Recent Posts

Canada Pension Plan (CPP) Enhancement

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Every individual in Canada who is over 18 years of age, works outside of Quebec, and earns more than $3,500 in a year is required to contribute to the Canada … Read More

Climate Action Incentive

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In October 2018, the Federal Government announced plans to ensure pricing on carbon pollution was being introduced across Canada. As a result, residents of provinces that had not adopted the … Read More

Cryptocurrency and the CRA

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Over the past few years, the topic of “crypto” or “digital “currency has become prevalent – so much so that it has caught the attention of the CRA. The most … Read More

Importance of Having a Will and Power of Attorney in Place

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Whether you are single, married, living common-law, widowed or whatever your circumstances may be, making or reviewing your Will should be at the top of your To-Do List. A Will … Read More

Beware of Scammers posing as CRA Representatives

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In recent years, many innocent taxpayers have received calls from scammers posing as CRA representatives. These extortion schemes involve scammers who make threatening calls or send out emails and texts … Read More

RRSP or TFSA?

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A Registered Retirement Savings Plan (RRSP) was, prior to 2009, seen as the best way taxpayers could save for their retirement. However, once Tax-Free Savings Plans (TFSA) were introduced, individuals … Read More

Reporting the Sale of Principal Residence

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On October 3, 2016, the CRA announced a requirement to report the sale of principal residence by a taxpayer. Previously, if the property was a taxpayer’s principal residence for every … Read More

Express Notice of Assessments Available to E-Filers

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The CRA has introduced a new service for E-Filers to be able to receive Notice of Assessments or Reassessments directly within 24 hours of filing an individual’s tax return. Taxpayers … Read More

Pre-Authorized Debit Agreement with the CRA

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If you have a balance owing for your 2016 income taxes, you can now authorize CRA to withdraw the funds from your bank account, on a specific date by providing … Read More

Quarterly Remittance Option for New Small Business Owners

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In prior years, a new employer was required to make monthly remittances to the CRA for their employees’ source deductions. Applicable for 2016 and subsequent years, eligible new small employers … Read More

Changes to Penalties for Failure to Report Income

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If you fail to report an amount on your tax return for 2016 and have previously failed to report an amount of income on your 2013, 2014, or 2015 tax … Read More

Changes to Foreign Income Reporting – T1135 Form

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Form T1135, Foreign Income Verification Statement, has been revised yet again by the CRA for 2015 and later taxation years. Under the new form, if you owned specified foreign property … Read More

Online Mail Service

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The CRA has introduced a new service that allows individual taxpayers to view some of their correspondence from CRA online through My Account, rather than receiving it in the mail. … Read More

Setting Up Direct Deposit

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The Government of Canada (CRA) is switching to direct deposit payments. They had originally published a deadline of April 2016 to stop issuing cheques, but have since removed the deadline. … Read More

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