CRA Financial News

08.12 / 10:59

Action CRA Pool Moodys information reports EU watchdog tells top credit raters to review CLO controls

By Huw Jones

04.12 / 12:03

Provident Reuters Citizens CRA country social reports Foreign pension counts towards your income, but taxpayer finds out there's another catch

We pay tax not only on our Canadian-source employment, business or investment income, but on our total worldwide income, including foreign income, such as a foreign pension, which must first be converted to Canadian dollars before it’s reported on our returns annually.

24.11 / 23:23

CRA Department Size of TFSA contribution limit rises for 2nd year in a row

Canadians will again be able to put more into their tax-free savings accounts in 2024, according to Finance Canada.

23.11 / 23:03

Citi Provident Digital Platform CRA 3 tax changes in the fiscal update you may have missed

This week’s fall economic statement had very little in the way of tax measures, but there were a few items that may affect you if you own real estate or are considering the succession of your privately owned business.

20.11 / 20:33

CRA pandemic show cover reports audit CRA claws back $458M in COVID-19 wage subsidies after partial audit

The Canada Revenue Agency has denied or adjusted $458 million in funds disbursed to employers through a pandemic-era wage subsidy program as a result of a partially completed auditing process.

02.11 / 05:19

Provident Citizens CRA country CRA extends deadline for underused housing tax by 6 months

The Canada Revenue Agency (CRA) has extended the deadline for homeowners to file their taxes for vacant or underused residential properties in the country by six months.

01.11 / 03:55

Provident SEC CRA cover reports recommendations GAO GAO Criticizes SEC’s Handling of Crypto Accounting Bulletin, Calls for Clearer Rule

The Government Accountability Office (GAO) has determined that the Securities and Exchange Commission (SEC) erred in its handling of “Staff Accounting Bulletin 121” (SAB 121) by failing to submit it to Congress as is required for official rules.

31.10 / 08:53

Provident CEO CRA Mobile pop information pension New NPS withdrawal rule changes: Ten things National Pension System subscribers must know

National Pension System (NPS) fund withdrawals. 1)PFRDA has provided the facility of Systematic Lump Sum Withdrawal (SLW) for NPS subscribers. “…it is proposed to provide the option of phased withdrawal of the lump sum through Systematic Lump Sum Withdrawal (SLW) facility," the PFRDA said in its circular dated 27 October 2023.

30.10 / 12:41

CRA Mobile pop PFRDA makes ‘penny drop’ verification mandatory for NPS fund withdrawal

Pension regulator PFRDA has made ‘penny drop’ verification mandatory for the withdrawal of funds by subscribers of the National Pension System (NPS) to ensure the timely transfer of money. Through the ‘penny drop’ process, Central Recordkeeping Agencies (CRAs) check the active status of the savings bank account and match the name in the bank account number with the name in PRAN (Permanent Retirement Account Number) or as per the documents submitted.

26.10 / 15:33

FIVE CRA Bill Labrador show 2020 Inflation, interest rates will have a surprising effect on your taxes next year

The Bank of Canada’s decision this week to hold its benchmark interest rate steady at five per cent as it attempts to battle inflation was welcome news for many. But the effects of both higher interest rates and inflation on the tax system will be felt in the new year in at least a couple of ways based on recent economic data available over the past week or so.

25.10 / 11:33

Landmark Racing CRA Mobile performer cover classical Big banks face enhanced regulations on redlining

Top US banking regulators have updated decades-old rules that are meant to tackle redlining and boost lending to lower-income areas.

24.10 / 17:01

Provident CRA Mobile performer cover prevention US banks face more fair lending scrutiny under new regulations

By Pete Schroeder

24.10 / 15:56

Provident FIVE CRA Mobile cover reports testing Low Banks Face Shake-Up of Low-Income Lending Rules

WASHINGTON—Top U.S. banking regulators have been struggling for more than five years to update anti-redlining rules aimed at making banks lend more in lower-income communities. On Tuesday, they plan to complete a revamp of them for the era of online banking.

13.10 / 18:27

Provident Extreme Aware Action CRA President reports Auditors allege Canadian charity helped Hamas financier

A government audit of one of Canada’s largest Muslim charities alleges some of its directors and employees were involved in “an apparent Hamas support network.”

12.10 / 22:55

Provident MAIL CRA information 2020 You've got mail: Taxpayer claims he didn't get CRA notices, but court calls allegation 'strange'

In your dealings with the Canada Revenue Agency, you have the option to receive its notices by either regular mail or email, but either way, the taxman assumes you receive them unless you can prove otherwise, as one taxpayer has found out.

25.09 / 12:53

Provident CRA Align electronic exclusive National pension National Pension System: Government subscribers can now opt for NPS Tier II Default Scheme

The Pension Fund Regulatory and Development Authority (PFRDA) has introduced the NPS Tier II Default Scheme exclusively for Government Sector subscribers. With this, the Government sector subscribers under NPS will be given an additional investment option of the Default Scheme along with the existing Scheme E/Scheme C/Scheme G investment options.

02.09 / 04:55

CRA COVID-19 Pandemic 120 employees ‘no longer with the CRA’ after review of CERB claims

The Canada Revenue Agency says 120 employees are no longer with the agency following an internal review of employees who claimed the Canada Emergency Response Benefit (CERB).

24.08 / 20:01

COST Provident CRA Pool cover Inside CRA decision to deny taxpayer late-filing relief sent back for review by judge

If you own foreign investments whose total cost exceeds $100,000 at any point in a tax year, you’re required to file a Form T1135, Foreign Income Verification Statement, which covers obvious foreign assets, such as funds in a Cayman bank account, but also foreign stocks held in a Canadian, non-registered brokerage account.

21.08 / 12:39

Target SEC Racing CRA stage SEC races clock to keep rules out of congressional kill zone

When the SEC finalizes rule proposals, the countdown begins on compliance deadlines for investment advisors and brokers. But the agency faces its own ticking clock when it comes to final proposals, thanks to next year’s elections.

14.08 / 09:05

UPS Provident Action CRA performer track NPS subscribers can view NPS statement in Consolidated Account Statement: How to use

PFRDA) along with SEBI has now enabled a consolidated view of the personal investments in the securities market with updated mark-to-market values for National Pension System (NPS) subscribers. It includes the investors' Demat account holdings as well as their mutual fund holdings.

05.08 / 14:15

Provident CRA show CRA wins one, loses one as government pursues pandemic benefits it deems questionable

More than 1,000 cases related to past COVID-19 benefits are now winding their way through Federal Court as taxpayers wage battle with the Canada Revenue Agency in the hopes of being able to hang on to their benefits as the government continues to try to claw them back from Canadians whom it determines were ineligible.

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