Posts Categorized: Taxes

Self-Employed Tax Filing Deadline

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 return filing deadline. Such taxpayers (and their spouses) must file an individual… Read more »

Automobile Expense Deduction Limits for 2022

Person Driving Car on Highway

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 have been increased for 2022. Some of the changes include: An increase in the ceiling for capital cost allowances for passenger vehicles, from $30,000… Read more »

Home Office Claim Updates

Couple working from home on laptops

On January 18, 2022, CRA released the 2021 versions of forms T2200S Declaration of Conditions of Employment for Working at Home Due to COVID-19 – Canada.ca and T777S Statement of Employment Expenses for Working at Home Due to COVID-19 – Canada.ca. Updates include: The temporary flat rate method is now available through 2022. The maximum… Read more »

Ontario Staycation Tax Credit

Welcome to Ontario Sign

Planning a staycation in 2022? You can claim a tax credit if you travel in Ontario this year. Overview The temporary Ontario Staycation Tax Credit for 2022 aims to encourage Ontario families to explore the province. Ontario residents can claim 20% of their eligible 2022 accommodation expenses when filing their personal Income Tax and Benefit… Read more »

CRA Relief for Employee Benefits

Laptop on kitchen counter

In 2020 CRA announced a series of positions in respect of employer-provided benefits relating to commuting and parking costs, as well as computers and home office equipment.  On January 4, 2022 CRA updated their webpage to announce that these positions would be extended to December 31, 2021. CRA clarified that up to $500 in total… Read more »

2021 Individual Income Tax Instalment

Stacking Coins

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 Reminder outlining the amount of instalment payment to be made in December. More information on the instalment payment requirement, including the several methods by which… Read more »

2021 Tax Guide for Students

Student Carrying Books

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 are commonly received and incurred by students. The Guide — the P105 — also reviews credits and expense deductions (like the HST tax credit and… Read more »

Tax Tips Nov 2021

Piggy Bank

Canada Revenue Agency announces maximum pensionable earnings for 2022. The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2022 will be $64,900—up from $61,600 in 2021. Full article Canada Revenue Agency announces maximum pensionable earnings for 2022 – Canada.ca   Effective January 1, 2022, the maximum insurable earnings will increase from $56,300 to… Read more »

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 »