2026 TFSA dollar limitThe TFSA dollar limit for 2026 is $7,000. The dollar limit is added to your contribution room on January 1, 2026. How to calculate your contribution roomCalculate your room before you contributeThe most reliable way to know how much you can contribute to your Tax-free Savings Account (TFSA) is to calculate how …
When you register your business, you get a unique 9-digit business number (BN) that identifies your business. Your BN is used to interact with provincial or territorial, municipal, and other federal programs. You can only have one BN for your business. When you register for a program account, such as GST/HST or payroll, a program …
An RRSP is a retirement savings plan that you establish, that the CRA registers, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the …
In 2025, approximately 93% of income tax and benefit returns were filed online. If you typically file on paper, why not enjoy the benefits of online filing? It makes filing simpler and offers many benefits, such as receiving your refund quicker and not having to mail anything to the Canada Revenue Agency (CRA). However, if …
Important changes to the 2025 income tax package: What you need to know Read More »
The Canada Revenue Agency (CRA) now sends most business correspondence online through the My Business Account portal in your CRA account, instead of by paper mail. To make sure you receive notifications when new mail or important changes occur, add or update your email address in your CRA account. Why updating your email address matters?Keeping …
Businesses: Add or update your email address now to avoid missing important CRA messages Read More »
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 …
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 …
Give to a registered charity or another type of qualified donee Read More »
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 …
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 …
