Tax News - - Page 5

Canada Carbon Rebate for Small Businesses: Payment Rates and Online Estimator

The Canada Revenue Agency (CRA) would like to highlight new information about the Canada Carbon Rebate for Small Businesses, a refundable tax credit designed to support small and medium-sized enterprises across Canada. This initiative aims to return a portion of the federal fuel charge proceeds directly to eligible Canadian-controlled private corporations (CCPCs). For more information, …

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Watch your limit when contributing to your Tax-Free Savings Account (TFSA)!

CRA Information, CRA Tax Tips, What's new from CRA / By Tax Admin

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 or are …

Watch your limit when contributing to your Tax-Free Savings Account (TFSA)! Read More »

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Using an app or website to earn income? know about the Reporting Rules for Digital Platform Operators

CRA Information, CRA Tax Tips, What's new from CRA / By Tax Admin

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 …

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Save for your child’s post-secondary education

CRA Information, CRA Tax Tips / By Tax Admin

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 …

Save for your child’s post-secondary education Read More »

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Taxes Competition for Middle and High School Students

CRA Information / By Tax Admin

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 …

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Calculate payroll deductions online

CRA Information / By Tax Admin

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 …

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New fact sheet on tax obligations for personal services businesses

CRA Information / By Tax Admin

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 …

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The CRA is making it easier to access its digital services

CRA Information, CRA Tax Tips / By Tax Admin

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 …

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Need to change your tax return? You can do it online!

Common Tax Problem, CRA Information, CRA Tax Tips / By Tax Admin

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 »

Looking for the fastest and easiest way to view and manage your business taxes online? Use our digital services!

CRA Tax Tips / By Tax Admin

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 …

Looking for the fastest and easiest way to view and manage your business taxes online? Use our digital services! Read More »