The 2020 tax filing season will be one of the most unusual and complicated on record, as taxpayers across the country assess and account for the numerous ways in which COVID-19 has altered their financial lives. From government subsidies and credits to unexpected fluctuations in employment income to the massive shift to work from home, almost everyone will have something new to confront in their filings this year. While the 2020 tax season doesn’t officially launch until Feb. 22, 2021 — the date on which the Canada Revenue Agency will start accepting electronically submitted income-tax returns — now is the time to start gearing up. With that in mind, here’s everything you need to know to file your taxes in the age of COVID.
The Canada Revenue Agency’s (CRA) announcements late last year include two significant changes in 2021. Canada Pension Plan (CPP) users and Canadian investors are the beneficiaries of increased CPP contribution rates and the new Tax-Free Savings Account (TFSA) annual contribution limit.
If you recently sold a principal residence, you have to report the sale on your income tax and benefit return. This requirement ensures that only those entitled to the principal residence exemption can claim it. This is part of the Canada Revenue Agency's (CRA) effort to maintain the fairness and integrity of the Canadian tax system.
If you bought a bitcoin for $10,000 but sold it last year for $19,000, you will need to declare $9,000 in capital gains
Did you get a suspicious email, telephone call, letter or text message claiming to be from the Canada Revenue Agency (CRA)? If you’re being asked for personal information such as your credit card number, bank account number or passport number, this is a scam.
Each new year brings with it a listing of tax payments and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2018 are listed below.
Ontario’s “Fair Workplaces, Better Jobs Act” (Bill 148, 2017)
may impact your business effective January 1, 2018.
Raising a family can be expensive, but there are many benefits, credits, and deductions that can help your family with costs during the year. They could even lower the amount you owe at tax time! However it is important to file on time if you want your credits.
Tips from the Canada Revenue Agency (CRA) could save you time and money! At tax time, avoid the following six things:
If you bought your home in 2016 or plan to buy a home, the Canada Revenue Agency (CRA) has information that may help you.
The Canada Revenue Agency (CRA) is helping you keep more money in your pocket with tax credits, deductions, and benefits for you when you do your taxes. Even if you have little or no income, you should still file your income tax and benefit return to claim tax credits and get benefits and credits.
Here are nine of your top tax-time savings and potential benefits and credits. Remember you need to file on time if you want your credits!
This tax-filing season, many important changes and improvements were made to services, benefits, and credits for Canadians. Here's what you need to know:
New and improved benefits and credits
•Canada child benefit (CCB) –The CCB is a tax-free monthly payment made to eligible families to help them with the cost of raising children under the age of 18. The CCB might include the child disability benefit and any related provincial and territorial programs. It replaces the Canada child tax benefit, national child benefit supplement and the universal child care benefit.
•Northern residents deductions – If you have lived, on a permanent basis, in a prescribed northern or intermediate zone for a continuous period of at least six consecutive months, you may be eligible for a deduction. For 2016 and later years, the basic and the additional residency amounts used to calculate the northern residents deductions will be increased from $8.25 to $11 per day.
•Eligible educator school supply tax credit – Eligible educators may be able to claim a 15% refundable tax credit based on up to $1,000 of eligible teaching supplies bought during the tax year.
There are lots of benefits, credits, and deductions to help families with their expenses throughout the year and reduce the amount they owe at tax time.
With tax-free savings accounts, there are three distinct amounts to keep in mind.
While individual tax returns for 2014 don’t have to be filed, at the earliest, until April 30, 2015, it’s worth taking the time now to evaluate one’s tax situation and consider possible strategies to reduce the tax bill for 2014. With the exception of RRSP contributions (in most cases) and pension income splitting, tax-planning strategies intended to reduce one’s tax payable for this year must be put in place by December 31st, 2014. And, perhaps the only thing more frustrating than finding, on filing a return, that money is owed to the government is the realization that the option of taking steps to reduce or eliminate that tax bill is no longer available.
What follows is a list of the more common tax deductions and credits which are claimed by Canadian taxpayers, and the year-end considerations that apply to each.
It seems incompatible to talk about taxes in relation to seasonal holiday celebrations. And, while it’s true that there are no tax implications to most holiday events and traditions, unexpected tax consequences and costs can arise where gifts and celebrations take place in the context of an employment relationship.
In virtually every province and territory, the winter of 2014-15 has arrived early. Although the calendar may say that it’s still autumn, Canadians right across the country have already had to take out the snow shovels and re-learn winter driving skills. It’s no surprise, then, that the thought of escaping the Canadian winter for at least for a few weeks or months for a vacation down south is a priority for many Canadians.
The Canada Revenue Agency (CRA) is taking action to stop various schemes used by people to claim unwarranted goods and services tax/harmonized sales tax (GST/HST) refunds. If you are thinking about participating in such a scheme, you should know that you will face serious consequences if you do.
The CRA reminds businesses that supporting documents that reflect actual transactions are required to substantiate all credits claimed on their returns. Personal or fictitious expenses, or expenses not incurred in the course of commercial activity, are not allowed.
Did you know?
As a self-employed individual, you and your spouse or common-law partner have until midnight on Monday, June 16, 2014, because June 15, 2014 falls on a Sunday, to file your 2013 income tax and benefit return. But don’t forget—you must pay any balance owing for 2013 on or before April 30, 2014, regardless of your filing date.
Did you know?
There are lots of benefits, credits, and deductions to help families with their expenses throughout the year and reduce the amount they owe at tax time.
Did you know?
If your marital status changes, it’s important to let the Canada Revenue Agency (CRA) know as soon as possible.
Brampton, Ontario, January 10, 2014… The Canada Revenue Agency (CRA) announced today that on January 3, 2014, Albert Ayoub of Toronto, Ontario, pleaded guilty in the Ontario Court of Justice in Brampton, to one count of failing to file the 2008 corporate income tax return for By Kennedy Flooring Inc. and one count of failing to file the 2006 corporate income tax return for Libanco By Kennedy Flooring Inc. He was fined a total of $6,000 and given 24 months to pay the fine. All outstanding returns have since been filed.
Did you know?
The Canada Revenue Agency (CRA) has tax credits, deductions, and benefits to help students. All you have to do is file your income tax and benefit return and claim them.
If you spend part of the year in the United States (U.S.), and you maintain residential ties in Canada, we usually consider you to be a factual resident of Canada.
Unlike the U.S., Canada no longer has any form of estate or inheritance tax. Yet despite this, death can trigger a significant income tax bill that, if not properly planned for, can leave an unexpected liability when a loved one passes away. Here is what happens to your non-registered and registered assets when you die: