CRA Information

The Canada Pension Plan (CPP) enhancement, which was introduced on January 1, 2019, is designed to help increase retirement income for working Canadians and their families. The CPP is a mandatory pension plan financed by contributions from employees, employers, and self-employed individuals. It covers virtually all workers in Canada except Quebec, which administers its own …

The Canada Pension Plan enhancement – Businesses, individuals, and self-employed: what it means for you Read More »

Canadians can save for a home tax-free using the First Home Savings Account (FHSA). Prospective first-time home buyers can contribute or transfer from their RRSP up to $40,000 towards buying or building their first home. Like an RRSP, contributions made to an FHSA are generally tax-deductible. Up to $8,000 in FHSA contributions made by December 31, 2023, …

Saving for your first home? Find out how a First Home Savings Account can help Read More »

The Canada Revenue Agency is currently updating its webpages and Form T2200 for the 2023 tax year. The updated form, which will be made available at the end of January 2024, along with other T1 related forms, will be easier to complete for employees who are only claiming a deduction for home office expenses. Eligible employees …

Home office expenses for employees – What you need to know for the 2023 tax-filing season Read More »

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 »

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 »