Cracking down on tax evasion and avoidance

What the CRA is doing to crack down on tax evasion & aggressive tax avoidance: •Reviewing high-value money transfers as they cross borders to and from Canada (Electronic Funds Transfers (EFTs) over $10,000) and studying specific offshore locations and certain financial institutions                                                                                                                                                                                                                                                          Since January 2015, the Government of Canada has required financial institutions to report [...]

By |January 11th, 2017|Uncategorized|0 Comments

Fraudulent emails and phone calls – Protect yourself!

Occasionally, taxpayers may receive, either by telephone, mail, text message or email, a fraudulent communication that claims to be from the Canada Revenue Agency (CRA). In all these cases, the communication requests personal information, such as a social insurance, credit card, bank account, and/or passport numbers, from the taxpayer. These fraudulent communications typically insist that [...]

By |July 7th, 2015|Uncategorized|0 Comments

What’s new for this tax-filing season?

Important facts •Children's fitness amount - Under proposed changes, the maximum amount of eligible fees for each child has increased to $1,000. •Search and rescue volunteer amount - As a search and rescue volunteer, you may be able to claim an amount of $3,000. •Family Tax Cut - A proposed non-refundable tax credit of up [...]

By |February 17th, 2015|Uncategorized|0 Comments

2015 indexation adjustment for personal income tax, benefit amounts, and the annual dollar limit for Tax-Free Savings Accounts (TFSAs)

Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts will take effect on January 1, 2015. However, increases to the Canada child tax benefit (including the [...]

By |November 28th, 2014|Uncategorized|0 Comments

Warning: be cautious if you are thinking of participating in a gifting tax shelter scheme

Although the Canada Revenue Agency (CRA) regularly issues warnings and has reassessed thousands of participants, some taxpayers are still participating in gifting tax shelter schemes. Here’s what you need to know about such schemes: The CRA will hold the 2014 assessments of participants in tax shelter arrangements To protect the integrity of the tax system, [...]

By |November 20th, 2014|Uncategorized|0 Comments

Conservative tax breaks leave out ‘vast majority’ of households

Families with one high-income earner will see the most benefits from Harper's changes to income taxes and family support payments. Tax and benefit measures announced by Prime Minister Stephen Harper last month have been sharply criticized by opposition parties, but also by the conservative think tank, the Fraser Institute. The tax shakeup announced by Prime [...]

By |November 10th, 2014|Uncategorized|0 Comments

Universal Child Care Benefit

In 2006, the Government introduced the Universal Child Care Benefit (UCCB), which provides all families with up to $1,200 per year for each child under the age of 6. The UCCB currently provides direct federal support to approximately 1.7 million families with young children. Now, the Government is proposing to enhance the UCCB by providing up to $1,920 [...]

By |November 2nd, 2014|Uncategorized|0 Comments

Notice of Tax Changes to Ontario Employees who Earn More than $150,000

On July 24, 2014, the Ontario government passed into law increases to personal income tax rates for Ontario employees who earn more than $150,000 in 2014.  These changes come into effect September 1st, 2014. However, the CRA will allow employers to implement the new changes on a “best-effort where practical” basis, and is not going [...]

By |August 28th, 2014|Uncategorized|Comments Off on Notice of Tax Changes to Ontario Employees who Earn More than $150,000

You’ve got online mail… from the Canada Revenue Agency

What's new? The Canada Revenue Agency (CRA) has created a new service that allows businesses to receive some of their correspondence from the CRA online. It's fast, secure and you can view your mail online when it's convenient for you–it's a piece of cake! Why should I sign up? Managing your mail online is: Paperless—viewing [...]

By |February 7th, 2014|Uncategorized|Comments Off on You’ve got online mail… from the Canada Revenue Agency

Workers aged 60 and over—make sure you are clear on CPP contribution rules

Are you 60 to 70 years of age and did you return to work in 2013 after being away from the workforce? You may not know about changes to Canada Pension Plan (CPP) contributions that came into effect in January 2012. The changes affect employees and self-employed workers aged 60 to 70 (but not those [...]

By |January 29th, 2014|Uncategorized|Comments Off on Workers aged 60 and over—make sure you are clear on CPP contribution rules

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