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.