CRA Financial News

18.11 / 21:07

CRA security wellness reports Canadians will get child benefit cheques this week amid Canada Post strike

The latest child benefits are going out to Canadian parents this week amid a postal disruption as thousands of Canada Post workers remain on a nationwide strike.

07.11 / 19:01

UPS CRA 2020 reports prevention Courts CRA denies Ontario taxpayer’s RRSP deduction due to pension adjustment

To help save for retirement, Canadians are encouraged to contribute to a registered retirement savings plan (RRSP) each year. The amount you can contribute is based on 18 per cent of the prior year’s earned income, up to an annual maximum. For 2024, that annual maximum is $31,560. Earned income includes employment earnings, self-employment earnings, and rental income.

06.11 / 18:37

UPS Provident CRA Bill country inclusion Capital gains inclusion rate hike remains up in the air, but you still have to prepare for it

Most people know that capital gains are preferentially taxed in Canada, like most countries, and for good reason: prosperous countries realize that investors, including entrepreneurs, take significant risks that can have extended long-term benefits to society and the economy.

01.11 / 14:05

UPS Action CRA community Universities Interviews As possible Canada Post strike looms, who could see biggest impact?

After Canada Post presented its latest offer to workers, the risk of a looming disruption is likely leaving Canadians worried about what will happen with their mail.

30.10 / 16:01

CRA Election wellness reports Bare trust tax filing rules are getting another exemption, CRA says

The Canada Revenue Agency is getting out ahead of the confusion stoked by an eleventh-hour reversal on bare trust tax reporting requirements last year.

24.10 / 13:39

COST UPS Action CRA electronic 2020 Courts Got email from the CRA? Make sure you check it or you could end up paying — big time

If you filled in your email address on the front page of your T1 personal tax return, you have officially registered to receive most Canada Revenue Agency communications via email notification. This means the onus is on you if you forget to check your email and miss an important communication, which could end up costing you big time should you miss a CRA notice of reassessment.

18.10 / 13:05

CRA Nov information recommendations donates Courts Why you should check your tax return, even if a professional prepared it

Many Canadians will likely agree that our tax system is overly complex, which is why millions hire an accountant or tax professional to prepare their tax returns each year. But, just because you hire a pro to prepare your return, doesn’t mean you’re not fully accountable — and ultimately liable — for the information contained inside it.

17.10 / 08:49

CRA Nov trends exclusive reports Latest Canada Child Benefit payments roll out this week. How much?

Canadian parents are set to receive the latest child benefits from the federal government on Friday.

16.10 / 21:55

Action CRA pandemic Updates Investigations International CRA says 330 employees fired for inappropriately claiming CERB

More than 300 employees of the Canada Revenue Agency have been terminated in the past year for inappropriately receiving the Canada Emergency Response Benefit (CERB) during the COVID-19 pandemic, with the final round of firings having occurred in the past three months.

02.10 / 16:25

UPS CRA wellness Harmonic Canadians will soon receive GST/HST credit payments. How much?

Canadians are set to receive goods and services tax or harmonized sales tax credits this week from the federal government — the last such payments of the year.

01.10 / 15:01

markets UPS Target CRA Solomonic Opinion information Opinion: The taxman is coming for our homes

By Lawrence Solomon

28.09 / 02:05

BLOCK Digital Aware CRA Assurant prevention Is the CRA doing a good enough job? The agency wants to hear from you

The Canada Revenue Agency wants to hear from Canadian taxpayers on how it can improve its services and “do better.”

26.09 / 15:19

CRA Analysis wellness show performer reports Courts Taxpayer blames $500,000 misstep on accountant, but the CRA doesn’t bite

If you’re a business owner whose tax situation is somewhat complex, chances are you hire an accountant to prepare your personal and corporate tax returns.

24.09 / 12:43

UPS Williams CRA Apple Universities Department rights William Watson: Couldn’t we get Amazon or Apple to run the CRA?

Dear Prime Minister,

19.09 / 13:11

Provident CRA pandemic show 2020 Courts Taxpayers are still fighting the CRA over pandemic benefits — and losing

Taxpayers show up in federal court almost every week hoping to hang on to their COVID-19 benefits after being found ineligible by the Canada Revenue Agency, but they are usually unsuccessful.

12.09 / 22:23

UPS CRA show information 2020 Courts Two CRA disputes show Canadians still don’t know TFSA contribution rules

Two new Federal Court decisions decided earlier this month demonstrate that some taxpayers continue to mess up when it comes to tax-free savings account contributions.

06.09 / 13:51

markets COST Provident CRA information reports rights What you need to know about the new trust reporting rules

You can be forgiven if you missed the latest development in the ongoing saga of the new trust reporting rules, especially If you’ve been away over the summer.

30.08 / 19:52

COST MET FIVE CRA testing Courts Updates Borrowing to invest? The CRA just clarified the rules on interest deductibility

Earlier this month, the Canada Revenue Agency updated its comprehensive folio on the topic of interest deductibility , and while most of the changes aren’t of interest to the average taxpayer, the folio has been revised to add a reference to more recent case law on the meaning of the phrase, “for the purpose of earning income from a business or property.”

27.08 / 18:38

UPS Provident CRA security Moodys social Sticking up for the CRA is getting harder and harder as ‘bad’ experiences proliferate

When I attend social events and introduce myself as a tax professional, the conversation often turns to the Canada Revenue Agency.

20.08 / 18:00

COST UPS CRA social reports Child benefits are rolling out to Canadians. How much will parents get?

The latest child benefits are going out to Canadian parents on Tuesday after a routine increase in monthly payments last month.

15.08 / 16:31

UPS CRA Software social information If the CRA misspells your name, be prepared for lots of red tape

One of the biggest threats facing the financial services industry is the risk of identity theft, which is the unauthorized use of your information by third parties who attempt to collect personal information about you, such as your name, date of birth, address, social insurance number and other details, for criminal purposes.

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