CRA Financial News

It’s been more than four years since the government launched its first COVID-19 relief program in the form of the Canada Emergency Response Benefit (CERB), ultimately replaced by the Canada Recovery Benefit (CRB). But the courts continue to hear cases brought by individuals who have been asked to repay benefits they should have never received because they simply didn’t qualify.

By Julie Cazzin with Andrew Dobson

One of the more popular tax credits, claimed by more than five million Canadians annually, is the medical expense tax credit (METC), which provides tax relief for qualifying above-average medical or disability-related expenses incurred by individuals on behalf of themselves, a spouse or common-law partner, or a dependent relative.

The DOL’s fiduciary rule is facing a fresh challenge in the legislature as a bicameral group of senators and house representatives seek to overturn it.

Having been introduced on May 1, 2009 for all citizens of India; National Pension System (NPS) has recently completed 15 years of its existence.

I received my 2023 Notice of Assessment this week and it contained the full details of my tax assessment, an explanation of changes and other important information, along with a one-page detailed registered retirement savings plan (RRSP) deduction limit and available contribution room statement. What it did not contain, however, was a similar statement about my available tax-free savings account (TFSA) contribution room.

The Canada Revenue Agency (CRA) is cracking down on crypto, going after C$54m ($39.5m) in suspected unpaid taxes. It is also launching investigations into hundreds of crypto investors.

The circular emphasizes that you, as an individual, have the freedom to choose any of the three CRAs for opening and maintaining your Atal Pension Yojana account. Even existing APY account holders have the option to switch their CRA. This is because CRA portability is allowed for both existing and new APY account holders, giving you the power to manage your pension account at your convenience. The PFRDA circular also mentions the charges the three CRAs can levy on the APY account holder for opening and maintaining the pension account.

The Canada Revenue Agency (CRA) will soon require employees to make their way to the office for at least three days a week, following the Treasury Board of Canada Secretariat’s lead.

Congratulations! You’ve filed your 2023 tax return by the April 30 deadline and you’re awaiting your formal notice of assessment from the Canada Revenue Agency.

taxes to the Canada Revenue Agency.If you don’t, you can lose benefits, pay stiff fines or even face jailtime, an accountant told Global News.“Failing to file taxes by the deadline – there are some serious consequences,” Chartered Professional Accountant Shayan Rashid said.If you owe money, the late filing penalty is “five per cent of your 2023 balance owing, plus an additional one per cent for each full month that you file after the due date, to a maximum of 12 months,” according to the Canadian Revenue Agency (CRA) site.That means you could potentially end up paying 17 per cent of any balance you owe, Rashid said.But if the CRA charged you a penalty for filing late in 2020, 2021 or 2022 and requested a formal demand for return, the agency site says “your late-filing penalty for 2023 will be ten per cent of your balance owing” plus “for each full month that you file after the due date, to a maximum of 20 months.”“That’s just the penalty portion,” Rashid explained.“On the interest portion – this gets fun because now the rate of the CRA is charging is almost 10 per cent … and that compounds daily.”“If you have a balance owing for 2023 and are unable to pay it by the April 30 payment due date,” the agency’s site states, “the CRA will charge you compound daily interest starting May 1, 2024.”Rashid said the CRA can take more severe action if someone consistently files late or ignores repeated requests, like garnishing their wages, freezing bank accounts or placing liens on properties.“We have see the CRA go directly to the employer,” he said, speaking from Oakville, Ont, and that employer would be “required to pay the wages (to) the CRA first” before paying the employee.Extreme cases can result in tax evasion or fraud

Justin Trudeau warned Saskatchewan Premier Scott Moe on Wednesday that the Canada Revenue Agency is “very, very good” at getting the money it’s owed.On Saturday, Premier Moe responded to the prime minister’s comments on the Roy Green Show, saying to Trudeau, “The CRA, I don’t think they are able to come after the province of Saskatchewan.”“It’s our position that we paid all the tax that is owing so the threat is not a threat at all,” said Premier Moe. “(The) prime minister thinks he’s going to start sending agencies after provinces that had unanimous votes in their legislation … he may have his views.

The Pension Fund Regulatory and Development Authority (PFRDA) has specified the charge structure for point of presence (PoP) under National Pension Scheme (NPS). Appointed by the PFRDA, points of presence are entities to provide services to all the citizens to open and operate their NPS accounts. They perform functions through their network of branches called POP service providers (POP-SP). A PoP service provider is more like a first point of contact between you and the NPS.

Millions of Canadians will soon be scrambling to get their returns filed by the April 30 deadline to avoid a potential late-filing penalty and arrears interest.

Saskatchewan Premier Scott Moe on Wednesday that the Canada Revenue Agency is “very, very good” at getting the money it’s owed.“Having an argument with CRA about not wanting to pay your taxes is not a position I want anyone to be in,” he said at a press conference in Oakville, Ont.“Good luck with that, Premier Moe.”The Saskatchewan premier has pledged his province will not send Ottawa the money it collects from the federal carbon price on natural gas — a move that breaks federal law.The jurisdictional spat began when the Liberals created a temporary exemption to the carbon price for home heating oil.The Saskatchewan government said that’s unfair and politically motivated because the exemption has an outsized impact in Atlantic Canada, where oil is the main fuel source for home heating.Moe’s government has called for a similar exemption on natural gas, the primary home-heating fuel in Saskatchewan.He has also been a vocal opponent of the carbon levy more broadly and counts himself among a majority of premiers who have written to Trudeau seeking a meeting to talk about alternatives to the carbon price.Trudeau has rebuffed calls for such a meeting and challenged premiers to come up with their own climate plans if they don’t like the federal carbon price, pointing to British Columbia and Quebec as examples of provinces with their own system.The prime minister confirmed Tuesday that his government will keep sending carbon rebate cheques to people in Saskatchewan.On Wednesday, he reiterated that most people in jurisdictions that use the federal carbon price get more back in rebates than they pay each year.“CRA is an independent organization that is very, very good at getting money it is owed from Canadians, from businesses and

A Conservative MP is calling on the taxpayers’ ombudsperson to conduct a “systemic review” of the Canada Revenue Agency‘s recent handling of bare trust reporting requirements.

Peter Corry from Alberta says he recently paid $700 for an accountant to file his bare trust tax returns, out of fear of a penalty for missing the April 2 deadline.

If you’re an employee who’s in the process of preparing their 2023 tax return, you’ll no doubt soon come to realize that there’s not much tax planning we can do to reduce the tax payable on our employment income, all of which appears on a T4 slip.

A large number of people could be losing out on money owed to them by the Canada Revenue Agency because they don’t understand how to maximize their tax refunds.

One of my favourite vocalists of all time is the Queen of Soul Aretha Franklin. I particularly loved her soulful style which was on great display during one of her greatest anthems Respect. The way she spelled out the words of “respect” during the song was classic.

Top Events of the Day: India is all set to witness high-octane political, educational, and financial events including Arvind Kejriwal's hearing in an excise policy case, JEE Main Session 2 admit card, and the US visa fees hike today, April 1. Take a look at the top events of the day below, - Chief Minister Arvind Kejriwal, who is currently under ED custody, will be produced before Delhi's Rouse Avenue court at 11 am today, Monday. On March 28, the AAP supremo was sent to Enforcement Directorate custody till April 1.