Tax Admin

The Canada Revenue Agency (CRA) is warning Canadians about certain financial arrangements involving critical illness insurance that may be designed to avoid paying taxes. These arrangements often involve complex transactions, like borrowing money and using it to pay for insurance, which can mislead taxpayers and result in serious tax consequences. The CRA has previously issued …

Warning: The CRA has identified aggressive tax schemes involving insurance products Read More »

Applying to become a registered charity is a 4-step process. Within the four steps below, you will find tools to help you decide whether you should apply, and what documents to send in with your application. Services and information1. Make an informed decision about becoming a registered charity2. Set up your organization before applying for …

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Give to a registered charity or another type of qualified doneeWhen you donate to a registered charity or another type of qualified donee, you are supporting the charitable sector, as well as communities in Canada or abroad. You may also be able to receive an official donation receipt for your gift. What to know before …

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You may have self-employment income from a business, a profession, commission, farming or fishing. Business income includes income from any activity that you carry out for profit or with reasonable expectation of profit. A business includes any of the following:– a profession– a calling– a trade– a manufacture– an undertaking of any kind– an adventure …

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The Canada Workers Benefit (CWB) is a refundable tax credit to help individuals and families who are working and earning a low income. The CWB has two parts: a basic amount and a disability supplement.You can claim the CWB when you file your income tax return. For those who are entitled to the CWB on …

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With direct deposit, you receive your tax refunds and benefit payments faster and securely, directly in your account at a Canadian bank or credit union. In the event of an emergency or unforeseen circumstance, using direct deposit will ensure you continue to get your payments on time. Click here to learn more. Information source from …

Payments the CRA sends you – Direct deposit Read More »

Use the t2125 form to report either business or professional income and expenses. This form combines the two previous forms, T2124, Statement of Business Activities, and T2032, Statement of Professional Activities. Click here to learn more and download the form. Information source from Canada Revenue Agency (CRA) Learn more

You must update your information with the Canada Revenue Agency (CRA) if you make changes to your business information or GST/HST account options. Update your account informationDepending on the type of change, you may be able to update the information in to your CRA account or you may have to contact the CRA. – Address …

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All special elections and returns can be filed on paper or electronically. To file electronically, you or your authorized representative can use “Submit documents” on a CRA online account. Certain special elections can be filed electronically through an authorized third-party service provider using CRA certified software. Click here to learn more Information source from Canada …

How to file special elections and returns Read More »

The Canada training credit (CTC) is a refundable tax credit available to help Canadians with the cost of eligible training fees. You can claim the CTC for tuition and other fees paid for courses that you took in the year. Who can claimTo be eligible for the CTC, you must meet all 6 of the …

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