The confidence and trust that individuals and businesses have in the CRA is a cornerstone of Canada’s tax system. The CRA regularly adjusts and improves its systems and processes to safeguard sensitive information against ever evolving threats to its digital services. To support our ongoing efforts to enhance the security of taxpayer accounts, and given …
Direct deposit changes impacting EFILERS and taxpayers Read More »
It’s never been easier to do your taxes online. In fact, online filing gets you access to the benefits, credits, and refunds you may be eligible for even faster! Last year, approximately 93% of Canadians filed their income tax and benefit returns online either themselves or through a tax preparer. There are benefits to filing …
Doing your taxes each year can feel like a big job, but you don’t have to do it alone! If you have a modest income and a simple tax situation, you might be able to get help from a volunteer at a free tax clinic. A modest income is less than $35,000 for a single …
Don’t miss out on free tax help – you may be eligible! Read More »
For the 2024 tax year, the Canada Revenue Agency (CRA) will continue to administer the enhanced trust reporting rules as enacted for tax years ending on or after December 31, 2023. Affected trusts are required to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), …
Are you saving for a car or a dream vacation? A TFSA is a great way to save tax-free. The TFSA is a way for individuals who are 18 and older and have a valid social insurance number (SIN) to save money and withdraw it tax-free throughout their lifetime. Whether you already have a TFSA …
Watch your limit when contributing to your Tax-Free Savings Account (TFSA)! Read More »
Tax season starts next week! When the calendar flips to February 24, 2025, you will be able to file your income tax and benefit return online. With the right preparation, filing your tax return can be a smooth and stress-free experience. The Canada Revenue Agency (CRA) is here to help you file with confidence. When …
Tax season starts on February 24! Here’s what you need to start filing Read More »
Tax season is almost here! Whether you’re a seasoned filer or it’s your first time, having the essential information can save you time and stress. It could even put more money in your pocket. We want you to receive any refunds and benefit and credit payments you may be eligible for. During the last tax-filing …
What you need to know for the 2025 tax-filing season Read More »
You may be one of 2 million Canadians invited to use SimpleFile to automatically file your income tax and benefit return with the Canada Revenue Agency (CRA) for free this tax season! The CRA is inviting individuals to use the SimpleFile by Phone service again this year. You may also be invited to try out …
The Department of Finance announced today that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026. The announcement confirms the government’s intention that, effective for dispositions that occur on or after January 1, 2026. The inclusion rate will …
The Canada Revenue Agency (CRA) is working to ensure that you get the information you need about the taxes and benefits that apply to you. On December 30, 2024, the Department of Finance announced the federal government’s intention to amend the Income Tax Act to extend the deadline for making charitable donations eligible for tax …
