CRA Updates Jason Smith CRA Updates Jason Smith

Five common mistakes to avoid at tax time!

At tax time, some of us may be excited to file an income tax and benefit return to receive a refund or benefit and credit payments. On the other hand, some of us may feel overwhelmed by the tax-filing process. The Canada Revenue Agency (CRA) understands, and we’re here to help.

Here’s a list of some of the most common mistakes we see at tax time. Avoiding these can save you time and help make the tax-filing process as simple as possible.

Read More
CRA Updates Jason Smith CRA Updates Jason Smith

Warning for newcomers to Canada: Watch out for tax schemes targeting you!

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.

Read More
CRA Updates Jason Smith CRA Updates Jason Smith

Businesses: Are you affected by the change to GST/HST electronic filing requirements?

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.

Read More
CRA Updates Jason Smith CRA Updates Jason Smith

What you need to know for the 2024 tax-filing season

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!

Read More
CRA Updates Jason Smith CRA Updates Jason Smith

Don’t miss out on tax benefits for northern residents

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.

Read More
CRA Updates Jason Smith CRA Updates Jason Smith

Seniors: Simplify tax-filing so you can get back to doing what you enjoy!

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.

Read More
CRA Updates Jason Smith CRA Updates Jason Smith

Getting ready to file your taxes by paper? Here’s what you need to know!

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.

Read More