CRA Updates Jason Smith CRA Updates Jason Smith

Investing in 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.

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CRA Updates Jason Smith CRA Updates Jason Smith

Received a T4A slip from us? Here’s what you need to know.

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.

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CRA Updates Jason Smith CRA Updates Jason Smith

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.

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CRA Updates Jason Smith CRA Updates Jason Smith

Running a business is difficult; understanding your tax obligations doesn’t need to be

The Canada Revenue Agency (CRA) offers free Liaison Officer services to owners of small businesses and self-employed individuals to help them understand their tax obligations. A visit from a Liaison Officer is 100% confidential: the information you choose to discuss with them will not be shared with other areas of the CRA, or anyone else.

Did you know that the CRA has helped over 17,000 small business owners and self-employed individuals virtually through the Liaison Officer service since the beginning of the pandemic and over 69,000 small business owners and self-employed individuals since the start of the program in 2014.

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CRA Updates Jason Smith CRA Updates Jason Smith

What students need to know this tax season!

As a student, you may have many questions about taxes and might be filing an income tax and benefit return for the first time. We understand that many students have unique personal and financial situations, especially given the last year. Let’s make sure you don’t miss out on benefits and credits to which you may be entitled. Find out what you could get and what you need to know in this tax tip.

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CRA Updates Jason Smith CRA Updates Jason Smith

Filing your taxes on paper

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.

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