Canada Revenue Agency (CRA) would like to remind tax payers and registrants that they have until December 31, 2022, to make a taxpayer relief request related to the 2012 tax year or reporting period. Taxpayers that want to ask for penalty or interest relief, must send their request within ten years from the end of …
Take note of the Taxpayer Relief deadline for requests related to 2012 Read More »
CRA’s DAC 2022 annual report includes 10 recommendations for potential improvements to the disability tax credit (DTC) and its administration.
The report recognizes the progress the CRA has made to improve its services for people with disabilities, including:
– legislative changes to the eligibility for the DTC under the categories of mental functions and life-sustaining therapy
– launch of a digital DTC application to make the application process simpler for both medical practitioners and individuals
– a Navigator to support people with more complex situations in completing their applications
For your corporation to be considered a personal services business (PSB),
– you, as the incorporated employee performing services, or any person related to you, is a specified shareholder of your corporation
– if your corporation did not exist, you, as the incorporated employee, would be considered an employee of the hiring business receiving your services
– your corporation does not employ more than 5 full-time employees throughout the tax year
– your corporation’s income is from services performed by you, as the incorporated employee, on behalf of your corporation
PSBs are not eligible for the small business deduction, or the general tax rate reduction.
For a more detailed guideline, please click the “Learn More” button below
The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600—up from $64,900 in 2022. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. For a more detailed guideline, please click the “Learn More” button …
Canada Revenue Agency announces maximum pensionable earnings for 2023 Read More »
During Small Business Week 2022, the Canada Revenue Agency (CRA) is celebrating small businesses and recognizing their contributions to the growth of our economy. The Agency is working hard, every day, to improve its services. They know that businesses are still facing continuing challenges since the onset of the pandemic. CRA is here to help. To …
On September 24 and 25, 2022, Hurricane Fiona swept through Atlantic Canada and part of Quebec, causing heavy rain and high winds. Impacts included flooding, road washouts, downed trees, utility outages, and damage to coastal infrastructure. This widespread damage is having a devastating impact on many businesses and Canadians residing in these areas. The Canada Revenue Agency (CRA) …
Support for Canadians affected by Hurricane Fiona Read More »
The Government of Canada has proposed new financial support measures to make life more affordable for Canadians. The proposed Canada Dental Benefit would provide financial support for children under 12 years old if they receive dental care for which the parent has out of pocket costs and does not have access to a private dental insurance plan. …
New benefits and increased credit payments are coming to help make life more affordable Read More »
If you’re struggling to pay your tax debt, we understand and are here to help regardless of your tax situation. If you ignore your tax debt, it will grow with interest charges and penalties. Instead, let’s work together to figure out what your options are based on your financial situation. Please note that penalties only …
CRA has taken their time to answer 5 of the top most asked business tax information questions to help out many business owners. Click the “Learn More” button below to read the CRA article. Learn More
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