What’s new from CRA

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

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, …

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

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 …

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

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 …

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Share your thoughts to help improve the Simplified northern residents travel deduction

Earlier this year, the Canada Revenue Agency (CRA) introduced the Simplified northern residents travel deduction, a pilot project with the goal of making it easier for eligible northern residents to provide the necessary information in their claim and access the deduction. Now, they are taking steps to collect feedback and identify more ways to improve the …

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Government of Canada launches formal consultations to streamline reporting of payroll information

Canada Revenue Agency (CRA) and Employment and Social Development Canada (ESDC) are launching formal consultations as part of a large scale ePayroll reporting solution project. From December 6, 2022 until January 27, 2023, CRA and ESDC will consult with employers, stakeholder groups, payroll software and service providers, to identify challenges they currently face with payroll …

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CRA’s Disability Advisory Committee submits 10 recommendations in its third annual report

CRA’s DAC 2022 annual report includes 10 recommendations for potential improvements to the disability tax credit (DTC) and its administration.

The report recognizes the progress the CRA has made to improve its services for people with disabilities, including:
– legislative changes to the eligibility for the DTC under the categories of mental functions and life-sustaining therapy
– launch of a digital DTC application to make the application process simpler for both medical practitioners and individuals
– a Navigator to support people with more complex situations in completing their applications

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Canada Revenue Agency announces maximum pensionable earnings for 2023

The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600—up from $64,900 in 2022. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. For a more detailed guideline, please click the “Learn More” button …

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