Only Canadian registered charities and other qualified donees can issue official donation receipts that allow donors to claim a charitable tax credit (individuals) or deduction (corporations) on their tax return. However, they are not obligated to do so. Make sure to ask the organization if there are any circumstances where they won’t provide a receipt. …
Applying to become a registered charity is a 4-step process. Within the four steps below, you will find tools to help you decide whether you should apply, and what documents to send in with your application. Services and information1. Make an informed decision about becoming a registered charity2 Set up your organization before applying for …
What is a TFSAThe TFSA program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any …
Tax-filing season may be over, but protecting Canadians’ information remains a year round priority. The Canada Revenue Agency (CRA) continuously works to monitor and detect fraud throughout the year, including attempts to bypass our systems to access taxpayer accounts, and file fraudulent tax returns and benefit claims. The CRA is consistently a prime target for …
Tax season may be over, but protecting your information is a year-round priority Read More »
Canadians have been contributing to tax-free savings accounts (TFSA) since 2009, enjoying tax-free investment growth. Did you know that it’s possible to overcontribute and be subject to tax? Excess contributions can occur, for example, when your TFSA is set up for pre-authorized contributions and you make additional contributions without verifying the amount of room you …
Tax Free Savings Account – Watch your limit and stay within it! Read More »
A First Home Savings Account (FHSA) lets you save for a qualifying home with tax-free growth and tax-deductible contributions, making it a great option for potential first-time home buyers. But, it’s important to make sure you don’t put too much into your FHSA. If you do, part of the tax-free growth you’re generating could end …
Make the most of your first home savings account Read More »
The CRA accepts many payment methods. Find out which way to pay works best for you. To see what options are available for a specific payment you are making, answer a few questions at CRA website below to identify the best payment options for your situation. Click here to visit CRA website regarding the best …
Effective June 17, 2024, individuals with a SIN that starts with the number 9 can now use the Business Registration Online service to register and instantly obtain a business number and a GST/HST account. Find out if you have to register for a GST/HST accountYou generally cannot register for a GST/HST account if you provide …
When to register for and start charging the GST/HST Read More »
When it comes to filing an income tax and benefit return, most individuals choose to file online because it’s fast, easy, and secure. This tax season, more than 95% of all tax returns were filed online! When filers need to change their tax returns after filing, most still choose to submit a request by paper, …
Do you need to change your tax return? Skip the paper request – do it online! Read More »
Did you know that you can log in to our secure EFILE web service whenever it’s convenient for you? It’s easy!1) Sign in to the secure site with your EFILE number and password.2) Click on the “View T1 EFILE Service Transmission History” link to display your rejected transmissions in reverse chronological order.3) Click on the …
Reminder – Do you have T1 returns that need to be retransmitted? Read More »
