Posts Categorized: Taxes

Watch Out for Tax Schemes

Tax Signature Label

The Canada Revenue Agency (CRA) is warning Canadians about getting involved in tax schemes. Promoters, including some representatives, tax preparers and investment professionals, are encouraging their clients to participate in “straddle” schemes to reduce the amount of income tax they owe. The following information is now available on Canada.ca:   Warning: Watch out for straddle-loss schemes… Read more »

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 »

New CRA Filing Updates

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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 »

T4A Slip Guidance

On March 10, 2021, CRA released updated guidance on T4A slips. In particular, it noted: What if there is a mistake with the amounts reflected on your T4A? A small number of individuals may notice that their T4A does not reflect the payments they actually received. Perhaps they repaid an amount in 2020, and it… Read more »

Government Tax Updates Feb 2021

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Self-employed individuals whose net self-employment income was less than $5,000 and who applied for the CERB will not be required to repay the CERB, as long as their gross self-employment income was at least $5,000 and they met all other eligibility criteria. The Prime Minister verbally stated that those who could have applied for CERB… Read more »

2020 Income Tax Guide for Students

Student Studying on Laptop

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 interest costs. The Canada Revenue Agency (CRA) publishes a guide for post secondary students – P105, Students and… Read more »

Simplifying the Home Office Expense Deduction

Laptop on kitchen counter

Millions of Canadians are unexpectedly working from home because of COVID-19. They are turning their bedrooms, basements and kitchens into offices, and taking on increased household expenses to do their jobs. Canadians working from home can already deduct certain home office expenses for tax purposes, but first-time claimants may not be familiar with the rules… Read more »

Tax Deadlines for 2020

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This year’s tax filing deadlines have been changing, be sure to get yours filed on time to reduce penalties. See below for most recent deadline information. Personal Tax Deadlines T1 late-filing penalties will not be charged if returns are filed and payments are made by September 30, 2020*. Same relief will be provided for self-employed filers (and… Read more »

10% Temporary Wage Subsidy

While we await further information from the federal government on the 75% Emergency Wage Subsidy, the 10% Temporary Wage Subsidy is active, and will continue to be available to those who may not meet the 30% revenue decrease required to received the 75%. Here is everything you need to know: Benefit 10% of remuneration paid… Read more »