Recent Posts

Most, if not all of us, have received a call from someone claiming to be from CRA. They may threaten arrest or other such actions if a tax bill is … Read More

RRSP Designations A May 10, 2021 CBC article demonstrated the importance of reviewing RRSP beneficiary designations. The article discussed the unfortunate cascade of events where, in 2018, a 50-year-old individual … Read More

In a February 11, 2021 Tax Court of Canada case, the deductibility of rental expenses for a condo unit that underwent major repairs was considered. In 2010, major structural repairs … Read More

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

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

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

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

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

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

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

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

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

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

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

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

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