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%).

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.

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.

For Uber and Lyft drivers, you must report all income earned from driving your vehicle for ridesharing purposes, including tips, on your income tax and benefit return. You must also complete Form T2125, Statement of Business or Professional Activities, and file it with your income tax return.

You must collect and pay the GST/HST to the CRA on all ridesharing fares.

For Airbnb and accommodation sharing, you must pay income tax on all income you receive from accommodation sharing. Also, your income from accommodation sharing may be considered rental income from a property or a business. The income you receive from renting a property or from accommodation sharing must be reported on your income tax and benefit return.

For GST/HST purposes, accommodation sharing falls under short-term accommodation: renting for a period of continuous occupancy of less than one month. Short-term accommodation is not exempt from GST/HST like rentals of residential premises for periods of continuous occupancy of one month or more.

New to doing your taxes? Don’t worry, we’re here to guide you through the process and answer your questions. We’ve put together tips and information to help you this tax season.

You can also watch our video series for newcomers. It’s available in 12 different languages: Arabic, Cantonese, English, Farsi, French, Hindi, Russian, Mandarin, Punjabi, Spanish, Tagalog, and Urdu.

The first thing to know is that you have to complete and file an income tax and benefit return every year to:

• receive certain benefits and credits you may be entitled

• to receive a tax refund you are owed

If you’re looking to avoid last-minute delays and waiting on the phone at tax time, then try our easy-to-use digital services! Through our digital services, you will be able to view your tax and benefit information, and update your Canada Revenue Agency (CRA) information ahead of time. By planning ahead, you will save time during tax season.

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.

If you have applied and received COVID-19 benefit payments from the Canada Revenue Agency (CRA) in 2021, this explains why you have received a T4A Statement of Pension, Retirement, Annuity, and Other Income slip. These benefits are taxable, and the information on your T4A slip is needed when filing your income tax and benefit return.

Remember to file your income tax and benefit return by April 30, 2022. By doing so, you will avoid interruptions to any credits or benefits you may be entitled to, such as the Canada child benefit, goods and services tax / harmonized sales tax credit, child disability benefit, and guaranteed income supplement.

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.

The flooding in British Columbia and Eastern Canada is having a devastating impact on many Canadians and businesses. These individuals, businesses, and first responders may find themselves unable to file or pay taxes on time. If so the CRA encourages affected taxpayers to make a request for taxpayer relief.

If you’re looking to avoid last-minute delays and waiting on the phone at tax time, then try our easy-to-use digital services! Through our digital services, you will be able to view your tax and benefit information, and update your Canada Revenue Agency (CRA) information ahead of time. By planning ahead, you will save time during tax season.

The Tax-Free Savings Account (TFSA) was introduced by the Government of Canada in 2009 to help Canadians save and invest their money – tax-free – throughout their lifetime. This savings vehicle allows for you to set money aside in a TFSA for any purpose – whether you are saving for your education, retirement, a home, or simply for a rainy day, the earnings made in your TFSA will generally not be taxed. You are in control of your TFSA, so you can make contributions and withdraw funds whenever you want without penalty – contributions, however, can only be made if there is available contribution room.

The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2022 will be $64,900—up from $61,600 in 2021. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.

Contributors who earn more than $64,900 in 2022 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2022 remains at $3,500.

No one “enjoys” paying taxes, but we recognize that it contributes to Canada’s ongoing economic and social well-being. As the organization responsible for administering tax laws for the Government of Canada and for most provinces and territories, the Canada Revenue Agency (CRA) routinely makes decisions that impact how much tax businesses owe and whether they are eligible for certain credits.

Starting on October 18, 2021, the Canada Revenue Agency (CRA) is introducing a new way to confirm authorized representatives using My Account or My Business Account. Whether you’re an individual or a business, the new two-step digital process will help you protect your tax information and make authorizing new representatives more efficient and secure.

Business owners, the Canada Revenue Agency (CRA) understands that your time is valuable. We have online options to help you save time when paying your taxes.

Here's how you can pay your business taxes online through your financial institution or directly to the CRA.