Building a secondary unit for a senior or a family member with a disability?

The Multigenerational Home Renovation Tax Credit (MHRTC), provides a refundable tax credit of up to $7,500 for constructing a secondary suite, starting in 2023.

The value of the credit is 15 per cent of eligible expenses or $50,000 (whichever amount is less). For example, if the qualifying expenditures totaled $50,000, it would result in a refundable tax credit of $7,500 ($50,000 x 15%).

The Canada Revenue Agency would like to remind you that it resumed its activities aimed at offsetting taxpayers' debt last October. Offsetting involves proactively applying tax refunds and benefit payments (such as the GST/HST credit) to tax and other government debts.

The CRA want to help you get the benefits and credits you are entitled to. To make sure you continue getting your benefit and credit payments, you, and your spouse or common-law partner, need to file your taxes. This is true even if your income is tax exempt under section 87 of the Indian Act or you had no income at all. Here are a few tips to help you.

What is the sharing economy?

In the sharing economy, individuals and businesses share their assets with others for a price. Arrangements are generally made using online platforms through a third party, or using a website or an application (app).

The sharing economy can take a variety of forms, such as:

• Transportation: ridesharing, rentals of bikes, boats, other motor equipment

• Accommodation sharing: renting out your home, rooms, cottage and more

• Space rentals: industrial kitchens, gardens, parking spots, workspaces, or laboratories

Did you receive subscriptions and perks like merchandise and trips or other income?

If you earned income by posting pictures, videos and more on your social media channels that involves product placement or product promotion, you may be undertaking a business activity. You can earn income from your social media activities in many ways, both monetary and non-monetary (barter transactions), including, but not limited to…

Are you new to Canada and getting ready to file your first Canadian income tax and benefit return? Don’t worry, the CRA are here to help! They’ve put together tips and information to guide you through the process and answer your questions.

You can also watch their video for newcomers. It’s available in 13 different languages: Arabic, Cantonese, English, Farsi, French, Hindi, Mandarin, Punjabi, Russian, Spanish, Tagalog, Ukrainian, and Urdu.

What is cryptocurrency?

A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a system called a blockchain to record and keep a history of transactions. Cryptocurrencies, such as Bitcoin and Ether, are independent, meaning they do not rely on governments, central banks, or other central authorities for backing. You can obtain cryptocurrency in many ways, and new methods are being developed all the time. You can use cryptocurrencies for a wide range of activities, such as buying goods, paying bills, or investing. Transactions involving cryptocurrencies often have tax implications.

Every year, the Canada Revenue Agency (CRA) tracks the questions people ask us and use that information to design new services and improve our processes. We want to offer you the best service possible, so you can easily access the tax and benefit information you need.

Before calling us, use the tips below to save time this tax season! You might be able to find the information you’re searching for and avoid long wait times over the phone that come with our busy tax season.

The Canada Revenue Agency (CRA) would like to remind taxpayers and registrants that they have until December 31, 2022, to make a taxpayer relief request related to the 2012 tax year or reporting period.

Taxpayers that want to ask for penalty or interest relief, must send their request within ten 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 the taxpayer relief request is made, regardless of the tax year or reporting period in which the debt originated.

For many Canadians, rising inflation and the high cost of living have made it even more challenging to find a safe and affordable place to call home. Renter households are four times more likely to experience core housing needs than homeowners. That is why the Government of Canada has taken concrete action to help renters who need it most.

Today, the Honourable Diane Lebouthillier, Minister of National Revenue, and the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, are taking action and announcing that applications for the new one-time top-up to the Canada Housing Benefit are now open. This benefit is a one-time payment of $500 to eligible lower-income renters experiencing housing affordability challenges.

No one likes last-minute delays or waiting on the phone at tax time. You can avoid this by preparing early and using our digital services. You will be able to update your personal information and view your tax and benefit information ahead of time.

Filing and payment deadline

You will be able to file your income tax and benefit return for 2022 starting on February 20, 2023. The deadline for most Canadians to file their income tax and benefit return for 2022 is April 30, 2023. Filing your return before the deadline will allow you to avoid interruptions to any refund, benefit or credit payments you may be eligible for.

The first of the Government of Canada’s new financial support measures will take effect this Friday, November 4, 2022 with the additional one-time goods and services tax credit (GST credit) payment.

This additional one-time payment will double the GST credit for six months for those who receive it, to help make life more affordable.

GST credit recipients do not need to apply for the additional payment. It will be sent automatically by direct deposit or mailed to eligible individuals. The payment amount is calculated based on an individual’s family situation in October 2022 and on their 2021 tax and benefit return.

The Canada Revenue Agency (CRA) knows that it can be intimidating for new businesses to file their first tax return. That’s why we aim to help small businesses by ensuring they have the information and guidance they need to stay organized and to understand and meet their tax obligations.

Here’s what you need to know if you are a new business and have questions about filing your income tax and benefit return or your T2 corporation income tax return:

If you lived in one or more prescribed zones for a continuous period of at least six consecutive months beginning or ending in the tax year, you may be eligible to claim the northern residents deductions on your income tax and benefit return. The northern residents deductions consist of a residency deduction and a travel deduction. If you are eligible, these deductions reduce the amount of income you pay tax on, so they will reduce your overall income tax debt.

Learn about your taxes is a new self-guided online course from the Canada Revenue Agency (CRA) for youth, new residents, and individuals who have never done their taxes before. It is also a great learning tool for anyone who needs a refresher on taxes. And, it includes lesson plans for educators who want to use the course in the classroom.

Canadians have told us they need help understanding how to do their taxes. Following public consultations, the CRA also identified a knowledge gap among young Canadians about the role and value of taxes. This free online learning tool will help all Canadians gain confidence in doing their taxes on their own.

This tax season, there’s a new way to confirm authorized representatives using My Account or My Business Account. Whether you’re an individual or a business, this easy, two-step digital process will help you protect your tax information and make authorizing new representatives more efficient and secure.

How to confirm a new representative using My Account or My Business Account?

Follow these steps to confirm a new authorized representative or to accept changes to the authorization level of an existing representative using the new “Confirm my Representative” service.