What is the sharing economy? In the sharing economy, individuals and businesses share their assets with others for a price. Arrangements are generally made using online platforms through a third party, or using a website or an application (app). The sharing economy can take a variety of forms, such as: Transportation: ridesharing, rentals of bikes, …
Do you work in the sharing economy? Here’s what you need to know Read More »
Scammers posing as the Canada Revenue Agency (CRA) continue their attempts to trick you into handing over money or personal information. Know what to expect when the CRA contacts you so you can tell the difference between legitimate communications from the CRA, and scams. Learn More
The protection of taxpayer information is of the utmost importance for the Canada Revenue Agency (CRA).
Tax season is upon Ontario residents and the Canada Revenue Agency (CRA) is getting ready to answer questions from taxpayers and make it easier and quicker for them to file their 2022 income tax and benefit return.
Millions of Canadians file their income tax and benefit returns every year. For the 2022 tax-filing season, Canadians filed approximately 31 million returns and 92% of them were filed electronically. Also, there were over 17 million refunds processed, resulting in a total amount of $37 billion!
We know that having the information you need on hand makes filing easier. Below, you’ll find what you need to know for this year, including what’s new.
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 »
