The Canada Revenue Agency (CRA) has recently discovered a tax scheme that targets newcomers to Canada. This scheme tells newcomers which benefit and credit payments they may claim for periods of time before they arrived in Canada. If you or someone you know is new to Canada, it’s important to be cautious. Promoters offering tax schemes could include tax representatives, tax preparers, or consultants.

For GST/HST reporting periods that begin in 2024, all GST/HST registrants, except for charities and selected financial institutions, are required to file returns electronically.

The mandatory electronic filing threshold that was in place for GST/HST returns has been removed for reporting periods that begin on or after January 1, 2024, which means that electronic filing is now required for most businesses.

The Canada Revenue Agency’s (CRA) SimpleFile by Phone (formerly File My Return) is a free, easy, automated phone service. It uses the information we already have on file, and the answers you provide, to auto-file and process your tax return.

Millions of Canadians file an income tax and benefit return every year. For the 2023 tax-filing season, Canadians filed more than 32 million tax returns, and more than 92% of them were filed electronically. There were also more than 18 million refunds processed, and Canadians who had a tax refund received an average of $2,262!

If you lived in a northern or remote area for six months or more in 2023, you may qualify for the northern residents deductions. These deductions recognize the unique challenges northern residents face, such as higher living costs and limited access to services. Find out if you lived in a prescribed northern zone (Zone A) or a prescribed intermediate zone (Zone B) at canada.ca/cra-line-25500.

When you think about your favourite ways to spend your time, filing an income tax and benefit return probably isn’t at the top of your list. We get it! That’s why we’re working to make tax-filing as easy as possible, so you can get back to things you would rather do.

Don’t forget, if you’re retired or 65 years of age or older, then your sources of income may change, and you have to include these new sources of income on your tax return.

Circle April 30, 2024, on your calendar! This is the deadline for most Canadians to file their income tax and benefit return for 2023. You are considered to have filed on time as long as the CRA receives your return, or it is postmarked, by April 30. By filing your income tax and benefit return on time, you will avoid interruptions to your benefit and credit payments.

If you owe any money to the CRA, your payment is also due by April 30, 2024. By filing and making your payment on time, you will avoid a late-filing penalty and interest charges.

Canadians can save for a home tax-free using the First Home Savings Account (FHSA). Prospective first-time home buyers can contribute or transfer from their RRSP up to $40,000 towards buying or building their first home.

The Canada Revenue Agency is currently updating its webpages and Form T2200 for the 2023 tax year. The updated form, which will be made available at the end of January 2024, along with other T1 related forms, will be easier to complete for employees who are only claiming a deduction for home office expenses.

This year, there have been many announcements about changes that will affect business taxes in 2024. We have pulled them together here for quick reference, along with a list of resources that can help you manage these changes and your tax affairs in the new year.

Scammers continue to pose as the Canada Revenue Agency (CRA) and other government departments and agencies, to trick you into giving them money or personal information. Unfortunately, they’re still having some success. The amount of money that people have lost to scams and fraud has increased over the years.

The Canada Revenue Agency (CRA) would like to remind taxpayers and registrants that they have until December 31, 2023, to make a taxpayer relief request related to the 2013 tax year or reporting period.

If you want to ask for penalty and interest relief, you must send your request within ten years from the end of the calendar year or fiscal period of concern.

It’s almost that time of year again: tax season. Many of us put off filing our income tax and benefit returns until the last minute or avoid filing altogether. By not filing, you might be missing out on certain benefit and credit payments, or a potential refund.

The Canada Revenue Agency (CRA) is here to help you file, so you’re not scrambling at the last minute before the deadline.

Issuers of T4A and T5 slips can now distribute them by email or using an employer or payer’s secure electronic portal without obtaining written or electronic consent from the employees or recipients before distributing the slips. Previously, issuers were required to request express consent in order to provide these slips electronically, but do not need to now, under certain conditions.

Recipients of T4A and T5 tax information slips no longer have to provide permission to receive them through a secure portal.

A T4A slip identifies amounts paid during the calendar year for certain types of income from many different sources, including self employed commissions and RESP educational assistance payments. T5 slips are used to report the various types of investment income that residents of Canada have to report on their income tax and benefit returns.

Beginning with the 2023 tax year, issuers (including employers and pension plan administrators) of the T4 Statement of Remuneration Paid and T4A Statement of Pension, Retirement, Annuity, and Other Income must report on a T4 or T4A slip whether, on December 31st of the taxation year to which the information return relates, a payee or any of their family members were eligible to access dental insurance, or dental coverage of any kind, including health spending and wellness accounts, due to their current or former employment.

Whether you are new to Canada and trying to make your way, or are a Canadian resident wondering about housing options for the future, you are likely thinking about costs. The cost of living is high and we need to find ways we can stretch our dollars to where they need to go. We all have things to learn when it comes to managing our personal finances, and even more so as life circumstances change.

In November, we celebrate Financial Literacy Month by inviting organizations across Canada to come together to talk about personal finances, and how to manage different aspects of them. It is not always easy to know where we can get help to manage our money or to understand what mechanisms are out there for us. This November, help us get that conversation going.

November is Financial Literacy Month, a time for organizations across Canada to come together to talk about personal finances, and how to manage different aspects of them. When we think about how best to manage our money, and what we want to accomplish with it, purchasing a first home is often at the top of the list. Let’s face it, it is not always easy to know what mechanisms are out there that we can take advantage of. That is why, in November, various financial organizations are talking about available financial tools and resources to get the conversation going!

The maximum pensionable earnings under the Canada Pension Plan (CPP) will be $68,500—up from $66,600 in 2023. The basic exemption amount for 2024 remains at $3,500.

Starting in 2024, a higher, second earnings ceiling of $73,200 will be implemented and used to determine second additional CPP contributions (CPP2). As a result, pensionable earnings between $68,500 and $73,200 are subject to CPP2 contributions.

The Government of Canada has introduced new reporting requirements for trusts. These changes were made as part of Canada’s international commitment to the transparency of beneficial ownership information as well as its continuous efforts to ensure the effectiveness and integrity of the Canadian tax system.