Help with Inflation

Posted by & filed under Personal Tax, Student life.

Description: The Government of Canada is directing financial relief to citizens with lower income to help them deal with this current inflationary environment. One measure is the doubling of the Goods and Service Tax Credit (GSTC) for those with family incomes under $39,826 in 2021. A second measure, the Canada Dental Benefit, will provide cash… Read more »

Electronic Tipping

Posted by & filed under Personal Tax.

Description: With the increased use of the tap of debit/credit cards during the pandemic, it’s interesting to see what the Canada Revenue Agency (CRA) has to say about electronic tipping. Many restaurant and bar patrons have become used to seeing the electronic tip option as part of their transaction in paying their bill by card…. Read more »

Auto-file for Tax Returns?

Posted by & filed under Canadian Government, Personal Tax.

Description: The C.D. Howe Institute released a report last week questioning the very idea that most Canadians should have to file an annual income tax return with the federal government. The report, Automatic Tax Filing: A Challenging Idea for Canada, compared our Canadian tax system to those of other OECD nations, looking at the feasibility… Read more »

Taxing the Unvaxed

Posted by & filed under Accounting Careers, Personal Tax, Student life.

Description: Desperate times call for desperate measures. With unvaccinated citizens having a much higher probability of being hospitalized by contracting Covid-19 than vaccinated citizens, the Government of Quebec responded this week by announcing its intent to begin assessing penalties upon the unvaccinated. Premier Legault said $50 or $100 would not be enough. It remains to… Read more »

Watching Those Trades

Posted by & filed under Personal Tax, Student life.

Description: A Tax Free Savings Account (TFSA) allows Canadians to save using a wide variety of investment vehicles. Young investors are finding out, however, that using their TFSAs for frequent trades may draw unwanted attention from the Canada Revenue Agency (CRA). RBC Direct Investing has advised its users “that TFSAs are registered accounts intended for… Read more »

CRA Position “Absurd” Says Judge

Posted by & filed under Personal Tax.

Description: Well, if you’re arguing against the Canada Revenue Agency (CRA) about your taxes, you are probably feeling pretty good when the judge says that CRA’s position is “absurd.” Dave Nonis, one-time general manager of the Toronto Maple Leafs, found himself in that position. When the Leafs fired Nonis in 2015, he returned to his… Read more »

RRSP vs. CERB

Posted by & filed under Personal Tax.

Description: There have been numerous stories in the media recently letting Canadians know that they will be taxed on benefits provided by the federal government during the COVID crisis. Benefits such as the Canada Emergency Response Benefit (CERB) and the Canada Emergency Student Benefit (CESB) did not have tax removed at source, meaning Canadians who… Read more »

CRA CERB Warning

Posted by & filed under Personal Tax.

Description: The Canada Revenue Agency – the CRA – is sending warning letters to 213,000 Canadians telling them that they may have been paid overpaid by the Canada Emergency Response Benefit (CERB) program. Those who have been paid too much will not have to pay the surplus back immediately, thanks to a government moratorium on… Read more »

CRA wants to do your taxes

Posted by & filed under Personal Tax.

Description: The Canada Revenue Agency (CRA) wants to do your taxes. That might save you some time and labour, but it doesn’t please everyone. In Britain and France where such a system has been tried, it has delivered some questionable results. And given that a 2017 report by the Auditor General of Canada said that… Read more »

Now That’s a Hack

Posted by & filed under Data security, Personal Tax.

Description: Several weeks after a cyber-attack, the Canada Revenue Agency (CRA) reports that it is “working diligently to restore access to all services as quickly as possible.” Taxpayers have found some of the familiar online services are still not being offered. The CRA says that the fact that some of its employees have been working… Read more »