On December 12, 2024, the legislation to enact the Goods and Services Tax/Harmonized Sales Tax (GST/HST) break was passed into law by the Government of Canada. The GST/HST break lasts from December 14, 2024, to February 15, 2025, and gives a tax break on many everyday essentials.

If you want to ask for penalty and interest relief, you must send your request within 10 years from the end of the calendar year or fiscal period of concern. The CRA may also cancel interest and penalties that accrued within 10 calendar years of the year you made the relief request, regardless of the tax year or reporting period in which the debt originated.

No matter how you file your income tax and benefit return, the Canada Revenue Agency (CRA) is committed to making sure you get any refund, benefit, or credit payments that you may be eligible for. If you’re planning to file on paper this year, keep reading—this information is for you!

The Canada Revenue Agency provides a range of federal tax credits aimed at helping your business save money. By claiming these tax credits, you can lower your taxable income or lower the amount of tax you owe. To help you find which credits you may be eligible for, we’ve put together this handy resource.

Starting in spring 2025, the Canada Revenue Agency (CRA) will transition to online mail as the default method of delivering most business correspondence. This means you’ll start receiving most of your business notices and other correspondence through the CRA’s secure online portal, My Business Account, instead of by mail.

This Financial Literacy Month (FLM) we are talking about money and sharing with you ways to improve your finances through improved tax literacy. Tax know-how doesn’t happen overnight, and that’s okay. Every bit of knowledge you gain can have a big impact on your financial health. We’re here to guide you, one step at a time.

Starting January 2025, there will be updates to how information returns are filed electronically. If you file information returns, such as the T3 (trust income), T4 (remuneration paid), T4A (pension and other income), or T5 (investment income), here are some important changes you need to be aware of…

November is Financial Literacy Month and this year, the theme is “Money on your mind? Talk about it”. Talking about money is not easy – we get it. However, improving your tax literacy can be directly beneficial to you!

Tax literacy means knowing how to make informed tax decisions with confidence. We are dedicated to boosting tax knowledge by helping you understand your tax responsibilities as well as the benefit and credit payments available to you.

In 2024, a second earnings ceiling was introduced, the Year’s Additional Maximum Pensionable Earnings (YAMPE). The YAMPE is used to determine second additional Canada Pension Plan contributions (CPP2). In 2024, the YAMPE is approximately 7% above the Year’s Maximum Pensionable Earnings (YMPE). In 2025 and every year after, the YAMPE will be approximately 14% above the YMPE.

The Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year, unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust reporting requirements that was issued for bare trusts for the 2023 tax year.

As we approach the end of this year’s Cyber Month, the Canada Revenue Agency (CRA) is reiterating the importance of safeguarding personal information from ever-evolving cyber security threats.

The security of taxpayer information is of the utmost importance for the CRA and we are continually enhancing our security measures to help prevent unauthorized access to taxpayers’ information:

Crypto-assets are digital assets that exist on a cryptographically secured distributed ledger. There are many types of crypto-assets, the most common being cryptocurrencies, such as Bitcoin, Ethereum and Tether. Transactions related to crypto-assets often have tax implications and must be reported on your income tax return.

If you’re a crypto-asset user, knowing whether your transactions resulted in a capital gain (or loss) or in business income (or loss) is important because it may affect your taxes.

Crypto-assets are digital assets that exist on a cryptographically secured distributed ledger. There are many types of crypto-assets, the most common being cryptocurrencies, such as Bitcoin, Ethereum and Tether. Transactions related to crypto-assets often have tax implications and must be reported on your income tax return.

Whether the earnings you make from online platforms is your main source of income, or a small part of it, you are considered to be a platform economy participant. When it’s time to file your taxes, you must report all sources of your income, including gifts and donations.

Each area of the platform economy is unique, and participants can have different tax obligations.

For example, in general, if you provide goods or services and earn more than $30,000 over four calendar quarters, then you must collect and send the related goods and services tax / harmonized sales tax (GST/HST) to the Canada Revenue Agency (CRA). However, if you earn income from ridesharing, you must collect and send the GST/HST to the CRA regardless of the amount you earn.

The Scientific Research and Experimental Development (SR&ED) tax incentive program provides over $3.7 billion annually in tax incentives to businesses who conduct research and development in Canada. The program is available to businesses of all sizes and in all sectors, including biomedical technologies, clean technologies, electrical engineering, and more. For information on what work is eligible for SR&ED, visit What work is eligible.

As we celebrate Small Business Week from October 20 to 26, the Canada Revenue Agency (CRA) is here to support Canada’s small business community. This week is dedicated to helping you connect, learn, and grow your business knowledge. We’re excited to share tax resources, tools, and services to help you tackle the challenges of running a business and keeping your tax affairs in check.

Hi, I’m Charlie! Charlie the chatbot. You can find me on the Canada.ca/CRA webpage where I can answer questions about your business and other tax-related matters. From January to June 2024, I was asked just over 1,100,000 questions in English and 160,000 questions in French. As we head into Small Business Week 2024, I am here to give you some information about business taxes based on questions that I’ve received from others. 

The Canada Revenue Agency (CRA) would like to highlight new information about the Canada Carbon Rebate for Small Businesses, a refundable tax credit designed to support small and medium-sized enterprises across Canada. This initiative aims to return a portion of the federal fuel charge proceeds directly to eligible Canadian-controlled private corporations (CCPCs).

Note that businesses do not need to apply for this rebate. Those who are eligible will automatically receive the payment.

Every October, Cyber Month highlights the importance of safeguarding personal information from ever-evolving cyber security threats.

The security of taxpayer information is of the utmost importance for the Canada Revenue Agency (CRA) and we are continually enhancing our security measures to help prevent unauthorized access to taxpayers’ information.