This year, there have been many announcements about changes that will affect business taxes in 2024. CRA has pulled them together for quick reference, along with a list of resources that can help you manage these changes and your tax affairs in the new year. Learn More
The Canada Revenue Agency (CRA) would like to remind taxpayers and registrants that they have until December 31, 2023, to make a taxpayer relief request related to the 2013 tax year or reporting period. If you want to ask for penalty and interest relief, you must send your request within ten years from the end of the …
Taxpayer relief deadline is December 31, 2023 for requests related to 2013 Read More »
Issuers of T4A and T5 slips can now distribute them by email or using an employer or payer’s secure electronic portal without obtaining written or electronic consent from the employees or recipients before distributing the slips. Previously, issuers were required to request express consent in order to provide these slips electronically, but do not need to now, under certain …
Recipients of T4A and T5 tax information slips no longer have to provide permission to receive them through a secure portal. A T4A slip identifies amounts paid during the calendar year for certain types of income from many different sources, including self employed commissions and RESP educational assistance payments. T5 slips are used to report the various types of …
Individuals can now receive T4A and T5 slips more conveniently and efficiently Read More »
Free tax clinics made it possible for more than 649,000 Canadians with a modest income to file their taxes and receive more than $1.75 billion in benefits, credits, and refunds last year, announced the Honourable Marie-Claude Bibeau, Minister of National Revenue. More than 3,400 community organizations, composed of over 14,700 volunteers, helped achieve these results. …
The Canada Revenue Agency continues to invest in free tax clinics Read More »
The Government of Canada is committed to improving access to dental care services to help people get the dental care they need and make life more affordable to Canadians. The Canadian Dental Care Plan will provide dental coverage for uninsured Canadians with an adjusted family net income of less than $90,000. Beginning with the 2023 …
Employers and pension plan administrators: Changes coming to T4/T4A reporting Read More »
The maximum pensionable earnings under the Canada Pension Plan (CPP) will be $68,500—up from $66,600 in 2023. The basic exemption amount for 2024 remains at $3,500. Starting in 2024, a higher, second earnings ceiling of $73,200 will be implemented and used to determine second additional CPP contributions (CPP2). As a result, pensionable earnings between $68,500 …
Canada Revenue Agency announces maximum pensionable earnings and contributions for 2024 Read More »
Entering the housing market is not easy these days and this is true in many communities across Canada. Prices are high, competition is stiff and market conditions seem to shift quickly. Many of us wonder how we can break into the market, and how we can stretch our dollars as far as possible. November is Financial …
This year, like so many of us, we are thinking about housing and the tax incentives that exist to help you with your home projects. You may qualify for benefits, credits, or tax incentives administered by the CRA to adapt your home so it can be more accessible. If you do qualify, these incentives can …
The Minister of National Revenue announces that owners affected by the Underused Housing Tax (UHT) will have until April 30, 2024, to file their returns for the 2022 calendar year without being charged penalties or interest. Learn More
