Using an app or website to earn income? Here’s what you need to know about the Reporting Rules for Digital Platform Operators You may be affected by Canada’s new Reporting Rules for Digital Platform Operators if you use digital platforms to earn income. These rules have been implemented to increase transparency and support compliance in …
Post-secondary education can be expensive. Save for your child’s future by contributing to a registered education savings plan (RESP). RESP is a tax-deferred investment designed to help people save for a child’s education after high school. The government also contributes to your plan with Canada Education Savings Grant payments, the Canada Learning Bond, and provincial incentives …
Tax literacy is a life skill and we know that early tax education helps empower students to understand their tax responsibilities and entitlements later in life. According to public opinion research, young Canadians find taxes daunting and expressed a need for clearer guidance from trusted sources. Tax literacy isn’t just about filing your return, it’s …
Taxes Competition for Middle and High School Students Read More »
The Payroll Deductions Online Calculator (PDOC) allows you to calculate federal, provincial (except for Quebec), and territorial payroll deductions. The PDOC includes step-by-step instructions designed to assist you with the type of calculation you need. It can be used to calculate payroll deductions for: salaries commissions pensions In addition, PDOC can also be used to verify Canada Pension …
Have you recently incorporated your business? Do you provide services to one other company? You might be considered to be operating a personal services business (PSB) by the CRA. This means your tax obligations are different than other corporations! Check out the CRA’s fact sheet on PSBs! It’s intended to help you better understand your reporting …
New fact sheet on tax obligations for personal services businesses Read More »
This tax season, the Canada Revenue Agency (CRA) has introduced a new identity validation option, known as the document verification service, to make it easier to register for digital services including My Account. Using a government-issued photo identification (ID), such as a passport or driver’s licence, a user can quickly validate their identity to get immediate access to …
The CRA is making it easier to access its digital services Read More »
Filing your income tax and benefit return each year is what you need to do to receive any benefit and credit payments you’re entitled to. Sometimes after you file, you realize you made a mistake or forgot to include something important. If this happens to you, don’t worry. It’s easy to change your tax return. If you …
Need to change your tax return? You can do it online! Read More »
Our digital services make handling your business tax matters faster and easier. You and your authorized employees and representatives can file, pay and access detailed information about your tax accounts. Here is information about the Canada Revenue Agency’s (CRA) most used digital services, as well as information about how to access other services too. Learn More HAPPY …
Canadians have been contributing to tax-free savings accounts (TFSA) since 2009, enjoying tax-free investment growth. Did you know that it’s possible to overcontribute and be subject to penalties? Excess contributions can occur, for example, when your TFSA is set up for pre-authorized contributions and you make additional contributions without verifying the amount of room you have available. …
Tax Free Savings Account: Watch your limit – stay within it! Read More »
If you’re self-employed, navigating your tax obligations may seem complicated. But don’t worry, the Canada Revenue Agency (CRA) is here to help you! To get ready for tax-filing season, we’ve put together helpful tips and information for self-employed individuals. Learn more
