In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, 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 2023 tax year, unless the CRA makes a direct request for these filings.

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.

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.

Excess contributions can occur, for example, when your TFSA is set up for pre-authorized contributions and you make additional contributions without verifying the amount of room you have available. This can also be the case when you have multiple TFSAs with different financial institutions and you are not tracking the contributions you are making to all accounts. You can avoid penalties by staying within the TFSA contribution room available to you.

If you bought, built, sold, or renovated a home in 2023, you might be wondering what that means for your tax situation. Don’t worry, the Canada Revenue Agency (CRA) is here to help. We have information about tax incentives that can help you with housing costs.

Every year, the Canada Revenue Agency (CRA) tracks the questions people ask and uses 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.

If you’re an international student studying in Canada and a resident for tax purposes, you could get benefit and credit payments that can help with your cost of living. Check out our 3-minute benefits and credits video for everything you need to know about benefit and credit payments in Canada.

March is Fraud Prevention Month in Canada and around the world. The protection of taxpayers’ information is a top priority for the Canada Revenue Agency (CRA), and this annual campaign emphasizes the importance of being able to identify, prevent, and respond to fraud.

Worried about tax-filing season? Don’t be! Our easy-to-use digital services can improve the filing process and save you time. Using our services will also make it easier for you to manage your tax and benefit information online, and you’ll avoid delays and long wait times over the phone.

Doing your taxes can be intimidating, but you don’t have to do it alone! If you have a simple tax situation and a modest income, you could be eligible for help from a volunteer at a free tax clinic.

Did you open a First Home Savings Account (FHSA) in 2023?

If so, you need to be aware of this important information.

Every March, the Canada Revenue Agency (CRA) joins organizations around the world to recognize Fraud Prevention Month. Keeping your information secure is a top priority for the CRA. Learning how to identify fraud, scams and tax schemes helps keep your personal information safe.