What is a TFSAThe TFSA program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any …
Tax-filing season may be over, but protecting Canadians’ information remains a year round priority. The Canada Revenue Agency (CRA) continuously works to monitor and detect fraud throughout the year, including attempts to bypass our systems to access taxpayer accounts, and file fraudulent tax returns and benefit claims. The CRA is consistently a prime target for …
Tax season may be over, but protecting your information is a year-round priority Read More »
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 tax? 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 …
Tax Free Savings Account – Watch your limit and stay within it! Read More »
A First Home Savings Account (FHSA) lets you save for a qualifying home with tax-free growth and tax-deductible contributions, making it a great option for potential first-time home buyers. But, it’s important to make sure you don’t put too much into your FHSA. If you do, part of the tax-free growth you’re generating could end …
Make the most of your first home savings account Read More »
The CRA accepts many payment methods. Find out which way to pay works best for you. To see what options are available for a specific payment you are making, answer a few questions at CRA website below to identify the best payment options for your situation. Click here to visit CRA website regarding the best …
Effective June 17, 2024, individuals with a SIN that starts with the number 9 can now use the Business Registration Online service to register and instantly obtain a business number and a GST/HST account. Find out if you have to register for a GST/HST accountYou generally cannot register for a GST/HST account if you provide …
When to register for and start charging the GST/HST Read More »
When it comes to filing an income tax and benefit return, most individuals choose to file online because it’s fast, easy, and secure. This tax season, more than 95% of all tax returns were filed online! When filers need to change their tax returns after filing, most still choose to submit a request by paper, …
Do you need to change your tax return? Skip the paper request – do it online! Read More »
Did you know that you can log in to our secure EFILE web service whenever it’s convenient for you? It’s easy!1) Sign in to the secure site with your EFILE number and password.2) Click on the “View T1 EFILE Service Transmission History” link to display your rejected transmissions in reverse chronological order.3) Click on the …
Reminder – Do you have T1 returns that need to be retransmitted? Read More »
If you’re self-employed, tax season can feel overwhelming, but the Canada Revenue Agency (CRA) is here to help you! Whether you’re a sole proprietor, freelancer, or running a small business, understanding your tax obligations is key to staying on track. Here’s what you need to know: Filing and payment deadlines for self-employed individualsIf you are …
Self-employed? Get ready for tax season with these helpful tips from the CRA Read More »
The Canada Revenue Agency (CRA) is making it easier for newcomers arriving in Canada to apply for benefit and credit payments. Newcomers can now apply online, without mailing in the forms. It’s a quick and convenient way to apply. Choosing the right form for youApply for benefit and credit payments, including any related provincial and …
New to Canada? Apply for benefit and credit payments using new online form Read More »
