The Canada training credit (CTC) is a refundable tax credit available to help Canadians with the cost of eligible training fees. You can claim the CTC for tuition and other fees paid for courses that you took in the year. Who can claimTo be eligible for the CTC, you must meet all 6 of the …
The Clean Economy electronic mailing list has officially launched — it’s your source for timely updates on clean economy tax credits, labour requirements, policy changes, and related guidance. Why subscribe?By joining the list, you’ll receive:1) Updates on Clean Economy Investment Tax Credits2) Information on labour requirements3) News on program developments, tools, and resources4) Invitations to …
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Starting in May 2025, the CRA transitioned to online mail as the default method of delivering most business correspondence. Businesses now receive most business notices and other correspondence through CRA’s secure online portal, My Business Account, instead of by paper mail. May 12, 2025: New business and program account registrations were transitioned to online mail.June …
On June 5, 2025, proposed legislation was introduced in the House of Commons to amend the Excise Tax Act to include a new GST/HST rebate for first-time home buyers (the “FTHB GST/HST rebate”). The information below is based on this proposed legislation which is currently subject to parliamentary approval and may change. The CRA is …
Only Canadian registered charities and other qualified donees can issue official donation receipts that allow donors to claim a charitable tax credit (individuals) or deduction (corporations) on their tax return. However, they are not obligated to do so. Make sure to ask the organization if there are any circumstances where they won’t provide a receipt. …
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 …
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 …
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