CRA Financial News

31.01 / 17:31

UPS Booking CRA Election wellness inclusion Ottawa pushes back proposed capital gains tax changes to 2026

The federal government is delaying plans to raise the inclusion rate on capital gains, offering a degree of clarity on the legislation stuck in limbo that was causing some confusion for the upcoming tax season.

14.03 / 22:07

UPS CRA wellness show reports Courts Investigations CRA’s 'stupid mistake' compels taxpayer to pay taxes on an extra $53,258

I rarely get any physical mail anymore. In fact, if it weren’t for my weekly New Yorker magazine subscription, my mail carrier would have no reason to visit my front stoop. Over a decade ago, I switched all my bills (hydro, natural gas, home internet, credit cards, etc.) to email delivery, and this includes most tax slips, as well as correspondence from the Canada Revenue Agency.

07.03 / 22:25

COST Provident CRA security wellness reports CRA hits taxpayer with hefty 'foreign property' penalty over Swiss bank account

As you begin to prepare your 2024 tax return in the days ahead, you should pay close attention to a seemingly innocuous question on page 2 of the return. The question asks whether you owned or held “specified foreign property” where the total cost amount of all such property, at any time in 2024, was more than $100,000. If the answer is yes, the return instructs you to complete Form T1135, Foreign Income Verification Statement.

28.02 / 15:23

Provident Target MET CRA pandemic 2020 Courts CRA wins case against remote worker who claimed $67,000 in moving expenses

Tax season is now underway, and if you moved in 2024, you may be entitled to write off your moving expenses, assuming you qualify. Not all moves, however, qualify as an “eligible relocation,” and the ability to deduct moving expenses can be challenged by the taxman, which is what happened in a recent case decided earlier this month. But before delving into the details of this latest case, let’s briefly review the rules for deducting moving expenses.

24.01 / 15:13

COST UPS Provident CRA Parke travelers Taxpayer with more expenses than income not allowed to carry them forward

If you incur various expenses for which you aren’t reimbursed by your employer, including expenses for a home office, you may be able to claim a deduction on your return for them. But what if your expenses are so large that they exceed your employment income? Are they still deductible against other income? Or can they be carried forward, and used in a future year?

17.01 / 00:47

UPS Digital CRA security CRA simplifies sign-in process before 2025 tax season

As the 2025 tax season approaches, the Canada Revenue Agency has refreshed its website to make it easier for Canadians to sign in to their online accounts.

09.01 / 23:41

Provident Racing CRA Election Bill inclusion Department Ottawa must axe capital gains changes amid uncertainty: Canadian chamber

The Canadian Chamber of Commerce is calling on the federal government to restore clarity to the upcoming tax filing season by pre-emptively nixing its proposed changes to capital gains taxes.

09.01 / 23:41

COST UPS CRA Death Nov Canada Workers Benefit goes out Friday. How much will you get?

Some eligible working Canadians are set to receive advanced payments of workers benefits from the federal government this week.

07.01 / 18:05

UPS Provident CRA Bill inclusion Department Here’s how capital gains tax changes will work after Parliament prorogued

The federal government has provided clarity on how proposed changes to capital gains taxes will work after Prime Minister Justin Trudeau prorogued Parliament without passing legislation to put the new tax rules into law.

07.01 / 15:25

Provident CRA Bill President CIBC innovations Updates Prorogation throws capital gains tax changes in limbo

Justin Trudeau’s decision to step down and prorogue Parliament will keep his government from implementing its proposed changes to capital gains for now, but Canadians might not be off the hook with tax collectors just yet.

07.01 / 13:01

UPS CRA Election Bill stage inclusion Trudeau resignation puts capital gains tax hike 'on life support', but CRA still messing up

The capital gains inclusion rate proposals first introduced in the April 16, 2024, federal budget are on life support because of the political chaos that Canada is currently experiencing.

07.01 / 13:01

UPS Provident CRA President CIBC innovations Updates Prorogation upends capital gains proposal but CRA yet to offer guidance

Prime Minister Justin Trudeau’s move to step down and prorogue parliament will keep his government from implementing its proposed changes to capital gains for now,but Canadians might not be off the hook with the country’s tax collectors just yet.

02.01 / 17:15

UPS CRA wellness Harmonic Latest GST/HST credit payments to roll out. How much could Canadians get?

The first benefits of the new year will go out Friday, with eligible Canadians receiving goods and services tax (GST) or harmonized sales tax (HST) credits from the federal government.

01.01 / 12:27

COST UPS CRA electronic inclusion Department Updates Tax changes are coming in 2025. Here’s what Canadians need to know

As Canadians ring in the new year with cost of living top of mind, many would likely want to get ahead on their finances for 2025.

27.12 / 17:17

markets COST UPS Aware CRA Harmonic testing FP Answers: Will I pay capital gains or HST if I rebuild my principal residence then sell it?

Q. If I tear down and then rebuild my principal residence of 32 years and sell it without moving in, will I have to pay any capital gains tax or Harmonized Sales Tax (HST)? Is there anything else I should be aware of so I don’t get in the crosshairs of the Canada Revenue Agency (CRA)?

20.12 / 15:11

COST Provident Gap CRA Software country information Government attempts at making tax filing easier don’t address the bigger problem

While Monday’s 2024 Fall Economic Statement contained very little in the way of tax changes, the government did provide further details on its progress toward automatic tax filing, at least for some Canadians.

12.12 / 20:17

COST UPS CRA show concert reports The CRA wants to know if you profited from reselling those Taylor Swift tickets

Taylor Swift wrapped up her 149-show, 20-month Eras Tour with a sold-out concert in front of 60,000 fans in Vancouver on Sunday night. And, while an estimated 10 million lucky fans globally got to attend one of her shows, countless others benefited from reselling their coveted tickets, for profits in the thousands of dollars.

10.12 / 23:03

FIVE CRA Moodys Bill performer inclusion Updates Five options for how the proposed capital gains inclusion rate increase could play out

Finance Minister Chrystia Freeland says she will deliver the overdue fall economic statement on Monday, just a day before the House of Commons’ last sitting day of Dec. 17. Why the delay? I’m not buying the lame stated excuse that filibusters have been the cause. Instead, this is a continuing display of this government’s overall incompetence.

05.12 / 17:51

CRA Inside CRA confirms the TFSA contribution limit for 2025

Canadian savers now know how much extra room they’ll get in their tax-free savings accounts (TFSA) in the year to come.

02.12 / 20:53

UPS Target Citizens CRA students Department International Layoffs could be on the table for public servants. Here's everything you need to know

The federal government is currently looking for ways to tighten its budget and curb the size of the public service. In order to do that, it’s undertakinga multi-billion dollar spending review.

21.11 / 18:33

UPS FIVE CRA security testing The new 2025 CRA numbers: tax brackets, CPP, RRSP and TFSA limits, and more

Last week, the Canada Revenue Agency (CRA) released the new tax numbers for 2025. Here’s what you need to know for next year.

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