CRA Updates Jason Smith CRA Updates Jason Smith

Crypto-asset exchanges: your records, obligations and responsibilities

When filing your taxes, you have to report any income or capital gains from crypto-asset activities on your income tax return. To meet your obligations for proper record keeping, it is strongly recommended that you download and keep any information related to transactions involving your exchange accounts.

It is important to download this information at regular intervals while you still have access to your account. Failure to do so may result in you being unable to access this information if an exchange stops its operations. If you are unable to access your exchange information, it will be difficult to determine your income from crypto-asset activities, or to support amounts filed should the Canada Revenue Agency (CRA) conduct an audit.

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CRA Updates Jason Smith CRA Updates Jason Smith

New Canada Pension Plan (CPP) and Québec Pension Plan (QPP) boxes on the T4 slip

Second additional CPP and QPP contributions begin in 2024. After January 1, 2024, any employee who contributes to the CPP or QPP will make CPP2 or QPP2 contributions if and when their annual income surpasses the first earnings ceiling, the Year’s Maximum Pensionable Earnings (YMPE). Employers will make a matching CPP2 or QPP2 contribution.

The YMPE for 2024 will be made available at the beginning of November 2023.

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CRA Updates Jason Smith CRA Updates Jason Smith

Small Business Week is here: make sure you check out the Canada Revenue Agency’s information and resources that are tailored to the needs of entrepreneurs

This Small Business Week, October 15 to 21, the Canada Revenue Agency (CRA) is celebrating the passion and impact of Canada’s entrepreneurs, cornerstones of our neighbourhoods and communities. As you take this time to connect, learn and grow your business smarts, we are excited to share some tax information and resources that can help your business thrive. In the midst of challenges such as weather events, supply chain issues and worker shortages, we’re here to help make managing your business taxes as quick and easy as possible.

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CRA Updates Jason Smith CRA Updates Jason Smith

Did you know that there are business services that can make it faster and easier for you to meet your tax obligations?

Hi, I’m Charlie! Charlie the chatbot. You can find me on the Canada.ca/CRA webpage where I can answer questions about your business and other tax-related matters. From April to July 2023, I was asked just over 854,000 questions in English and 156,000 questions in French. As we head into Small Business Week 2023, I am here to give you some information about business taxes based on questions that I’ve received from others.

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