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Income and gains on TFSA overcontributions can remain in account, CRA says

There are exceptions for cases of deliberate overcontributions or penalty waivers

Hands Giving & Receiving Money

Refinancing prescribed rate loans just became easier

Canada Revenue Agency confirmed a more flexible approach at the Canadian Tax Foundation conference

Closeup of paper man pushing tax wooden block on table against gray background

Prepare now for tax fallout from Covid-19, says tax expert

An aggressive taxman is on the way, Kim Moody says

Tax planning in a unique year

CERB, combined with lower deductions, is a recipe for potential tax owing

The White House in Washington DC, United States

Potential tax implications of the U.S. election

The impact of tax policy extends north of the border

Young business woman working at desk typing on a laptop in office and drinking coffee.

CRA: Employers can now reimburse home office furniture tax-free

Employer reimbursements of up to $500 not a taxable benefit if related to Covid-19

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Finance department study details workers hit hardest by tax, benefit system for extra earnings

The findings could help guide federal efforts as the Liberals attempt to massage taxes and pandemic-related benefits

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Feds extend deadline to apply for DTC, receive $600 disability benefit

The extension is welcome news for Canadians with disabilities

Canada and USA Flag

Why now may be a good time for wealthy Canadians in the U.S. to return home

Biden’s proposed tax hikes target high earners


Taxpayer watchdog to monitor how CRA handles pandemic-stressed taxpayers

The agency has agreed to be understanding with Canadians, Boileau says

money investment scale

Feds score big with extra funding of CRA’s business compliance programs

Each additional dollar of funding results in six dollars of "fiscal impact"

Parliament Hill building closeup in Ottawa, Canada

NDP wants to increase tax on excess profits

Jagmeet Singh suggests doubling the tax rate for companies earning record profits during Covid-19

Closeup receipts in paper nail

CRA to withhold tax from new Covid-19 benefits

Unlike the CERB, new benefits will be subject to 10% tax at source

Senior woman websurfing on digital tablet

Should your client reduce their RRIF withdrawal in 2020?

A tax session at the IAFP symposium offered insight

Hands Giving & Receiving Money

CRA sets family loan rate for Q4

Rate remains the same as the previous quarter

  • By: Staff
  • September 25, 2020 September 25, 2020
  • 12:35

CEWS audit requests ‘daunting,’ say tax pros

The CRA says it is in the initial phase of the audits and "proceeding cautiously"

  • By: Katie Keir
  • September 24, 2020 September 24, 2020
  • 12:57

Design of post-CERB benefits could change, minister says

The government wants the proposed package and eligibility rules to be flexible

Canada and USA Flag

CRA says U.S. Covid-19 payments not taxable in Canada

Americans in Canada who received U.S. payments won't need to include amounts in income

photo of hands holding pen under document and pressing calculator buttons

Feds freeze EI premiums in response to pandemic

Employer and employee rates to remain unchanged for next two years

  • By: Mark Burgess
  • September 15, 2020 September 15, 2020
  • 11:13
Two golden coins - Bitcoin and Ethereum

Swiss region to take cryptocurrency for tax payments in 2021

Residents of Switzerland's Zug canton will be allowed to pay taxes using Bitcoin and Ether

chef making a pizza spreading sauce

Super-size me: CRA increases rate for meal claims

An overtime meal can now cost $23 without being taxable

  • By: Staff
  • September 3, 2020 September 3, 2020
  • 14:33

CRA adds T4 reporting requirements to validate benefit payments

Agency looks to track CERB, CEWS, CESB payments via employer data

Wooden cubes tax with canadian dollar

Canadian Chamber of Commerce launches tax system review

A panel of experts will lead an examination of how tax reform can assist the pandemic recovery

Wooden box lined with hay from the chicken eggs

CRA issues newsletter for registered pension plan contracts

The additional guidance reduces the risk of purchasing a non-compliant annuity

  • By: Lea Koiv
  • August 4, 2020 July 31, 2020
  • 06:00
Bakery owners

Help your client wind down their private corporation

Consider these tax-efficient options