CRA Financial News

28.03 / 20:15

CRA information reports Department CRA no longer requiring tax return for bare trusts this year

Canadians with bare trust arrangements, such as a co-signed mortgage or joint bank account, are now exempt from filing a return this tax season.

27.03 / 15:13

Target CRA security Opinion students reports Opinion: Canadians will ignore the new trust reporting rules. So will the Canada Revenue Agency

By Allan Lanthier

27.03 / 07:59

CRA security Mobile performer cover Features New NPS rule from April 1: How to do two-factor Aadhaar authentication to log into National Pension System account

Pension Fund Regulatory and Development Authority (PFRDA) has improved the security of the National Pension System (NPS) by implementing a new security layer, two-factor Aadhaar-based authentication, which will be required for all password-based users logging into the CRA system beginning April 1, 2024, according to the PFRDA circular dated on March 15, 2024.

26.03 / 18:41

COST UPS BLOCK CRA Bill Experts reports Posthaste: Cash-strapped Canadians are taking on side hustles — but many aren't telling the CRA

In these tough economic times, the ranks of Canadians taking on a side hustle to make ends meet is rising.

21.03 / 06:27

Digital CRA Reddit social reports Did you open an FHSA last year? Why your tax refund might be delayed

Some Canadians who opened a first home savings account (FHSA) in 2023 have faced delays getting their tax return processed by the Canada Revenue Agency, a government spokesperson confirmed to Global News.

20.03 / 01:37

Provident FIVE CRA security Mobile prevention Features NPS new login norms mandate two-factor Aadhaar authentication from THIS month. Details here

Pension Fund Regulatory and Development Authority (PFRDA) is set to revamp the current login process for National Pension System (NPS) accounts by April 1, 2024. The pension regulatory body recently announced an enhanced security system.

19.03 / 21:17

COST UPS CRA Software rights Thinking of filing your taxes yourself this year? Here’s what to know

Imagine sitting down with a messy pile of T-slips and old receipts to file your tax return one line at a time. It sounds daunting — and a reason why even people with straightforward returns may choose to hire an accountant.

14.03 / 19:51

Maxim Aware CRA information 2020 reports Courts Taxpayer learns ignorance isn't bliss when it comes to the CRA and TFSA rules

As we wade through tax season anxiously awaiting those final few T5 and T3 slips for 2023 to arrive, we should ensure we’ve taken full advantage of the contribution room available to us in all the various registered plans in order to minimize the amount of taxable investment income we’ll need to report in future years.

14.03 / 19:51

UPS Provident FIVE CRA Opinion reports Opinion: New CRA reporting rules for trusts are a disaster

By Allan Lanthier

07.03 / 20:05

UPS FIVE CRA electronic 2020 volunteers donates 5 tips to help keep the CRA off your back this tax-filing season

The Canada Revenue Agency has already received more than 2.5 million 2023 personal tax returns as of March 4. Of those, over 95 per cent were electronically filed, with only five per cent of Canadians mailing in their returns.

28.02 / 12:09

Provident CRA country stars NHL rights athletics NOT Allan Lanthier: Canadians want the Stanley Cup back in Canada. The CRA? Not so much

The more you look at the Canada Revenue Agency’s case against Toronto Maple Leafs captain John Tavares, the more concern it raises.

21.02 / 10:27

UPS Aware CRA security performer blues Features NPS transactions to get more secure through aadhaar-based access, PFRDA releases circular

PFRDA) on Tuesday released a circular in a bid to secure NPS (National Pension System) transactions through aadhaar-based access of the Central Recordkeeping Agency system under the government sector. As of now, the nodal offices under central and state governments including autonomous bodies currently use a password-based login in order to access the central recordkeeping agency (CRA) for NPS transactions.

16.02 / 10:45

UPS Provident FIVE CRA pop Features How to reactivate your frozen NPS account — A step by step guide

The National Pension System (NPS) stands as a valuable asset in financial planning, particularly for retirement purposes. Despite its substantial advantages, private sector individuals, unlike government employees, are required to opt for participation and personally handle their contributions. Nevertheless, a notable distinction exists in contribution limits for government and private sector employees.

15.02 / 19:37

CRA Software show information 2020 reports Features Relying on CRA's Auto-fill can be costly as tax case over missing income shows

No one wants to be late filing their tax return, but filing early can also be a problem, especially if you’re unsure whether you’ve received all your tax slips.

09.02 / 20:35

COST UPS CRA pandemic track 2020 New CRA rules around working from home make it harder to claim expenses

If you’re one of the millions of Canadians who worked from home during 2023, either full time or on a hybrid-work arrangement, you’ll need to take some extra time this tax filing season if you want to claim a deduction for your home-office expenses. That’s because the “simplified method” of claiming home-office expenses is no longer available for the 2023 tax year.

29.01 / 09:51

CRA stage hospital New NPS partial withdrawal rule: Effective date, eligibility, process, other details you should know

(NPS) for specific purposes. The PFRDA circular dated January 12, 2024, states that subscribers can make partial withdrawals for purposes such as higher education, marriage, residential house purchase, and medical expenses. According to the circular issued by the authority dated January 12, 2024, "This Master Circular shall take effect from 01 February 2024 but shall be without prejudice to their (earlier issued circulars) operation and effect, for the period when they were in force, until them being subsumed under the Master Circular." -Higher education of the subscriber's children, including a legally adopted child.

18.01 / 23:57

UPS Digital CRA wellness Bill 2020 The CRA's prescribed interest rate hits double digits: 3 ways it could affect your wallet

For the first time in more than two decades, the Canada Revenue Agency’s prescribed interest rate for overdue taxes has hit double digits — 10 per cent for the first quarter of 2024. The last time the prescribed rate was so high was back in mid-2001.

18.01 / 05:35

UPS FIVE CRA NPS: Up to 25% of corpus allowed for partial withdrawal; here's when you are permitted to withdraw

Pension fund body PFRDA (Pension Fund Regulatory and Development Authority) has released a new circular stipulating the provisions of withdrawal of pension under the National Pension System (NPS). These provisions will come into effect from Feb 1, 2024.

13.01 / 16:12

Provident CRA information 2020 Courts rights Taxpayers' strange excuses don't sway courts after CRA denies CERB, CRB eligibility

Until recently, I never fully appreciated the meaning behind the excuse, “The dog ate my homework.” That changed this past summer with the arrival of Jasper, our new golden retriever puppy. Consistent with his breed’s genetic disposition, I noticed he was a quick study when it came to retrieving the newspaper from the front stoop. Unfortunately, by the time the paper made it inside, it was no longer readable as he had shredded it to pieces.

21.12 / 20:01

FIVE CRA Strategy PayDay Celebrity Department donates This is the way to get a tax 'refund' every paycheque instead of just once a year

What better time to get a head start on a year’s worth of tax savings than with 2024 just around the corner. This is particularly true if you’re an employee, like me, who has taxes withheld from your paycheque each pay period by your employer, yet you end up with a significant tax refund the following spring.

20.12 / 17:07

FIVE CRA pandemic country Live news: CRA has now fired 185 employees for 'inappropriately' claiming CERB

The Canada Revenue Agency says 185 employees have been fired to date for claiming a federal COVID-19 benefit when they were not eligible for it.

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