Monthly Archives: May 2021

Contacted by the CRA?

Person on Phone

Now that you’ve filed your 2020 income tax and benefit return, it’s possible that the Canada Revenue Agency (CRA) contacts you to discuss your tax and benefit situation. However, you should be aware of scammers pretending to be CRA employees. They often contact Canadians to try to trick them into making payments, and may try… Read more »

Canada Child Benefit Progress

Dad reading with baby

In the first four years since its implementation, the Canada Child Benefit (CCB) has helped lift nearly 435,000 children out of poverty. Families entitled to the CCB with children under the age of six can expect to receive a bit more money in the bank this year. The Canada Child Benefit (CCB) is a tax-free… Read more »

New CRA Filing Updates

Tax

The following changes could affect corporations that file Ontario annual information returns: As of May 7, 2021, Ontario Corporations Information Act annual returns will no longer be available for download on Canada.ca. As of May 15, 2021, Ontario Corporations Information Act annual returns will no longer be filed through the Canada Revenue Agency. Effective May… Read more »

Reporting Peer-to-Peer Income

What us Peer-to-Peer selling? The sale of goods or services from one person or party directly to another. Sales on websites or online marketplaces (such as Etsy, Facebook Marketplace or Kijiji) may be included. Income Tax for P2P Sales Canadian residents have to report income from all sources, including peer-to-peer sales, both inside and outside… Read more »