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.

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.

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.

The Canada Revenue Agency (CRA) is always on the lookout for tax schemes and opportunities to warn Canadians about them. Has someone encouraged you to deduct expenses and claim business losses to offset taxable income? If so, this might be related to a tax scheme involving multilevel marketing (MLM).

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.

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%).

It’s time to hit the books again! As you’re getting ready to go back to school, there are some important things about benefits, credits, and taxes to keep in mind. Get organized now so you’ll get the benefits and credits that you’re entitled to and save yourself some headaches later.

This back to school season, the CRA are here to make it easy to teach and understand taxes. Whether you are an educator or an organization that supports educational growth, there are many resources that you can take advantage of this academic year.

As the new academic year approaches, helping your child understand taxes can set them up for success. There are many resources to enhance your child’s journey through the tax system, and the CRA are here to help.

The wildfires in British Columbia (BC) and the Northwest Territories (NWT), have had a devastating impact on many Canadians and businesses residing in the area. The Canada Revenue Agency (CRA) understands that at this time, the safety and well-being of loved ones is the primary concern for those affected. The CRA would like to assure Canadians facing such extraordinary circumstances that they will be treated fairly if they are unable to meet their tax obligations during this time.

Recent legislation has amended mandatory electronic filing thresholds. Beginning January 1, 2024, businesses filing six or more information returns (slips and summaries) must file electronically. This removes the clause that allowed a filer with 50 or fewer information returns to file by paper. Businesses filing five or fewer information returns can still choose to file by paper.

Examples of information returns include the T4 payroll return (renumeration paid), T5 (investment income), T3 (trust income) and T4A (pension and other income return).

Starting today, the Canada Revenue Agency (CRA) and the Workplace Safety and Insurance Board (WSIB) are giving Ontario businesses a new option to pay their WSIB premiums. Ontario businesses with a business number can now report their insurable earnings and make WSIB account payments through their CRA My Business Account. Businesses can now take advantage of this quick and secure service to easily pay their WSIB premiums using pre-authorized debit.

We know how fast a Canada summer can pass us by, so we wanted to let you know about the Canada Revenue Agency (CRA)’s good news before you head off-grid to enjoy all of the natural wonders Canada has to offer!

Whether you already receive benefits and credits from the CRA, or not yet, we want you to know what’s new and what’s being updated this month since it might impact you!

This July will be exceptionally busy for CRA benefits and credits. We are offering new payments that you may be eligible for and adjusting existing amounts for the new benefit year!

The Canada Revenue Agency (CRA) has made it faster and easier than ever for persons with disabilities and their medical practitioners to complete the Disability Tax Credit (DTC) application form, by introducing a new fully digital application process.

The Canada Revenue Agency (CRA) is here to support you and your business in meeting your tax obligations.

If you are a self-employed individual, or if your spouse or common-law partner is self-employed, you have until June 15, 2023, to file your 2022 income tax and benefit return.

In light of the recent forest fires and other climate issues, here is a special note on requesting taxpayer relief after an adverse weather event…

If you are an employer and offer taxable benefits to your employees or workers, please review the January 1, 2023, updates to taxable benefits policies on gifts, awards, long-service awards, social events, hospitality functions, and parking. A summary is provided below…

Is your business doing research and development (R&D) work in Canada? Getting all of the Scientific Research and Experimental Development (SR&ED) tax incentives to which your business may be entitled is not only top of mind for you, but for the Canada Revenue Agency (CRA) as well.

Here are answers to more of your top business tax information questions

If you need to change your income tax and benefit return, you can do so at any time. We suggest you wait until you receive your notice of assessment (NOA) before making a change to your return. There may be delays in some taxpayers receiving a paper NOA. This will not affect you receiving your refund. In the absence of a paper NOA, you can access a copy in My Account.

CRA digital services make handling your business’s tax matters faster and easier. You and your authorized employees and representatives can file, pay and access detailed information about your tax accounts. Here is information about the CRA’s most used digital services, as well as information on how to find the rest.