CRA Tax Tips

Whether it be a threat from external bad actors, or taxpayers willfully submitting fraudulent returns, the CRA is standing on guard. Protecting taxpayer accountsIn today’s increasingly digital world, safeguarding sensitive information against constantly evolving threats is critical for every organization, including the CRA. The protection of taxpayer information remains one of our highest priorities. Recognizing …

The Canada Revenue Agency (CRA) has zero tolerance for fraud Read More »

Times are tough and despite the government’s efforts to support individuals with housing costs, the cost of living and homeownership continue to rise. Addressing affordability is essential to ensure all Canadians have access to safe and affordable housing options. Maybe one of these could help you! The First Home Savings Account gives prospective first-time home …

Every dollar counts when saving for a home Read More »

The Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year, unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust …

Trust reporting for the 2024 tax year – Bare trusts not required to file the T3 Return and Schedule 15 Read More »

This Small Business Week, the Canada Revenue Agency (CRA) is celebrating the dedication and impact of small business owners— the heart of our communities. The CRA is here to make tax filing easier, so you can spend more time growing your business. Check out CRA services and resources to help you file faster and get …

It’s Small Business Week 2024 – explore the CRA’s tools to support Canada’s entrepreneurs Read More »

Charlie is a chatbot available on the Canada.ca/CRA webpage, designed to assist with questions related to business and tax matters. Between January and June 2024, Charlie handled over 1.1 million questions in English and 160,000 in French. As Small Business Week 2024 approaches, Charlie is here to provide valuable information about business taxes, drawing on …

Did you know that there are digital services that can make it faster and easier for you to meet the tax obligations for your business? Read More »

The Canada Revenue Agency (CRA) would like to highlight new information about the Canada Carbon Rebate for Small Businesses, a refundable tax credit designed to support small and medium-sized enterprises across Canada. This initiative aims to return a portion of the federal fuel charge proceeds directly to eligible Canadian-controlled private corporations (CCPCs). For more information, …

Canada Carbon Rebate for Small Businesses: Payment Rates and Online Estimator Read More »

Are you saving for a car or a dream vacation? A TFSA is a great way to save tax-free. The TFSA is a way for individuals who are 18 and older and have a valid social insurance number (SIN) to save money and withdraw it tax-free throughout their lifetime. Whether you already have a TFSA or are …

Watch your limit when contributing to your Tax-Free Savings Account (TFSA)! Read More »

Using an app or website to earn income? Here’s what you need to know about the Reporting Rules for Digital Platform Operators You may be affected by Canada’s new Reporting Rules for Digital Platform Operators if you use digital platforms to earn income. These rules have been implemented to increase transparency and support compliance in …

Using an app or website to earn income? know about the Reporting Rules for Digital Platform Operators Read More »