Did you receive COVID-19 benefit payments from the Canada Revenue Agency (CRA) in 2022? If you did, you should receive a T4A Statement of Pension, Retirement, Annuity, and Other Income slip. These payments are taxable, and you need the information on your T4A slip when filing your income tax and benefit return. Learn More
In Budget 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home—including from investment …
Design of the Tax-Free First Home Savings Account Read More »
Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts below take effect on January 1 of the applicable year. Learn More
A legitimate CRA employee will identify themselves when they contact you, providing you with their name and phone number to call them back, if needed. If you’re suspicious, you can make sure the caller is a CRA employee before providing any information over the phone. Here’s how: Tell the caller you would like to first verify their identity. …
How to make sure it is the CRA who is calling? Do not fall to scams Read More »
