Home Tax Tax News

Latest news in Tax News

calculating numbers for income tax return with glasses pen and calculator

CRA extends tax filing relief to corporations and trusts

T2 and T3 filers now have until Sept. 1

Focused young fashion designer in eyeglasses working with sewing machine

How small businesses without employees get shut out of benefits

More support is needed to cope with the pandemic


Long-term care and the principal residence exemption

Can your client claim the PRE after moving to assisted living?

Canada and USA Flag

A perfect storm is brewing for non-compliant U.S. taxpayers abroad

Subtle changes mean clients may want to act soon

  • By: Max Reed
  • May 4, 2020 May 12, 2020
  • 14:23
people and finance concept - customer with pen and paper writing application at bank office

Prescribed rate scheduled to drop for Q3

The lower rate creates opportunities for income splitting

Bridge to Canada Sign

IRS provides tax relief for snowbirds stranded in the U.S.

New guidance helps people stuck south of the border due to travel disruptions

office work and metaphor for the payment of taxes

Canada lags in fund regulation, taxation: Morningstar

Canada scored "below average" in a new report

Parliament Hill building closeup in Ottawa, Canada

Advisor calls on feds to lower RDSP minimum withdrawals

The government says the pandemic may disproportionately affect those with disabilities

Sidestepping superficial loss rules

The process of selling losing investments is fairly straightforward

Wooden cubes tax with canadian dollar

Tax treatment of federal Covid-19 measures

RRIFs, CERB and working from home have tax implications

financial protection for the future - growth treasure

C.D. Howe Institute calls for temporary relief on RRSP withdrawals

A suspension would provide liquidity to those who need it during the crisis, the think tank says

Bridge to Canada Sign

Updated: U.S. taxpayer clients can ask for more time to file with the IRS

The extension request must be filed by July 15

Tax experts offer advice for business owners

From raising cash to applying for federal support, here's what your clients need to know

Part-time advisor’s business income doesn’t justify ‘staggering’ expenses

A Tax Court case shows what can happen to unsupported claims

Tax problems business and financial concept as a businessman on a road to success blocked by a brick wall with the word taxes painted on the surface as a metaphor for finance issues as an adversity to growth.

CRA suspends new debt collection to prevent financial hardship

Pre-existing situations will be assessed case by case

chef making a pizza spreading sauce

Helping clients access new federal money

Here's a breakdown of the benefit programs and help for small businesses

senior woman with laptop

Liberals ease minimum RRIF withdrawals as part of pandemic response

Finance Minister Bill Morneau said the minimum withdrawal rate will be 25% lower for 2020

Parliament buildings in winter

Liberals pledge up to $82 billion in spending, deferred taxes

The unprecedented package includes a beefed-up Canada Child Benefit, GST tax credits, a wage subsidy and emergency EI benefits

Supreme Court of Canada building in Ottawa, Canada

Speculation or hedge? Supreme Court rules on derivative case

The ruling has implications for tax treatment

senior woman with laptop

Tax tips for seniors

The CRA details the benefits, credits and expenses that your senior client may be eligible for

  • By: Staff
  • March 11, 2020 March 11, 2020
  • 12:42
mans hands behind bars in jail or prison

Tax preparer prepares for jail

The former CRA employee was sentenced to more than 4 years for tax fraud

  • By: Staff
  • February 28, 2020 February 28, 2020
  • 14:49

CRA criticized for service delays

Taxpayers’ Ombudsman issues 15 recommendations for improving the agency's performance

Business Communication Connection People Concept

Help clients calculate RRSP limits

Breaking down pension adjustments and other challenges

Portrait of a male student reading book in classroom

Tax tips for students

The CRA provides a handy list of potential tax benefits and credits

  • By: Staff
  • February 12, 2020 February 12, 2020
  • 13:39
Corruption illegal criminal activity tax evasion economy ponzi scheme concept. Closeup man hand hiding tax card in a sleeve of a suit isolated on gray wall background

Tax preparer gets jail time for fraud

Clients' tax returns were filed with phoney charitable tax credits, business losses

  • By: Staff
  • February 10, 2020 February 10, 2020
  • 12:55