child benefits paid by the federal and several provincial governments. The updated guide (T4114), which is available on the Canada Revenue...
The federal government has updated and re-issued its guide to child benefits paid by the federal and several provincial governments. The updated guide (T4114), which is available on the Canada Revenue...
Slight increase in unemployment rate for August
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate posted for the month of August. That rate rose by 0.2%, from 5.8% to 6%. Most of th...
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate posted for the month of August. That rate rose by 0.2%, from 5.8% to 6%. Most of th...
Relief available to taxpayers affected by wildfires
The Canada Revenue Agency (CRA) can provide interest and penalty relief to taxpayers who are unable to meet their tax filing or payment obligations due to circumstances beyond their control, including...
The Canada Revenue Agency (CRA) can provide interest and penalty relief to taxpayers who are unable to meet their tax filing or payment obligations due to circumstances beyond their control, including...
Bank of Canada leaves interest rates unchanged
In its scheduled interest rate announcement made on September 5, the Bank indicated that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 1.75%. The Bank acknow...
In its scheduled interest rate announcement made on September 5, the Bank indicated that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 1.75%. The Bank acknow...
CRA issues Tax Tip on benefit review process
Each year the Canada Revenue Agency (CRA) sends a letter and questionnaire to approximately 350,000 taxpayers, seeking to determine whether such taxpayers are receiving the correct tax credits and ben...
Each year the Canada Revenue Agency (CRA) sends a letter and questionnaire to approximately 350,000 taxpayers, seeking to determine whether such taxpayers are receiving the correct tax credits and ben...
Upcoming tax instalment due date for individuals
The due date for the third instalment payment of 2018 income taxes by individuals falls on September 15, 2018. As that date is a Saturday, instalment payments will be considered to be made on time if ...
The due date for the third instalment payment of 2018 income taxes by individuals falls on September 15, 2018. As that date is a Saturday, instalment payments will be considered to be made on time if ...
Amendments to be made to rules on political activities of charities
The federal government has announced that changes will be made to the administrative rules governing the extent to which charities can engage in non-partisan political activities. The intended amendme...
The federal government has announced that changes will be made to the administrative rules governing the extent to which charities can engage in non-partisan political activities. The intended amendme...
Rate of inflation at 3% for July
The most recent release of Statistics Canada’s Consumer Price Survey shows a significant increase in inflation for the month of July. That rate, as measured on a year-over-year basis, stood at 3%. T...
The most recent release of Statistics Canada’s Consumer Price Survey shows a significant increase in inflation for the month of July. That rate, as measured on a year-over-year basis, stood at 3%. T...
Unemployment rate down slightly for July
The most recent release of Statistics Canada’s Labour Force Survey indicates that the overall rate of unemployment was down slightly for the month of July. That rate stood at 5.8%, down by 0.2% from...
The most recent release of Statistics Canada’s Labour Force Survey indicates that the overall rate of unemployment was down slightly for the month of July. That rate stood at 5.8%, down by 0.2% from...
Finance announces lower payment card fees for small businesses
The Minister of Finance has announced that two major payment card networks have agreed to lower costs charged to small and medium-sized businesses. Both VISA and Mastercard have agreed to reduce domes...
The Minister of Finance has announced that two major payment card networks have agreed to lower costs charged to small and medium-sized businesses. Both VISA and Mastercard have agreed to reduce domes...
CRA podcasts and webinars for small businesses
The Canada Revenue Agency (CRA) prepares and posts on its website a number of podcasts and webinars covering tax and tax-related issues of particular interest to small businesses. There are currently ...
The Canada Revenue Agency (CRA) prepares and posts on its website a number of podcasts and webinars covering tax and tax-related issues of particular interest to small businesses. There are currently ...
Bank of Canada 2019 interest rate announcement dates
The Bank of Canada has issued a listing of the dates on which it will make announcements during the 2019 calendar year with respect to current interest rates. There are eight such interest rate announ...
The Bank of Canada has issued a listing of the dates on which it will make announcements during the 2019 calendar year with respect to current interest rates. There are eight such interest rate announ...
Upcoming changes to mortgage lending assessments for self-employed taxpayers
The Canada Mortgage and Housing Corporation (CMHC) has announced that, effective as of October 1, 2018, changes will be made to the process by which self-employed taxpayers are assessed for mortgage f...
The Canada Mortgage and Housing Corporation (CMHC) has announced that, effective as of October 1, 2018, changes will be made to the process by which self-employed taxpayers are assessed for mortgage f...
CRA issues new direct deposit form for businesses
The Canada Revenue Agency (CRA) has updated and re-issued its Form RC366, which allows businesses to have amounts owed to them deposited directly to a bank account. The updated form can be used to eit...
The Canada Revenue Agency (CRA) has updated and re-issued its Form RC366, which allows businesses to have amounts owed to them deposited directly to a bank account. The updated form can be used to eit...
CRA issues updated guide to RESPs
The Canada Revenue Agency (CRA) has updated and re-issued its publication RC4092(E) on Registered Education Savings Plans. The updated publication incorporates changes, originally announced as part of...
The Canada Revenue Agency (CRA) has updated and re-issued its publication RC4092(E) on Registered Education Savings Plans. The updated publication incorporates changes, originally announced as part of...
Inflation rate up by 2.5% in June
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June, as measured on a year-over-year basis, stood at 2.5%. That change ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June, as measured on a year-over-year basis, stood at 2.5%. That change ...
Prescribed interest rates for leasing rules
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will apply during the months of July and August 2018. Those prescribed rates will be 3.28% for July ...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will apply during the months of July and August 2018. Those prescribed rates will be 3.28% for July ...
CRA issues updated guide to taxation of RRIF on death
The Canada Revenue Agency has updated and re-issued its publication outlining the tax treatment of funds held in a RRIF on the death of the RRIF annuitant. The updated publication (RC4178(E)) also rev...
The Canada Revenue Agency has updated and re-issued its publication outlining the tax treatment of funds held in a RRIF on the death of the RRIF annuitant. The updated publication (RC4178(E)) also rev...
Slight increase in unemployment rate for June
While employment rose by 32,000 during the month of June, the unemployment rate was also up, by 0.2%, a result attributed by Statistics Canada an increase in the number of individuals seeking to enter...
While employment rose by 32,000 during the month of June, the unemployment rate was also up, by 0.2%, a result attributed by Statistics Canada an increase in the number of individuals seeking to enter...
Bank of Canada increases benchmark interest rate
In its regularly scheduled interest rate announcement made on July 11, the Bank of Canada indicated that it was increasing its benchmark interest rate by one-quarter of a percentage point. Accordingly...
In its regularly scheduled interest rate announcement made on July 11, the Bank of Canada indicated that it was increasing its benchmark interest rate by one-quarter of a percentage point. Accordingly...
CRA issues Tax Tip on return review process
Each year, the Canada Revenue Agency reviews approximately 3 million returns which have already been filed and assessed. Generally, such reviews are carried out to confirm income amounts reported, and...
Each year, the Canada Revenue Agency reviews approximately 3 million returns which have already been filed and assessed. Generally, such reviews are carried out to confirm income amounts reported, and...
Old Age Security benefits to increase by 1.2% in third quarter
Old Age Security (“OAS”) benefits received by Canadians are indexed to changes in the overall Consumer Price Index, and are adjusted each quarter to reflect increases in that Index.The federal gov...
Old Age Security (“OAS”) benefits received by Canadians are indexed to changes in the overall Consumer Price Index, and are adjusted each quarter to reflect increases in that Index.The federal gov...
No change to inflation rate for May
The most recent release of Statistics Canada’s Consumer Price Index indicates the rate of inflation for the month of May stood at 2.2%. The same rate was recorded for the month of April, and both ra...
The most recent release of Statistics Canada’s Consumer Price Index indicates the rate of inflation for the month of May stood at 2.2%. The same rate was recorded for the month of April, and both ra...
CRA issues updated source deductions online calculator
The Canada Revenue Agency (CRA) has re-issued the payroll deductions online calculator to be used by employers in calculating employee source deductions as of July 1, 2018. The updated version of that...
The Canada Revenue Agency (CRA) has re-issued the payroll deductions online calculator to be used by employers in calculating employee source deductions as of July 1, 2018. The updated version of that...
Prescribed interest rate for leasing for July
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July. The prescribed rate for that month will be 3.28%. A chart...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July. The prescribed rate for that month will be 3.28%. A chart...
Prescribed interest rates for the third quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the third quarter of 2018, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the third quarter of 2018, as well as the rates that will apply for the purpo...
CRA updates and re-issues Notice of Objection form
The Canada Revenue Agency has updated and re-issued its standard form for filing an objection to a Notice of Assessment or Reassessment. The 2018 T-400A E, Notice of Objection, can be found on the CRA...
The Canada Revenue Agency has updated and re-issued its standard form for filing an objection to a Notice of Assessment or Reassessment. The 2018 T-400A E, Notice of Objection, can be found on the CRA...
No change in unemployment rate for May
The most recent release of Statistics Canada’s Labour Force Survey shows little change in unemployment during the month of May. For the fourth consecutive month, that rate stood at 5.8%. There was s...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in unemployment during the month of May. For the fourth consecutive month, that rate stood at 5.8%. There was s...
June 15 filing deadline for self-employed taxpayers
The filing deadline for individual income tax returns for the 2017 year for self-employed individuals and their spouses is midnight Friday June 15, 2018. Returns can be filed using the Canada Revenue ...
The filing deadline for individual income tax returns for the 2017 year for self-employed individuals and their spouses is midnight Friday June 15, 2018. Returns can be filed using the Canada Revenue ...
Individual income tax instalment payment due June 15
For Canadians who make quarterly instalment payments of personal income tax, the next due date for such payment is Friday June 15, 2018. The Canada Revenue Agency has posted a notice on its website in...
For Canadians who make quarterly instalment payments of personal income tax, the next due date for such payment is Friday June 15, 2018. The Canada Revenue Agency has posted a notice on its website in...
Taxpayer relief available for Canadians affected by spring floods
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who have been affected by this spring’s floods of the availability of administrative tax relief. Under the federal government’s T...
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who have been affected by this spring’s floods of the availability of administrative tax relief. Under the federal government’s T...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on May 30, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate remains...
In its regularly scheduled interest rate announcement made on May 30, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate remains...
CRA issues updated payroll deduction formulas for July 1, 2018
The Canada Revenue Agency (CRA) has issued updated payroll deduction formulas for use by employers for payroll periods beginning after July 1, 2018. The updated formulas reflect changes in provincial ...
The Canada Revenue Agency (CRA) has issued updated payroll deduction formulas for use by employers for payroll periods beginning after July 1, 2018. The updated formulas reflect changes in provincial ...
Inflation rate for April at 2.2%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of April stood at 2.2%, as measured on a year-over-year basis. The rate for...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of April stood at 2.2%, as measured on a year-over-year basis. The rate for...
Changes to distribution of GST/HST reporting/remittance forms for small businesses
The Canada Revenue Agency (CRA) will be making changes to its distribution method for GST/HST reporting and remittance forms for small businesses, with those changes generally directed toward reducing...
The Canada Revenue Agency (CRA) will be making changes to its distribution method for GST/HST reporting and remittance forms for small businesses, with those changes generally directed toward reducing...
Unemployment rate unchanged in April
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change during the month of April to either employment figures or the overall unemployment rate. That un...
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change during the month of April to either employment figures or the overall unemployment rate. That un...
CRA tax topic podcasts available for download
The Canada Revenue Agency prepares and posts podcasts on a number of different tax topics, both individual and corporate. Those podcasts are available for download from the CRA website. The current se...
The Canada Revenue Agency prepares and posts podcasts on a number of different tax topics, both individual and corporate. Those podcasts are available for download from the CRA website. The current se...
Prescribed interest rates for May and June
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the months of May and June 2018. Those prescribed rates will be 3.22% during the ...
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the months of May and June 2018. Those prescribed rates will be 3.22% during the ...
Getting information about your tax refund
Taxpayers who have filed their return for the 2017 tax year and are expecting to receive a refund can track the status of that refund payment through a toll-free telephone line. That line, the CRA’s...
Taxpayers who have filed their return for the 2017 tax year and are expecting to receive a refund can track the status of that refund payment through a toll-free telephone line. That line, the CRA’s...
CRA issues warning on filing season tax scams
The Canada Revenue Agency (CRA) has issued a warning to taxpayers of the need to be particularly vigilant with respect to fraudulent text, telephone, and e-mail communications, which increase during t...
The Canada Revenue Agency (CRA) has issued a warning to taxpayers of the need to be particularly vigilant with respect to fraudulent text, telephone, and e-mail communications, which increase during t...
Inflation rate for March reaches 2.3%
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation stood at 2.3% during the month of March 2018, as measured on a year-over-year basis. The year...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation stood at 2.3% during the month of March 2018, as measured on a year-over-year basis. The year...
April 30 due date for all 2017 individual taxes owed
The Canada Revenue Agency (CRA) has issued a reminder that all individual income tax balances owed for the 2017 tax year must be paid on or before Monday April 30, 2018. April 30 is also the deadline ...
The Canada Revenue Agency (CRA) has issued a reminder that all individual income tax balances owed for the 2017 tax year must be paid on or before Monday April 30, 2018. April 30 is also the deadline ...
Unemployment rate unchanged in March
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of March 2018 stood at 5.8%. The same rate was recorded for February 2018. Employ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of March 2018 stood at 5.8%. The same rate was recorded for February 2018. Employ...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 18, the Bank of Canada indicated that no change was required to current interest rates. Accordingly, the Bank Rate will remain at 1....
In its regularly scheduled interest rate announcement made on April 18, the Bank of Canada indicated that no change was required to current interest rates. Accordingly, the Bank Rate will remain at 1....
ReFILE service for changing individual income tax returns
It is not uncommon for taxpayers to discover an error or omission in an already-filed return, and the usual means by which such error can be corrected is the filing of a T1-Adjustment form. While a co...
It is not uncommon for taxpayers to discover an error or omission in an already-filed return, and the usual means by which such error can be corrected is the filing of a T1-Adjustment form. While a co...
CRA issues reminder of taxability of income from “sharing economy”
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who receive income from the “sharing economy” that such income is taxable and must be reported on the annual tax return. Although...
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who receive income from the “sharing economy” that such income is taxable and must be reported on the annual tax return. Although...
Bank of Canada interest rate announcement dates for 2018
The Bank of Canada’s regularly scheduled interest rate announcement dates for the remainder of calendar year 2018 are as follows: April 18, 2018; May 30, 2018; July 11, 2018; September 5, 201...
The Bank of Canada’s regularly scheduled interest rate announcement dates for the remainder of calendar year 2018 are as follows: April 18, 2018; May 30, 2018; July 11, 2018; September 5, 201...
CRA issues update on home sale reporting requirements
Proceeds received from the sale of one’s principal residence are, in most circumstances, not taxable, as such sales are eligible for the principal residence exemption. However, as of the 2016 tax ye...
Proceeds received from the sale of one’s principal residence are, in most circumstances, not taxable, as such sales are eligible for the principal residence exemption. However, as of the 2016 tax ye...
Significant increase in inflation rate for February
The most recent release of Statistics Canada’s Consumer Price Index shows a sharp increase in inflation for the month of February. That rate stood at 2.2%, while the rate for January 2018 was 1.7%. ...
The most recent release of Statistics Canada’s Consumer Price Index shows a sharp increase in inflation for the month of February. That rate stood at 2.2%, while the rate for January 2018 was 1.7%. ...
Prescribed interest rates for second quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the second quarter of 2018, as well as the rates that will apply for the purpose...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the second quarter of 2018, as well as the rates that will apply for the purpose...
CRA issues warning on tax scams
While taxpayers fall victim to tax scams year-round, such scams are more prevalent during and just following tax filing season. During that time, taxpayers expect to hear from the tax authorities, a...
While taxpayers fall victim to tax scams year-round, such scams are more prevalent during and just following tax filing season. During that time, taxpayers expect to hear from the tax authorities, a...
CRA publication on changes to Voluntary Disclosure Program available online
In December 2017, the Canada Revenue Agency (CRA) announced that substantive changes would be made to the Agency’s Voluntary Disclosure Program (VDP). That program enables taxpayers who are in defau...
In December 2017, the Canada Revenue Agency (CRA) announced that substantive changes would be made to the Agency’s Voluntary Disclosure Program (VDP). That program enables taxpayers who are in defau...
CRA issues e-filers manual for 2017 returns
The Canada Revenue Agency has issued its Guide RC4018, Electronic Filers Manual for 2017 Income Tax and Benefit Returns. That guide is for use by certified e-filers in filing individual income tax ret...
The Canada Revenue Agency has issued its Guide RC4018, Electronic Filers Manual for 2017 Income Tax and Benefit Returns. That guide is for use by certified e-filers in filing individual income tax ret...
Unemployment rate down slightly in February
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of February 2018. That rate declined from 5.9% in the month of...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of February 2018. That rate declined from 5.9% in the month of...
Increase in Consumer Price Index for January
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation for the month of January 2018 stood at 1.7%. The rate for the previous month was 1.9%. Inflat...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation for the month of January 2018 stood at 1.7%. The rate for the previous month was 1.9%. Inflat...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 7, the Bank of Canada indicated that no change would be made to current interest rates. Accordingly, the bank rate remains at 1.5%. ...
In its regularly scheduled interest rate announcement made on March 7, the Bank of Canada indicated that no change would be made to current interest rates. Accordingly, the bank rate remains at 1.5%. ...
Budget 2018 - Personal tax credits
Budget 2018: No personal tax credits have been repealed, and there are no new personal tax rate changes....
Budget 2018: No personal tax credits have been repealed, and there are no new personal tax rate changes....
Budget 2018 - Foreign-born Status Indians
Budget 2018: Foreign-born Status Indians may now be eligible for child benefits, retroactive to 2005....
Budget 2018: Foreign-born Status Indians may now be eligible for child benefits, retroactive to 2005....
Budget 2018 - Service animals
Budget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....
Budget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....
Budget 2018 - Canada Workers Benefit
Budget 2018: Taxpayers will no longer need to apply when filing their return in order to receive the Canada Workers Benefit....
Budget 2018: Taxpayers will no longer need to apply when filing their return in order to receive the Canada Workers Benefit....
Budget 2018 - Working Income Tax Benefit amounts
Budget 2018: The Working Income Tax Benefit amounts are enhanced as of 2019, and the credit is renamed the Canada Workers Benefit...
Budget 2018: The Working Income Tax Benefit amounts are enhanced as of 2019, and the credit is renamed the Canada Workers Benefit...
Budget 2018 - Non-resident surplus stripping rules
Budget 2018: The non-resident surplus stripping rules are tightened to address the use of partnerships and trusts....
Budget 2018: The non-resident surplus stripping rules are tightened to address the use of partnerships and trusts....
Budget 2018 - CRA compliance orders
Budget 2018: Where a CRA compliance order or information requirement is contested, a new rule will “stop the clock” to prevent the tax year from being statute barred....
Budget 2018: Where a CRA compliance order or information requirement is contested, a new rule will “stop the clock” to prevent the tax year from being statute barred....
Budget 2018 - RDTOH
Budget 2018: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....
Budget 2018: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....
Budget 2018 - Investment income
Budget 2018: A corporation with $100,000 of investment income will have its small business limit reduced to $250,000....
Budget 2018: A corporation with $100,000 of investment income will have its small business limit reduced to $250,000....
Budget 2018 - Corporations' small business limit
Budget 2018: A corporation’s small business limit will be reduced where the corporation earns investment income exceeding $50,000....
Budget 2018: A corporation’s small business limit will be reduced where the corporation earns investment income exceeding $50,000....
Extended hours for CRA telephone help line
The Canada Revenue Agency (CRA) provides a 1-800 telephone service to provide tax information to Canadian taxpayers. Such information can be general in nature, or can involve the specific tax affairs ...
The Canada Revenue Agency (CRA) provides a 1-800 telephone service to provide tax information to Canadian taxpayers. Such information can be general in nature, or can involve the specific tax affairs ...
CRA issues list of approved software for NETFILING of 2017 returns
The Canada Revenue Agency’s NETFILE service for filing of individual income tax returns will be available starting Monday February 26, 2018. Taxpayers do not need to obtain an access code to file th...
The Canada Revenue Agency’s NETFILE service for filing of individual income tax returns will be available starting Monday February 26, 2018. Taxpayers do not need to obtain an access code to file th...
Unemployment rate up slightly in January
The most recent release of Statistics Canada’s Labor Force Survey shows a slight increase in the overall unemployment rate for the month of January. That rate rose by 0.1%, from 5.8% to 5.9%. That c...
The most recent release of Statistics Canada’s Labor Force Survey shows a slight increase in the overall unemployment rate for the month of January. That rate rose by 0.1%, from 5.8% to 5.9%. That c...
2018-19 Federal Budget date announced
The Federal Minister of Finance has announced that the 2018-19 federal Budget will be brought down on Tuesday, February 27, 2018. The Budget will be released at around 4 p.m. and the full Budget Paper...
The Federal Minister of Finance has announced that the 2018-19 federal Budget will be brought down on Tuesday, February 27, 2018. The Budget will be released at around 4 p.m. and the full Budget Paper...
Obtaining hard copy of a 2017 income tax return package
This year, the Canada Revenue Agency (CRA) will be providing taxpayers with hard copies of the 2017 Income Tax and Benefit package through a variety of means, and at various dates. Individuals who pap...
This year, the Canada Revenue Agency (CRA) will be providing taxpayers with hard copies of the 2017 Income Tax and Benefit package through a variety of means, and at various dates. Individuals who pap...
CRA announces NETFILE service availability dates for 2017 returns
The Canada Revenue Agency (CRA) has announced the date on which NETFILE service for the filing of individual income tax returns for the 2017 tax year will be available. NETFILE service will be availab...
The Canada Revenue Agency (CRA) has announced the date on which NETFILE service for the filing of individual income tax returns for the 2017 tax year will be available. NETFILE service will be availab...
CRA to mail tax return packages to selected taxpayers
While the majority of Canadians now file their individual income tax returns electronically, there is still a significant minority of tax filers who file using a printed return. The Canada Revenue Age...
While the majority of Canadians now file their individual income tax returns electronically, there is still a significant minority of tax filers who file using a printed return. The Canada Revenue Age...
CRA announces change to 2017 individual tax return forms
The Canada Revenue Agency (CRA) has posted a notice on its website that an “update” has been made to individual 2017 tax forms. Those forms are to be used by individual Canadians to file their ret...
The Canada Revenue Agency (CRA) has posted a notice on its website that an “update” has been made to individual 2017 tax forms. Those forms are to be used by individual Canadians to file their ret...
CRA reinstates telephone tax return filing service
For a number of years, taxpayers whose tax situation was relatively straightforward were able to file their return by telephone. That service, which was called TELEFILE, was withdrawn a few years ago....
For a number of years, taxpayers whose tax situation was relatively straightforward were able to file their return by telephone. That service, which was called TELEFILE, was withdrawn a few years ago....
Prescribed interest rates for first quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2018, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2018, as well as the rates that will apply for the purpo...
Bank of Canada raises interest rates
As widely expected, the Bank of Canada indicated, in its regularly scheduled interest rate announcement made on January 17, that an increase in the bank rate was required. The Bank’s announcement, w...
As widely expected, the Bank of Canada indicated, in its regularly scheduled interest rate announcement made on January 17, that an increase in the bank rate was required. The Bank’s announcement, w...
Federal Budget 2018-19 consultations to end January 26
Finance Canada has announced that the consultation process leading to the release of the 2018-19 federal Budget will conclude on Friday January 26, 2018. Canadians can provide input by submitting thei...
Finance Canada has announced that the consultation process leading to the release of the 2018-19 federal Budget will conclude on Friday January 26, 2018. Canadians can provide input by submitting thei...
CRA issues individual T1 Tax Return Form and Guide for 2017
The Canada Revenue Agency has released the T1 Individual Income Tax Return and Benefit form to be used by individual Canadian taxpayers in filing their return for the 2017 tax year. The T1 form is ava...
The Canada Revenue Agency has released the T1 Individual Income Tax Return and Benefit form to be used by individual Canadian taxpayers in filing their return for the 2017 tax year. The T1 form is ava...
Unemployment rate for December 2017 down to 5.7%
The most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2017 stood at 5.7%. The last period for which that rate was recorded...
The most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2017 stood at 5.7%. The last period for which that rate was recorded...
Small business tax rate reduced effective January 1
As previously announced, the federal small business tax rate is reduced to 10.0%, effective as of January 1, 2018. There is no change in the federal small business limit, which remains at $500,000. Th...
As previously announced, the federal small business tax rate is reduced to 10.0%, effective as of January 1, 2018. There is no change in the federal small business limit, which remains at $500,000. Th...
Automobile deduction and benefit limits for 2018
Finance Canada has announced the limits and thresholds which will apply for purposes of determining automobile benefits and deductions during 2018. Most such deduction limits and thresholds are unchan...
Finance Canada has announced the limits and thresholds which will apply for purposes of determining automobile benefits and deductions during 2018. Most such deduction limits and thresholds are unchan...
CRA issues guidance on upcoming changes to small business tax rules
Planned changes to the federal income tax rules governing the taxation of small incorporated Canadian businesses are to take effect for 2018. One of those changes will include greater restrictions on ...
Planned changes to the federal income tax rules governing the taxation of small incorporated Canadian businesses are to take effect for 2018. One of those changes will include greater restrictions on ...
Changes to be made to Voluntary Disclosure Program
The Canada Revenue Agency (CRA) provides an administrative program under which taxpayers who have failed to file returns or pay taxes on a timely basis can bring their tax affairs into compliance, usu...
The Canada Revenue Agency (CRA) provides an administrative program under which taxpayers who have failed to file returns or pay taxes on a timely basis can bring their tax affairs into compliance, usu...
Age 71 final RRSP contribution to be made by December 31
Taxpayers who are turning age 71 during the year and who have available contribution room are entitled to make a final RRSP contribution for that year. Such contributions must be made by the end of th...
Taxpayers who are turning age 71 during the year and who have available contribution room are entitled to make a final RRSP contribution for that year. Such contributions must be made by the end of th...
NETFILE service for 2016 returns available until January 19
Taxpayers who have not yet filed their return for the 2016 tax year will have until January 19, 2018 to file that return using NETFILE. Until that date, returns for the 2013, 2014, 2015, and 2016 tax ...
Taxpayers who have not yet filed their return for the 2016 tax year will have until January 19, 2018 to file that return using NETFILE. Until that date, returns for the 2013, 2014, 2015, and 2016 tax ...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 6, the Bank of Canada indicated that, in its view, no change is required to current rates. Accordingly, the bank rate remains at ...
In its regularly scheduled interest rate announcement made on December 6, the Bank of Canada indicated that, in its view, no change is required to current rates. Accordingly, the bank rate remains at ...
Unemployment rate down in November
The most recent release of Statistic’s Canada’s Labour Force Survey shows a slight decline in the overall unemployment for the month of November. That rate declined by 0.4%, to 5.9%. The November ...
The most recent release of Statistic’s Canada’s Labour Force Survey shows a slight decline in the overall unemployment for the month of November. That rate declined by 0.4%, to 5.9%. The November ...
T4127 for 2018 payroll deduction amounts released
The Canada Revenue Agency has issued the 2018 version of its publication T4127(E), Payroll Deductions Formulas. The guide is intended for use by payroll software providers and by employers which manag...
The Canada Revenue Agency has issued the 2018 version of its publication T4127(E), Payroll Deductions Formulas. The guide is intended for use by payroll software providers and by employers which manag...
CRA issues federal TD1 Form and TD1 Worksheet for 2018
The Canada Revenue Agency has issued the federal TD1 Form and Worksheet which will be used by taxpayers and their employers to determine required federal income tax source deductions for the upcoming ...
The Canada Revenue Agency has issued the federal TD1 Form and Worksheet which will be used by taxpayers and their employers to determine required federal income tax source deductions for the upcoming ...
Inflation rate up by 1.4% in October
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows an inflation rate of 1.4% for the month of October, as measured on a year-over-year basis. The equivalent rate for the...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows an inflation rate of 1.4% for the month of October, as measured on a year-over-year basis. The equivalent rate for the...
Finance launches pre-budget consultations
Finance Canada has begun the consultation process leading to the release of the 2018-19 federal Budget. As part of that budget consultation process, the Minister of Finance is holding in-person public...
Finance Canada has begun the consultation process leading to the release of the 2018-19 federal Budget. As part of that budget consultation process, the Minister of Finance is holding in-person public...
CRA to provide online filing for trust tax and information returns
Effective as of January 8, 2018, administrators and representatives of qualifying Canadian trusts will be able to file trust income tax and information returns online, through the Canada Revenue Agenc...
Effective as of January 8, 2018, administrators and representatives of qualifying Canadian trusts will be able to file trust income tax and information returns online, through the Canada Revenue Agenc...
Employment Insurance premium rates for 2018
The federal government has announced the premium rates and maximum insurable earnings amount which will be in place for the 2018 calendar year. The premium rate for the year for employees has been set...
The federal government has announced the premium rates and maximum insurable earnings amount which will be in place for the 2018 calendar year. The premium rate for the year for employees has been set...
CRA announces CPP contribution rates and amounts for 2018
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts for both employers and employees which will apply for 2018. Maximum pensionable earnings for the year will be $55,900 (...
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts for both employers and employees which will apply for 2018. Maximum pensionable earnings for the year will be $55,900 (...
MB - Green Energy Equipment Tax Credit program made permanent
The province of Manitoba has for several years provided a tax credit to individuals, trusts, and corporations in the province on the purchase and installation of green energy equipment in their homes ...
The province of Manitoba has for several years provided a tax credit to individuals, trusts, and corporations in the province on the purchase and installation of green energy equipment in their homes ...
MB - 2023-24 budget includes reductions in personal income tax
The 2023-24 fiscal year budget announced on March 7 included several measures which will reduce individual provincial income tax payable over the next two years. For 2023, the basic personal exemption...
The 2023-24 fiscal year budget announced on March 7 included several measures which will reduce individual provincial income tax payable over the next two years. For 2023, the basic personal exemption...
MB - Province announces date for 2023-24 fiscal year budget
The Manitoba government has announced that the province’s 2023-24 fiscal year budget will be presented on Tuesday March 7, 2023. The news release announcing the budget date can be found on the provi...
The Manitoba government has announced that the province’s 2023-24 fiscal year budget will be presented on Tuesday March 7, 2023. The news release announcing the budget date can be found on the provi...
MB - Province announces new cost of living benefit program
The provincial government has announced the creation of the Carbon Tax Relief Fund, a new program intended to help residents of the province meet increases in the cost of living. Assistance under the ...
The provincial government has announced the creation of the Carbon Tax Relief Fund, a new program intended to help residents of the province meet increases in the cost of living. Assistance under the ...
MB - Individual income tax rates and brackets for 2023
During the 2023 taxation year, the province of Manitoba will levy individual income tax using the following income tax brackets and tax rates. Tax Rate Taxable Income Brackets...
During the 2023 taxation year, the province of Manitoba will levy individual income tax using the following income tax brackets and tax rates. Tax Rate Taxable Income Brackets...
MB - Upcoming increases to provincial minimum wage
The general minimum wage payable in Manitoba increased, effective as of October 1, 2022, from $11.95 per hour to $13.50 per hour. The provincial government recently confirmed that a second increase in...
The general minimum wage payable in Manitoba increased, effective as of October 1, 2022, from $11.95 per hour to $13.50 per hour. The provincial government recently confirmed that a second increase in...
MB - Payroll deduction formulas for 2023 released
The Canada Revenue Agency has released the payroll deduction formulas to be used by Manitoba employers during the 2023 tax year. The Guide to Payroll Deductions outlines the amounts which Manitoba emp...
The Canada Revenue Agency has released the payroll deduction formulas to be used by Manitoba employers during the 2023 tax year. The Guide to Payroll Deductions outlines the amounts which Manitoba emp...
MB - Payroll tax exemption threshold to increase in 2023
The province levies an Employer Health and Post-Secondary Education Tax Levy (payroll tax) on Manitoba employers having an annual payroll in excess of $1.75 million. As announced in the 2022-23 provin...
The province levies an Employer Health and Post-Secondary Education Tax Levy (payroll tax) on Manitoba employers having an annual payroll in excess of $1.75 million. As announced in the 2022-23 provin...
MB - Online filing now required for tobacco tax returns
Manitoba Finance has issued a new Bulletin (TT 22-01) indicating that, effective as of October 2022, monthly Tobacco Tax returns and tax payments must be completed using TAXcess, Manitoba Finance’s ...
Manitoba Finance has issued a new Bulletin (TT 22-01) indicating that, effective as of October 2022, monthly Tobacco Tax returns and tax payments must be completed using TAXcess, Manitoba Finance’s ...
MB - Manitoba Finance issues details of IFTA renewals for 2023
Manitoba Finance has issued its International Fuel Tax Agreement (IFTA) Bulletin for the third quarter of 2022, and that Bulletin includes details of the renewal process for IFTA licences and decals f...
Manitoba Finance has issued its International Fuel Tax Agreement (IFTA) Bulletin for the third quarter of 2022, and that Bulletin includes details of the renewal process for IFTA licences and decals f...
MB - Province issues updated Information Notice on application of RST to goods sold at fairs and trade shows
Manitoba Finance has updated and re-issued retail sales tax Information Notice RST13-02, which outlines the application of the province’s 7 per cent retail sales tax (RST) to the types of goods and ...
Manitoba Finance has updated and re-issued retail sales tax Information Notice RST13-02, which outlines the application of the province’s 7 per cent retail sales tax (RST) to the types of goods and ...
MB - Province to provide cost of living assistance payments
The Manitoba government has announced that it will be providing eligible residents of the province with one-time non-taxable payments to assist with recent increases in the cost of living. Under the n...
The Manitoba government has announced that it will be providing eligible residents of the province with one-time non-taxable payments to assist with recent increases in the cost of living. Under the n...
MB - Provincial minimum wage to increase to $15/hour by end of 2023
The province has announced changes that will bring the Manitoba general minimum wage to $15.00 per hour by the end of 2023. That minimum wage is already scheduled to increase from $11.95 to $13.50 per...
The province has announced changes that will bring the Manitoba general minimum wage to $15.00 per hour by the end of 2023. That minimum wage is already scheduled to increase from $11.95 to $13.50 per...
MB – Three-stage increase in minimum wage for heavy construction sector workers
The province of Manitoba provides for a separate minimum wage for workers in the heavy construction sector. The provincial government recently announced that such minimum wage, which has not changed s...
The province of Manitoba provides for a separate minimum wage for workers in the heavy construction sector. The provincial government recently announced that such minimum wage, which has not changed s...
MB - Provincial minimum wage to increase effective October 1, 2022
The Manitoba minimum wage is indexed to changes in the provincial Consumer Price Index. As a result of those changes, the Manitoba general minimum wage will increase, effective October 1, 2022. As of ...
The Manitoba minimum wage is indexed to changes in the provincial Consumer Price Index. As a result of those changes, the Manitoba general minimum wage will increase, effective October 1, 2022. As of ...
MB - Interest Rates - 2022
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rates payable for 2022 are as follows: ...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rates payable for 2022 are as follows: ...
MB - Interest and penalty relief available to businesses affected by flooding
Manitoba Finance has issued an Information Notice (RST 22-01) indicating that businesses in the province which have been directly impacted by flooding and that are consequently unable to file any requ...
Manitoba Finance has issued an Information Notice (RST 22-01) indicating that businesses in the province which have been directly impacted by flooding and that are consequently unable to file any requ...
MB - Province increases personal tax credit amount starting in 2022
As announced in the province’s budget for the 2022–23 fiscal year, residents of the province will benefit from an increase in the basic personal amount, effective as of the 2022 tax year. As of Ja...
As announced in the province’s budget for the 2022–23 fiscal year, residents of the province will benefit from an increase in the basic personal amount, effective as of the 2022 tax year. As of Ja...
MB - Province announces Disaster Financial Assistance program
To address losses caused by this spring’s floods, the Manitoba government has activated the province’s Disaster Financial Assistance program. Under that program, assistance is generally provided f...
To address losses caused by this spring’s floods, the Manitoba government has activated the province’s Disaster Financial Assistance program. Under that program, assistance is generally provided f...
MB - Community Enterprise Development Tax Credit made permanent
Manitoba provides both individuals and corporations in the province with a Community Enterprise Development Tax Credit. Under that program, individuals and corporations who acquire equity capital in c...
Manitoba provides both individuals and corporations in the province with a Community Enterprise Development Tax Credit. Under that program, individuals and corporations who acquire equity capital in c...
MB - New Residential Renters Tax Credit announced in budget
As part of the 2022–23 Manitoba budget brought down on April 12, the provincial government announced that it would be providing a new tax credit for residential tenants in Manitoba. The new credit, ...
As part of the 2022–23 Manitoba budget brought down on April 12, the provincial government announced that it would be providing a new tax credit for residential tenants in Manitoba. The new credit, ...
MB - Province announces date for 2022-23 budget
The Manitoba government has announced that the province’s budget for the upcoming 2022–23 fiscal year will be released on Tuesday April 12, 2022. The press release announcing the budget date, whic...
The Manitoba government has announced that the province’s budget for the upcoming 2022–23 fiscal year will be released on Tuesday April 12, 2022. The press release announcing the budget date, whic...
MB - Updated Bulletins issued to reflect changes to provincial payroll tax
The province of Manitoba imposes a payroll tax — the Health and Post-Secondary Education Tax Levy. In its 2021-22 provincial Budget, the province announced that changes would be made to that tax, wh...
The province of Manitoba imposes a payroll tax — the Health and Post-Secondary Education Tax Levy. In its 2021-22 provincial Budget, the province announced that changes would be made to that tax, wh...
MB - Walk-in service not currently available at provincial taxation offices
Manitoba Finance has announced that, as part of pandemic restrictions, walk-in service is not currently being provided at its taxation offices. There are two such offices affected, one located in Winn...
Manitoba Finance has announced that, as part of pandemic restrictions, walk-in service is not currently being provided at its taxation offices. There are two such offices affected, one located in Winn...
MB - Province provides dates and times for 2022-23 Budget consultation meetings
Manitoba Finance has announced the dates and times at which virtual and telephone meetings will be held during the month of January, as part of the 2022-23 Budget consultation process. Telephone town ...
Manitoba Finance has announced the dates and times at which virtual and telephone meetings will be held during the month of January, as part of the 2022-23 Budget consultation process. Telephone town ...
MB - Interest Rates - 2022
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rate payable for the first half of 2022 is as follo...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rate payable for the first half of 2022 is as follo...
MB - CRA issues TD1 form for Manitoba residents for 2022
The Canada Revenue Agency (CRA) has issued the TD1 form to be used by residents of Manitoba for the 2022 tax year. On the TD1 form, an employee indicates the provincial personal tax credit amounts for...
The Canada Revenue Agency (CRA) has issued the TD1 form to be used by residents of Manitoba for the 2022 tax year. On the TD1 form, an employee indicates the provincial personal tax credit amounts for...
MB - Existing corporate tax credits extended to December 31, 2022
As part of its 2021-22 Budget, the province announced that two existing corporate tax credits, which were scheduled to expire as of December 31, 2021, would instead be extended. The Cultural Industrie...
As part of its 2021-22 Budget, the province announced that two existing corporate tax credits, which were scheduled to expire as of December 31, 2021, would instead be extended. The Cultural Industrie...
MB - Province launches consultation process for 2022-23 Budget
The province has initiated the consultation process leading to the release of the 2022-23 provincial Budget next spring. Consultation meetings will begin in November and December, through public meeti...
The province has initiated the consultation process leading to the release of the 2022-23 provincial Budget next spring. Consultation meetings will begin in November and December, through public meeti...
MB - Teaching expense tax credit claimable beginning in 2021
As announced in this year’s provincial Budget, teachers in the province will be able, beginning with the 2021 taxation year, to claim a new Teaching Expense Tax Credit. The new refundable tax credit...
As announced in this year’s provincial Budget, teachers in the province will be able, beginning with the 2021 taxation year, to claim a new Teaching Expense Tax Credit. The new refundable tax credit...
MB - Changes to health and post-secondary education (payroll) tax effective January 1, 2022
As announced in the 2021-22 Manitoba Budget, changes will be made to the province’s Health and Post-Secondary Education (payroll) tax, effective as of January 1, 2022. As of that date, the exemption...
As announced in the 2021-22 Manitoba Budget, changes will be made to the province’s Health and Post-Secondary Education (payroll) tax, effective as of January 1, 2022. As of that date, the exemption...
MB - Minimum wage increased effective October 1, 2021
Effective as of October 1, 2021, the provincial general minimum wage increased by 5 cents, from $11.90 to $11.95 per hour. Increases to the minimum wage are based on changes to the province’s Consum...
Effective as of October 1, 2021, the provincial general minimum wage increased by 5 cents, from $11.90 to $11.95 per hour. Increases to the minimum wage are based on changes to the province’s Consum...
MB - Province issues information on IFTA renewals for 2022
The IFTA Newsletter issued recently by Manitoba Finance for the third quarter of 2021 includes information on IFTA licence renewals for 2022.For 2022, the licence and decal fee will remain at $65 per ...
The IFTA Newsletter issued recently by Manitoba Finance for the third quarter of 2021 includes information on IFTA licence renewals for 2022.For 2022, the licence and decal fee will remain at $65 per ...
MB - Provincial sales tax to be applied to online sales of goods and services
As announced in this year’s provincial Budget, the application of the Manitoba retail sales tax will be extended later this year to apply to the online sales of goods and services. Effective as of D...
As announced in this year’s provincial Budget, the application of the Manitoba retail sales tax will be extended later this year to apply to the online sales of goods and services. Effective as of D...
MB - Provincial tax offices re-open for in-person service
The Taxation Division of Manitoba Finance has announced that the Manitoba Finance offices in Winnipeg and Brandon have re-opened to provide in-person services. Both offices will continue to provide se...
The Taxation Division of Manitoba Finance has announced that the Manitoba Finance offices in Winnipeg and Brandon have re-opened to provide in-person services. Both offices will continue to provide se...
MB - Minimum wage increase to take effect October 1, 2021
Effective as of October 1, 2021, the provincial general minimum wage will increase by 5 cents, from $11.90 to $11.95 per hour. Increases to the minimum wage are based on changes to the province’s Co...
Effective as of October 1, 2021, the provincial general minimum wage will increase by 5 cents, from $11.90 to $11.95 per hour. Increases to the minimum wage are based on changes to the province’s Co...
MB - Retail sales tax changes to take effect December 1, 2021
In this year’s Budget, the province announced a number of changes to the application of the Manitoba retail sales tax (RST), all of which are effective as of December 1, 2021. As of that date, RST w...
In this year’s Budget, the province announced a number of changes to the application of the Manitoba retail sales tax (RST), all of which are effective as of December 1, 2021. As of that date, RST w...
MB - Interest Rates - 2021
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rates payable for 2021 are as follows: ...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rates payable for 2021 are as follows: ...
MB - Changes made to Digital Media Tax Credit
The province provides Canadian corporations engaged in the development of eligible interactive digital media products with a refundable tax credit of up to 40% of qualified labour expenditures. That 4...
The province provides Canadian corporations engaged in the development of eligible interactive digital media products with a refundable tax credit of up to 40% of qualified labour expenditures. That 4...
MB - Two current tax credits extended to end of 2022
In this year’s Budget, the province announced that two corporate tax credits — the Cultural Industries Printing Tax Credit and the Community Enterprise Development Tax Credit — which had both be...
In this year’s Budget, the province announced that two corporate tax credits — the Cultural Industries Printing Tax Credit and the Community Enterprise Development Tax Credit — which had both be...
MB - Province announces increase in minimum wage for October 1, 2021
The Manitoba government has announced that the general provincial minimum wage will increase, effective October 1, 2021, from $11.90 to $11.95 per hour. Changes to the Manitoba minimum wage are tied t...
The Manitoba government has announced that the general provincial minimum wage will increase, effective October 1, 2021, from $11.90 to $11.95 per hour. Changes to the Manitoba minimum wage are tied t...
MB - Education property tax rebate to be introduced in 2021
In its 2021-22 Budget, the provincial government announced that it would be phasing out education property taxes. That phase-out is to be accomplished by means of an education property tax rebate, whi...
In its 2021-22 Budget, the provincial government announced that it would be phasing out education property taxes. That phase-out is to be accomplished by means of an education property tax rebate, whi...
MB - Province extends and enhances pandemic business support programs
The province has announced that, in light of recently imposed additional public health measures, the Manitoba Bridge Grant will be extended. That grant was created in November 2020 to provide upfront ...
The province has announced that, in light of recently imposed additional public health measures, the Manitoba Bridge Grant will be extended. That grant was created in November 2020 to provide upfront ...
MB - Province to provide tax credit for purchases of eligible teaching supplies
In its 2021-22 Budget, the province announced that effective as of the 2021 tax year, a new credit will be provide for purchases of eligible teaching supplies. The new credit will be claimable by educ...
In its 2021-22 Budget, the province announced that effective as of the 2021 tax year, a new credit will be provide for purchases of eligible teaching supplies. The new credit will be claimable by educ...
MB - Interest and penalty free payment deferral to be provided for payroll tax remittances
Manitoba Finance has announced that Health and Post Secondary Education Tax Levy (payroll tax) returns for small and medium-sized businesses with remittances of no more than $10,000 per month are elig...
Manitoba Finance has announced that Health and Post Secondary Education Tax Levy (payroll tax) returns for small and medium-sized businesses with remittances of no more than $10,000 per month are elig...
MB - Date announced for 2021-22 provincial Budget
The Manitoba government has announced that the province’s Budget for the upcoming 2021-22 fiscal year will be brought down on Wednesday April 7, 2021. Once the Budget is released, the Budget papers ...
The Manitoba government has announced that the province’s Budget for the upcoming 2021-22 fiscal year will be brought down on Wednesday April 7, 2021. Once the Budget is released, the Budget papers ...
MB - Retail sales tax payment deadline extended for SMEs
Manitoba Finance has announced that small and medium-sized businesses with monthly retail sale tax (RST) remittances of no more than $10,000 per month will be eligible for an interest and penalty-free...
Manitoba Finance has announced that small and medium-sized businesses with monthly retail sale tax (RST) remittances of no more than $10,000 per month will be eligible for an interest and penalty-free...
MB - Province issues updated payroll tax information bulletins
Beginning in 2021, a number of changes were made to the province’s health and post-secondary education (payroll) tax. The thresholds for application of the tax were increased and a new online filing...
Beginning in 2021, a number of changes were made to the province’s health and post-secondary education (payroll) tax. The thresholds for application of the tax were increased and a new online filing...
MB - Online filing of Health and Post-Secondary Education Tax Levy returns required as of 2021
Beginning with the 2021 taxation year, Health and Post Secondary Education Tax Levy tax returns and tax payments must be completed using TAXcess, the provincial online tax filing and payment system. P...
Beginning with the 2021 taxation year, Health and Post Secondary Education Tax Levy tax returns and tax payments must be completed using TAXcess, the provincial online tax filing and payment system. P...
MB - Online filing of monthly provincial sales tax returns now mandatory
Effective as of January 2021, monthly filers of Retail Sales Tax returns must file those returns and make any required payments online. The first monthly RST return and payment that is required to be ...
Effective as of January 2021, monthly filers of Retail Sales Tax returns must file those returns and make any required payments online. The first monthly RST return and payment that is required to be ...
MB - Personal tax credit amounts for 2021
The province of Manitoba will provide the following personal tax amounts for 2021. Basic personal amount …………………………………… $9,936 Spouse or common law partner amount ………...
The province of Manitoba will provide the following personal tax amounts for 2021. Basic personal amount …………………………………… $9,936 Spouse or common law partner amount ………...
MB - Individual income tax rates and brackets for 2021
During the 2021 taxation year, the province of Manitoba will levy individual income tax using the following income tax brackets and tax rates. Tax Rate ...
During the 2021 taxation year, the province of Manitoba will levy individual income tax using the following income tax brackets and tax rates. Tax Rate ...
MB - Interest Rates - 2021
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rate payable for the first half of 2021 is as foll...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rate payable for the first half of 2021 is as foll...
MB - Province expands Manitoba Bridge Grant program for small businesses
On November 10, the provincial government announced the creation of the Manitoba Bridge Grant, which provides a grant of up to $5,000 to businesses, not-for-profits, and charities which were required ...
On November 10, the provincial government announced the creation of the Manitoba Bridge Grant, which provides a grant of up to $5,000 to businesses, not-for-profits, and charities which were required ...
MB - Changes to Health and Post-Secondary Education Tax Levy effective January 1, 2021
The province imposes a Health and Post-Secondary Education Tax Levy (payroll tax) on Manitoba employers. The tax is imposed, at varying rates, on annual payrolls which exceed a specified threshold. Ef...
The province imposes a Health and Post-Secondary Education Tax Levy (payroll tax) on Manitoba employers. The tax is imposed, at varying rates, on annual payrolls which exceed a specified threshold. Ef...
MB - Province provides Bridge Grant to businesses required to close
The province has announced that eligible small and medium-sized businesses which are required to fully close their premises under COVID-19 public health orders in effect as of November 12 may be provi...
The province has announced that eligible small and medium-sized businesses which are required to fully close their premises under COVID-19 public health orders in effect as of November 12 may be provi...
MB - Community Enterprise Development Tax Credit extended until end of 2021
Both individuals and corporations in Manitoba can claim a refundable tax credit for eligible investments made in community enterprises. The tax credit rate for such investments is 45%, and the maximum...
Both individuals and corporations in Manitoba can claim a refundable tax credit for eligible investments made in community enterprises. The tax credit rate for such investments is 45%, and the maximum...
MB - Manufacturing Investment Tax Credit program made permanent
The province provides eligible corporations which acquire manufacturing plant and equipment for first-time use in manufacturing or processing operations in the province with a tax credit which is part...
The province provides eligible corporations which acquire manufacturing plant and equipment for first-time use in manufacturing or processing operations in the province with a tax credit which is part...
MB - Updated bulletin issued on application of retail sales tax to specified accounting services
Earlier this year, the provincial government announced that changes would be made to the application of the Manitoba retail sales tax (RST) to certain accounting services. Manitoba Finance has now upd...
Earlier this year, the provincial government announced that changes would be made to the application of the Manitoba retail sales tax (RST) to certain accounting services. Manitoba Finance has now upd...
MB - Province extends payroll and sales tax filing deadlines
Manitoba Finance has issued two new information notices providing updated information on filing deadlines with respect to the province’s Health and Post-secondary Education (payroll) Levy and retail...
Manitoba Finance has issued two new information notices providing updated information on filing deadlines with respect to the province’s Health and Post-secondary Education (payroll) Levy and retail...
MB - Provincial minimum wage to increase October 1
Effective as of Thursday October 1, 2020, the Manitoba general minimum wage will increase by 25 cents, from $11.65 to $11.90 per hour. The adjustment to the minimum wage is based on Manitoba’s 201...
Effective as of Thursday October 1, 2020, the Manitoba general minimum wage will increase by 25 cents, from $11.65 to $11.90 per hour. The adjustment to the minimum wage is based on Manitoba’s 201...
MB - Province extends and expands employer wage subsidy program
Through its Back to Work Manitoba Wage Subsidy program, the province provides private-sector and non-profit employers with a subsidy of up to 50% of employee wages. The maximum per employer subsidy am...
Through its Back to Work Manitoba Wage Subsidy program, the province provides private-sector and non-profit employers with a subsidy of up to 50% of employee wages. The maximum per employer subsidy am...
MB - Provincial wage subsidy program enhanced
Earlier this year, the provincial government launched a program to assist employers in bringing back laid-off employees or hiring new ones. That program — the Back to Work Manitoba Initiative — pr...
Earlier this year, the provincial government launched a program to assist employers in bringing back laid-off employees or hiring new ones. That program — the Back to Work Manitoba Initiative — pr...
MB - Filing deadline extended for August and September payroll tax returns
Manitoba businesses which are required to pay the province’s health and education levy (payroll tax) must file monthly returns and remit amounts due at that time. Earlier this year, the province ann...
Manitoba businesses which are required to pay the province’s health and education levy (payroll tax) must file monthly returns and remit amounts due at that time. Earlier this year, the province ann...
MB - Updated Bulletin issued on insurance contract sales tax exemption
Effective as of the end of June 2020, certain types of insurance contracts relating to real estate in Manitoba are exempt from provincial sales tax. The exemption applies to the following types of ins...
Effective as of the end of June 2020, certain types of insurance contracts relating to real estate in Manitoba are exempt from provincial sales tax. The exemption applies to the following types of ins...
MB - Province expands employer wage subsidy program
The provincial government has announced that the existing employer wage subsidy program — the Back to Work program — has been expanded.The enhanced Back to Work program will reimburse up to $5,000...
The provincial government has announced that the existing employer wage subsidy program — the Back to Work program — has been expanded.The enhanced Back to Work program will reimburse up to $5,000...
MB - Interest Rates - 2020
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rates payable for 2020 are as follows: ...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rates payable for 2020 are as follows: ...
MB - Changes to Film and Video Production Tax Credit effective June 1
The province of Manitoba provides a Film and Video Production Tax Credit, under which qualifying producers of eligible Manitoba productions may receive a tax credit of up to 65% of the cost of eligibl...
The province of Manitoba provides a Film and Video Production Tax Credit, under which qualifying producers of eligible Manitoba productions may receive a tax credit of up to 65% of the cost of eligibl...
MB - Province extends deadlines for filing of tax assessment appeals
Manitoba Finance has issued an Information Notice (TAMTA 20-02) outlining details of the temporary extension of the usual 90-day time period for the filing of appeals from provincial tax assessments. ...
Manitoba Finance has issued an Information Notice (TAMTA 20-02) outlining details of the temporary extension of the usual 90-day time period for the filing of appeals from provincial tax assessments. ...
MB - Sales tax exemption for residential and business property insurance
Manitoba Finance has issued Notice RST 20-04, announcing that as of July 1, 2020, provincial retail sales tax will no longer be levied on property insurance, for both residential and business properti...
Manitoba Finance has issued Notice RST 20-04, announcing that as of July 1, 2020, provincial retail sales tax will no longer be levied on property insurance, for both residential and business properti...
MB - Province to provide financial support for Manitoba small businesses
The Manitoba government has announced that it will be providing financial support, by way of a non-interest bearing forgivable loan, to small businesses in the province which do not qualify for any ma...
The Manitoba government has announced that it will be providing financial support, by way of a non-interest bearing forgivable loan, to small businesses in the province which do not qualify for any ma...
MB - Province suspends provincial student loan repayment requirements
The provincial government has announced that, effective as of April 1, it has suspended all repayments of loans under the Manitoba Student Aid Program. The suspension of such payments will continue un...
The provincial government has announced that, effective as of April 1, it has suspended all repayments of loans under the Manitoba Student Aid Program. The suspension of such payments will continue un...
MB - Filing and remittance deadlines extended for SMEs
Small and medium sized businesses in the province will be provided with an extension of current filing and remittance deadlines related to provincial sales tax and the Health and Post-Secondary Educat...
Small and medium sized businesses in the province will be provided with an extension of current filing and remittance deadlines related to provincial sales tax and the Health and Post-Secondary Educat...
MB - Changes to payroll tax to take effect January 1, 2021
The provincial government has announced that the threshold amounts which determine the payroll tax liability of Manitoba employers will be increased, effective January 1, 2021. As of that date, the fo...
The provincial government has announced that the threshold amounts which determine the payroll tax liability of Manitoba employers will be increased, effective January 1, 2021. As of that date, the fo...
MB - Province implements Green Levy and cuts sales tax rate
The province has announced that it will be implementing a flat $25 per tonne Green Levy, effective as of July 1, 2020. At the same time, the provincial general sales tax rate, which is currently 7%, w...
The province has announced that it will be implementing a flat $25 per tonne Green Levy, effective as of July 1, 2020. At the same time, the provincial general sales tax rate, which is currently 7%, w...
MB - 2020-21 Budget date announced
The provincial government has announced that Manitoba’s Budget for the 2020-21 fiscal year will be brought down on Wednesday March 11, 2020. Once the Budget is released, the Budget papers will be po...
The provincial government has announced that Manitoba’s Budget for the 2020-21 fiscal year will be brought down on Wednesday March 11, 2020. Once the Budget is released, the Budget papers will be po...
MB - Province issues updated bulletin on sales tax and legal services
Manitoba Finance has updated and re-issued its Bulletin (No. 056) on the application of provincial sales tax to legal services provided in the province. The major change outlined in the updated Bullet...
Manitoba Finance has updated and re-issued its Bulletin (No. 056) on the application of provincial sales tax to legal services provided in the province. The major change outlined in the updated Bullet...
MB - 2019 tax return package for Manitoba residents now available online
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide to be used by individuals who were residents of Manitoba as of December 31, 2019. That return and guide can be f...
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide to be used by individuals who were residents of Manitoba as of December 31, 2019. That return and guide can be f...
MB - Interest Rates - 2020
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rate payable for the first half of 2020 is as follo...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1 and July 1. The rate payable for the first half of 2020 is as follo...
MB - Province schedules additional budget consultation public meetings
Manitoba Finance has announced the dates, times, and locations of ten budget consultation public meetings which will be held throughout the province during the month of January. A listing of those dat...
Manitoba Finance has announced the dates, times, and locations of ten budget consultation public meetings which will be held throughout the province during the month of January. A listing of those dat...
MB - Personal tax credit amounts for 2020
The province of Manitoba will provide the following personal tax credit amounts for 2020: Basic personal amount ……………………………… $9,838 Spouse or common law partner amount ...
The province of Manitoba will provide the following personal tax credit amounts for 2020: Basic personal amount ……………………………… $9,838 Spouse or common law partner amount ...
MB - Province announces 2020 Budget consultation process
The Manitoba government has announced the launch of the consultation process for the 2020-21 provincial Budget. That consultation process will include a number of public meetings and telephone town ha...
The Manitoba government has announced the launch of the consultation process for the 2020-21 provincial Budget. That consultation process will include a number of public meetings and telephone town ha...
MB - Small business venture capital tax credit extended
The Manitoba government provides individuals and corporations in the province who acquire equity capital in eligible Manitoba enterprises with a non-refundable provincial tax credit of up to 45%. The ...
The Manitoba government provides individuals and corporations in the province who acquire equity capital in eligible Manitoba enterprises with a non-refundable provincial tax credit of up to 45%. The ...
MB - Province issues bulletin on application of PST to cannabis sales
Manitoba Finance has issued a new sales tax bulletin (No. 063) on the application of PST to sales of cannabis in the province. That application will differ, depending on whether cannabis products are ...
Manitoba Finance has issued a new sales tax bulletin (No. 063) on the application of PST to sales of cannabis in the province. That application will differ, depending on whether cannabis products are ...
MB - Waiver provided for storm-related late tax filings
Manitoba Finance has announced that businesses in the province which were affected by recent storm-related power outages can obtain a waiver of interest and penalty charges which would otherwise resul...
Manitoba Finance has announced that businesses in the province which were affected by recent storm-related power outages can obtain a waiver of interest and penalty charges which would otherwise resul...
MB - Provincial credit rating outlook revised
The Manitoba government has announced that Standard and Poor’s credit reporting agency has, in its most recent release, revised the province’s outlook from stable to positive. In changing that rat...
The Manitoba government has announced that Standard and Poor’s credit reporting agency has, in its most recent release, revised the province’s outlook from stable to positive. In changing that rat...
MB - Provincial minimum wage increased effective October 1
The provincial government has issued a reminder to Manitoba residents that the minimum wage is increased, effective as of October 1, 2019. As of that date, the general minimum wage increased from $11....
The provincial government has issued a reminder to Manitoba residents that the minimum wage is increased, effective as of October 1, 2019. As of that date, the general minimum wage increased from $11....
MB - Book Publishing Tax Credit extended for five years
Manitoba provides book publishers that incur eligible Manitoba labour costs with a refundable Book Publishing Tax Credit equal to 40% of those eligible labour costs. Such eligible labour costs include...
Manitoba provides book publishers that incur eligible Manitoba labour costs with a refundable Book Publishing Tax Credit equal to 40% of those eligible labour costs. Such eligible labour costs include...
MB - Province announces rent increase guideline for 2020
The provincial government has announced that percentage rent increase guideline which will take effect as of January 1, 2020 and apply during the 2020 calendar year will be 2.4%. The rent increase gui...
The provincial government has announced that percentage rent increase guideline which will take effect as of January 1, 2020 and apply during the 2020 calendar year will be 2.4%. The rent increase gui...
MB - Provincial minimum wage to increase October 1
Effective as of October 1, 2019, the Manitoba general minimum wage will increase from $11.35 per hour to $11.65 per hour. The general minimum wage is payable to most employees in the province, regardl...
Effective as of October 1, 2019, the Manitoba general minimum wage will increase from $11.35 per hour to $11.65 per hour. The general minimum wage is payable to most employees in the province, regardl...
MB - Interest Rates - 2019
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rates payable for 2019 are as follows: ...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rates payable for 2019 are as follows: ...
MB - Province issues updated guide on provincial tax registration requirements
The province of Manitoba imposes a number of taxes affecting businesses operating in the province, and each such tax imposes separate registration, filing and payment obligations. Manitoba Finance has...
The province of Manitoba imposes a number of taxes affecting businesses operating in the province, and each such tax imposes separate registration, filing and payment obligations. Manitoba Finance has...
MB - Updated bulletins issued as sales tax rate reduced
Effective as of July 1, 2019, the general retail sales tax rate imposed by the province was reduced from 8% to 7%. As a consequence of the change, Manitoba Finance has revised and re-issued a number o...
Effective as of July 1, 2019, the general retail sales tax rate imposed by the province was reduced from 8% to 7%. As a consequence of the change, Manitoba Finance has revised and re-issued a number o...
MB - Transitional rules for July 1 reduction of retail sales tax rate
Effective as of July 1, 2019, the general provincial retail sales tax rate will be reduced from 8% to 7%. The old rate of 8% will apply to purchases of taxable goods where such goods are purchased and...
Effective as of July 1, 2019, the general provincial retail sales tax rate will be reduced from 8% to 7%. The old rate of 8% will apply to purchases of taxable goods where such goods are purchased and...
MB - Small Business Venture Capital Tax Credit extended
The province offers a Small Business Venture Capital Tax Credit (SBVCTC), which provides a non-refundable provincial tax credit of up to 45% to individuals and corporations who acquire equity capital ...
The province offers a Small Business Venture Capital Tax Credit (SBVCTC), which provides a non-refundable provincial tax credit of up to 45% to individuals and corporations who acquire equity capital ...
MB - Cultural Industries Printing Tax Credit extended and expanded
The province of Manitoba provides printers with a 35% refundable Cultural Industries Printing Tax Credit on salary or wages paid to its employees who are residents of the province at year end and who ...
The province of Manitoba provides printers with a 35% refundable Cultural Industries Printing Tax Credit on salary or wages paid to its employees who are residents of the province at year end and who ...
MB - Provincial credit rating affirmed by DBRS ratings agency
The provincial government has announced that the international credit rating agency Dominion Bond Rating Service (DBRS) has confirmed Manitoba’s existing credit rating. In its May 2019 report, DBRS ...
The provincial government has announced that the international credit rating agency Dominion Bond Rating Service (DBRS) has confirmed Manitoba’s existing credit rating. In its May 2019 report, DBRS ...
MB - Province makes Film and Video Production Tax Credit permanent
The province of Manitoba has, since 1997, provided a Film and Video Production Tax Credit, which is based on eligible salaries paid to residents of the province and to qualifying non-residents, for wo...
The province of Manitoba has, since 1997, provided a Film and Video Production Tax Credit, which is based on eligible salaries paid to residents of the province and to qualifying non-residents, for wo...
MB - Province reduces Manufacturing Investment Tax Credit
The province of Manitoba provides a Manufacturing Investment Tax Credit, under which corporations can earn a 9% credit for eligible property acquired on or after April 12, 2017. In order to be eligibl...
The province of Manitoba provides a Manufacturing Investment Tax Credit, under which corporations can earn a 9% credit for eligible property acquired on or after April 12, 2017. In order to be eligibl...
MB - Province to require electronic tax filing and payment by businesses
The provincial government has announced that, effective as of 2020, Manitoba businesses will be required to file, remit, and pay fuel tax, tobacco tax, and health and post-secondary education (payroll...
The provincial government has announced that, effective as of 2020, Manitoba businesses will be required to file, remit, and pay fuel tax, tobacco tax, and health and post-secondary education (payroll...
MB - Provincial sales tax rates to be reduced effective July 1
As announced in the recent provincial Budget, Manitoba’s sales tax rate will be reduced, effective as of July 1, 2019. As of that date, the general sales tax rate will drop from 8% to 7%. Rates redu...
As announced in the recent provincial Budget, Manitoba’s sales tax rate will be reduced, effective as of July 1, 2019. As of that date, the general sales tax rate will drop from 8% to 7%. Rates redu...
MB - Province announces increase to minimum wage
The provincial government has announced that the provincial minimum wage will increase by 30 cents per hour, effective October 1, 2019. The change which is based on the provincial inflation rate of 2....
The provincial government has announced that the provincial minimum wage will increase by 30 cents per hour, effective October 1, 2019. The change which is based on the provincial inflation rate of 2....
MB - Province extends Film and Video Production tax credit
Since 1997, the province has provided a refundable tax credit for certain expenditures incurred with respect to qualifying film and video productions. That credit is based on eligible salaries paid to...
Since 1997, the province has provided a refundable tax credit for certain expenditures incurred with respect to qualifying film and video productions. That credit is based on eligible salaries paid to...
MB - Change in provincial sales tax rate July 1
In its 2019-20 Budget, the provincial government announced that the Manitoba general retail sales tax rate would be reduced, effective as of July 1, 2019, from 8% to 7%. Changes will also be made, as ...
In its 2019-20 Budget, the provincial government announced that the Manitoba general retail sales tax rate would be reduced, effective as of July 1, 2019, from 8% to 7%. Changes will also be made, as ...
MB - No provincial sales tax charges on federal carbon tax
The Manitoba government has announced that it will not be levying provincial sales tax on the federal government’s carbon tax on home heating fuels. That federal carbon tax is composed of a base amo...
The Manitoba government has announced that it will not be levying provincial sales tax on the federal government’s carbon tax on home heating fuels. That federal carbon tax is composed of a base amo...
MB - Prescribed areas for livestock tax deferral for 2018
Taxpayers whose livestock farming operations are affected by adverse weather conditions during a particular taxation year can benefit from a tax deferral program. That Livestock Tax Deferral provision...
Taxpayers whose livestock farming operations are affected by adverse weather conditions during a particular taxation year can benefit from a tax deferral program. That Livestock Tax Deferral provision...
MB - Province announces date for 2019-20 Budget
The provincial government has announced that Manitoba’s Budget for the 2019-20 fiscal year will be brought down on Thursday March 7, 2019. When the Budget is released, the Budget papers will be post...
The provincial government has announced that Manitoba’s Budget for the 2019-20 fiscal year will be brought down on Thursday March 7, 2019. When the Budget is released, the Budget papers will be post...
MB - Province renews film and video production tax credit program
Since 1997, the province of Manitoba has provided a refundable film and video production tax credit, based on qualifying amounts expended in relation to eligible film and videos produced in the provin...
Since 1997, the province of Manitoba has provided a refundable film and video production tax credit, based on qualifying amounts expended in relation to eligible film and videos produced in the provin...
MB - Interest Rates - 2019
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rate payable for the first half of 2019 is as f...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rate payable for the first half of 2019 is as f...
MB - CRA issues supplementary 2019 payroll deduction tables for Manitoba residents
The Canada Revenue Agency has issued a supplement to the payroll deduction tables to be used for residents of Manitoba during the 2019 tax year.The supplement, which can be found on the CRA website at...
The Canada Revenue Agency has issued a supplement to the payroll deduction tables to be used for residents of Manitoba during the 2019 tax year.The supplement, which can be found on the CRA website at...
MB - Reminder issued on consumer rights and gift card purchases
The provincial government has issued a reminder for consumers in the province of the rules which apply to the purchase and use of retailer gift cards. Those rules provide that purchasers cannot be cha...
The provincial government has issued a reminder for consumers in the province of the rules which apply to the purchase and use of retailer gift cards. Those rules provide that purchasers cannot be cha...
MB - Personal tax credit amounts for 2019
The province of Manitoba will provide the following personal tax credit amounts for 2019: Basic personal amount ………………………………… $9,626 Spouse or common law partner amount …...
The province of Manitoba will provide the following personal tax credit amounts for 2019: Basic personal amount ………………………………… $9,626 Spouse or common law partner amount …...
MB - Province issues information on filing and payment during postal strike
Manitoba Finance has issued information for taxpayers in the province who must file returns or make payments, particularly with respect to retail sales tax (RST), health and education levy (HE), and t...
Manitoba Finance has issued information for taxpayers in the province who must file returns or make payments, particularly with respect to retail sales tax (RST), health and education levy (HE), and t...
MB - Province announces pre-budget consultations
The Manitoba government has announced that consultations with respect to the province’s 2019-20 Budget have commenced. That budget will be brought down in the spring of 2019. There will be a series ...
The Manitoba government has announced that consultations with respect to the province’s 2019-20 Budget have commenced. That budget will be brought down in the spring of 2019. There will be a series ...
MB - Province sets rent increase guideline for 2019
The provincial government has announced that Manitoba’s rent increase guideline for 2019 has been set at 2.2%. The guideline, which is based on the Manitoba Consumer Price Index, applies to most ren...
The provincial government has announced that Manitoba’s rent increase guideline for 2019 has been set at 2.2%. The guideline, which is based on the Manitoba Consumer Price Index, applies to most ren...
MB - Updated bulletin issued on vendors and provincial retail sales tax
The province imposes an 8% retail sales tax on the sale of goods and some services in Manitoba, and its general guide to that tax for vendors in the province was recently updated and re-issued. The gu...
The province imposes an 8% retail sales tax on the sale of goods and some services in Manitoba, and its general guide to that tax for vendors in the province was recently updated and re-issued. The gu...
MB - Carbon tax implementation date deferred to December 1
The province has deferred, to December 1, 2018, the implementation date of the $25 per tonne carbon tax which was announced in this year’s Budget. The original implementation date was September 1, 2...
The province has deferred, to December 1, 2018, the implementation date of the $25 per tonne carbon tax which was announced in this year’s Budget. The original implementation date was September 1, 2...
MB - Minimum wage to increase effective October 1, 2018
As previously announced, Manitoba’s general minimum wage will be increased, effective as of October 1, 2018. As of that date, the provincial minimum wage will increase by 20 cents per hour, from $11...
As previously announced, Manitoba’s general minimum wage will be increased, effective as of October 1, 2018. As of that date, the provincial minimum wage will increase by 20 cents per hour, from $11...
MB - Provincial deficit reduction strategy ahead of schedule
The Manitoba Minister of Finance has announced that the province is now ahead of schedule with respect to its deficit reduction objectives. That announcement, which can be found on the provincial gove...
The Manitoba Minister of Finance has announced that the province is now ahead of schedule with respect to its deficit reduction objectives. That announcement, which can be found on the provincial gove...
MB - Interest Rates - 2018
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rates payable for 2018 is are as follows: ...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rates payable for 2018 is are as follows: ...
MB - Rental Housing Construction Tax Credit to be eliminated
The province of Manitoba offers a tax credit to corporations which construct five or more new residential rental units in the province. Certain costs incurred in respect of the acquisition and convers...
The province of Manitoba offers a tax credit to corporations which construct five or more new residential rental units in the province. Certain costs incurred in respect of the acquisition and convers...
MB - Tax credit available for employers providing child care spaces
As announced in this year’s Budget, the province has introduced a new tax credit for private corporations that create new child care centres. The total credit claimable is equal to $10,000 per new i...
As announced in this year’s Budget, the province has introduced a new tax credit for private corporations that create new child care centres. The total credit claimable is equal to $10,000 per new i...
MB - Caregiver tax credit application process simplified
The province has announced that, effective as of this year’s Budget date of March 12, 2018, the process by which an application is made for the provincial Primary Caregiver Tax Credit has been strea...
The province has announced that, effective as of this year’s Budget date of March 12, 2018, the process by which an application is made for the provincial Primary Caregiver Tax Credit has been strea...
MB - Changes made to Small Business Venture Capital Tax Credit
The province of Manitoba provides a Small Business Venture Capital Tax Credit, which enables investors in eligible businesses to receive a 45% non-refundable credit against provincial income tax other...
The province of Manitoba provides a Small Business Venture Capital Tax Credit, which enables investors in eligible businesses to receive a 45% non-refundable credit against provincial income tax other...
MB - Information Bulletin issued on upcoming carbon tax implementation
Effective September 1, 2018, a carbon tax equal to $25 tax per tonne of greenhouse gas emissions will apply to gas, liquid, and solid products used in Manitoba. Manitoba Finance has issued an Informat...
Effective September 1, 2018, a carbon tax equal to $25 tax per tonne of greenhouse gas emissions will apply to gas, liquid, and solid products used in Manitoba. Manitoba Finance has issued an Informat...
MB - Province to eliminate labour-sponsored funds tax credit
Current provincial tax rules provide taxpayers who invest in a registered labour-sponsored venture capital corporation any time during the taxation year or within 60 days after the end of that year wi...
Current provincial tax rules provide taxpayers who invest in a registered labour-sponsored venture capital corporation any time during the taxation year or within 60 days after the end of that year wi...
MB - Increase to provincial minimum wage announced
The Manitoba government has announced that the general minimum wage payable in the province will increase by 20 cents per hour, effective as of October 1, 2018. The increase will bring the minimum wag...
The Manitoba government has announced that the general minimum wage payable in the province will increase by 20 cents per hour, effective as of October 1, 2018. The increase will bring the minimum wag...
MB - Province announces minimum wage increase for October 2018
The province of Manitoba has announced that the provincial minimum wage will be increased, effective as of October 1, 2018. As of that date, the minimum wage will increase by 20 cents per hour, from $...
The province of Manitoba has announced that the provincial minimum wage will be increased, effective as of October 1, 2018. As of that date, the minimum wage will increase by 20 cents per hour, from $...
MB - Province to increase small business limit
As part of the 2018-19 Manitoba Budget, it was announced that the provincial small business limit would be increased, effective as of January 1, 2019. As of that date, the small business limit will in...
As part of the 2018-19 Manitoba Budget, it was announced that the provincial small business limit would be increased, effective as of January 1, 2019. As of that date, the small business limit will in...
MB - Budget includes details of upcoming provincial carbon tax
This year’s provincial Budget included details of the provincial carbon tax that will be implemented effective September 1, 2018. As of that date, a $25 tax per tonne of greenhouse gas emissions wil...
This year’s provincial Budget included details of the provincial carbon tax that will be implemented effective September 1, 2018. As of that date, a $25 tax per tonne of greenhouse gas emissions wil...
MB - Budget announcements include increase in small business limit
The 2018-19 provincial Budget brought down on March 12, 2018 included the announcement of an increase in the provincial small business limit. Qualifying corporate income below that small business limi...
The 2018-19 provincial Budget brought down on March 12, 2018 included the announcement of an increase in the provincial small business limit. Qualifying corporate income below that small business limi...
MB - Personal tax credit amounts for 2018
The province of Manitoba will provide the following personal tax credit amounts for 2018: Basic personal amount ………………………………… $9,382 Spouse or equivalent to spouse amount …...
The province of Manitoba will provide the following personal tax credit amounts for 2018: Basic personal amount ………………………………… $9,382 Spouse or equivalent to spouse amount …...
MB - Province announces 2018-19 Budget date
The Manitoba Finance Minister has announced that the 2018-19 provincial Budget will be presented on Monday, March 12, 2018. Once the Budget is released, Budget papers will be posted on the Manitoba Fi...
The Manitoba Finance Minister has announced that the 2018-19 provincial Budget will be presented on Monday, March 12, 2018. Once the Budget is released, Budget papers will be posted on the Manitoba Fi...
MB - Personal income tax rates and brackets for 2018
For the 2018 tax year, the province of Manitoba will levy personal income tax at the following individual income tax rates and brackets. 8% on taxable income between $9,382 and $31,843; 75% on taxa...
For the 2018 tax year, the province of Manitoba will levy personal income tax at the following individual income tax rates and brackets. 8% on taxable income between $9,382 and $31,843; 75% on taxa...
MB - Interest Rates - 2018
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rate payable for the first half of 2018 is as f...
The province of Manitoba levies interest on late or deficient payments of tax at rates prescribed by statute and set every January 1st and July 1st. The rate payable for the first half of 2018 is as f...
MB - CRA releases 2017 T1 tax return form for Manitoba residents
The Canada Revenue Agency has released the 2017 T1 Individual Income Tax Return and Benefit form to be used by individuals who were residents of Manitoba at the end of that year. The T1 form package (...
The Canada Revenue Agency has released the 2017 T1 Individual Income Tax Return and Benefit form to be used by individuals who were residents of Manitoba at the end of that year. The T1 form package (...
MB - 2018 payroll deduction tables for provincial income tax released
The Canada Revenue Agency (CRA) has issued the payroll deduction tables which Manitoba employers will use to determine employee source deductions for federal and provincial income tax, Canada Pension ...
The Canada Revenue Agency (CRA) has issued the payroll deduction tables which Manitoba employers will use to determine employee source deductions for federal and provincial income tax, Canada Pension ...
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