Tax Alerts
February 26, 2021
CRA issues 2020 guide for self-employed taxpayers
The Canada Revenue Agency (CRA) has issued the guide to be used by taxpayers who are reporting business or professional income, commission income, and income from farming and fishing received during 2...
The Canada Revenue Agency (CRA) has issued the guide to be used by taxpayers who are reporting business or professional income, commission income, and income from farming and fishing received during 2...
CRA help line to be available Saturdays during tax filing season
The Canada Revenue Agency (CRA) has announced that, beginning February 27, 2021, its Individual Tax Enquiries line will be available on Saturdays, from 9 a.m. to 5 p.m. That service is also available ...
The Canada Revenue Agency (CRA) has announced that, beginning February 27, 2021, its Individual Tax Enquiries line will be available on Saturdays, from 9 a.m. to 5 p.m. That service is also available ...
Prescribed interest leasing rate for March
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Extended hours and callback service now available on individual tax help line
The Canada Revenue Agency (CRA) has announced that its individual income tax enquiries line will be open for extended hours during the upcoming tax filing season. That line — reachable at 1-800-959-...
The Canada Revenue Agency (CRA) has announced that its individual income tax enquiries line will be open for extended hours during the upcoming tax filing season. That line — reachable at 1-800-959-...
NETFILE service for 2020 individual tax returns available February 22
The Canada Revenue Agency’s (CRA) NETFILE service for the online filing of individual income tax returns for the 2020 taxation year will be available starting Monday, February 22, 2021. In order to ...
The Canada Revenue Agency’s (CRA) NETFILE service for the online filing of individual income tax returns for the 2020 taxation year will be available starting Monday, February 22, 2021. In order to ...
Unemployment rate increases to 9.4% in January
The most recent release of Statistics Canada’s Labour Force Survey shows a significant decline in employment during the month of January, and a corresponding increase in the overall unemployment rat...
The most recent release of Statistics Canada’s Labour Force Survey shows a significant decline in employment during the month of January, and a corresponding increase in the overall unemployment rat...
Canada Revenue Agency releases 2020 individual income tax return package
The Canada Revenue Agency (CRA) has issued the individual income tax forms and guides to be used by Canadian residents in filing an income tax return for the 2020 taxation year. The particular form to...
The Canada Revenue Agency (CRA) has issued the individual income tax forms and guides to be used by Canadian residents in filing an income tax return for the 2020 taxation year. The particular form to...
Consultation process launched for 2021-22 federal Budget
The federal government has launched the consultation process leading to the release of the 2021-22 federal Budget. This year, there are three components to the consultation process. The government wil...
The federal government has launched the consultation process leading to the release of the 2021-22 federal Budget. This year, there are three components to the consultation process. The government wil...
Prescribed leasing interest rate for February
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on January 20 the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 0....
In its regularly scheduled interest rate announcement made on January 20 the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 0....
CRA issues guide to employment expense deductions for 2020
The Canada Revenue Agency (CRA) has issued an updated version of Guide T4044, Employment Expenses 2020, which outlines the tax treatment of various employment expenses, and will be used by taxpayers i...
The Canada Revenue Agency (CRA) has issued an updated version of Guide T4044, Employment Expenses 2020, which outlines the tax treatment of various employment expenses, and will be used by taxpayers i...
Inflation rate up in December 2020
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate inflation rose by 0.7% during the month of December 2020, as measured on a year-over-year basis. The rate for...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate inflation rose by 0.7% during the month of December 2020, as measured on a year-over-year basis. The rate for...
CRA announces automobile benefit and deduction amounts for 2021
The Canada Revenue Agency (CRA) has released the automobile expense deduction limits and benefit rates which will apply during the 2021 taxation year. Most of the rates and limits which applied during...
The Canada Revenue Agency (CRA) has released the automobile expense deduction limits and benefit rates which will apply during the 2021 taxation year. Most of the rates and limits which applied during...
Unemployment rate up slightly in December
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2020 increased to 8.6%. The comparable rate for the month of Nov...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2020 increased to 8.6%. The comparable rate for the month of Nov...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2021, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2021, as well as the rates that will apply for the purpose ...
NETFILE service for 2019 returns open until January 22, 2021
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2016, 2017, 2018, and 2019 taxation years will be available until Friday, January 22, 2021. ...
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2016, 2017, 2018, and 2019 taxation years will be available until Friday, January 22, 2021. ...
CRA issues 2020 income tax guide for students
Post-secondary students in Canada are eligible for a range of tax credits and deductions, including a tuition tax credit, deductions for moving expenses, and a claim for qualifying student loan intere...
Post-secondary students in Canada are eligible for a range of tax credits and deductions, including a tuition tax credit, deductions for moving expenses, and a claim for qualifying student loan intere...
CRA announces new flat rate method for home office expense claims
The Canada Revenue Agency (CRA) has announced that a new temporary home office tax credit may be claimable by qualifying individuals who worked from home during 2020. Taxpayers are eligible to use thi...
The Canada Revenue Agency (CRA) has announced that a new temporary home office tax credit may be claimable by qualifying individuals who worked from home during 2020. Taxpayers are eligible to use thi...
Upcoming changes to CRA administrative policy on representatives
The Canada Revenue Agency (CRA) permits taxpayers to designate another person, firm, or business to communicate with the CRA on the taxpayer’s behalf, where a written authorization has been provided...
The Canada Revenue Agency (CRA) permits taxpayers to designate another person, firm, or business to communicate with the CRA on the taxpayer’s behalf, where a written authorization has been provided...
December 31 deadline for tax relief applications
Taxpayers may apply to the Minister of National Revenue for administrative relief from interest and penalty charges imposed or, in some cases, for permission to late-file tax elections. In order to be...
Taxpayers may apply to the Minister of National Revenue for administrative relief from interest and penalty charges imposed or, in some cases, for permission to late-file tax elections. In order to be...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 9, the Bank of Canada announced that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5...
In its regularly scheduled interest rate announcement made on December 9, the Bank of Canada announced that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5...
Unemployment rate down slightly in November
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment declined by 0.4% during the month of November. The unemployment rate for the month was 8.5%. Fu...
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment declined by 0.4% during the month of November. The unemployment rate for the month was 8.5%. Fu...
Prescribed interest leasing rate for December
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Federal government updates deficit projection for 2020-21
On November 30, the Minister of Finance released the Fall Economic Statement, which included updated deficit projections for the current and future fiscal years. The deficit is now projected to reach ...
On November 30, the Minister of Finance released the Fall Economic Statement, which included updated deficit projections for the current and future fiscal years. The deficit is now projected to reach ...
Wage subsidy program extended to June 2021
The federal government has announced that the program providing a wage subsidy to eligible businesses experiencing a pandemic-related revenue loss has been extended to be available until June 2021. Th...
The federal government has announced that the program providing a wage subsidy to eligible businesses experiencing a pandemic-related revenue loss has been extended to be available until June 2021. Th...
Date announced for 2020 Fall Economic Statement
The federal government has announced that its Fall Economic Statement for the 2020-21 fiscal year will be released on Monday November 30, 2020. The press release announcing the date and time of the St...
The federal government has announced that its Fall Economic Statement for the 2020-21 fiscal year will be released on Monday November 30, 2020. The press release announcing the date and time of the St...
Inflation rate for October up slightly
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation for the month of October rose by 0.7%, as measured on a year-over-year basis. The comparable inc...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation for the month of October rose by 0.7%, as measured on a year-over-year basis. The comparable inc...
Employment Insurance premium rates for 2021 announced
The federal government has released the premium rates and amounts which will apply in 2021 for purposes of the Employment Insurance (EI) program. For 2021, the EI premium rate will be 1.58% and maximu...
The federal government has released the premium rates and amounts which will apply in 2021 for purposes of the Employment Insurance (EI) program. For 2021, the EI premium rate will be 1.58% and maximu...
CRA announces increases in retirement savings contribution limits
The Canada Revenue Agency (CRA) has announced upcoming changes in the allowable contribution limits for a range of retirement savings programs. For registered pension plans, the 2021 money purchase l...
The Canada Revenue Agency (CRA) has announced upcoming changes in the allowable contribution limits for a range of retirement savings programs. For registered pension plans, the 2021 money purchase l...
Unemployment rate for October at 8.9%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment stood at 8.9% for the month of October. While the unemployment rate for the month was l...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment stood at 8.9% for the month of October. While the unemployment rate for the month was l...
CRA issues updated Employer’s Guide to Taxable Benefits
The tax treatment of non-monetary benefits provided by employers to their employees can vary widely. Some such benefits must be included in the employee’s taxable income for the year, while others a...
The tax treatment of non-monetary benefits provided by employers to their employees can vary widely. Some such benefits must be included in the employee’s taxable income for the year, while others a...
CRA announces Canada Pension Plan contribution rates and amounts for 2021
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts which will apply for purposes of the Canada Pension Plan during 2021. For 2021, the employer and employee contribution ...
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts which will apply for purposes of the Canada Pension Plan during 2021. For 2021, the employer and employee contribution ...
Prescribed interest leasing rate for November
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates at current levels
In its October 28 announcement, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 0.5%. The press release announcing...
In its October 28 announcement, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 0.5%. The press release announcing...
Bank of Canada releases interest rate announcement schedule for 2021
The Bank of Canada has released its schedule for policy interest rate announcements to be made during the 2021 calendar year, and that schedule is as follows: Wednesday, January 20 Wednesday, March 10...
The Bank of Canada has released its schedule for policy interest rate announcements to be made during the 2021 calendar year, and that schedule is as follows: Wednesday, January 20 Wednesday, March 10...
Inflation rate up slightly in September
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation rose 0.5% on a year-over-year basis in September, up from a 0.1% increase in August. While pric...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation rose 0.5% on a year-over-year basis in September, up from a 0.1% increase in August. While pric...
Application process for Canada Recovery Benefit now open
In September, the Canada Emergency Response Benefit program came to an end, and three new programs to provide financial assistance to individuals impacted by the pandemic were launched. One of those p...
In September, the Canada Emergency Response Benefit program came to an end, and three new programs to provide financial assistance to individuals impacted by the pandemic were launched. One of those p...
Unemployment rate down to 9% in September
The most recent release of Statistics Canada’s Labour Force Survey shows that Canada’s overall unemployment rate declined by 1.2% during the month of September. For the month, that rate stood at 9...
The most recent release of Statistics Canada’s Labour Force Survey shows that Canada’s overall unemployment rate declined by 1.2% during the month of September. For the month, that rate stood at 9...
Application process now open for two new individual COVID-19 benefits
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
CRA issues warning of tax scam involving debt write-offs
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scam currently operating, which involves claims for bad debt write-offs. While bad debts can be written off for ...
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scam currently operating, which involves claims for bad debt write-offs. While bad debts can be written off for ...
Application process now open for two new individual COVID-19 benefits
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2020, as well as the rates that will apply for the purpose of calculating employ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2020, as well as the rates that will apply for the purpose of calculating employ...
Old Age Security benefit increase for fourth quarter of 2020
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that the basic OAS benefit of $6...
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that the basic OAS benefit of $6...
Prescribed leasing interest rate for October
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
September 30, 2020 final application deadline for Canada Emergency Student Benefit
As part of its pandemic relief plan, the federal government provided eligible post-secondary students and recent post-secondary and high school graduates who were unable to find work for pandemic-rela...
As part of its pandemic relief plan, the federal government provided eligible post-secondary students and recent post-secondary and high school graduates who were unable to find work for pandemic-rela...
June and September individual income tax instalment payments due by September 30, 2020
Canadian taxpayers who pay income tax by instalment usually make four instalment payments each year, by the 15th day of March, June, September, and December. Earlier this year, the federal government ...
Canadian taxpayers who pay income tax by instalment usually make four instalment payments each year, by the 15th day of March, June, September, and December. Earlier this year, the federal government ...
Individual tax balances for 2019 tax year due by September 30
Earlier this year, the Canada Revenue Agency (CRA) announced that the deadline for payment of individual income tax balances for the 2019 tax year, which is usually April 30, was being extended to Wed...
Earlier this year, the Canada Revenue Agency (CRA) announced that the deadline for payment of individual income tax balances for the 2019 tax year, which is usually April 30, was being extended to Wed...
Unemployment rate decreases to 10.2% for August
The September release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 10.2%. That rate represented a decrease of 0.7% from the ra...
The September release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 10.2%. That rate represented a decrease of 0.7% from the ra...
Increase announced to non-taxable meal allowance rate
The federal government has announced an increase in the amount of any overtime meal allowance, or meal portion of a travel allowance, that employers can provide to employees on a non-taxable basis. Th...
The federal government has announced an increase in the amount of any overtime meal allowance, or meal portion of a travel allowance, that employers can provide to employees on a non-taxable basis. Th...
Filing of 2019 tax return necessary to ensure continued payment of tax credits
Eligibility for a number of refundable tax credits and benefits, including the harmonized sales tax/goods and services tax credit and the child tax benefit is based in part on a taxpayer’s income fo...
Eligibility for a number of refundable tax credits and benefits, including the harmonized sales tax/goods and services tax credit and the child tax benefit is based in part on a taxpayer’s income fo...
September 29 deadline for all applications for Canada Student Benefit Program
The pandemic emergency benefit program provided by the federal government for post-secondary students and recent secondary and post-secondary graduates ended on August 29, 2020. Those eligible for suc...
The pandemic emergency benefit program provided by the federal government for post-secondary students and recent secondary and post-secondary graduates ended on August 29, 2020. Those eligible for suc...
Federal government announces transition measures for end of CERB program
Since March 15 of this year, Canadians who have lost income as a result of the pandemic have been able to receive $500 per week from the Canada Emergency Response Benefit (CERB). The CERB program will...
Since March 15 of this year, Canadians who have lost income as a result of the pandemic have been able to receive $500 per week from the Canada Emergency Response Benefit (CERB). The CERB program will...
CRA to contact taxpayers affected by cyberattack
Earlier this month, a cyberattack on the Canada Revenue Agency (CRA) and other agencies of the federal government compromised the personal tax and financial information of approximately 5500 taxpayers...
Earlier this month, a cyberattack on the Canada Revenue Agency (CRA) and other agencies of the federal government compromised the personal tax and financial information of approximately 5500 taxpayers...
Application forms available for expanded Canada Employer Wage Subsidy program
On July 17, the federal government announced that the existing Canada Employer Wage Subsidy (CEWS) program would be extended to be available until November 21, 2020, and that eligibility criteria for ...
On July 17, the federal government announced that the existing Canada Employer Wage Subsidy (CEWS) program would be extended to be available until November 21, 2020, and that eligibility criteria for ...
Inflation rate for July drops to 0.1%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 0.1%. The comparable rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 0.1%. The comparable rate ...
Prescribed leasing interest rate for September 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Unemployment rate for July down to 10.9%
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for July was 10.9%. The change means that the unemployment rate has fallen by 1.4 percentage poi...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for July was 10.9%. The change means that the unemployment rate has fallen by 1.4 percentage poi...
Extension announced for September individual instalment payments
Individual taxpayers who pay income tax by instalment are required to make four such instalment payments each year. The usual deadlines for such payments are the 15th day of March, June, September, an...
Individual taxpayers who pay income tax by instalment are required to make four such instalment payments each year. The usual deadlines for such payments are the 15th day of March, June, September, an...
Online filing option where paper return not yet assessed by CRA
The Canada Revenue Agency (CRA) has posted a notice on its website indicating that it is experiencing delays in the processing of paper-filed individual income tax returns for the 2019 taxation year. ...
The Canada Revenue Agency (CRA) has posted a notice on its website indicating that it is experiencing delays in the processing of paper-filed individual income tax returns for the 2019 taxation year. ...
CRA provides interest waiver period on tax amounts owed
The Canada Revenue Agency (CRA) has announced that an interest waiver period will be provided to individual taxpayers with respect to income taxes owed. That waiver period will run from April 1 to Sep...
The Canada Revenue Agency (CRA) has announced that an interest waiver period will be provided to individual taxpayers with respect to income taxes owed. That waiver period will run from April 1 to Sep...
Individual income tax payment deadline extended to September 30, 2020
Earlier this year, the deadline for payment of individual income tax amounts owed for the 2019 taxation year was extended from April 30 to September 1, 2020. The federal government has now indicated t...
Earlier this year, the deadline for payment of individual income tax amounts owed for the 2019 taxation year was extended from April 30 to September 1, 2020. The federal government has now indicated t...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on July 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rema...
In its regularly scheduled interest rate announcement made on July 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rema...
Prescribed leasing interest rate for August 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Federal emergency wage subsidy to be available until December
Canadian employers whose businesses have been affected by the pandemic may be eligible for a federal government wage subsidy – the Canada Emergency Wage Subsidy (CEWS). The CEWS, which pays the empl...
Canadian employers whose businesses have been affected by the pandemic may be eligible for a federal government wage subsidy – the Canada Emergency Wage Subsidy (CEWS). The CEWS, which pays the empl...
Unemployment rate down slightly in June
The most recent release of Statistics Canada’s Labour Force Survey shows a slight decline in the rate of unemployment during the month of June. The unemployment rate for June stood at 12.3%, a decli...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight decline in the rate of unemployment during the month of June. The unemployment rate for June stood at 12.3%, a decli...
Federal government projects $343 billion current-year deficit
On July 8, the federal government provided an update of its fiscal position for the current (2020-21) fiscal year, taking in account expenditures made in connection with the pandemic. That “Economic...
On July 8, the federal government provided an update of its fiscal position for the current (2020-21) fiscal year, taking in account expenditures made in connection with the pandemic. That “Economic...
Supplemental OAS payment issued during first week of July
Earlier this year, the federal government announced that, as part of its pandemic relief measures, recipients of Old Age Security would receive an additional one-time payment. Such payment is intended...
Earlier this year, the federal government announced that, as part of its pandemic relief measures, recipients of Old Age Security would receive an additional one-time payment. Such payment is intended...
NETFILE service for 2019 returns still available
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding Canadians that its online filing services for the filing of individual income tax returns for the 2019 tax year are still open. Such indi...
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding Canadians that its online filing services for the filing of individual income tax returns for the 2019 tax year are still open. Such indi...
No change to basic Old Age Security benefit for third quarter 2020
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that, as the rate of inflation d...
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that, as the rate of inflation d...
Prescribed leasing interest rate for July 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2020, as well as the rates that will apply for the p...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2020, as well as the rates that will apply for the p...
Canada Emergency Response Benefit program extended
The federal government has announced that the Canada Emergency Response Benefit (CERB) program has been extended to be available for a further eight weeks in some circumstances. As originally designed...
The federal government has announced that the Canada Emergency Response Benefit (CERB) program has been extended to be available for a further eight weeks in some circumstances. As originally designed...
Inflation rate down by 0.4% for May
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation fell by 0.4% during the month of May, as measured on a year-over-year basis. Prices were up in f...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation fell by 0.4% during the month of May, as measured on a year-over-year basis. Prices were up in f...
Prescribed interest rate for leasing for June 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Unemployment rate up slightly in May
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate rose slightly during the month of May, from 13% to 13.7%. The StatsCan analysis indicates that une...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate rose slightly during the month of May, from 13% to 13.7%. The StatsCan analysis indicates that une...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on June 3 the Bank of Canada, as anticipated. made no change to current rates. Accordingly, the Bank Rate remains at 0.5%. In its announcemen...
In its regularly scheduled interest rate announcement made on June 3 the Bank of Canada, as anticipated. made no change to current rates. Accordingly, the Bank Rate remains at 0.5%. In its announcemen...
June 15 return filing deadline for self-employed taxpayers
Self-employed Canadians and their spouses must file an individual income tax return for the 2019 tax year on or before June 15, 2020. As part of the federal government’s pandemic response plan, howe...
Self-employed Canadians and their spouses must file an individual income tax return for the 2019 tax year on or before June 15, 2020. As part of the federal government’s pandemic response plan, howe...
June 15 individual income tax instalment due date deferred
Individual Canadians who pay income tax by instalments would normally be required to make the second instalment payment for this year on June 15, 2020. The Canada Revenue Agency (CRA) has indicated, h...
Individual Canadians who pay income tax by instalments would normally be required to make the second instalment payment for this year on June 15, 2020. The Canada Revenue Agency (CRA) has indicated, h...
CRA extends filing and payment deadlines for corporations and trusts
The Canada Revenue Agency (CRA) has announced that the deadline for filing of T2 returns by corporations and T3 returns by trusts has been extended. That announcement provides that all businesses and ...
The Canada Revenue Agency (CRA) has announced that the deadline for filing of T2 returns by corporations and T3 returns by trusts has been extended. That announcement provides that all businesses and ...
Free tax return preparation clinics go online
Each year community organizations across Canada operate a number of tax clinics at which individual income tax returns are prepared and filed free of charge to the taxpayer. Due to concerns surroundin...
Each year community organizations across Canada operate a number of tax clinics at which individual income tax returns are prepared and filed free of charge to the taxpayer. Due to concerns surroundin...
CRA extends federal benefit eligibility period
The benefit year for many federal benefits, like the Canada Child Benefit and the Goods and Services Tax Credit runs from July 1 to June 30. Eligibility for and the amount of such benefits are based, ...
The benefit year for many federal benefits, like the Canada Child Benefit and the Goods and Services Tax Credit runs from July 1 to June 30. Eligibility for and the amount of such benefits are based, ...
Repaying the Canada Emergency Response Benefit
The Canada Revenue Agency has issued a reminder to Canadians that there are circumstances in which the Canada Emergency Response Benefit (CERB) must be repaid. In particular, individuals who return to...
The Canada Revenue Agency has issued a reminder to Canadians that there are circumstances in which the Canada Emergency Response Benefit (CERB) must be repaid. In particular, individuals who return to...
Federal government to provide one time increase in Old Age Security payments
The federal government has announced that, in order to help seniors with additional costs resulting from the pandemic, a one-time supplement will be provided to Canadians who already receive Old Age S...
The federal government has announced that, in order to help seniors with additional costs resulting from the pandemic, a one-time supplement will be provided to Canadians who already receive Old Age S...
CRA issues warning of Canada Emergency Response Benefit scam
The Canada Revenue Agency (CRA) has issued an alert on its website warning Canadians of a scam operating with respect to the Canada Emergency Response Benefit (CERB). That Benefit, for which more than...
The Canada Revenue Agency (CRA) has issued an alert on its website warning Canadians of a scam operating with respect to the Canada Emergency Response Benefit (CERB). That Benefit, for which more than...
Online applications available for Canada Emergency Wage Subsidy
As part of its pandemic response, the federal government is providing eligible employers with a partial wage subsidy through the Canada Emergency Wage Subsidy (CEWS) program. The CEWS program provides...
As part of its pandemic response, the federal government is providing eligible employers with a partial wage subsidy through the Canada Emergency Wage Subsidy (CEWS) program. The CEWS program provides...
Prescribed leasing interest rate for May 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2020, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2020, as well as the rates that will apply for the purpose ...
Inflation rate down sharply for March
The April release of Statistics Canada’s Consumer Price Index shows a sharp decline in the rate of inflation for the month of March. That rate stood at 0.9%, as measured on a year-over-year basis. T...
The April release of Statistics Canada’s Consumer Price Index shows a sharp decline in the rate of inflation for the month of March. That rate stood at 0.9%, as measured on a year-over-year basis. T...
Significant increase in unemployment rate during March
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in the rate of unemployment during the month of March. The April release of the Labour Force Survey, w...
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in the rate of unemployment during the month of March. The April release of the Labour Force Survey, w...
Canada Student Loan repayments suspended until September 30, 2020
The federal government has announced that required repayments of Canada Student Loans will be suspended until September 30th, 2020. Where payments are usually made by pre-authorized debit, such paymen...
The federal government has announced that required repayments of Canada Student Loans will be suspended until September 30th, 2020. Where payments are usually made by pre-authorized debit, such paymen...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rem...
In its regularly scheduled interest rate announcement made on April 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rem...
Wage subsidy program to be provided to Canadian employers
The federal government will be providing a wage subsidy program to eligible employers who have experienced a recent reduction in revenues of 30% or more. That program—the Canada Emergency Wage Subsi...
The federal government will be providing a wage subsidy program to eligible employers who have experienced a recent reduction in revenues of 30% or more. That program—the Canada Emergency Wage Subsi...
Application process for Canada Emergency Response Benefit now open
As of April 6, 2020, Canadians can apply for the federal Canada Emergency Response Benefit (CERB), which provides eligible individuals with $500 per week for a maximum of 16 weeks. The benefit is gene...
As of April 6, 2020, Canadians can apply for the federal Canada Emergency Response Benefit (CERB), which provides eligible individuals with $500 per week for a maximum of 16 weeks. The benefit is gene...
Federal government defers remittance of HST/GST payments
The federal government will be providing businesses with an extension with respect to remittance deadlines related to goods and services tax (GST) and harmonized sales tax (HST). The deferral will app...
The federal government will be providing businesses with an extension with respect to remittance deadlines related to goods and services tax (GST) and harmonized sales tax (HST). The deferral will app...
Bank of Canada announces further reduction in interest rates
In an unscheduled announcement made on March 27, the Bank of Canada lowered interest rates for the third time this month. In that announcement, the Bank reduced current rates by one-half percentage po...
In an unscheduled announcement made on March 27, the Bank of Canada lowered interest rates for the third time this month. In that announcement, the Bank reduced current rates by one-half percentage po...
One-time increase in Canada Child Benefit to be provided
The federal government has announced that, for the current benefit year only, the amount of Canada Child Benefit will be increased by a one-time payment of $300 per child. The $300 additional benefit ...
The federal government has announced that, for the current benefit year only, the amount of Canada Child Benefit will be increased by a one-time payment of $300 per child. The $300 additional benefit ...
Individual tax filing and payment deadlines extended
The deadline for filing of most 2019 individual income tax returns, as well as payment of any balance of tax owed for the 2019 taxation year by individual taxpayers would usually be April 30, 2020. Th...
The deadline for filing of most 2019 individual income tax returns, as well as payment of any balance of tax owed for the 2019 taxation year by individual taxpayers would usually be April 30, 2020. Th...
Bank of Canada reduces interest rates
Citing the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent drop in oil prices, the Bank of Canada has announced a further reduction in interest rates. The unsch...
Citing the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent drop in oil prices, the Bank of Canada has announced a further reduction in interest rates. The unsch...
Federal government postpones individual tax filing deadline for 2019 returns
The federal government has announced that the filing deadline for individual Canadian tax filers who would usually be required to file by April 30 has been extended to June 1, 2020. (Returns for 2019 ...
The federal government has announced that the filing deadline for individual Canadian tax filers who would usually be required to file by April 30 has been extended to June 1, 2020. (Returns for 2019 ...
CRA issues Tax Tip for property buyers and sellers
Canadian taxpayers who buy or sell a property during the year may be subject to requirements to report that transaction on their annual return and, in some cases, to pay tax on sale proceeds. The CRA ...
Canadian taxpayers who buy or sell a property during the year may be subject to requirements to report that transaction on their annual return and, in some cases, to pay tax on sale proceeds. The CRA ...
Little change in unemployment rate for February
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the overall unemployment rate during the month of February. That rate rose by 0.1%, to 5.6%. During the mont...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the overall unemployment rate during the month of February. That rate rose by 0.1%, to 5.6%. During the mont...
Extended hours for CRA individual tax enquiries line
The Canada Revenue Agency’s individual income tax enquiries telephone service will be available for extended hours during tax filing season. That enquiries service, which can be reached at 1-800-959...
The Canada Revenue Agency’s individual income tax enquiries telephone service will be available for extended hours during tax filing season. That enquiries service, which can be reached at 1-800-959...
Bank of Canada cuts interest rates
In its regularly scheduled interest rate announcement made on March 4 the Bank of Canada indicated that, in its view, a reduction to current interest rates was required. Accordingly, the bank rate was...
In its regularly scheduled interest rate announcement made on March 4 the Bank of Canada indicated that, in its view, a reduction to current interest rates was required. Accordingly, the bank rate was...
CRA releases 2019 Guide to Self-Employed Business, Professional, Commission, Farming and Fishing Income
The Canada Revenue Agency (CRA) has released its 2019 Guide to Self-Employed Business, Professional, Commission, Farming and Fishing Income for 2019. That Guide is used by taxpayers who are reporting ...
The Canada Revenue Agency (CRA) has released its 2019 Guide to Self-Employed Business, Professional, Commission, Farming and Fishing Income for 2019. That Guide is used by taxpayers who are reporting ...
NETFILE service for filing of individual returns for 2019 now available
The Canada Revenue Agency’s NETFILE service for the filing of individual income tax returns for the 2019 taxation year is now available. The current NETFILE service, which can be found on the CRA we...
The Canada Revenue Agency’s NETFILE service for the filing of individual income tax returns for the 2019 taxation year is now available. The current NETFILE service, which can be found on the CRA we...
Upcoming deadline for 2019 RRSP contributions
The Canada Revenue Agency (CRA) has announced that contributions to a registered retirement savings plan (RRSP), in order to be deducted on the return for 2019, must be made on or before Monday March ...
The Canada Revenue Agency (CRA) has announced that contributions to a registered retirement savings plan (RRSP), in order to be deducted on the return for 2019, must be made on or before Monday March ...
Increase in inflation rate for January 2020
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the rate of inflation for the month of January. That rate stood at 2.4%, as measured on a year-over-year basi...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the rate of inflation for the month of January. That rate stood at 2.4%, as measured on a year-over-year basi...
Unemployment rate down slightly for January 2020
The most recent release of Statistics Canada’s Labour Force Survey shows that that unemployment rate dropped slightly during the month of January, from 5.6% to 5.5%. During that month, employment in...
The most recent release of Statistics Canada’s Labour Force Survey shows that that unemployment rate dropped slightly during the month of January, from 5.6% to 5.5%. During that month, employment in...
Canada Revenue Agency issues meal and travel expense deduction rates and limits for 2019
The rates and limits for deduction and credit claims for meal and travel expenses are now posted on the Canada Revenue Agency (CRA) website. Such rates and limits apply to meal and travel expense clai...
The rates and limits for deduction and credit claims for meal and travel expenses are now posted on the Canada Revenue Agency (CRA) website. Such rates and limits apply to meal and travel expense clai...
Digital news subscription tax credit now available
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
Digital news subscription tax credit now available
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
CRA issues updated guide to students and income tax
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the rules governing typical tax situations for such students. Those rules include the tax treatment of tuit...
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the rules governing typical tax situations for such students. Those rules include the tax treatment of tuit...
NETFILE service for 2019 returns available February 24, 2020
The Canada Revenue Agency (CRA) has announced that the NETFILE service for online filing of individual income tax returns for the 2019 tax year will be available beginning Monday, February 24, 2020. M...
The Canada Revenue Agency (CRA) has announced that the NETFILE service for online filing of individual income tax returns for the 2019 tax year will be available beginning Monday, February 24, 2020. M...
CRA issues 2019 Individual Income Tax Return and Guide
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide for all provinces and territories for the 2019 tax year, and those forms and guides are posted on its website at...
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide for all provinces and territories for the 2019 tax year, and those forms and guides are posted on its website at...
Bank of Canada leaves interest rate unchanged
In its regularly scheduled interest rate announcement made on January 22, 2020, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on January 22, 2020, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remain...
CRA announces automobile expense deduction limits for 2020
The Canada Revenue Agency has announced the rates and limits which will apply for purposes of automobile-related benefits and deductions in 2020. Most such rates and limits are unchanged, as follows: ...
The Canada Revenue Agency has announced the rates and limits which will apply for purposes of automobile-related benefits and deductions in 2020. Most such rates and limits are unchanged, as follows: ...
OAS payment rates for first quarter of 2020
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the first quarter (January 1 to March 31) of 2020. OAS payments are indexed quarterly to c...
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the first quarter (January 1 to March 31) of 2020. OAS payments are indexed quarterly to c...
Unemployment rate down for December 2019
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 35,000 jobs during the month of December and that the overall unemployment rate fell by 0.3%, to...
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 35,000 jobs during the month of December and that the overall unemployment rate fell by 0.3%, to...
Personal tax credit amounts increased
The federal government has announced that the basic personal tax credit, the spousal credit, and the eligible dependant credit amounts will increase, in four stages, from $12,298 to $15,000. The first...
The federal government has announced that the basic personal tax credit, the spousal credit, and the eligible dependant credit amounts will increase, in four stages, from $12,298 to $15,000. The first...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2020, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2020, as well as the rates that will apply for the purpose ...
Prescribed leasing interest rate for January 2020
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
Climate action incentive payment amounts for 2020
The federal government has announced the amounts which will be paid under the climate action incentive program during 2020. Such amounts are claimed when filing the individual income tax return for 20...
The federal government has announced the amounts which will be paid under the climate action incentive program during 2020. Such amounts are claimed when filing the individual income tax return for 20...
NETFILE service for prior years available until January 24, 2020
Taxpayers who have not yet filed their individual income tax returns for 2018 (or the three prior years) can file those returns on NETFILE until Friday, January 24, 2020. Until that date, the Canada R...
Taxpayers who have not yet filed their individual income tax returns for 2018 (or the three prior years) can file those returns on NETFILE until Friday, January 24, 2020. Until that date, the Canada R...
Economic and Fiscal Update projects increased current year deficit
The 2019 Economic and Fiscal Update released on December 16 by the Minister of Finance shows a significant increase in the projected deficit for the current fiscal year. In the 2019-20 Budget announce...
The 2019 Economic and Fiscal Update released on December 16 by the Minister of Finance shows a significant increase in the projected deficit for the current fiscal year. In the 2019-20 Budget announce...
December 16 deadline for final instalment payment for 2019
Canadians who pay income tax by instalments are required to pay the fourth and final instalment payment of 2019 on or before Monday December 16, 2019. Taxpayers subject to the instalment payment requi...
Canadians who pay income tax by instalments are required to pay the fourth and final instalment payment of 2019 on or before Monday December 16, 2019. Taxpayers subject to the instalment payment requi...
December 31 deadline for taxpayer relief applications for 2009
Under the federal government’s Taxpayer Relief Program, the Minister of National Revenue can provide relief to taxpayers from interest or penalty charges which have been assessed. Such taxpayer reli...
Under the federal government’s Taxpayer Relief Program, the Minister of National Revenue can provide relief to taxpayers from interest or penalty charges which have been assessed. Such taxpayer reli...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2...
In its regularly scheduled interest rate announcement made on December 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2...
Indexing adjustment for 2020 released by CRA
The Canada Revenue Agency has announced that personal income tax brackets and credit amounts for the 2020 taxation year will increase by 1.9%. Each year, such individual income tax brackets and cred...
The Canada Revenue Agency has announced that personal income tax brackets and credit amounts for the 2020 taxation year will increase by 1.9%. Each year, such individual income tax brackets and cred...
Inflation rate for October 2019 unchanged
The most recent release of Statistics Canada’s Consumer Price Index indicates that there was no change in the rate of inflation recorded for the month of October. That rate stood at 1.9%, as measure...
The most recent release of Statistics Canada’s Consumer Price Index indicates that there was no change in the rate of inflation recorded for the month of October. That rate stood at 1.9%, as measure...
CRA issues Payroll Deduction Formula guide for 2020
The Canada Revenue Agency has issued the 2020 version of Guide T4127, Payroll Deduction Formulas, which is intended for use by payroll software providers or companies which develop their own in-house ...
The Canada Revenue Agency has issued the 2020 version of Guide T4127, Payroll Deduction Formulas, which is intended for use by payroll software providers or companies which develop their own in-house ...
Upcoming CRA webinar on payroll
On Wednesday November 27, the Canada Revenue Agency (CRA) will be hosting a webinar on payroll requirements for Canadian employers. The webinar, which will start at 1:00 p.m. EST, is free of charge fo...
On Wednesday November 27, the Canada Revenue Agency (CRA) will be hosting a webinar on payroll requirements for Canadian employers. The webinar, which will start at 1:00 p.m. EST, is free of charge fo...
CRA issues 2019 guide to students and income tax
The Canada Revenue Agency (CRA) has updated and re-issued its tax guide for post-secondary students. That guide (P105, Students and Income Tax) reviews the tax treatment of common deductions and credi...
The Canada Revenue Agency (CRA) has updated and re-issued its tax guide for post-secondary students. That guide (P105, Students and Income Tax) reviews the tax treatment of common deductions and credi...
Employment Insurance contribution rates for 2020
The federal government has announced the Employment Insurance (EI) premium rates which will be levied during 2020. For 2020, maximum insurable earnings for the year will be $54,200. The premium rate f...
The federal government has announced the Employment Insurance (EI) premium rates which will be levied during 2020. For 2020, maximum insurable earnings for the year will be $54,200. The premium rate f...
No change in unemployment rate for October
The most recent release of Statistics Canada’s Labour Force Survey shows that there was no change in the overall unemployment rate for the month of October 2019, with that rate remaining at 5.5%. Am...
The most recent release of Statistics Canada’s Labour Force Survey shows that there was no change in the overall unemployment rate for the month of October 2019, with that rate remaining at 5.5%. Am...
CRA issues employer guide to payroll deductions for 2020
The Canada Revenue Agency has issued its Employer’s Guide: Payroll Deductions and Remittances for 2020 (T4001(E)). That guide provides employers with information on the deductions which must be made...
The Canada Revenue Agency has issued its Employer’s Guide: Payroll Deductions and Remittances for 2020 (T4001(E)). That guide provides employers with information on the deductions which must be made...
Canada Pension Plan contribution rates for 2020 released
The federal government has announced the contribution rates and amounts and maximum pensionable earnings which will apply for purposes of the Canada Pension Plan in 2020. Employee and employer contrib...
The federal government has announced the contribution rates and amounts and maximum pensionable earnings which will apply for purposes of the Canada Pension Plan in 2020. Employee and employer contrib...
CRA issues 2019 employer guide to taxable benefits
Employers are required, by the end of February 2020, to issue T4 slips for their employees for the 2019 taxation year. Those T4s will summarize the amount of remuneration received by the employee duri...
Employers are required, by the end of February 2020, to issue T4 slips for their employees for the 2019 taxation year. Those T4s will summarize the amount of remuneration received by the employee duri...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on October 30, 2019, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate will r...
In its regularly scheduled interest rate announcement made on October 30, 2019, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate will r...
CPP contribution rate to increase January 1, 2020
As previously announced, changes are to be made to the Canada Pension Plan over the next 5 years, with the goal of increasing the amount of CPP retirement benefits available to contributors. The next ...
As previously announced, changes are to be made to the Canada Pension Plan over the next 5 years, with the goal of increasing the amount of CPP retirement benefits available to contributors. The next ...
Online retirement income calculator available
The federal government provides a detailed online retirement income calculator which can be used by taxpayers planning retirement. The online calculator allows users to input income amounts from vario...
The federal government provides a detailed online retirement income calculator which can be used by taxpayers planning retirement. The online calculator allows users to input income amounts from vario...
No change in inflation rate for September
The overall inflation rate was unchanged for the month of September, with that rate matching the 1.9% year-over-year increase posted for the month of August 2019. The greatest contributor to the infla...
The overall inflation rate was unchanged for the month of September, with that rate matching the 1.9% year-over-year increase posted for the month of August 2019. The greatest contributor to the infla...
Unemployment rate down in September
The most recent release of Statistics Canada’s Labour Force Survey shows a sharp increase in job creation for the month of September. During that month employment rose by 54,000, mainly in full-time...
The most recent release of Statistics Canada’s Labour Force Survey shows a sharp increase in job creation for the month of September. During that month employment rose by 54,000, mainly in full-time...
Prescribed interest rate for leasing for November
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
2020 Employment Insurance premium rates announced
The federal government has announced the Employment Insurance premium rates and amounts which will be levied during the 2020 calendar year. For 2020, the Employment Insurance premium rate is decreased...
The federal government has announced the Employment Insurance premium rates and amounts which will be levied during the 2020 calendar year. For 2020, the Employment Insurance premium rate is decreased...
OAS payment rates for fourth quarter of 2019
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the fourth quarter (October 1 to December 31) of 2019. OAS payments are indexed quarterly ...
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the fourth quarter (October 1 to December 31) of 2019. OAS payments are indexed quarterly ...
Prescribed interest rates for 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2019, as well as the rates that will apply for the purpose of calculating emp...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2019, as well as the rates that will apply for the purpose of calculating emp...
CRA updates and re-issues publication on tax audits
The Canada Revenue Agency (CRA) has updated and re-issued its publication on the conduct of tax audits. The updated publication (RC4188E)) outlines the process by which the CRA chooses a file for audi...
The Canada Revenue Agency (CRA) has updated and re-issued its publication on the conduct of tax audits. The updated publication (RC4188E)) outlines the process by which the CRA chooses a file for audi...
Prescribed interest rate for leasing for October
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
Rate of inflation at 1.9% for August
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August stood at 1.9%, as measured on a year-over-year basis. The inflation rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August stood at 1.9%, as measured on a year-over-year basis. The inflation rate ...
Federal government releases financial results for 2018-19
Finance Canada has released the Annual Financial Report of the Government of Canada for 2018-19, which provides an overview of the federal government’s financial results for the 2018-19 fiscal year ...
Finance Canada has released the Annual Financial Report of the Government of Canada for 2018-19, which provides an overview of the federal government’s financial results for the 2018-19 fiscal year ...
CRA issues tax guidance for international students
Each September thousands of international students move to (or return to) Canada to attend Canadian secondary or post-secondary educational institutions. Depending on their residency status, those stu...
Each September thousands of international students move to (or return to) Canada to attend Canadian secondary or post-secondary educational institutions. Depending on their residency status, those stu...
Unemployment rate unchanged in August
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 81,000 positions during the month of August 2019. Notwithstanding that increase, the unemploymen...
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 81,000 positions during the month of August 2019. Notwithstanding that increase, the unemploymen...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at ...
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at ...
Individual income tax instalment payment due September 16
Individual taxpayers who make quarterly instalment payments of tax must make the third such instalment payment for the year on or before September 15. As that date falls on a Sunday this year, payment...
Individual taxpayers who make quarterly instalment payments of tax must make the third such instalment payment for the year on or before September 15. As that date falls on a Sunday this year, payment...
Bank of Canada announces 2020 interest rate announcement schedule
The Bank of Canada has released a listing of the eight dates on which it will make regularly scheduled interest rate announcements during 2020. That listing is as follows: Wednesday, January 22 Wednes...
The Bank of Canada has released a listing of the eight dates on which it will make regularly scheduled interest rate announcements during 2020. That listing is as follows: Wednesday, January 22 Wednes...
CRA issues warning on self-directed RRSP withdrawal schemes
The Canada Revenue Agency has issued a Tax Tip warning owners of self-directed RRSPs about a current tax scheme which they may encounter. Promoters of such schemes falsely promise owners of self-direc...
The Canada Revenue Agency has issued a Tax Tip warning owners of self-directed RRSPs about a current tax scheme which they may encounter. Promoters of such schemes falsely promise owners of self-direc...
CRA issues updated guide to electronic record keeping by taxpayers
The Canada Revenue Agency has updated and re-issued its Information Circular outlining the rules and requirements which apply to taxpayers who keep business and tax books and records in electronic for...
The Canada Revenue Agency has updated and re-issued its Information Circular outlining the rules and requirements which apply to taxpayers who keep business and tax books and records in electronic for...
Inflation rate unchanged in July
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation recorded for the month of July was unchanged from the previous month. For both June and July, tha...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation recorded for the month of July was unchanged from the previous month. For both June and July, tha...
Prescribed interest rate for leasing for September
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, which includes the applicable rate for the upcoming month, as well as the rates in ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, which includes the applicable rate for the upcoming month, as well as the rates in ...
Unemployment rate up slightly for July
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the unemployment rate for the month of July, as measured on a year-over-year basis. For that month, the ...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the unemployment rate for the month of July, as measured on a year-over-year basis. For that month, the ...
CRA enhances telephone security procedures
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding taxpayers of the procedures which it utilizes to protect their personal information, particularly with respect to contacts between taxpay...
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding taxpayers of the procedures which it utilizes to protect their personal information, particularly with respect to contacts between taxpay...
Third quarterly income tax instalment due September 15
Individuals who are required to pay income tax by instalments must make their third quarterly instalment for 2019 on or before September 15, 2019. As that date is a Sunday, such payments are considere...
Individuals who are required to pay income tax by instalments must make their third quarterly instalment for 2019 on or before September 15, 2019. As that date is a Sunday, such payments are considere...
Federal government issues initial listing of prescribed livestock tax deferral areas for 2019
The federal government provides tax relief to livestock producers who are experiencing severe weather or climate conditions during the year. Such relief is provided through the livestock tax deferral ...
The federal government provides tax relief to livestock producers who are experiencing severe weather or climate conditions during the year. Such relief is provided through the livestock tax deferral ...
Bank of Canada releases 2020 interest rate announcement dates
The Bank of Canada has released the listing of dates on which it will make scheduled interest rate announcements during calendar year 2020. There will be 8 such scheduled interest rate announcements d...
The Bank of Canada has released the listing of dates on which it will make scheduled interest rate announcements during calendar year 2020. There will be 8 such scheduled interest rate announcements d...
Mortgage stress test interest rate lowered to 5.19%
Prospective mortgage borrowers in Canada are subject to a “stress test” as part of the assessment of their credit-worthiness. Under that test, such borrowers are required to qualify for a mortgage...
Prospective mortgage borrowers in Canada are subject to a “stress test” as part of the assessment of their credit-worthiness. Under that test, such borrowers are required to qualify for a mortgage...
Inflation rate up by 2% in June
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of June 2019 stood at 2%. The comparable rate for May was 2.4%. The decr...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of June 2019 stood at 2%. The comparable rate for May was 2.4%. The decr...
Prescribed interest rate for leasing for August
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
Slight increase in unemployment rate for June
The most recent release of Statistics Canada’s Labour Force Survey shows that, although the unemployment rate for the month of June rose by 0.1%, employment increased by 132,000 positions during the...
The most recent release of Statistics Canada’s Labour Force Survey shows that, although the unemployment rate for the month of June rose by 0.1%, employment increased by 132,000 positions during the...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the bank rate remains at 2%. ...
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the bank rate remains at 2%. ...
Prescribed interest rates for the first three quarters of 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2019, as well as the rates that will apply for th...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2019, as well as the rates that will apply for th...
Increases to GST/HST credit and Canada Child Benefit payment rates
July 1, 2019 is the start of the 2019-20 benefit year for many provincial and federal child and tax benefits, including the federal GST/HST credit and the Canada Child Benefit. As of that date, the pa...
July 1, 2019 is the start of the 2019-20 benefit year for many provincial and federal child and tax benefits, including the federal GST/HST credit and the Canada Child Benefit. As of that date, the pa...
OAS payment rates for third quarter of 2019
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the third quarter (July 1 to September 30) of 2019. OAS payments are indexed quarterly to ...
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the third quarter (July 1 to September 30) of 2019. OAS payments are indexed quarterly to ...
Prescribed interest rate for leasing for July
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July 2019. The prescribed rate for July is 2.75%. A chart showi...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July 2019. The prescribed rate for July is 2.75%. A chart showi...
Inflation rate for May at 2.4%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of May 2019, as measured on a year-over-year basis, stood at 2.4%. Inflation during...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of May 2019, as measured on a year-over-year basis, stood at 2.4%. Inflation during...
Finance holding consultations on upcoming changes to stock option rules
Under the Canadian tax system, employee stock options receive preferential tax treatment. In this year’s Budget the federal government indicated that, in its view, the existing rules on stock option...
Under the Canadian tax system, employee stock options receive preferential tax treatment. In this year’s Budget the federal government indicated that, in its view, the existing rules on stock option...
First-time home buyer’s incentive to launch September 2, 2019
In this year’s federal Budget, a new program was announced to benefit first-time home buyers. Under that program, the First-Time Home Buyer’s Incentive, the Canada Mortgage and Housing Corporation...
In this year’s federal Budget, a new program was announced to benefit first-time home buyers. Under that program, the First-Time Home Buyer’s Incentive, the Canada Mortgage and Housing Corporation...
Increases to Canada child benefit effective July 1, 2019
Effective as of July 2019, the amount of Canada Child Benefit (CCB) payable to eligible Canadian families will be increased to account for inflation. Starting with the July payment (which will be made...
Effective as of July 2019, the amount of Canada Child Benefit (CCB) payable to eligible Canadian families will be increased to account for inflation. Starting with the July payment (which will be made...
Unemployment rate down slightly in May
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate recorded for the month of May. The unemployment rate for that month stood at...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate recorded for the month of May. The unemployment rate for that month stood at...
Prescribed interest rates for leasing for June 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of June 2019. The prescribed rate for that month will be increase...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of June 2019. The prescribed rate for that month will be increase...
Individual income tax instalment payment due June 17
Individual taxpayers who pay income tax by instalments must make their second instalment payment for 2019 on or before June 17, 2019. Such taxpayers will have received an instalment notice setting out...
Individual taxpayers who pay income tax by instalments must make their second instalment payment for 2019 on or before June 17, 2019. Such taxpayers will have received an instalment notice setting out...
2018 returns for self-employed taxpayers due June 17, 2019
Self-employed taxpayers (and their spouses) have until Monday June 17, 2019 to file their income tax returns for the 2018 tax year. Returns filed after that date will be subject to late-filing penalti...
Self-employed taxpayers (and their spouses) have until Monday June 17, 2019 to file their income tax returns for the 2018 tax year. Returns filed after that date will be subject to late-filing penalti...
Bank of Canada maintains interest rates at current levels
In its regularly scheduled interest rate announcement made on May 29, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Consequently, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on May 29, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Consequently, the Bank Rate remain...
Filing of 2018 tax return required to receive federal tax benefits
The federal government and many of the provinces provide benefit programs for which both entitlement and benefit amount are based, at least in part, on the income of the recipient taxpayer. Those bene...
The federal government and many of the provinces provide benefit programs for which both entitlement and benefit amount are based, at least in part, on the income of the recipient taxpayer. Those bene...
Overall inflation rate for April 2019 at 2%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April stood at 2%, as measured on a year-over-year basis. Seven of the eight maj...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April stood at 2%, as measured on a year-over-year basis. Seven of the eight maj...
CRA confirms June 17 filing deadline for self-employed taxpayers
The Canada Revenue Agency (CRA) has issued a Tax Tip confirming that the filing deadline for individual income tax returns filed for the 2018 tax year by self-employed individuals and their spouses is...
The Canada Revenue Agency (CRA) has issued a Tax Tip confirming that the filing deadline for individual income tax returns filed for the 2018 tax year by self-employed individuals and their spouses is...
Good employment news for the month of April
The most recent release of Statistics Canada’s Labour Force Survey shows growth in employment during the month of April for nearly all demographic groups. The overall unemployment rate for the month...
The most recent release of Statistics Canada’s Labour Force Survey shows growth in employment during the month of April for nearly all demographic groups. The overall unemployment rate for the month...
CRA issues warning on Health Spending Account tax schemes
The Canada Revenue Agency (CRA) has issued a warning about a current tax scheme involving Health Spending Accounts (HSAs) which are being marketed to small businesses. HSAs are self-insured health pla...
The Canada Revenue Agency (CRA) has issued a warning about a current tax scheme involving Health Spending Accounts (HSAs) which are being marketed to small businesses. HSAs are self-insured health pla...
Canada Child Benefit rates to increase in July
The federal government has announced that, effective with the July 2019 payment, Canada Child Benefit rates will increase.As of July, the maximum benefit for a child under the age of 6 will increase t...
The federal government has announced that, effective with the July 2019 payment, Canada Child Benefit rates will increase.As of July, the maximum benefit for a child under the age of 6 will increase t...
Prescribed interest rate for leasing for May 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of May 2019. The prescribed rate for that month will be reduced t...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of May 2019. The prescribed rate for that month will be reduced t...
CRA reminds flood-affected taxpayers of available relief
The Canada Revenue Agency (CRA) has issued a press release reminding taxpayers who have been affected by this spring’s floods of the availability of relief with respect to their obligation to file a...
The Canada Revenue Agency (CRA) has issued a press release reminding taxpayers who have been affected by this spring’s floods of the availability of relief with respect to their obligation to file a...
Increase in rate of inflation for March 2019
The most recent release of Statistics Canada’s Consumer Price Index shows a significant increase in the rate of inflation recorded for the month of March 2019. During that month, the CPI rose 1.9%, ...
The most recent release of Statistics Canada’s Consumer Price Index shows a significant increase in the rate of inflation recorded for the month of March 2019. During that month, the CPI rose 1.9%, ...
Bank of Canada leaves interest rates unchanged
The Bank of Canada, in its regularly scheduled interest rate announcement made on April 24, determined that no change was needed to current rates. The Bank Rate therefore remains at 2%. The press rele...
The Bank of Canada, in its regularly scheduled interest rate announcement made on April 24, determined that no change was needed to current rates. The Bank Rate therefore remains at 2%. The press rele...
OAS rates unchanged for the second quarter of 2019
The federal government has announced the Old Age Security payment rates which will be in effect for the second quarter (April 1 to June 30) of 2019. OAS payment rates are indexed quarterly to inflatio...
The federal government has announced the Old Age Security payment rates which will be in effect for the second quarter (April 1 to June 30) of 2019. OAS payment rates are indexed quarterly to inflatio...
April 30 deadline for payment of 2018 individual income taxes
All payments of individual income tax owed for the 2018 taxation year must be received by the Canada Revenue Agency (CRA) on or before Tuesday April 30, 2019. There are a number of means by which paym...
All payments of individual income tax owed for the 2018 taxation year must be received by the Canada Revenue Agency (CRA) on or before Tuesday April 30, 2019. There are a number of means by which paym...
CRA issues guide to medical expense claims for 2018
The Canada Revenue Agency (CRA) has issued an updated guide to be used by taxpayers who are claiming medical expenses on their income tax returns for 2018. Individual taxpayers are entitled to claim a...
The Canada Revenue Agency (CRA) has issued an updated guide to be used by taxpayers who are claiming medical expenses on their income tax returns for 2018. Individual taxpayers are entitled to claim a...
Unemployment rate unchanged in March
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change in the overall unemployment rate for the month of March. That rate remained at 5.8%. Employment ...
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change in the overall unemployment rate for the month of March. That rate remained at 5.8%. Employment ...
Prescribed interest rates for leasing for April
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the month April 2019. The prescribed rate for the upcoming month is 3.1%. A chart...
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the month April 2019. The prescribed rate for the upcoming month is 3.1%. A chart...
Prescribed interest rates for the first half of 2019
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2019, as well as the rates that will apply for the purpose of cal...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2019, as well as the rates that will apply for the purpose of cal...
CRA posts Tax Tips for students and seniors
The Canada Revenue Agency (CRA) has posted a number of Tax Tips for seniors and students on its website. Those Tax Tips list and explain particular credits, deductions, or benefits which are most like...
The Canada Revenue Agency (CRA) has posted a number of Tax Tips for seniors and students on its website. Those Tax Tips list and explain particular credits, deductions, or benefits which are most like...
Inflation increases by 1.5% in February
The most recent release of Statistics Canada’s Consumer Price Survey indicates that the rate of inflation for the month of February, as measured on a year-over-year basis, stood at 1.5%. The compara...
The most recent release of Statistics Canada’s Consumer Price Survey indicates that the rate of inflation for the month of February, as measured on a year-over-year basis, stood at 1.5%. The compara...
Budget 2019: Adjusting the Rules for Cannabis Taxation
Budget 2019 is proposing that the excise duty framework for cannabis products be amended to more effectively apply the excise duty on new classes of cannabis products, as well as to cannabis oils, whi...
Budget 2019 is proposing that the excise duty framework for cannabis products be amended to more effectively apply the excise duty on new classes of cannabis products, as well as to cannabis oils, whi...
Budget 2019: Expanding Health-Related Tax Relief
Budget 2019 proposes to expand health-related tax relief under the Goods and Services Tax/Harmonized Sales Tax (GST/HST) system to better meet the health care needs of Canadians by: providing GST/HST ...
Budget 2019 proposes to expand health-related tax relief under the Goods and Services Tax/Harmonized Sales Tax (GST/HST) system to better meet the health care needs of Canadians by: providing GST/HST ...
Budget 2019: Employee Stock Options
Budget 2019 announces the Government’s intent to limit the use of the current employee stock option tax regime and move toward aligning the tax treatment with the United States for employees of larg...
Budget 2019 announces the Government’s intent to limit the use of the current employee stock option tax regime and move toward aligning the tax treatment with the United States for employees of larg...
Budget 2019: Electronic Delivery of Requirements for Information
Budget 2019 proposes that the Canada Revenue Agency (CRA) will be allowed to send requirements for information electronically to a bank or credit union only if the bank or credit union notifies the CR...
Budget 2019 proposes that the Canada Revenue Agency (CRA) will be allowed to send requirements for information electronically to a bank or credit union only if the bank or credit union notifies the CR...
Budget 2019: Carrying on Business in a Tax-Free Savings Account
Budget 2019 proposes that the joint and several liability for tax owing on income from carrying on a business in a TFSA be extended to the TFSA holder. The joint and several liability of a trustee of ...
Budget 2019 proposes that the joint and several liability for tax owing on income from carrying on a business in a TFSA be extended to the TFSA holder. The joint and several liability of a trustee of ...
Budget 2019: Mutual Funds: Allocation to Redeemers Methodology
Budget 2019 proposes to introduce a new rule that would deny a mutual fund trust a deduction in respect of the portion of an allocation made to a unitholder on a redemption of a unit of the mutual fun...
Budget 2019 proposes to introduce a new rule that would deny a mutual fund trust a deduction in respect of the portion of an allocation made to a unitholder on a redemption of a unit of the mutual fun...
Budget 2019: Pensionable Service Under an Individual Pension Plan (IPP)
Budget 2019 proposes to prohibit Individual Pension Plans (IPPs) from providing retirement benefits in respect of past years of employment that were pensionable service under a defined benefit plan of...
Budget 2019 proposes to prohibit Individual Pension Plans (IPPs) from providing retirement benefits in respect of past years of employment that were pensionable service under a defined benefit plan of...
Budget 2019: Contributions to a Specified Multi-Employer Plan (SMEP) for Older Members
To bring the Specified Multi-Employer Plan (SMEP) rules in line with the pension tax provisions that apply to other defined benefit RPPs, Budget 2019 proposes to amend the tax rules to prohibit contri...
To bring the Specified Multi-Employer Plan (SMEP) rules in line with the pension tax provisions that apply to other defined benefit RPPs, Budget 2019 proposes to amend the tax rules to prohibit contri...
Budget 2019: Medical Expense Tax Credit
Amounts paid for cannabis products may be eligible for the medical expense tax credit where such products are purchased for a patient for medical purposes in accordance with the Access to Cannabis for...
Amounts paid for cannabis products may be eligible for the medical expense tax credit where such products are purchased for a patient for medical purposes in accordance with the Access to Cannabis for...
Budget 2019: Supporting Donations of Cultural Property
A recent court decision related to the interpretation of “national importance” has created uncertainty about the availability of these tax incentives. Budget 2019 proposes to introduce legislative...
A recent court decision related to the interpretation of “national importance” has created uncertainty about the availability of these tax incentives. Budget 2019 proposes to introduce legislative...
Budget 2019: Tax Measures for Kinship Care Providers, Tax Treatment of Financial Assistance Payments
Budget 2019 proposes to amend the Income Tax Act to clarify that financial assistance payments received by care providers under a kinship care program are neither taxable nor included in income for th...
Budget 2019 proposes to amend the Income Tax Act to clarify that financial assistance payments received by care providers under a kinship care program are neither taxable nor included in income for th...
Budget 2019: Tax Measures for Kinship Care Providers, Canada Workers Benefit
Budget 2019 proposes to amend the Income Tax Act to clarify that an individual may be considered to be the parent of a child in their care for the purpose of the Canada Workers Benefit, regardless of ...
Budget 2019 proposes to amend the Income Tax Act to clarify that an individual may be considered to be the parent of a child in their care for the purpose of the Canada Workers Benefit, regardless of ...
Budget 2019: Improvements to the Registered Disability Savings Plan (RDSP)
To ensure that the Registered Disability Savings Plan (RDSP) continues to respond to the needs of Canadians with disabilities, Budget 2019 proposes two changes that will better protect the long-term s...
To ensure that the Registered Disability Savings Plan (RDSP) continues to respond to the needs of Canadians with disabilities, Budget 2019 proposes two changes that will better protect the long-term s...
Budget 2019: Variable Payment Life Annuities
Budget 2019 proposes to amend the tax rules to permit PRPPs and defined contribution RPPs to provide a variable payment life annuity (VPLA) to members directly from the plan. A VPLA will provide payme...
Budget 2019 proposes to amend the tax rules to permit PRPPs and defined contribution RPPs to provide a variable payment life annuity (VPLA) to members directly from the plan. A VPLA will provide payme...
Budget 2019: Advanced Life Deferred Annuities
Budget 2019 proposes to amend the tax rules to permit an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, under certain registered plans. An ALDA w...
Budget 2019 proposes to amend the tax rules to permit an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, under certain registered plans. An ALDA w...
Budget 2019: Change in Use Rules for Multi-Unit Residential Properties
To improve the consistency of the tax treatment of owners of multi-unit residential properties in comparison to owners of single-unit residential properties, Budget 2019 proposes to allow a taxpayer t...
To improve the consistency of the tax treatment of owners of multi-unit residential properties in comparison to owners of single-unit residential properties, Budget 2019 proposes to allow a taxpayer t...
Budget 2019: Modernizing the Home Buyers’ Plan (HBP)
Budget 2019 proposes to increase the Home Buyers’ Plan (HBP) withdrawal limit to $35,000. This would be available for withdrawals made after March 19, 2019. Budget 2019 also proposes to extend acces...
Budget 2019 proposes to increase the Home Buyers’ Plan (HBP) withdrawal limit to $35,000. This would be available for withdrawals made after March 19, 2019. Budget 2019 also proposes to extend acces...
Budget 2019: Canada Training Credit
Budget 2019 proposes this new, non-taxable credit that would help Canadians pay for training fees. Every year, eligible workers between the ages of 25 and 64 would accumulate a credit balance of $250 ...
Budget 2019 proposes this new, non-taxable credit that would help Canadians pay for training fees. Every year, eligible workers between the ages of 25 and 64 would accumulate a credit balance of $250 ...
Budget 2019: Strengthening Canada’s International Tax Rules
Budget 2019 proposes to: extend the foreign affiliate dumping rules in the Income Tax Act to prevent a corporation resident in Canada that is controlled by a non-resident individual or trust from redu...
Budget 2019 proposes to: extend the foreign affiliate dumping rules in the Income Tax Act to prevent a corporation resident in Canada that is controlled by a non-resident individual or trust from redu...
Budget 2019: Strengthening Beneficial Ownership Transparency
In Budget 2019, the Government proposes further amendments to the Income Tax Act to make the beneficial ownership information maintained by federally incorporated corporations more readily available t...
In Budget 2019, the Government proposes further amendments to the Income Tax Act to make the beneficial ownership information maintained by federally incorporated corporations more readily available t...
Budget 2019: Character Conversion Transactions
Budget 2019 proposes an amendment that introduces an additional qualification for the commercial transaction exception in the definition “derivative forward agreement” as the exception applies to ...
Budget 2019 proposes an amendment that introduces an additional qualification for the commercial transaction exception in the definition “derivative forward agreement” as the exception applies to ...
Budget 2019: Canadian-Belgian Co-productions - Canadian Film or Video Production Tax Credit
Budget 2019 proposes to add The Memorandum of Understanding between the Government of Canada and the Respective Governments of the Flemish, French and German-speaking Communities of the Kingdom of Bel...
Budget 2019 proposes to add The Memorandum of Understanding between the Government of Canada and the Respective Governments of the Flemish, French and German-speaking Communities of the Kingdom of Bel...
Budget 2019: Improving Support for Small, Growing Companies
Budget 2019 proposes to repeal the use of taxable income as a factor in determining a CCPC’s annual expenditure limit for the purpose of the enhanced SR&ED tax credit. As a result, small CCPCs w...
Budget 2019 proposes to repeal the use of taxable income as a factor in determining a CCPC’s annual expenditure limit for the purpose of the enhanced SR&ED tax credit. As a result, small CCPCs w...
Budget 2019: Small Business Deduction - Farmers and Fishers
Budget 2019 proposes to eliminate the requirement that sales be to a farming or fishing cooperative corporation in order to be excluded from specified corporate income. As such, this exclusion will ap...
Budget 2019 proposes to eliminate the requirement that sales be to a farming or fishing cooperative corporation in order to be excluded from specified corporate income. As such, this exclusion will ap...
Budget 2019: Supporting Business Investment in Zero-Emission Vehicles
Budget 2019 proposes that these vehicles be eligible for a full tax write-off in the year they are put in use. Qualifying vehicles will include electric battery, plug-in hybrid (with a battery capacit...
Budget 2019 proposes that these vehicles be eligible for a full tax write-off in the year they are put in use. Qualifying vehicles will include electric battery, plug-in hybrid (with a battery capacit...
Budget 2019: Support for Canadian Journalism
Budget 2019 proposes to introduce three new tax measures to support Canadian journalism: allowing journalism organizations to register as qualified donees; a refundable labour tax credit for qualifyin...
Budget 2019 proposes to introduce three new tax measures to support Canadian journalism: allowing journalism organizations to register as qualified donees; a refundable labour tax credit for qualifyin...
Unemployment rate unchanged in February
The most recent release of Statistics Canada’s Labour Force survey shows that, while the rate of unemployment for the month of February was unchanged, employment grew by 56,000 positions. The unempl...
The most recent release of Statistics Canada’s Labour Force survey shows that, while the rate of unemployment for the month of February was unchanged, employment grew by 56,000 positions. The unempl...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2% I...
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2% I...
Inflation down to 1.4% for January 2019
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows a drop in the rate of inflation for the month of January. That rate, as measured on a year-over-year basis, was 1.4%. ...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows a drop in the rate of inflation for the month of January. That rate, as measured on a year-over-year basis, was 1.4%. ...
First instalment payment of 2019 due March 15
The first instalment payment of individual income taxes for the 2019 tax year is due on or before Friday March 15, 2019. Individuals who have previously paid tax by instalments will have received an i...
The first instalment payment of individual income taxes for the 2019 tax year is due on or before Friday March 15, 2019. Individuals who have previously paid tax by instalments will have received an i...
CRA providing extended hours for individual tax help line
The Canada Revenue Agency (CRA) has announced that its Individual Income Tax Enquiries line (1-800-959-8281) is now available for extended hours. Until April 30, 2019, telephone agents will be availab...
The Canada Revenue Agency (CRA) has announced that its Individual Income Tax Enquiries line (1-800-959-8281) is now available for extended hours. Until April 30, 2019, telephone agents will be availab...
Date announced for 2019-20 federal Budget
The Minister of Finance has announced that the 2019-20 federal Budget will be brought down on Tuesday, March 19, 2019. Once the Budget is released, at around 4 p.m., the Budget Papers will be posted o...
The Minister of Finance has announced that the 2019-20 federal Budget will be brought down on Tuesday, March 19, 2019. Once the Budget is released, at around 4 p.m., the Budget Papers will be posted o...
Obtaining a 2018 tax return form and guide
The 2018 T1 Individual Income Tax Return and Guide package is now available on the Canada Revenue Agency (CRA) website at https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packag...
The 2018 T1 Individual Income Tax Return and Guide package is now available on the Canada Revenue Agency (CRA) website at https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packag...
NETFILE available for filing of 2018 individual income tax returns
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns is available as of Monday, February 18, 2019. The current NETFILE service (which ...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns is available as of Monday, February 18, 2019. The current NETFILE service (which ...
CRA issues tax filing tips for students
The Canada Revenue Agency (CRA) has issued a Tax Tip for post-secondary students and graduates who will be filing an income tax return for the 2018 tax year. That Tax Tip, which can be found on the CR...
The Canada Revenue Agency (CRA) has issued a Tax Tip for post-secondary students and graduates who will be filing an income tax return for the 2018 tax year. That Tax Tip, which can be found on the CR...
Small increase in unemployment rate for January
During the month of January, the number of people employed in Canada rose by 67,000, with that figure attributable for most part to increased employment of those aged 15 to 24 and those working in the...
During the month of January, the number of people employed in Canada rose by 67,000, with that figure attributable for most part to increased employment of those aged 15 to 24 and those working in the...
Prescribed interest rate for leasing
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of March 2019. That prescribed rate for the month of March will be...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of March 2019. That prescribed rate for the month of March will be...
CRA issues tax filing tips for seniors
The Canada Revenue Agency (CRA) has posted a Tax Tip which lists the tax deductions and credits which are most relevant to seniors, and which can be claimed by eligible seniors when preparing and fili...
The Canada Revenue Agency (CRA) has posted a Tax Tip which lists the tax deductions and credits which are most relevant to seniors, and which can be claimed by eligible seniors when preparing and fili...
NETFILE service for 2018 returns available February 18
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns for the 2018 tax year will be available online on Monday February 18, 2019. The N...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns for the 2018 tax year will be available online on Monday February 18, 2019. The N...
Upcoming changes to the CRA’s e-mail service
Effective as of February 11, 2019, the Canada Revenue Agency (CRA) will be merging its online mail and account alerts services. Notification of the change is being sent to users of those services, and...
Effective as of February 11, 2019, the Canada Revenue Agency (CRA) will be merging its online mail and account alerts services. Notification of the change is being sent to users of those services, and...
Pre-Budget consultations ending on January 29
Finance Canada has issued a reminder that the current consultation process with respect to the upcoming 2019-20 federal Budget will end on Tuesday, January 29, 2019. Interested stakeholders can make t...
Finance Canada has issued a reminder that the current consultation process with respect to the upcoming 2019-20 federal Budget will end on Tuesday, January 29, 2019. Interested stakeholders can make t...
Inflation rate increases to 2% in December
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, stood at 2% during the month of December 2018. The equiva...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, stood at 2% during the month of December 2018. The equiva...
Finance announces automobile allowance limits and rates for 2019
Finance Canada has announced the automobile deduction limits and expense benefit rates which will apply to businesses and their employees during the 2019 taxation year. Most of the limits which applie...
Finance Canada has announced the automobile deduction limits and expense benefit rates which will apply to businesses and their employees during the 2019 taxation year. Most of the limits which applie...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on January 9, 2019, the Bank of Canada indicated that no change would be made to current interest rates. The Bank Rate therefore remains at 2...
In its regularly scheduled interest rate announcement made on January 9, 2019, the Bank of Canada indicated that no change would be made to current interest rates. The Bank Rate therefore remains at 2...
Prescribed interest rates for leasing for January and February
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the months of January and February 2019.The prescribed rate for January is ...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the months of January and February 2019.The prescribed rate for January is ...
Prescribed interest rates for the first quarter of 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2019, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2019, as well as the rates that will apply for the purpo...
Canada Pension Plan changes to take effect January 1, 2019
Over the next seven years, significant changes will be made to the Canada Pension Plan. Those changes will result, overall, in an increase of about 50% in the maximum retirement benefit. The first suc...
Over the next seven years, significant changes will be made to the Canada Pension Plan. Those changes will result, overall, in an increase of about 50% in the maximum retirement benefit. The first suc...
Inflation for November down to 1.7%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of November, as measured on a year-over-year basis, stood at 1.7%. The comparable r...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of November, as measured on a year-over-year basis, stood at 1.7%. The comparable r...
NETFILE service for prior years available until January 25, 2019
Taxpayers who have not yet filed their individual income tax returns for 2017 (or the three prior years) can file those returns on NETFILE until Friday, January 25, 2019. Until that date, the Canada R...
Taxpayers who have not yet filed their individual income tax returns for 2017 (or the three prior years) can file those returns on NETFILE until Friday, January 25, 2019. Until that date, the Canada R...
Prescribed leasing interest rate for January 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of January 2019. The prescribed rate for that month will be 3.39%....
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of January 2019. The prescribed rate for that month will be 3.39%....
December 31, 2018 deadline for 2008 tax fairness applications
Where taxpayers fail to meet their tax filing or payment obligations, penalties and interest are usually levied for that failure. However, the Minister of National Revenue has the authority to forgive...
Where taxpayers fail to meet their tax filing or payment obligations, penalties and interest are usually levied for that failure. However, the Minister of National Revenue has the authority to forgive...
Unemployment rate for November at 42-year low
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of November was the lowest recorded since 1976. The unemployment rate for the month,...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of November was the lowest recorded since 1976. The unemployment rate for the month,...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on December 5, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate rem...
In its regularly scheduled interest rate announcement made on December 5, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate rem...
Personal tax credit amounts for 2019
The federal government will provide the following personal tax credit amounts for 2019: Basic personal amount ……………………………… $12,069 Spouse or common law partner amount …...
The federal government will provide the following personal tax credit amounts for 2019: Basic personal amount ……………………………… $12,069 Spouse or common law partner amount …...
Inflation rate up slightly in October
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation rate for the month of October. That rate rose 2.4%, following a 2.2% increase for...
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation rate for the month of October. That rate rose 2.4%, following a 2.2% increase for...
Finance announces start of 2019-20 federal Budget consultation process
Finance Canada has announced details of the consultation process leading up the release of the 2019-20 Federal Budget next spring. The budget consultation process will include both in-person and digit...
Finance Canada has announced details of the consultation process leading up the release of the 2019-20 Federal Budget next spring. The budget consultation process will include both in-person and digit...
New tax credits to support news organizations
In the 2018-19 Fall Economic Statement, the Minister of Finance announced that three new tax initiatives would be introduced to support both traditional and digital news organizations. Those changes w...
In the 2018-19 Fall Economic Statement, the Minister of Finance announced that three new tax initiatives would be introduced to support both traditional and digital news organizations. Those changes w...
Federal government announces new business tax incentives
In the Fall Economic Statement issued on November 21, the Minister of Finance announced new tax measures that would: allow businesses to immediately write off the cost of machinery and equipment used ...
In the Fall Economic Statement issued on November 21, the Minister of Finance announced new tax measures that would: allow businesses to immediately write off the cost of machinery and equipment used ...
CRA issues 2018 employer’s guide to taxable benefits
Some of the non-monetary benefits which employers provide to their employees must be included in the employee’s income and taxed as such. Each year, employers must include the amount of any such tax...
Some of the non-monetary benefits which employers provide to their employees must be included in the employee’s income and taxed as such. Each year, employers must include the amount of any such tax...
CRA announces enhancements to BizApp
The Canada Revenue Agency (CRA) provides a mobile web app for small business owners and sole proprietors which enables them to manage their business tax accounts on any browser-enabled mobile device. ...
The Canada Revenue Agency (CRA) provides a mobile web app for small business owners and sole proprietors which enables them to manage their business tax accounts on any browser-enabled mobile device. ...
Unemployment rate down slightly for September
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in unemployment during the month of September. That rate stood at 5.8%, down 0.1% from the rate posted for Au...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in unemployment during the month of September. That rate stood at 5.8%, down 0.1% from the rate posted for Au...
Canada Pension Plan contribution rates for 2019
The Canada Revenue Agency has announced the contribution rates and amounts for the Canada Pension Plan which will apply during the 2019 calendar year, and that announcement can be found at https://www...
The Canada Revenue Agency has announced the contribution rates and amounts for the Canada Pension Plan which will apply during the 2019 calendar year, and that announcement can be found at https://www...
Prescribed interest rate for leasing for November
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of November. The prescribed rate for that month will be 3.43%. A c...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of November. The prescribed rate for that month will be 3.43%. A c...
CRA announces contingency plans for postal disruption
The Canada Revenue Agency (CRA) (as well as other federal government departments and agencies) has issued information indicating how government payments will be handled during the current postal disru...
The Canada Revenue Agency (CRA) (as well as other federal government departments and agencies) has issued information indicating how government payments will be handled during the current postal disru...
Inflation rate at 2.2% for September
The most recent release of Statistics Canada’s Consumer Price Index shows that the inflation rate for the month of September stood at 2.2%, as measured on a year-over-year basis. The comparable rate...
The most recent release of Statistics Canada’s Consumer Price Index shows that the inflation rate for the month of September stood at 2.2%, as measured on a year-over-year basis. The comparable rate...
Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on October 24, the Bank of Canada once again increased the bank rate, which now stands at 2%.In the press release announcing the increase, wh...
In its regularly scheduled interest rate announcement made on October 24, the Bank of Canada once again increased the bank rate, which now stands at 2%.In the press release announcing the increase, wh...
OAS payment rates for the fourth quarter of 2018
The federal government has announced the maximum Old Age Security (OAS) benefit amount which will be paid to eligible recipients in the last quarter — October, November, and December — of 2018. Th...
The federal government has announced the maximum Old Age Security (OAS) benefit amount which will be paid to eligible recipients in the last quarter — October, November, and December — of 2018. Th...
CRA issues updated forms for reduced source deductions
In some circumstances, taxpayers are entitled to request a reduction in the amount of tax being deducted at source from their income. An employee can request that the amount of income tax being deduct...
In some circumstances, taxpayers are entitled to request a reduction in the amount of tax being deducted at source from their income. An employee can request that the amount of income tax being deduct...
CRA to hold webinar on CPP changes for the self-employed
A number of changes have been made over the past few years to the Canada Pension Plan (CPP), with those changes generally providing greater flexibility to CPP contributors. Some of those changes parti...
A number of changes have been made over the past few years to the Canada Pension Plan (CPP), with those changes generally providing greater flexibility to CPP contributors. Some of those changes parti...
Slight decline in unemployment rate for September
The most recent release of Statistics Canada’s Labour Force Survey shows a small decrease in the overall unemployment rate for the month of September. That rate decreased from the 6% rate recorded f...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decrease in the overall unemployment rate for the month of September. That rate decreased from the 6% rate recorded f...
Prescribed interest rate for leasing for October
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of October. The prescribed rate for that month will be 3.33%. A ch...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of October. The prescribed rate for that month will be 3.33%. A ch...
Prescribed interest rates for the fourth quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the fourth quarter of 2018, as well as the rates that will apply for the purp...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the fourth quarter of 2018, as well as the rates that will apply for the purp...
NETFILE still available for filing of 2017 returns
While the deadline for filing of individual income tax returns for the 2017 tax year (for both employees and the self-employed) has passed, the Canada Revenue Agency’s (CRA’s) NETFILE service thro...
While the deadline for filing of individual income tax returns for the 2017 tax year (for both employees and the self-employed) has passed, the Canada Revenue Agency’s (CRA’s) NETFILE service thro...
Inflation rate down slightly in August
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August 2018 stood at 2.8%, as measured on a year-over-year basis. The comparable...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August 2018 stood at 2.8%, as measured on a year-over-year basis. The comparable...
CRA updates fact sheet for temporary Canadian workers
Canada’s tax system is one based on residency, and individuals who are considered to be residents of Canada are subject to federal and provincial tax. The federal government has issued a fact sheet ...
Canada’s tax system is one based on residency, and individuals who are considered to be residents of Canada are subject to federal and provincial tax. The federal government has issued a fact sheet ...
Employment insurance premium rate for 2019
The Minister of Finance has announced that the employment insurance premium rate payable by employees and the self-employed for the 2019 tax year will be reduced. The premium rate for that year will b...
The Minister of Finance has announced that the employment insurance premium rate payable by employees and the self-employed for the 2019 tax year will be reduced. The premium rate for that year will b...
CRA issues updated guide to federal and provincial child benefits
The federal government has updated and re-issued its guide to child benefits paid by the federal and several provincial governments. The updated guide (T4114), which is available on the Canada Revenue...
The federal government has updated and re-issued its guide to child benefits paid by the federal and several provincial governments. The updated guide (T4114), which is available on the Canada Revenue...
Slight increase in unemployment rate for August
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate posted for the month of August. That rate rose by 0.2%, from 5.8% to 6%. Most of th...
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate posted for the month of August. That rate rose by 0.2%, from 5.8% to 6%. Most of th...
Relief available to taxpayers affected by wildfires
The Canada Revenue Agency (CRA) can provide interest and penalty relief to taxpayers who are unable to meet their tax filing or payment obligations due to circumstances beyond their control, including...
The Canada Revenue Agency (CRA) can provide interest and penalty relief to taxpayers who are unable to meet their tax filing or payment obligations due to circumstances beyond their control, including...
Bank of Canada leaves interest rates unchanged
In its scheduled interest rate announcement made on September 5, the Bank indicated that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 1.75%. The Bank acknow...
In its scheduled interest rate announcement made on September 5, the Bank indicated that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 1.75%. The Bank acknow...
CRA issues Tax Tip on benefit review process
Each year the Canada Revenue Agency (CRA) sends a letter and questionnaire to approximately 350,000 taxpayers, seeking to determine whether such taxpayers are receiving the correct tax credits and ben...
Each year the Canada Revenue Agency (CRA) sends a letter and questionnaire to approximately 350,000 taxpayers, seeking to determine whether such taxpayers are receiving the correct tax credits and ben...
Upcoming tax instalment due date for individuals
The due date for the third instalment payment of 2018 income taxes by individuals falls on September 15, 2018. As that date is a Saturday, instalment payments will be considered to be made on time if ...
The due date for the third instalment payment of 2018 income taxes by individuals falls on September 15, 2018. As that date is a Saturday, instalment payments will be considered to be made on time if ...
Amendments to be made to rules on political activities of charities
The federal government has announced that changes will be made to the administrative rules governing the extent to which charities can engage in non-partisan political activities. The intended amendme...
The federal government has announced that changes will be made to the administrative rules governing the extent to which charities can engage in non-partisan political activities. The intended amendme...
Rate of inflation at 3% for July
The most recent release of Statistics Canada’s Consumer Price Survey shows a significant increase in inflation for the month of July. That rate, as measured on a year-over-year basis, stood at 3%. T...
The most recent release of Statistics Canada’s Consumer Price Survey shows a significant increase in inflation for the month of July. That rate, as measured on a year-over-year basis, stood at 3%. T...
Unemployment rate down slightly for July
The most recent release of Statistics Canada’s Labour Force Survey indicates that the overall rate of unemployment was down slightly for the month of July. That rate stood at 5.8%, down by 0.2% from...
The most recent release of Statistics Canada’s Labour Force Survey indicates that the overall rate of unemployment was down slightly for the month of July. That rate stood at 5.8%, down by 0.2% from...
Finance announces lower payment card fees for small businesses
The Minister of Finance has announced that two major payment card networks have agreed to lower costs charged to small and medium-sized businesses. Both VISA and Mastercard have agreed to reduce domes...
The Minister of Finance has announced that two major payment card networks have agreed to lower costs charged to small and medium-sized businesses. Both VISA and Mastercard have agreed to reduce domes...
CRA podcasts and webinars for small businesses
The Canada Revenue Agency (CRA) prepares and posts on its website a number of podcasts and webinars covering tax and tax-related issues of particular interest to small businesses. There are currently ...
The Canada Revenue Agency (CRA) prepares and posts on its website a number of podcasts and webinars covering tax and tax-related issues of particular interest to small businesses. There are currently ...
Bank of Canada 2019 interest rate announcement dates
The Bank of Canada has issued a listing of the dates on which it will make announcements during the 2019 calendar year with respect to current interest rates. There are eight such interest rate announ...
The Bank of Canada has issued a listing of the dates on which it will make announcements during the 2019 calendar year with respect to current interest rates. There are eight such interest rate announ...
Upcoming changes to mortgage lending assessments for self-employed taxpayers
The Canada Mortgage and Housing Corporation (CMHC) has announced that, effective as of October 1, 2018, changes will be made to the process by which self-employed taxpayers are assessed for mortgage f...
The Canada Mortgage and Housing Corporation (CMHC) has announced that, effective as of October 1, 2018, changes will be made to the process by which self-employed taxpayers are assessed for mortgage f...
CRA issues new direct deposit form for businesses
The Canada Revenue Agency (CRA) has updated and re-issued its Form RC366, which allows businesses to have amounts owed to them deposited directly to a bank account. The updated form can be used to eit...
The Canada Revenue Agency (CRA) has updated and re-issued its Form RC366, which allows businesses to have amounts owed to them deposited directly to a bank account. The updated form can be used to eit...
CRA issues updated guide to RESPs
The Canada Revenue Agency (CRA) has updated and re-issued its publication RC4092(E) on Registered Education Savings Plans. The updated publication incorporates changes, originally announced as part of...
The Canada Revenue Agency (CRA) has updated and re-issued its publication RC4092(E) on Registered Education Savings Plans. The updated publication incorporates changes, originally announced as part of...
Inflation rate up by 2.5% in June
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June, as measured on a year-over-year basis, stood at 2.5%. That change ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June, as measured on a year-over-year basis, stood at 2.5%. That change ...
Prescribed interest rates for leasing rules
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will apply during the months of July and August 2018. Those prescribed rates will be 3.28% for July ...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will apply during the months of July and August 2018. Those prescribed rates will be 3.28% for July ...
CRA issues updated guide to taxation of RRIF on death
The Canada Revenue Agency has updated and re-issued its publication outlining the tax treatment of funds held in a RRIF on the death of the RRIF annuitant. The updated publication (RC4178(E)) also rev...
The Canada Revenue Agency has updated and re-issued its publication outlining the tax treatment of funds held in a RRIF on the death of the RRIF annuitant. The updated publication (RC4178(E)) also rev...
Slight increase in unemployment rate for June
While employment rose by 32,000 during the month of June, the unemployment rate was also up, by 0.2%, a result attributed by Statistics Canada an increase in the number of individuals seeking to enter...
While employment rose by 32,000 during the month of June, the unemployment rate was also up, by 0.2%, a result attributed by Statistics Canada an increase in the number of individuals seeking to enter...
Bank of Canada increases benchmark interest rate
In its regularly scheduled interest rate announcement made on July 11, the Bank of Canada indicated that it was increasing its benchmark interest rate by one-quarter of a percentage point. Accordingly...
In its regularly scheduled interest rate announcement made on July 11, the Bank of Canada indicated that it was increasing its benchmark interest rate by one-quarter of a percentage point. Accordingly...
CRA issues Tax Tip on return review process
Each year, the Canada Revenue Agency reviews approximately 3 million returns which have already been filed and assessed. Generally, such reviews are carried out to confirm income amounts reported, and...
Each year, the Canada Revenue Agency reviews approximately 3 million returns which have already been filed and assessed. Generally, such reviews are carried out to confirm income amounts reported, and...
Old Age Security benefits to increase by 1.2% in third quarter
Old Age Security (“OAS”) benefits received by Canadians are indexed to changes in the overall Consumer Price Index, and are adjusted each quarter to reflect increases in that Index.The federal gov...
Old Age Security (“OAS”) benefits received by Canadians are indexed to changes in the overall Consumer Price Index, and are adjusted each quarter to reflect increases in that Index.The federal gov...
No change to inflation rate for May
The most recent release of Statistics Canada’s Consumer Price Index indicates the rate of inflation for the month of May stood at 2.2%. The same rate was recorded for the month of April, and both ra...
The most recent release of Statistics Canada’s Consumer Price Index indicates the rate of inflation for the month of May stood at 2.2%. The same rate was recorded for the month of April, and both ra...
CRA issues updated source deductions online calculator
The Canada Revenue Agency (CRA) has re-issued the payroll deductions online calculator to be used by employers in calculating employee source deductions as of July 1, 2018. The updated version of that...
The Canada Revenue Agency (CRA) has re-issued the payroll deductions online calculator to be used by employers in calculating employee source deductions as of July 1, 2018. The updated version of that...
Prescribed interest rate for leasing for July
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July. The prescribed rate for that month will be 3.28%. A chart...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July. The prescribed rate for that month will be 3.28%. A chart...
Prescribed interest rates for the third quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the third quarter of 2018, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the third quarter of 2018, as well as the rates that will apply for the purpo...
CRA updates and re-issues Notice of Objection form
The Canada Revenue Agency has updated and re-issued its standard form for filing an objection to a Notice of Assessment or Reassessment. The 2018 T-400A E, Notice of Objection, can be found on the CRA...
The Canada Revenue Agency has updated and re-issued its standard form for filing an objection to a Notice of Assessment or Reassessment. The 2018 T-400A E, Notice of Objection, can be found on the CRA...
No change in unemployment rate for May
The most recent release of Statistics Canada’s Labour Force Survey shows little change in unemployment during the month of May. For the fourth consecutive month, that rate stood at 5.8%. There was s...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in unemployment during the month of May. For the fourth consecutive month, that rate stood at 5.8%. There was s...
June 15 filing deadline for self-employed taxpayers
The filing deadline for individual income tax returns for the 2017 year for self-employed individuals and their spouses is midnight Friday June 15, 2018. Returns can be filed using the Canada Revenue ...
The filing deadline for individual income tax returns for the 2017 year for self-employed individuals and their spouses is midnight Friday June 15, 2018. Returns can be filed using the Canada Revenue ...
Individual income tax instalment payment due June 15
For Canadians who make quarterly instalment payments of personal income tax, the next due date for such payment is Friday June 15, 2018. The Canada Revenue Agency has posted a notice on its website in...
For Canadians who make quarterly instalment payments of personal income tax, the next due date for such payment is Friday June 15, 2018. The Canada Revenue Agency has posted a notice on its website in...
Taxpayer relief available for Canadians affected by spring floods
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who have been affected by this spring’s floods of the availability of administrative tax relief. Under the federal government’s T...
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who have been affected by this spring’s floods of the availability of administrative tax relief. Under the federal government’s T...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on May 30, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate remains...
In its regularly scheduled interest rate announcement made on May 30, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate remains...
CRA issues updated payroll deduction formulas for July 1, 2018
The Canada Revenue Agency (CRA) has issued updated payroll deduction formulas for use by employers for payroll periods beginning after July 1, 2018. The updated formulas reflect changes in provincial ...
The Canada Revenue Agency (CRA) has issued updated payroll deduction formulas for use by employers for payroll periods beginning after July 1, 2018. The updated formulas reflect changes in provincial ...
Inflation rate for April at 2.2%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of April stood at 2.2%, as measured on a year-over-year basis. The rate for...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of April stood at 2.2%, as measured on a year-over-year basis. The rate for...
Changes to distribution of GST/HST reporting/remittance forms for small businesses
The Canada Revenue Agency (CRA) will be making changes to its distribution method for GST/HST reporting and remittance forms for small businesses, with those changes generally directed toward reducing...
The Canada Revenue Agency (CRA) will be making changes to its distribution method for GST/HST reporting and remittance forms for small businesses, with those changes generally directed toward reducing...
Unemployment rate unchanged in April
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change during the month of April to either employment figures or the overall unemployment rate. That un...
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change during the month of April to either employment figures or the overall unemployment rate. That un...
CRA tax topic podcasts available for download
The Canada Revenue Agency prepares and posts podcasts on a number of different tax topics, both individual and corporate. Those podcasts are available for download from the CRA website. The current se...
The Canada Revenue Agency prepares and posts podcasts on a number of different tax topics, both individual and corporate. Those podcasts are available for download from the CRA website. The current se...
Prescribed interest rates for May and June
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the months of May and June 2018. Those prescribed rates will be 3.22% during the ...
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the months of May and June 2018. Those prescribed rates will be 3.22% during the ...
Getting information about your tax refund
Taxpayers who have filed their return for the 2017 tax year and are expecting to receive a refund can track the status of that refund payment through a toll-free telephone line. That line, the CRA’s...
Taxpayers who have filed their return for the 2017 tax year and are expecting to receive a refund can track the status of that refund payment through a toll-free telephone line. That line, the CRA’s...
CRA issues warning on filing season tax scams
The Canada Revenue Agency (CRA) has issued a warning to taxpayers of the need to be particularly vigilant with respect to fraudulent text, telephone, and e-mail communications, which increase during t...
The Canada Revenue Agency (CRA) has issued a warning to taxpayers of the need to be particularly vigilant with respect to fraudulent text, telephone, and e-mail communications, which increase during t...
Inflation rate for March reaches 2.3%
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation stood at 2.3% during the month of March 2018, as measured on a year-over-year basis. The year...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation stood at 2.3% during the month of March 2018, as measured on a year-over-year basis. The year...
April 30 due date for all 2017 individual taxes owed
The Canada Revenue Agency (CRA) has issued a reminder that all individual income tax balances owed for the 2017 tax year must be paid on or before Monday April 30, 2018. April 30 is also the deadline ...
The Canada Revenue Agency (CRA) has issued a reminder that all individual income tax balances owed for the 2017 tax year must be paid on or before Monday April 30, 2018. April 30 is also the deadline ...
Unemployment rate unchanged in March
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of March 2018 stood at 5.8%. The same rate was recorded for February 2018. Employ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of March 2018 stood at 5.8%. The same rate was recorded for February 2018. Employ...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 18, the Bank of Canada indicated that no change was required to current interest rates. Accordingly, the Bank Rate will remain at 1....
In its regularly scheduled interest rate announcement made on April 18, the Bank of Canada indicated that no change was required to current interest rates. Accordingly, the Bank Rate will remain at 1....
ReFILE service for changing individual income tax returns
It is not uncommon for taxpayers to discover an error or omission in an already-filed return, and the usual means by which such error can be corrected is the filing of a T1-Adjustment form. While a co...
It is not uncommon for taxpayers to discover an error or omission in an already-filed return, and the usual means by which such error can be corrected is the filing of a T1-Adjustment form. While a co...
CRA issues reminder of taxability of income from “sharing economy”
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who receive income from the “sharing economy” that such income is taxable and must be reported on the annual tax return. Although...
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who receive income from the “sharing economy” that such income is taxable and must be reported on the annual tax return. Although...
Bank of Canada interest rate announcement dates for 2018
The Bank of Canada’s regularly scheduled interest rate announcement dates for the remainder of calendar year 2018 are as follows: April 18, 2018; May 30, 2018; July 11, 2018; September 5, 2018; Octo...
The Bank of Canada’s regularly scheduled interest rate announcement dates for the remainder of calendar year 2018 are as follows: April 18, 2018; May 30, 2018; July 11, 2018; September 5, 2018; Octo...
CRA issues update on home sale reporting requirements
Proceeds received from the sale of one’s principal residence are, in most circumstances, not taxable, as such sales are eligible for the principal residence exemption. However, as of the 2016 tax ye...
Proceeds received from the sale of one’s principal residence are, in most circumstances, not taxable, as such sales are eligible for the principal residence exemption. However, as of the 2016 tax ye...
Significant increase in inflation rate for February
The most recent release of Statistics Canada’s Consumer Price Index shows a sharp increase in inflation for the month of February. That rate stood at 2.2%, while the rate for January 2018 was 1.7%. ...
The most recent release of Statistics Canada’s Consumer Price Index shows a sharp increase in inflation for the month of February. That rate stood at 2.2%, while the rate for January 2018 was 1.7%. ...
Prescribed interest rates for second quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the second quarter of 2018, as well as the rates that will apply for the purpose...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the second quarter of 2018, as well as the rates that will apply for the purpose...
CRA issues warning on tax scams
While taxpayers fall victim to tax scams year-round, such scams are more prevalent during and just following tax filing season. During that time, taxpayers expect to hear from the tax authorities, a...
While taxpayers fall victim to tax scams year-round, such scams are more prevalent during and just following tax filing season. During that time, taxpayers expect to hear from the tax authorities, a...
CRA publication on changes to Voluntary Disclosure Program available online
In December 2017, the Canada Revenue Agency (CRA) announced that substantive changes would be made to the Agency’s Voluntary Disclosure Program (VDP). That program enables taxpayers who are in defau...
In December 2017, the Canada Revenue Agency (CRA) announced that substantive changes would be made to the Agency’s Voluntary Disclosure Program (VDP). That program enables taxpayers who are in defau...
CRA issues e-filers manual for 2017 returns
The Canada Revenue Agency has issued its Guide RC4018, Electronic Filers Manual for 2017 Income Tax and Benefit Returns. That guide is for use by certified e-filers in filing individual income tax ret...
The Canada Revenue Agency has issued its Guide RC4018, Electronic Filers Manual for 2017 Income Tax and Benefit Returns. That guide is for use by certified e-filers in filing individual income tax ret...
Unemployment rate down slightly in February
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of February 2018. That rate declined from 5.9% in the month of...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of February 2018. That rate declined from 5.9% in the month of...
Increase in Consumer Price Index for January
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation for the month of January 2018 stood at 1.7%. The rate for the previous month was 1.9%. Inflat...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation for the month of January 2018 stood at 1.7%. The rate for the previous month was 1.9%. Inflat...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 7, the Bank of Canada indicated that no change would be made to current interest rates. Accordingly, the bank rate remains at 1.5%. ...
In its regularly scheduled interest rate announcement made on March 7, the Bank of Canada indicated that no change would be made to current interest rates. Accordingly, the bank rate remains at 1.5%. ...
Budget 2018 - Personal tax credits
Budget 2018: No personal tax credits have been repealed, and there are no new personal tax rate changes....
Budget 2018: No personal tax credits have been repealed, and there are no new personal tax rate changes....
Budget 2018 - Foreign-born Status Indians
Budget 2018: Foreign-born Status Indians may now be eligible for child benefits, retroactive to 2005....
Budget 2018: Foreign-born Status Indians may now be eligible for child benefits, retroactive to 2005....
Budget 2018 - Service animals
Budget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....
Budget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....
Budget 2018 - Canada Workers Benefit
Budget 2018: Taxpayers will no longer need to apply when filing their return in order to receive the Canada Workers Benefit....
Budget 2018: Taxpayers will no longer need to apply when filing their return in order to receive the Canada Workers Benefit....
Budget 2018 - Working Income Tax Benefit amounts
Budget 2018: The Working Income Tax Benefit amounts are enhanced as of 2019, and the credit is renamed the Canada Workers Benefit...
Budget 2018: The Working Income Tax Benefit amounts are enhanced as of 2019, and the credit is renamed the Canada Workers Benefit...
Budget 2018 - Non-resident surplus stripping rules
Budget 2018: The non-resident surplus stripping rules are tightened to address the use of partnerships and trusts....
Budget 2018: The non-resident surplus stripping rules are tightened to address the use of partnerships and trusts....
Budget 2018 - CRA compliance orders
Budget 2018: Where a CRA compliance order or information requirement is contested, a new rule will “stop the clock” to prevent the tax year from being statute barred....
Budget 2018: Where a CRA compliance order or information requirement is contested, a new rule will “stop the clock” to prevent the tax year from being statute barred....
Budget 2018 - RDTOH
Budget 2018: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....
Budget 2018: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....
Budget 2018 - Investment income
Budget 2018: A corporation with $100,000 of investment income will have its small business limit reduced to $250,000....
Budget 2018: A corporation with $100,000 of investment income will have its small business limit reduced to $250,000....
Budget 2018 - Corporations' small business limit
Budget 2018: A corporation’s small business limit will be reduced where the corporation earns investment income exceeding $50,000....
Budget 2018: A corporation’s small business limit will be reduced where the corporation earns investment income exceeding $50,000....
Extended hours for CRA telephone help line
The Canada Revenue Agency (CRA) provides a 1-800 telephone service to provide tax information to Canadian taxpayers. Such information can be general in nature, or can involve the specific tax affairs ...
The Canada Revenue Agency (CRA) provides a 1-800 telephone service to provide tax information to Canadian taxpayers. Such information can be general in nature, or can involve the specific tax affairs ...
CRA issues list of approved software for NETFILING of 2017 returns
The Canada Revenue Agency’s NETFILE service for filing of individual income tax returns will be available starting Monday February 26, 2018. Taxpayers do not need to obtain an access code to file th...
The Canada Revenue Agency’s NETFILE service for filing of individual income tax returns will be available starting Monday February 26, 2018. Taxpayers do not need to obtain an access code to file th...
Unemployment rate up slightly in January
The most recent release of Statistics Canada’s Labor Force Survey shows a slight increase in the overall unemployment rate for the month of January. That rate rose by 0.1%, from 5.8% to 5.9%. That c...
The most recent release of Statistics Canada’s Labor Force Survey shows a slight increase in the overall unemployment rate for the month of January. That rate rose by 0.1%, from 5.8% to 5.9%. That c...
2018-19 Federal Budget date announced
The Federal Minister of Finance has announced that the 2018-19 federal Budget will be brought down on Tuesday, February 27, 2018. The Budget will be released at around 4 p.m. and the full Budget Paper...
The Federal Minister of Finance has announced that the 2018-19 federal Budget will be brought down on Tuesday, February 27, 2018. The Budget will be released at around 4 p.m. and the full Budget Paper...
Obtaining hard copy of a 2017 income tax return package
This year, the Canada Revenue Agency (CRA) will be providing taxpayers with hard copies of the 2017 Income Tax and Benefit package through a variety of means, and at various dates. Individuals who pap...
This year, the Canada Revenue Agency (CRA) will be providing taxpayers with hard copies of the 2017 Income Tax and Benefit package through a variety of means, and at various dates. Individuals who pap...
CRA announces NETFILE service availability dates for 2017 returns
The Canada Revenue Agency (CRA) has announced the date on which NETFILE service for the filing of individual income tax returns for the 2017 tax year will be available. NETFILE service will be availab...
The Canada Revenue Agency (CRA) has announced the date on which NETFILE service for the filing of individual income tax returns for the 2017 tax year will be available. NETFILE service will be availab...
CRA to mail tax return packages to selected taxpayers
While the majority of Canadians now file their individual income tax returns electronically, there is still a significant minority of tax filers who file using a printed return. The Canada Revenue Age...
While the majority of Canadians now file their individual income tax returns electronically, there is still a significant minority of tax filers who file using a printed return. The Canada Revenue Age...
CRA announces change to 2017 individual tax return forms
The Canada Revenue Agency (CRA) has posted a notice on its website that an “update” has been made to individual 2017 tax forms. Those forms are to be used by individual Canadians to file their ret...
The Canada Revenue Agency (CRA) has posted a notice on its website that an “update” has been made to individual 2017 tax forms. Those forms are to be used by individual Canadians to file their ret...
CRA reinstates telephone tax return filing service
For a number of years, taxpayers whose tax situation was relatively straightforward were able to file their return by telephone. That service, which was called TELEFILE, was withdrawn a few years ago....
For a number of years, taxpayers whose tax situation was relatively straightforward were able to file their return by telephone. That service, which was called TELEFILE, was withdrawn a few years ago....
Prescribed interest rates for first quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2018, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2018, as well as the rates that will apply for the purpo...
Bank of Canada raises interest rates
As widely expected, the Bank of Canada indicated, in its regularly scheduled interest rate announcement made on January 17, that an increase in the bank rate was required. The Bank’s announcement, w...
As widely expected, the Bank of Canada indicated, in its regularly scheduled interest rate announcement made on January 17, that an increase in the bank rate was required. The Bank’s announcement, w...
Federal Budget 2018-19 consultations to end January 26
Finance Canada has announced that the consultation process leading to the release of the 2018-19 federal Budget will conclude on Friday January 26, 2018. Canadians can provide input by submitting thei...
Finance Canada has announced that the consultation process leading to the release of the 2018-19 federal Budget will conclude on Friday January 26, 2018. Canadians can provide input by submitting thei...
CRA issues individual T1 Tax Return Form and Guide for 2017
The Canada Revenue Agency has released the T1 Individual Income Tax Return and Benefit form to be used by individual Canadian taxpayers in filing their return for the 2017 tax year. The T1 form is ava...
The Canada Revenue Agency has released the T1 Individual Income Tax Return and Benefit form to be used by individual Canadian taxpayers in filing their return for the 2017 tax year. The T1 form is ava...
Unemployment rate for December 2017 down to 5.7%
The most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2017 stood at 5.7%. The last period for which that rate was recorded...
The most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2017 stood at 5.7%. The last period for which that rate was recorded...
Small business tax rate reduced effective January 1
As previously announced, the federal small business tax rate is reduced to 10.0%, effective as of January 1, 2018. There is no change in the federal small business limit, which remains at $500,000. Th...
As previously announced, the federal small business tax rate is reduced to 10.0%, effective as of January 1, 2018. There is no change in the federal small business limit, which remains at $500,000. Th...
Automobile deduction and benefit limits for 2018
Finance Canada has announced the limits and thresholds which will apply for purposes of determining automobile benefits and deductions during 2018. Most such deduction limits and thresholds are unchan...
Finance Canada has announced the limits and thresholds which will apply for purposes of determining automobile benefits and deductions during 2018. Most such deduction limits and thresholds are unchan...
CRA issues guidance on upcoming changes to small business tax rules
Planned changes to the federal income tax rules governing the taxation of small incorporated Canadian businesses are to take effect for 2018. One of those changes will include greater restrictions on ...
Planned changes to the federal income tax rules governing the taxation of small incorporated Canadian businesses are to take effect for 2018. One of those changes will include greater restrictions on ...
Changes to be made to Voluntary Disclosure Program
The Canada Revenue Agency (CRA) provides an administrative program under which taxpayers who have failed to file returns or pay taxes on a timely basis can bring their tax affairs into compliance, usu...
The Canada Revenue Agency (CRA) provides an administrative program under which taxpayers who have failed to file returns or pay taxes on a timely basis can bring their tax affairs into compliance, usu...
Age 71 final RRSP contribution to be made by December 31
Taxpayers who are turning age 71 during the year and who have available contribution room are entitled to make a final RRSP contribution for that year. Such contributions must be made by the end of th...
Taxpayers who are turning age 71 during the year and who have available contribution room are entitled to make a final RRSP contribution for that year. Such contributions must be made by the end of th...
NETFILE service for 2016 returns available until January 19
Taxpayers who have not yet filed their return for the 2016 tax year will have until January 19, 2018 to file that return using NETFILE. Until that date, returns for the 2013, 2014, 2015, and 2016 tax ...
Taxpayers who have not yet filed their return for the 2016 tax year will have until January 19, 2018 to file that return using NETFILE. Until that date, returns for the 2013, 2014, 2015, and 2016 tax ...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 6, the Bank of Canada indicated that, in its view, no change is required to current rates. Accordingly, the bank rate remains at ...
In its regularly scheduled interest rate announcement made on December 6, the Bank of Canada indicated that, in its view, no change is required to current rates. Accordingly, the bank rate remains at ...
Unemployment rate down in November
The most recent release of Statistic’s Canada’s Labour Force Survey shows a slight decline in the overall unemployment for the month of November. That rate declined by 0.4%, to 5.9%. The November ...
The most recent release of Statistic’s Canada’s Labour Force Survey shows a slight decline in the overall unemployment for the month of November. That rate declined by 0.4%, to 5.9%. The November ...
T4127 for 2018 payroll deduction amounts released
The Canada Revenue Agency has issued the 2018 version of its publication T4127(E), Payroll Deductions Formulas. The guide is intended for use by payroll software providers and by employers which manag...
The Canada Revenue Agency has issued the 2018 version of its publication T4127(E), Payroll Deductions Formulas. The guide is intended for use by payroll software providers and by employers which manag...
CRA issues federal TD1 Form and TD1 Worksheet for 2018
The Canada Revenue Agency has issued the federal TD1 Form and Worksheet which will be used by taxpayers and their employers to determine required federal income tax source deductions for the upcoming ...
The Canada Revenue Agency has issued the federal TD1 Form and Worksheet which will be used by taxpayers and their employers to determine required federal income tax source deductions for the upcoming ...
Inflation rate up by 1.4% in October
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows an inflation rate of 1.4% for the month of October, as measured on a year-over-year basis. The equivalent rate for the...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows an inflation rate of 1.4% for the month of October, as measured on a year-over-year basis. The equivalent rate for the...
Finance launches pre-budget consultations
Finance Canada has begun the consultation process leading to the release of the 2018-19 federal Budget. As part of that budget consultation process, the Minister of Finance is holding in-person public...
Finance Canada has begun the consultation process leading to the release of the 2018-19 federal Budget. As part of that budget consultation process, the Minister of Finance is holding in-person public...
CRA to provide online filing for trust tax and information returns
Effective as of January 8, 2018, administrators and representatives of qualifying Canadian trusts will be able to file trust income tax and information returns online, through the Canada Revenue Agenc...
Effective as of January 8, 2018, administrators and representatives of qualifying Canadian trusts will be able to file trust income tax and information returns online, through the Canada Revenue Agenc...
Employment Insurance premium rates for 2018
The federal government has announced the premium rates and maximum insurable earnings amount which will be in place for the 2018 calendar year. The premium rate for the year for employees has been set...
The federal government has announced the premium rates and maximum insurable earnings amount which will be in place for the 2018 calendar year. The premium rate for the year for employees has been set...
CRA announces CPP contribution rates and amounts for 2018
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts for both employers and employees which will apply for 2018. Maximum pensionable earnings for the year will be $55,900 (...
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts for both employers and employees which will apply for 2018. Maximum pensionable earnings for the year will be $55,900 (...
BC - Retroactive homeowner grant application process now open
The province provides qualifying B.C. homeowners with a grant to help with the cost of annual property taxes. A retroactive grant application process is now open for B.C. residents who qualified for b...
The province provides qualifying B.C. homeowners with a grant to help with the cost of annual property taxes. A retroactive grant application process is now open for B.C. residents who qualified for b...
BC - Province to provide one-time Recovery Benefit to eligible individuals and families
The provincial government has announced that it will be providing a new B.C. Recovery Benefit to eligible individuals and families resident in the province. The Recovery Benefit is a one-time benefit,...
The provincial government has announced that it will be providing a new B.C. Recovery Benefit to eligible individuals and families resident in the province. The Recovery Benefit is a one-time benefit,...
BC - Declaration period now open for speculation and vacancy tax for 2020
The province of British Columbia imposes a speculation and vacancy tax on some residential properties located in major urban areas of the province. Residential property owner(s) in the designated taxa...
The province of British Columbia imposes a speculation and vacancy tax on some residential properties located in major urban areas of the province. Residential property owner(s) in the designated taxa...
BC - Changes to Home Owner Grant application process for 2021
The British Columbia government has announced that, effective as of 2021, changes have been made to process by which residents of the province apply for the Home Owner Grant. That Home Owner Grant red...
The British Columbia government has announced that, effective as of 2021, changes have been made to process by which residents of the province apply for the Home Owner Grant. That Home Owner Grant red...
BC - Personal tax credit amounts for 2021
The province of British Columbia will provide the following personal tax amounts for 2021. Basic personal amount …………………………………… $11,070 Spouse or common law partner amount ...
The province of British Columbia will provide the following personal tax amounts for 2021. Basic personal amount …………………………………… $11,070 Spouse or common law partner amount ...
BC - Individual income tax rates and brackets for 2021
During the 2021 taxation year the province of British Columbia will levy individual income tax using the following income brackets and tax rates. Tax Rate ...
During the 2021 taxation year the province of British Columbia will levy individual income tax using the following income brackets and tax rates. Tax Rate ...
BC - Province provides temporary increase in rebates for home energy conversions
The province of British Columbia provides rebates in varying amounts to homeowners who convert their home energy equipment from fossil-fuel-based systems. The province recently announced that such reb...
The province of British Columbia provides rebates in varying amounts to homeowners who convert their home energy equipment from fossil-fuel-based systems. The province recently announced that such reb...
BC - Interest Rates - 2021
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - Province issues Fall Fiscal Update
On December 17, the provincial Minister of Finance released British Columbia’s Fall Fiscal Update for the 2020-21 fiscal year. B.C. is now forecast to end the 2020-21 fiscal year with a deficit of $...
On December 17, the provincial Minister of Finance released British Columbia’s Fall Fiscal Update for the 2020-21 fiscal year. B.C. is now forecast to end the 2020-21 fiscal year with a deficit of $...
BC - December 31 deadline for property tax deferral applications
British Columbia provides a program under which eligible individuals may be able to defer payment of property taxes owed on a principal residence located in the province. That program is available to ...
British Columbia provides a program under which eligible individuals may be able to defer payment of property taxes owed on a principal residence located in the province. That program is available to ...
BC - Application process for B.C. Recovery Benefit opens December 18
The province will be providing B.C. residents with a B.C. Recovery Benefit of up to $500 per eligible individual and up to $1,000 per eligible family or single parent. Eligibility for the benefit is b...
The province will be providing B.C. residents with a B.C. Recovery Benefit of up to $500 per eligible individual and up to $1,000 per eligible family or single parent. Eligibility for the benefit is b...
BC - Payroll deduction formulas for 2021 released
The federal government has issued the payroll deduction formulas to be used by employers in British Columbia during the 2021 taxation year. Those formulas are outlined in Canada Revenue Agency publica...
The federal government has issued the payroll deduction formulas to be used by employers in British Columbia during the 2021 taxation year. Those formulas are outlined in Canada Revenue Agency publica...
BC - Farmers’ food donation tax credit program extended
The farmers' food donation tax credit is a non-refundable income tax credit to encourage farmers and farming corporations to donate certain agricultural products that they produce in B.C. to register...
The farmers' food donation tax credit is a non-refundable income tax credit to encourage farmers and farming corporations to donate certain agricultural products that they produce in B.C. to register...
BC - Province extends rent freeze until July 2021
The provincial government has announced that the current residential rent freeze will be extended until July 10, 2021. The extension is effective immediately, such that increases set to happen on Dece...
The provincial government has announced that the current residential rent freeze will be extended until July 10, 2021. The extension is effective immediately, such that increases set to happen on Dece...
BC - Training tax credits to be available until end of 2022
Employers and apprentices in the province who take part in eligible apprenticeship programs can claim a training tax credit. Programs eligible for that credit include both Red Seal and non-Red Seal tr...
Employers and apprentices in the province who take part in eligible apprenticeship programs can claim a training tax credit. Programs eligible for that credit include both Red Seal and non-Red Seal tr...
BC - Province defers planned increase in carbon tax rate
The B.C. government previously announced an increase in the provincial carbon tax rate, which was to be implemented in April 2020. The implementation of that change was subsequently deferred until at ...
The B.C. government previously announced an increase in the provincial carbon tax rate, which was to be implemented in April 2020. The implementation of that change was subsequently deferred until at ...
BC - Province provides extended deadlines for payment of EHT instalments
Businesses in British Columbia which have an annual payroll of $500,000 or more are subject to the provincial Employer Health Tax (EHT). Businesses subject to EHT are also required to make instalment ...
Businesses in British Columbia which have an annual payroll of $500,000 or more are subject to the provincial Employer Health Tax (EHT). Businesses subject to EHT are also required to make instalment ...
BC - Interest Rates - 2020
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - Provincial sales tax rebate to be provided on acquisitions of qualifying equipment and machinery
The provincial government has announced that it will be providing incorporated British Columbia businesses with a rebate of provincial sales tax (PST) paid on acquisitions of qualifying equipment and ...
The provincial government has announced that it will be providing incorporated British Columbia businesses with a rebate of provincial sales tax (PST) paid on acquisitions of qualifying equipment and ...
BC - Province extends deadline for claims for corporate tax credits
The province of British Columbia provides a number of refundable and non-refundable tax credits to corporations doing business in the province. Each of those tax credit programs has a different deadli...
The province of British Columbia provides a number of refundable and non-refundable tax credits to corporations doing business in the province. Each of those tax credit programs has a different deadli...
BC - Province introduces new increased employment incentive for employers
The provincial government has announced that qualifying employers in British Columbia who increase the amount of remuneration paid during the fourth quarter of 2020 may be eligible for a new 15% refun...
The provincial government has announced that qualifying employers in British Columbia who increase the amount of remuneration paid during the fourth quarter of 2020 may be eligible for a new 15% refun...
BC - Interest relief period ends on September 30, 2020
As part of its pandemic relief measures, the province announced earlier this year that it would provide an interest relief period with respect to payments owed under a wide range of provincial tax pro...
As part of its pandemic relief measures, the province announced earlier this year that it would provide an interest relief period with respect to payments owed under a wide range of provincial tax pro...
BC - Province sets limit for residential rent increases in 2021
The provincial government has announced that, under British Columbia’s rent control legislation, the maximum allowable rent increase for 2021 has been set at 1.4%. In addition, to protect tenants wh...
The provincial government has announced that, under British Columbia’s rent control legislation, the maximum allowable rent increase for 2021 has been set at 1.4%. In addition, to protect tenants wh...
BC - Province releases 2019-20 public accounts
The provincial government has released the full Public Accounts for the 2019-2020 fiscal year which ended on March 31, 2020, and those figures confirm the economic impact of the current pandemic. The ...
The provincial government has released the full Public Accounts for the 2019-2020 fiscal year which ended on March 31, 2020, and those figures confirm the economic impact of the current pandemic. The ...
BC - Employer health tax filing and payment deadline extended
B.C. Small Business and Revenue has announced that the filing and payment deadline for Employer Health Tax (EHT) returns for 2019 has been extended. Following the change, such returns and final paymen...
B.C. Small Business and Revenue has announced that the filing and payment deadline for Employer Health Tax (EHT) returns for 2019 has been extended. Following the change, such returns and final paymen...
BC - Province announces changes to employer health tax instalment payment due dates
The province of British Columbia imposes an employer health (payroll) tax, and employers subject to that tax must make instalment payments throughout the year. Employers required to make instalment pa...
The province of British Columbia imposes an employer health (payroll) tax, and employers subject to that tax must make instalment payments throughout the year. Employers required to make instalment pa...
BC - Province updates tobacco tax web pages
British Columbia Small Business and Revenue has updated the webpages for the provincial tobacco tax, to eliminate outdated information and to correct errors. The updated webpages can be found at Buyi...
British Columbia Small Business and Revenue has updated the webpages for the provincial tobacco tax, to eliminate outdated information and to correct errors. The updated webpages can be found at Buyi...
BC - Updated PST bulletin outlines tax treatment of cannabis and vaping related products
British Columbia Small Business and Revenue has updated and re-issued its bulletin on the application of provincial sales tax to various types of goods sold in grocery and drug stores in the province....
British Columbia Small Business and Revenue has updated and re-issued its bulletin on the application of provincial sales tax to various types of goods sold in grocery and drug stores in the province....
BC - Fiscal update projects deficit of up to $12.5 billion for 2020-21
On July 14, the British Columbia government provided an updated report on the province’s finances as of the end of the 2020-21 fiscal year. That Economic and Fiscal Update indicates that the costs o...
On July 14, the British Columbia government provided an updated report on the province’s finances as of the end of the 2020-21 fiscal year. That Economic and Fiscal Update indicates that the costs o...
BC - New sales tax exemption provided to real property contractors
As announced in this year’s provincial Budget, real property contractors who supply and affix — or install — goods so that they become part of real property situated outside British Columbia are...
As announced in this year’s provincial Budget, real property contractors who supply and affix — or install — goods so that they become part of real property situated outside British Columbia are...
BC - Changes to registration requirements for provincial sales tax
As announced in this year’s provincial Budget, changes were made to the registration requirements for purposes of provincial sales tax (PST), effective as of July 1, 2020. B.C. Small Business and Re...
As announced in this year’s provincial Budget, changes were made to the registration requirements for purposes of provincial sales tax (PST), effective as of July 1, 2020. B.C. Small Business and Re...
BC - Eligibility criteria for provincial Emergency Benefit for Workers expanded
Earlier this year, the provincial government announced the creation of the B.C. Emergency Benefit for Workers, a one-time, tax-free payment of $1,000. This benefit was payable to B.C. workers who had ...
Earlier this year, the provincial government announced the creation of the B.C. Emergency Benefit for Workers, a one-time, tax-free payment of $1,000. This benefit was payable to B.C. workers who had ...
BC - Upcoming deadlines for property tax deferral and Home Owner Grant applications for 2020
The province provides a property tax deferral program for qualifying residents, as well as a Home Owner Grant program to help offset property tax costs. Applications under both the property tax deferr...
The province provides a property tax deferral program for qualifying residents, as well as a Home Owner Grant program to help offset property tax costs. Applications under both the property tax deferr...
BC - Interest Rates - 2020
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - Province launches online consultation process for 2021 Budget
The provincial government has announced that the consultation process for the 2021-22 Budget will be held this month, and will be conducted entirely online. The next B.C. Budget will be brought down i...
The provincial government has announced that the consultation process for the 2021-22 Budget will be held this month, and will be conducted entirely online. The next B.C. Budget will be brought down i...
BC - Filing deadline for logging tax returns deferred
The provincial government has announced that corporations that have a B.C. logging tax return due between the periods of March 18, 2020 to August 31, 2020 must file that return on or before September ...
The provincial government has announced that corporations that have a B.C. logging tax return due between the periods of March 18, 2020 to August 31, 2020 must file that return on or before September ...
BC - Province extends payment of provincial tax credits and benefits
The benefit year for many federal and provincial benefits, including the B.C. Climate Action Tax Credit and the Early Childhood Tax Benefit runs from July 1 to June 30. Eligibility for and the amount ...
The benefit year for many federal and provincial benefits, including the B.C. Climate Action Tax Credit and the Early Childhood Tax Benefit runs from July 1 to June 30. Eligibility for and the amount ...
BC - Provincial minimum wage to increase June 1, 2020
As previously announced, the general minimum wage payable in British Columbia will increase by 75 cents, from $13.85 to $14.60 per hour. The change is effective as of June 1, 2020. The general minimum...
As previously announced, the general minimum wage payable in British Columbia will increase by 75 cents, from $13.85 to $14.60 per hour. The change is effective as of June 1, 2020. The general minimum...
BC - Disaster Financial Assistance available for overland flood damage
The provincial government has announced that Disaster Financial Assistance (DFA) is now available for eligible British Columbians in the Cariboo Regional District and the Fraser-Fort George Regional D...
The provincial government has announced that Disaster Financial Assistance (DFA) is now available for eligible British Columbians in the Cariboo Regional District and the Fraser-Fort George Regional D...
BC - Applications available for provincial emergency benefit for workers
Residents of British Columbia who are eligible for the federal Canada Emergency Response Benefit may also receive the B.C. Emergency Benefit for Workers (BCEBW), and the online application process for...
Residents of British Columbia who are eligible for the federal Canada Emergency Response Benefit may also receive the B.C. Emergency Benefit for Workers (BCEBW), and the online application process for...
BC - Update issued to changes to sales tax filing and payment deadlines
The provincial government previously announced that, effective as of March 23, 2020, filing and payment due dates for provincial sales taxes had been deferred until September 30, 2020. That notice (20...
The provincial government previously announced that, effective as of March 23, 2020, filing and payment due dates for provincial sales taxes had been deferred until September 30, 2020. That notice (20...
BC - Changes to property tax deferment application process
British Columbia provides a program under which qualifying homeowners in the province can defer payment of their property taxes. Homeowners can apply for the deferment as soon as they receive their pr...
British Columbia provides a program under which qualifying homeowners in the province can defer payment of their property taxes. Homeowners can apply for the deferment as soon as they receive their pr...
BC - Applications available for temporary rental supplement
The provincial government has announced that it will be providing a temporary rental supplement for eligible residents of British Columbia, and that applications for that rental supplement can now be ...
The provincial government has announced that it will be providing a temporary rental supplement for eligible residents of British Columbia, and that applications for that rental supplement can now be ...
BC - Province to provide one-time emergency benefit to workers
The provincial government has announced that it will be providing a one-time tax-free payment of $1,000 to B.C. residents who are unable to work due to the pandemic. Details of how the payment will be...
The provincial government has announced that it will be providing a one-time tax-free payment of $1,000 to B.C. residents who are unable to work due to the pandemic. Details of how the payment will be...
BC - Carbon tax rates frozen and climate action incentive increased
The British Columbia government has announced that changes to the province’s carbon tax rates which were scheduled to take effect as of April 1, 2020 will not be implemented, and that such rates are...
The British Columbia government has announced that changes to the province’s carbon tax rates which were scheduled to take effect as of April 1, 2020 will not be implemented, and that such rates are...
BC - Filing and payment deadlines extended for some provincial tax programs
The provincial government has announced that, effective as of March 23, 2020, filing and payment deadlines for most provincial payroll, consumption, and commodity taxes have been extended to September...
The provincial government has announced that, effective as of March 23, 2020, filing and payment deadlines for most provincial payroll, consumption, and commodity taxes have been extended to September...
BC - Interest Rates - 2020
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - Carbon tax rates to increase April 1, 2020
The provincial government has announced that B.C.’s carbon tax rates will increase, effective as of April 1, 2020. In addition, changes will be made to those rates to align them with “federal carb...
The provincial government has announced that B.C.’s carbon tax rates will increase, effective as of April 1, 2020. In addition, changes will be made to those rates to align them with “federal carb...
BC - 2020-21 Budget includes new post-secondary student grant program
The 2020-21 provincial Budget brought down on February 18 included an announcement of a new post-secondary student grant program which will take effect for the fall 2020 semester. Eligibility for the ...
The 2020-21 provincial Budget brought down on February 18 included an announcement of a new post-secondary student grant program which will take effect for the fall 2020 semester. Eligibility for the ...
BC - Training tax credits extended for further three years
The province provides a training tax credit for employers and apprentices who take part in eligible apprenticeship programs. There are three main elements to the training tax credit, as follows: Basic...
The province provides a training tax credit for employers and apprentices who take part in eligible apprenticeship programs. There are three main elements to the training tax credit, as follows: Basic...
BC - 2020-21 Budget includes tax increase for high-income taxpayers
The 2020-21 provincial Budget, which was brought down on February 18, included the announcement of a tax increase for high-income residents of the province. The Minister of Finance announced that a ne...
The 2020-21 provincial Budget, which was brought down on February 18, included the announcement of a tax increase for high-income residents of the province. The Minister of Finance announced that a ne...
BC - Online property tax deferment applications available in May 2020
The province provides a property tax deferment program which enables qualifying residents of British Columbia to defer payment of their property taxes to a future date, through a low-interest loan pro...
The province provides a property tax deferment program which enables qualifying residents of British Columbia to defer payment of their property taxes to a future date, through a low-interest loan pro...
BC - B.C. Finance makes Tax Interpretation Manual available online
The B.C. Ministry of Finance has announced that its Tax Interpretation Manual (TIM) for provincial consumption tax statutes is now available online. The TIM describes how the Ministry of Finance inter...
The B.C. Ministry of Finance has announced that its Tax Interpretation Manual (TIM) for provincial consumption tax statutes is now available online. The TIM describes how the Ministry of Finance inter...
BC - 2019 tax return package for B.C. residents now available online
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide to be used by individuals who were residents of British Columbia as of December 31, 2019. That return and guide ...
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide to be used by individuals who were residents of British Columbia as of December 31, 2019. That return and guide ...
BC - Speculation and vacancy tax declaration due by March 31, 2020
Between January 24 and February 21, British Columbia homeowners living in communities where the speculation and vacancy tax applies will receive, by mail, a package which includes the required declara...
Between January 24 and February 21, British Columbia homeowners living in communities where the speculation and vacancy tax applies will receive, by mail, a package which includes the required declara...
BC - Interest Rates - 2020
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - Province reduces Home Owner Grant assessment threshold for 2020
The province of British Columbia provides a grant program – the Home Owner Grant – to help offset property taxes payable by eligible B.C. homeowners. The grant ranges from $570 to $1,045 and is re...
The province of British Columbia provides a grant program – the Home Owner Grant – to help offset property taxes payable by eligible B.C. homeowners. The grant ranges from $570 to $1,045 and is re...
BC - Medical services plan (MSP) premiums eliminated as of January 1, 2020
Effective as of January 1, 2020, B.C. residents will no longer be required to make Medical Services Plan premium payments. In 2017, the provincial government announced that such premium payments would...
Effective as of January 1, 2020, B.C. residents will no longer be required to make Medical Services Plan premium payments. In 2017, the provincial government announced that such premium payments would...
BC - Personal tax credit amounts for 2020
The province of British Columbia will provide the following personal tax credit amounts for 2020: Basic personal amount ……………………………… $10,949 Spouse or common law partner ...
The province of British Columbia will provide the following personal tax credit amounts for 2020: Basic personal amount ……………………………… $10,949 Spouse or common law partner ...
BC - Tobacco tax increase to take effect January 1, 2020
As previously announced, the province’s tobacco tax will increase by 2 cents per cigarette, to 29.5 cents, effective as of January 1, 2020. As a consequence of that increase, all retail and wholesal...
As previously announced, the province’s tobacco tax will increase by 2 cents per cigarette, to 29.5 cents, effective as of January 1, 2020. As a consequence of that increase, all retail and wholesal...
BC - Province issues second-quarter fiscal results
The provincial government has released the figures summarizing British Columbia’s revenue and expenditure picture as of the end of the second quarter of the 2019-20 fiscal year. The second quarter o...
The provincial government has released the figures summarizing British Columbia’s revenue and expenditure picture as of the end of the second quarter of the 2019-20 fiscal year. The second quarter o...
BC - Sales tax on vaping products to increase January 1, 2020
The provincial government has announced that the provincial sales tax (PST) rate applied to vaping products will increase from 7% to 20%, effective as of January 1, 2020. The government also indicated...
The provincial government has announced that the provincial sales tax (PST) rate applied to vaping products will increase from 7% to 20%, effective as of January 1, 2020. The government also indicated...
BC - December 31, 2019 deadline for Employer Health Tax registration
Effective as of January 1, 2019, the province introduced a new Employer Health (payroll) Tax (EHT). All employers in the province who are subject to the tax (generally, for for-profit employers, those...
Effective as of January 1, 2019, the province introduced a new Employer Health (payroll) Tax (EHT). All employers in the province who are subject to the tax (generally, for for-profit employers, those...
BC - Home Owner Grant application deadline December 31, 2019
Qualifying homeowners in the province may receive a Home Owner Grant to help offset the cost of property taxes payable on their principal residence. The terms and qualifications for this grant differ,...
Qualifying homeowners in the province may receive a Home Owner Grant to help offset the cost of property taxes payable on their principal residence. The terms and qualifications for this grant differ,...
BC - Renewal of IFTA licences for 2020
The province has issued a reminder to holders of International Fuel Tax Agreement licences that current licences will expire at the end of the calendar year. In order to receive a licence for 2020 pri...
The province has issued a reminder to holders of International Fuel Tax Agreement licences that current licences will expire at the end of the calendar year. In order to receive a licence for 2020 pri...
BC - Province’s triple AAA credit rating affirmed
A press release issued by the provincial government indicates that the credit rating agency Standard & Poor’s has affirmed British Columbia’s AAA long-term rating. The province will, as a resu...
A press release issued by the provincial government indicates that the credit rating agency Standard & Poor’s has affirmed British Columbia’s AAA long-term rating. The province will, as a resu...
BC - Interest Rates - 2019
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax and insurance premium tax. T...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax and insurance premium tax. T...
BC - Province releases first quarter results for 2019-2020
The British Columbia government has released figures summarizing the province’s fiscal position as of the end of the first quarter of 2019-20 (June 30, 2019). Those figures show that the province is...
The British Columbia government has released figures summarizing the province’s fiscal position as of the end of the first quarter of 2019-20 (June 30, 2019). Those figures show that the province is...
BC - Employer Health Tax instalment payment due September 15
As of January 1, 2019, the province of British Columbia imposes an Employer Health (payroll) Tax (EHT) to help fund the province’s health care system. The EHT generally applies to companies within t...
As of January 1, 2019, the province of British Columbia imposes an Employer Health (payroll) Tax (EHT) to help fund the province’s health care system. The EHT generally applies to companies within t...
BC - Province enhances small business venture capital tax credit
British Columbia provides individual taxpayers in the province with a Small Business Venture Capital Tax Credit, the purpose of which is to encourage equity capital investments in B.C. small businesse...
British Columbia provides individual taxpayers in the province with a Small Business Venture Capital Tax Credit, the purpose of which is to encourage equity capital investments in B.C. small businesse...
BC - Farmers food donation tax credit program extended to end of 2020
The provincial government provides B.C. farmers (whether individuals or corporations) with a tax credit for qualifying food donations made. For both individuals and corporations, the credit is equal t...
The provincial government provides B.C. farmers (whether individuals or corporations) with a tax credit for qualifying food donations made. For both individuals and corporations, the credit is equal t...
BC - Information provided on EHT and First Nations employers and employees
B.C. Small Business and Revenue has issued information on the application of the provincial employer health tax to First Nations employers and employees. The update, which can be found at https://www2...
B.C. Small Business and Revenue has issued information on the application of the provincial employer health tax to First Nations employers and employees. The update, which can be found at https://www2...
BC - Second instalment payment of employer health tax due September 15
Effective as of January 1, 2019, the province levies an employer health (payroll) tax on annual remuneration over $500,000 paid in British Columbia. Employers whose annual EHT liability is more than $...
Effective as of January 1, 2019, the province levies an employer health (payroll) tax on annual remuneration over $500,000 paid in British Columbia. Employers whose annual EHT liability is more than $...
BC - Updated bulletin issued on sales tax on promotional materials
B.C. Small Business and Revenue has updated and re-issued the provincial tax bulletin (Bulletin PST 311) which outlines the provincial sales tax (PST) treatment of materials purchased and provided for...
B.C. Small Business and Revenue has updated and re-issued the provincial tax bulletin (Bulletin PST 311) which outlines the provincial sales tax (PST) treatment of materials purchased and provided for...
BC - Province releases financial results for fiscal 2018-19
The province has announced the final revenue, expenditure, and surplus/deficit figures for its fiscal year ended March 31, 2019. Those Public Accounts indicate that provincial revenue for the year was...
The province has announced the final revenue, expenditure, and surplus/deficit figures for its fiscal year ended March 31, 2019. Those Public Accounts indicate that provincial revenue for the year was...
BC - Training tax credits available until December 31, 2019
The province of British Columbia provides training tax credits which may be claimed by both apprentices and by their employers. Such credits are paid to qualifying apprentices upon the completion of e...
The province of British Columbia provides training tax credits which may be claimed by both apprentices and by their employers. Such credits are paid to qualifying apprentices upon the completion of e...
BC - Increase in tax levied on gasoline and diesel in Greater Vancouver
Effective July 1, 2019, the dedicated tax on clear gasoline and clear diesel sold inside the Greater Vancouver area was increased by 1.5¢ per litre. To reflect that change, the following tax bulletin...
Effective July 1, 2019, the dedicated tax on clear gasoline and clear diesel sold inside the Greater Vancouver area was increased by 1.5¢ per litre. To reflect that change, the following tax bulletin...
BC - Province receives AAA rating from three agencies
Each of the three major credit rating agencies has provided British Columbia with a triple-A rating. In providing those ratings, Moody’s, DBRS, and Standard & Poor’s cited British Columbia’s...
Each of the three major credit rating agencies has provided British Columbia with a triple-A rating. In providing those ratings, Moody’s, DBRS, and Standard & Poor’s cited British Columbia’s...
BC - Interest Rates - 2019
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - Speculation and vacancy tax audit procedures announced
The province imposes a Speculation and Vacancy tax on owners of certain residential properties in specified areas of the province. All residential property owners in those areas, in order to be exempt...
The province imposes a Speculation and Vacancy tax on owners of certain residential properties in specified areas of the province. All residential property owners in those areas, in order to be exempt...
BC - Climate action tax credit to be increased effective July 1
The province of British Columbia provides a climate action tax credit to eligible B.C. residents, to help offset the impact of carbon tax. The amount of climate action tax credit will be increased, ef...
The province of British Columbia provides a climate action tax credit to eligible B.C. residents, to help offset the impact of carbon tax. The amount of climate action tax credit will be increased, ef...
BC - Applying for the provincial property tax deferral program
The province provides a program through which eligible B.C. homeowners can defer payment of their property taxes. An application is required to participate in the program and, before applying, the hom...
The province provides a program through which eligible B.C. homeowners can defer payment of their property taxes. An application is required to participate in the program and, before applying, the hom...
BC - Updated Bulletin issued on tax appeals
Taxpayers in the province have the right to appeal assessments, disallowed refunds, and other decisions made by the provincial Minister of Finance under a broad range of taxing statutes. Those statute...
Taxpayers in the province have the right to appeal assessments, disallowed refunds, and other decisions made by the provincial Minister of Finance under a broad range of taxing statutes. Those statute...
BC - Province provides updated information on Employer Health Tax
British Columbia implemented an employer health (payroll) tax effective January 1, 2019. B.C. Small Business and Revenue recently posted updated information with respect to the tax on the EHT website....
British Columbia implemented an employer health (payroll) tax effective January 1, 2019. B.C. Small Business and Revenue recently posted updated information with respect to the tax on the EHT website....
BC - Province’s triple A credit rating affirmed by Moody’s
The international credit rating agency Moody’s Investors Services has affirmed British Columbia’s AAA credit rating, with a stable outlook. In its rating decision, Moody’s cited the province’s...
The international credit rating agency Moody’s Investors Services has affirmed British Columbia’s AAA credit rating, with a stable outlook. In its rating decision, Moody’s cited the province’s...
BC - Provincial minimum wage increases effective June 1
Effective as of June 1, 2019, the British Columbia general minimum wage will increase from $12.65 per hour to $13.85 per hour. As of the same date, minimum wage rates payable to workers in specific ty...
Effective as of June 1, 2019, the British Columbia general minimum wage will increase from $12.65 per hour to $13.85 per hour. As of the same date, minimum wage rates payable to workers in specific ty...
BC - Province increases energy-efficiency rebates
British Columbia provides a program — Clean B.C. — in which homeowners who purchase new energy-efficient products and equipment can receive a rebate to help offset a portion of the purchase price....
British Columbia provides a program — Clean B.C. — in which homeowners who purchase new energy-efficient products and equipment can receive a rebate to help offset a portion of the purchase price....
BC - Carbon tax changes effective April 1, 2019
Effective as of April 1, 2019, increases in provincial carbon tax rates took effect. Bulletin MFT-CT 005, Tax Rates on Fuels, has been updated to reflect those changes. Consequential changes have bee...
Effective as of April 1, 2019, increases in provincial carbon tax rates took effect. Bulletin MFT-CT 005, Tax Rates on Fuels, has been updated to reflect those changes. Consequential changes have bee...
BC - Changes made to update tobacco tax website
B.C. Small Business and Revenue has announced that it has updated and redesigned its website for the provincial tobacco tax. As part of that redesign, the following tobacco tax bulletins have been ret...
B.C. Small Business and Revenue has announced that it has updated and redesigned its website for the provincial tobacco tax. As part of that redesign, the following tobacco tax bulletins have been ret...
BC - Updated information added to Speculation and Vacancy tax website
The provincial government imposes a Speculation and Vacancy tax intended to target foreign and domestic speculators who own residences in B.C. but who do not pay taxes in the province. Property owners...
The provincial government imposes a Speculation and Vacancy tax intended to target foreign and domestic speculators who own residences in B.C. but who do not pay taxes in the province. Property owners...
BC - Provincial minimum wage to increase June 1
As of June 1, 2019, the general minimum wage payable in the province will increase by $1.20 per hour, from $12.65 to $13.85. Different minimum wage rates apply to liquor servers, live-in camp leaders,...
As of June 1, 2019, the general minimum wage payable in the province will increase by $1.20 per hour, from $12.65 to $13.85. Different minimum wage rates apply to liquor servers, live-in camp leaders,...
BC - Interest Rates - 2019
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - Province extends training tax credit programs
In this year’s Budget, the province announced that its program of training tax credits, which was scheduled to end on December 31, 2018, has instead been extended and will be available until the end...
In this year’s Budget, the province announced that its program of training tax credits, which was scheduled to end on December 31, 2018, has instead been extended and will be available until the end...
BC - Province expands Venture Capital Tax Credit program
The province provides a Venture Capital Tax Credit (VCC) program, under which individual investors can claim a tax credit for qualifying investments made during the year or within 60 days after year e...
The province provides a Venture Capital Tax Credit (VCC) program, under which individual investors can claim a tax credit for qualifying investments made during the year or within 60 days after year e...
BC - Climate action tax credit amounts to increase July 1, 2019
The province of British Columbia provides a non-taxable climate action tax credit to help offset the impact of the carbon taxes paid by provincial residents. That credit is paid four times a year, com...
The province of British Columbia provides a non-taxable climate action tax credit to help offset the impact of the carbon taxes paid by provincial residents. That credit is paid four times a year, com...
BC - Province to provide new Child Opportunity Benefit
As announced in the recent provincial Budget, and effective as of October 1, 2020, the existing early childhood tax benefit will be combined with the new Child Opportunity Benefit to provide a single ...
As announced in the recent provincial Budget, and effective as of October 1, 2020, the existing early childhood tax benefit will be combined with the new Child Opportunity Benefit to provide a single ...
BC - 2019-20 Budget eliminates interest on government student loans
In the 2019-20 B.C. Budget brought down on February 19, the provincial government announced that it was eliminating interest charges on all student loans, effective immediately. The change means that ...
In the 2019-20 B.C. Budget brought down on February 19, the provincial government announced that it was eliminating interest charges on all student loans, effective immediately. The change means that ...
BC - Notice provided on third-party payments of employer health tax
As of January 1, 2019, the province implemented a payroll tax — the Employer Health Tax (EHT). B.C. Small Business and Revenue has now issued a Notice providing information on the remittance of EHT ...
As of January 1, 2019, the province implemented a payroll tax — the Employer Health Tax (EHT). B.C. Small Business and Revenue has now issued a Notice providing information on the remittance of EHT ...
BC - Province issues updated PST bulletin on cannabis sales
The B.C. Ministry of Finance has updated and re-issued its provincial sales tax bulletin with respect to sales of cannabis in the province. The updated bulletin (Bulletin PST 141), which applies to sa...
The B.C. Ministry of Finance has updated and re-issued its provincial sales tax bulletin with respect to sales of cannabis in the province. The updated bulletin (Bulletin PST 141), which applies to sa...
BC - 2019-20 Budget to be brought down on February 19
The 2019-20 British Columbia Budget is, by law, brought down on the third Tuesday of February. Consequently, this year’s B.C. Budget will be announced on Tuesday February 19, 2019. When the Budget i...
The 2019-20 British Columbia Budget is, by law, brought down on the third Tuesday of February. Consequently, this year’s B.C. Budget will be announced on Tuesday February 19, 2019. When the Budget i...
BC - Employer Health Tax implemented effective January 1, 2019
The provincial government has announced that registration for the B.C. Employer Health Tax (EHT) is now open. Employers having an annual B.C. payroll of more than the basic exemption amount of $500,00...
The provincial government has announced that registration for the B.C. Employer Health Tax (EHT) is now open. Employers having an annual B.C. payroll of more than the basic exemption amount of $500,00...
BC - Upcoming filing deadline for speculation and vacancy tax
In 2018, the provincial government announced the creation of a speculation and vacancy tax (SVT), as part of its housing affordability initiative. All owners living in areas subject to the SVT must re...
In 2018, the provincial government announced the creation of a speculation and vacancy tax (SVT), as part of its housing affordability initiative. All owners living in areas subject to the SVT must re...
BC - Interest Rates - 2019
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax and insurance premium tax. T...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax and insurance premium tax. T...
BC - CRA issues supplementary 2019 payroll deduction tables for B.C. residents
The Canada Revenue Agency has issued a supplement to the payroll deduction tables to be used for residents of British Columbia during the 2019 tax year.The supplement, which can be found on the CRA we...
The Canada Revenue Agency has issued a supplement to the payroll deduction tables to be used for residents of British Columbia during the 2019 tax year.The supplement, which can be found on the CRA we...
BC - Second quarter fiscal report shows increased surplus
The B.C. Minister of Finance has announced that the province is operating debt-free for the first time in more than 40 years. The announcement was made as part of the Province’s Second Quarterly Rep...
The B.C. Minister of Finance has announced that the province is operating debt-free for the first time in more than 40 years. The announcement was made as part of the Province’s Second Quarterly Rep...
BC - Personal tax credit amounts for 2019
The province of British Columbia will provide the following personal tax credit amounts for 2019: Basic personal amount ……………………………… $10,682 Spouse or equivalent to spous...
The province of British Columbia will provide the following personal tax credit amounts for 2019: Basic personal amount ……………………………… $10,682 Spouse or equivalent to spous...
BC - New reporting requirements for condo sales in 2019
In its 2018-19 Budget, the province announced a 30-Point Housing Plan through which a number of measures would be implemented to address housing affordability in the province. As part of that Plan, an...
In its 2018-19 Budget, the province announced a 30-Point Housing Plan through which a number of measures would be implemented to address housing affordability in the province. As part of that Plan, an...
BC - Employment health (payroll) tax to be implemented January 1
As previously announced, the province will be implementing an employer health (payroll) tax, effective as of January 1, 2019. At the same time, Medical Service Plan premiums payable by B.C. residents ...
As previously announced, the province will be implementing an employer health (payroll) tax, effective as of January 1, 2019. At the same time, Medical Service Plan premiums payable by B.C. residents ...
BC - Province issues updated bulletin on obtaining PST refunds
Consumers in the province can claim a refund of provincial sales tax (PST) paid, where such tax was overpaid or paid in error. The B.C. Ministry of Small Business and Revenue has updated and re-issued...
Consumers in the province can claim a refund of provincial sales tax (PST) paid, where such tax was overpaid or paid in error. The B.C. Ministry of Small Business and Revenue has updated and re-issued...
BC - Province announces contingency plans for postal disruption
The provincial government has announced the contingency plans which will apply for purposes of payments to and from the province in the event of a postal disruption. That announcement indicates that q...
The provincial government has announced the contingency plans which will apply for purposes of payments to and from the province in the event of a postal disruption. That announcement indicates that q...
BC - Province issues warning on third party Child Care Benefit application services
In September 2018, the province introduced a new Affordable Child Care Benefit for eligible residents of the province. It has now issued a warning to such residents about online services which purport...
In September 2018, the province introduced a new Affordable Child Care Benefit for eligible residents of the province. It has now issued a warning to such residents about online services which purport...
BC - Updated bulletins issued on tax on short-term accommodation
British Columbia levies both provincial sales tax (PST) and a separate Municipal and Regional District Tax (MRDT) accommodation tax on sales of short-term accommodation in the province. Effective as o...
British Columbia levies both provincial sales tax (PST) and a separate Municipal and Regional District Tax (MRDT) accommodation tax on sales of short-term accommodation in the province. Effective as o...
BC - Interest Rates - 2018
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - New Logging Tax Information Sheet issued
Individual and corporations which generate revenue from logging on private or Crown land in British Columbia are subject to the provincial logging tax. That tax applies to such individuals and corpora...
Individual and corporations which generate revenue from logging on private or Crown land in British Columbia are subject to the provincial logging tax. That tax applies to such individuals and corpora...
BC - Province launches pre-Budget consultation process
The provincial government has announced the start of the pre-budget consultation process for the 2019-20 B.C. Budget, which will be brought down on Tuesday, February 19, 2019. To assist in that the pr...
The provincial government has announced the start of the pre-budget consultation process for the 2019-20 B.C. Budget, which will be brought down on Tuesday, February 19, 2019. To assist in that the pr...
BC - New Affordable Child Care Benefit effective as of September 1
Effective as of September 1, the province replaced its existing child care subsidy with the Affordable Child Care Benefit. That new benefit will, in most cases, be paid to child care providers, with t...
Effective as of September 1, the province replaced its existing child care subsidy with the Affordable Child Care Benefit. That new benefit will, in most cases, be paid to child care providers, with t...
BC - Public accounts confirm surplus for fiscal 2017-18
B.C.’s Minister of Finance has released the Public Accounts for the fiscal year ended March 31, 2018. Those accounts confirm that the province recorded a surplus for the 2017-18 fiscal year. The aud...
B.C.’s Minister of Finance has released the Public Accounts for the fiscal year ended March 31, 2018. Those accounts confirm that the province recorded a surplus for the 2017-18 fiscal year. The aud...
BC - New notices issued on transition to Petrinex
As previously announced, the province will be joining Petrinex, effective as of November 5, 2018. The purpose of the change is to improve how information about the oil and gas industry is recorded and...
As previously announced, the province will be joining Petrinex, effective as of November 5, 2018. The purpose of the change is to improve how information about the oil and gas industry is recorded and...
BC - Farmers’ food donation tax credit program extended
British Columbia provides farm corporations in the province with a tax credit for donations to registered charities (such as food banks or school meal programs) of certain agricultural products which ...
British Columbia provides farm corporations in the province with a tax credit for donations to registered charities (such as food banks or school meal programs) of certain agricultural products which ...
BC - Changes to be made to provincial automobile insurance program
The provincial government has announced that significant changes will be made to the provincial automobile insurance program administered by ICBC. Key proposed changes to basic insurance through ICBC ...
The provincial government has announced that significant changes will be made to the provincial automobile insurance program administered by ICBC. Key proposed changes to basic insurance through ICBC ...
BC - Interactive digital media tax credit program extended
The province provides a refundable tax credit equal to 17.5% of the wages and salaries paid in a tax year in relation to the development of eligible interactive digital media tax products, which inclu...
The province provides a refundable tax credit equal to 17.5% of the wages and salaries paid in a tax year in relation to the development of eligible interactive digital media tax products, which inclu...
BC - New information disclosure requirements for some real estate purchasers
Effective as of September 17, 2018, the province will require additional information to be disclosed where real estate in the province is purchased through a trust or a corporation. In such circumstan...
Effective as of September 17, 2018, the province will require additional information to be disclosed where real estate in the province is purchased through a trust or a corporation. In such circumstan...
BC - Notice outlines upcoming changes to reporting and invoice due dates
Effective as of November 2018, reporting requirements for oil and gas activities in the province will be changing. Those changes include the implementation of Petrinex, as well as new revenue administ...
Effective as of November 2018, reporting requirements for oil and gas activities in the province will be changing. Those changes include the implementation of Petrinex, as well as new revenue administ...
BC - Updated bulletins issued on application of PST to delivery charges
B.C. Small Business and Revenue has updated and re-issued a number of provincial sales tax bulletins. The purpose of each update is to indicate that, effective as of April 1, 2018, delivery charges ar...
B.C. Small Business and Revenue has updated and re-issued a number of provincial sales tax bulletins. The purpose of each update is to indicate that, effective as of April 1, 2018, delivery charges ar...
BC - Province releases details of upcoming employer health (payroll) tax
As previously announced, the province will be implementing an employer health (payroll) tax, or EHT, effective as of January 1, 2019. Details of that payroll tax have now been released. The payroll ta...
As previously announced, the province will be implementing an employer health (payroll) tax, or EHT, effective as of January 1, 2019. Details of that payroll tax have now been released. The payroll ta...
BC - Changes to be made to regulation of payday loan companies
The B.C. government has announced that new regulations will apply to payday loan businesses and cheque cashing services operating in the province. Those new regulations will take effect as of Septembe...
The B.C. government has announced that new regulations will apply to payday loan businesses and cheque cashing services operating in the province. Those new regulations will take effect as of Septembe...
BC - Interest Rates - 2018
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - New caregiver tax credit available for 2018
The province announced, in this year’s Budget, that the existing B.C. Infirm Dependant and In-Home Care of Relative Tax Credits would be replaced by a new B.C. Caregiver Tax Credit. The new credit i...
The province announced, in this year’s Budget, that the existing B.C. Infirm Dependant and In-Home Care of Relative Tax Credits would be replaced by a new B.C. Caregiver Tax Credit. The new credit i...
BC - Minimum wage increase effective June 1
Effective as of June 1, the general minimum wage payable in the province of British Columbia increased to $12.65 per hour. The change is part of a planned series of increases which will result in a $1...
Effective as of June 1, the general minimum wage payable in the province of British Columbia increased to $12.65 per hour. The change is part of a planned series of increases which will result in a $1...
BC - Deferring 2018 property taxes
Qualifying homeowners in the province can take advantage of a program which allows them to defer payment of their property taxes, through a low-interest loan from the province. There are two component...
Qualifying homeowners in the province can take advantage of a program which allows them to defer payment of their property taxes, through a low-interest loan from the province. There are two component...
BC - Provincial education tax credit to be eliminated
The province announced, as part of this year’s (2018-19) Budget, that it would be eliminating the provincial education tax credit, effective as of January 1, 2019. That credit is claimable by part-t...
The province announced, as part of this year’s (2018-19) Budget, that it would be eliminating the provincial education tax credit, effective as of January 1, 2019. That credit is claimable by part-t...
BC - Information bulletins updated to reflect sales tax on gift certificates
B.C. Small Business and Revenue has updated and re-issued a number of tax bulletins to reflect the application of sales tax to certain gift cards and gift certificates. The updated bulletins cover the...
B.C. Small Business and Revenue has updated and re-issued a number of tax bulletins to reflect the application of sales tax to certain gift cards and gift certificates. The updated bulletins cover the...
BC - Province creates Small Business Task Force
The provincial government has announced the creation of a Small Business Tax Force, which will be holding consultation sessions throughout the province for interested stakeholders. An online consultat...
The provincial government has announced the creation of a Small Business Tax Force, which will be holding consultation sessions throughout the province for interested stakeholders. An online consultat...
BC - Rating agency affirms B.C.’s AAA credit rating
Standard and Poor’s (S&P) Global Ratings has affirmed British Columbia’s ‘AAA’ long-term credit rating, with the Agency’s report indicating that it expects “the provincial economy will...
Standard and Poor’s (S&P) Global Ratings has affirmed British Columbia’s ‘AAA’ long-term credit rating, with the Agency’s report indicating that it expects “the provincial economy will...
BC - Changes to caregiver tax credits for 2018 and subsequent years
As announced in the province’s 2018-19 Budget, changes have been made to the provincial caregiver tax credit, effective for the 2018 and subsequent taxation years. Those changes will see the former ...
As announced in the province’s 2018-19 Budget, changes have been made to the provincial caregiver tax credit, effective for the 2018 and subsequent taxation years. Those changes will see the former ...
BC - Changes to carbon tax and tobacco tax rates effective April 1, 2018
As previously announced, B.C.’s tobacco tax and carbon tax rates were increased, effective as of April 1, 2018. Updated tobacco tax return forms and carbon tax refund forms which reflect the new rat...
As previously announced, B.C.’s tobacco tax and carbon tax rates were increased, effective as of April 1, 2018. Updated tobacco tax return forms and carbon tax refund forms which reflect the new rat...
BC - Interest Rates - 2018
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax, and insurance premium tax. ...
BC - Province releases details of new land speculation tax
In its 2018-19 Budget, the province announced that a land speculation tax would be imposed, in specified areas of the province, on housing units which were neither owner-occupied nor used as a qualify...
In its 2018-19 Budget, the province announced that a land speculation tax would be imposed, in specified areas of the province, on housing units which were neither owner-occupied nor used as a qualify...
BC - Updated bulletins issued to correct re: provincial sales tax error
The B.C. Ministry of Small Business and Revenue has updated and re-issued a number of sales tax bulletins. Those updates correct an error in previous versions, which incorrectly indicated that provinc...
The B.C. Ministry of Small Business and Revenue has updated and re-issued a number of sales tax bulletins. Those updates correct an error in previous versions, which incorrectly indicated that provinc...
BC - Higher PST rate to be levied on sales of some passenger vehicles
In this year’s Budget, the provincial government announced that changes would be made to impose a higher provincial sales tax (PST) rate on the sale of some passenger vehicles in the province. Under...
In this year’s Budget, the provincial government announced that changes would be made to impose a higher provincial sales tax (PST) rate on the sale of some passenger vehicles in the province. Under...
BC - Budget provides for increase to property transfer tax rate
The 2018-19 B.C. Budget included a number of changes to the province’s property transfer tax regime. Such tax is imposed when property is bought or sold and the tax payable is based on the fair mark...
The 2018-19 B.C. Budget included a number of changes to the province’s property transfer tax regime. Such tax is imposed when property is bought or sold and the tax payable is based on the fair mark...
BC - Personal tax credit amounts for 2018
The province of British Columbia will provide the following personal tax credit amounts for 2018: Basic personal amount ………………………………… $10,412 Spouse or equivalent to spouse...
The province of British Columbia will provide the following personal tax credit amounts for 2018: Basic personal amount ………………………………… $10,412 Spouse or equivalent to spouse...
BC - Budget introduces real estate speculation tax
In its 2018-19 Budget, the provincial government introduced a new real estate speculation tax, which will be effective for the 2018 and subsequent tax years. The new tax will target foreign and domest...
In its 2018-19 Budget, the provincial government introduced a new real estate speculation tax, which will be effective for the 2018 and subsequent tax years. The new tax will target foreign and domest...
BC - Province increases and expands additional property transfer tax
In the 2018-19 provincial Budget brought down on February 20, 2018, the B.C. government announced that the existing 15% additional property transfer tax rate has been increased to 20%, and that such t...
In the 2018-19 provincial Budget brought down on February 20, 2018, the B.C. government announced that the existing 15% additional property transfer tax rate has been increased to 20%, and that such t...
BC - 2018-19 provincial Budget to be brought down February 20
British Columbia Budget legislation provides for a fixed annual budget date of the third Tuesday of February. Consequently, the 2018-19 B.C. Budget will be announced at around 1:30 p.m. on Tuesday, Fe...
British Columbia Budget legislation provides for a fixed annual budget date of the third Tuesday of February. Consequently, the 2018-19 B.C. Budget will be announced at around 1:30 p.m. on Tuesday, Fe...
BC - Personal income tax rates and brackets for 2018
For the 2018 tax year, the province of British Columbia will levy personal income tax at the following individual income tax rates and brackets. 06% on taxable income between $10,412 and $39,676; 7% o...
For the 2018 tax year, the province of British Columbia will levy personal income tax at the following individual income tax rates and brackets. 06% on taxable income between $10,412 and $39,676; 7% o...
BC - Medical services plan premiums reduced by 50%
As announced in the 2017 Budget Update, the province has reduced Medical Service Premiums (MSP) by one half, effective as of January 1, 2018. As well, the income threshold for full exemption from MSP ...
As announced in the 2017 Budget Update, the province has reduced Medical Service Premiums (MSP) by one half, effective as of January 1, 2018. As well, the income threshold for full exemption from MSP ...
BC - Provincial general corporate income tax rate increased effective January 1
As announced in the 2017 Budget Update last fall, the provincial general corporate income tax rate was increased, effective as of January 1, 2018, from 11% to 12%. The general corporate income tax rat...
As announced in the 2017 Budget Update last fall, the provincial general corporate income tax rate was increased, effective as of January 1, 2018, from 11% to 12%. The general corporate income tax rat...
BC - Increase in Homeowner Grant program threshold for 2018
The provincial government has announced that the threshold for British Columbia’s Homeowner Grant program has been increased, for 2018, to $1.65 million. Homeowners must apply for the grant each yea...
The provincial government has announced that the threshold for British Columbia’s Homeowner Grant program has been increased, for 2018, to $1.65 million. Homeowners must apply for the grant each yea...
BC - CRA releases 2017 T1 tax return form for B.C. residents
The Canada Revenue Agency has released the 2017 T1 Individual Income Tax Return and Benefit form to be used by individuals who were residents of British Columbia at the end of that year. The T1 form p...
The Canada Revenue Agency has released the 2017 T1 Individual Income Tax Return and Benefit form to be used by individuals who were residents of British Columbia at the end of that year. The T1 form p...
BC - Interest Rates – 2018
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax and insurance premium tax. T...
The province of British Columbia levies and pays interest at prescribed rates on underpayments and overpayments of tax with respect to corporation capital tax, logging tax and insurance premium tax. T...
BC - 2018 payroll deduction tables for provincial income tax released
The Canada Revenue Agency (CRA) has issued the payroll deduction tables which B.C. employers will use to determine employee source deductions for federal and provincial income tax, Canada Pension Plan...
The Canada Revenue Agency (CRA) has issued the payroll deduction tables which B.C. employers will use to determine employee source deductions for federal and provincial income tax, Canada Pension Plan...
BC - Changes to rent control legislation effective December 11
A number of changes to the province’s rent control legislation took effect on December 11, 2017. One of the changes effective on that date limits the ability of landlords of rental residential units...
A number of changes to the province’s rent control legislation took effect on December 11, 2017. One of the changes effective on that date limits the ability of landlords of rental residential units...
BC - 2017-18 second quarter fiscal report released
British Columbia’s fiscal report for the second quarter of the 2017-18 fiscal year shows that the province is on track to post a balanced budget for the year. That balanced budget is expected notwit...
British Columbia’s fiscal report for the second quarter of the 2017-18 fiscal year shows that the province is on track to post a balanced budget for the year. That balanced budget is expected notwit...
BC - 2018 BC TD1 Form and TD1Worksheet released
The Canada Revenue Agency has issued the British Columbia TD1 Form and Worksheet which will be used by taxpayers resident in the province, and their employers, to determine required provincial income ...
The Canada Revenue Agency has issued the British Columbia TD1 Form and Worksheet which will be used by taxpayers resident in the province, and their employers, to determine required provincial income ...
BC - Upcoming change to sales tax treatment of clean energy vehicles
The B.C. Ministry of Finance has issued a provincial sales tax (PST) notice dealing with the application of PST to sales of clean energy vehicles in the province. That notice (Notice 2017-005) address...
The B.C. Ministry of Finance has issued a provincial sales tax (PST) notice dealing with the application of PST to sales of clean energy vehicles in the province. That notice (Notice 2017-005) address...
BC - Consultation process underway on changes to minimum wage
The provincial government, which previously announced its intention of raising the minimum wage to $15 per hour, will be holding public consultations on the timeline and process for that change. The c...
The provincial government, which previously announced its intention of raising the minimum wage to $15 per hour, will be holding public consultations on the timeline and process for that change. The c...
Agatha Cluff Inc. - Chartered Professional Accountant
Surrey, Vancouver, and the Lower Mainland.
The Firm has many years of experience providing accounting, assurance, and tax services to a variety of clients such as corporate businesses, proprietorships, not-for-profit organizations and individuals.
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Agatha Cluff Inc. - Chartered Professional Accountant
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604-584-0053