Posts Categorized: Personal Tax

Tax Decisions with Living Together

Posted by & filed under Auditing, Personal Tax.

Description: With tax season in full swing – despite the strike in effect at the Canada Revenue Agency (CRA) – experts agree that it is important that Canadians know how living together can impact your taxation status. With societal trends indicating that common-law relationships are especially prevalent among those 20-24 years old, many may be… Read more »

CRA Employees to Strike?

Posted by & filed under Canadian Government, Personal Tax.

Description: Canada Revenue Agency (CRA) employees and the Government of Canada are currently at a collective-bargaining impasse. Strike votes are taking place between now and April 7, right in the heart of tax season, when individuals and businesses are normally flooding the CRA call centres with taxation questions. Union President Marc Brière has noted that… Read more »

One in Ten?

Posted by & filed under Personal Tax.

Description: Ten to twelve percent of Canadians are not filing their annual T-1 tax returns. And perhaps even more surprising comes the news that the government actually owes money to many of them. Prosper Canada is seeking to build financial literacy among lower-income Canadians, encouraging them to file their returns to claim cash for various… Read more »

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 »