Tax filing and payment deadlines

As of the writing of this post, these are the current tax filing and payment deadlines: T1 personal tax returns – to be filed by June 1, 2020 except for the self employed, who have until June 15, 2020. Taxes to be paid by September 1, 2020. T2 corporate tax returns – those due after…

Interest rates for the first calendar quarter

The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from January 1, 2020 to March 31, 2020. Income tax The interest rate charged on overdue…

Government Announces the 2020 Automobile Deduction Limits and Expense Benefit Rates for Businesses

December 19, 2019 – Ottawa, Ontario – Department of Finance Canada The Department of Finance Canada today announced the income tax deduction limits and expense benefit rates that will apply in 2020 when using an automobile for business purposes. Most of the limits and rates that applied in 2019 will continue to apply in 2020,…

Watch: Canada Revenue scammer calls. A police officer answers

Bobby Hristova Published:November 18, 2019 Updated:November 18, 2019 7:38 AM MST A CRA scammer called, but Cst. Matt Rutherford of the Victoria Police Department in British Columbia answered. The fraudster hung up moments later.Victoria Police Department / Twitter Const. Matt Rutherford of the Victoria Police Department said it was the 10th call in just a…

What triggers a review or audit by CRA?

Last Updated: October 30 2019Article by Dale BarrettBarrett Tax Law Sometimes a taxpayer is randomly selected for an audit. It’s like winning the worst lottery in the world, and there’s nothing you can do to change that. But apart from a random tax audit, the odds of being targeted for an audit are dependent on a…

2019 Alberta Budget

Please find following the tax changes, not only in the recent budget, but all the changes since the election in May 2019: Overview Since taking office in May 2019, government has delivered on its commitment to reduce the tax burden on Albertans and Alberta businesses by repealing the carbon tax and cutting corporate tax rates…

Interest rates for the fourth calendar quarter

The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from October 1, 2019 to December 31, 2019. Income tax The interest rate charged on overdue…

Interest rates for the third calendar quarter

The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from July 1, 2019 to September 30, 2019. Income tax The interest rate charged on overdue…

Tips and gratuities

IntroductionEmployer responsibilitiesIs income from tips and gratuities part of an employee’s pensionable or insurable earnings, or both?Controlled tipsDirect tipsDeclared tips (in the province of Quebec only)More informationLegislative references Introduction This article is for employers and their employees who receive tips and gratuities. It explains how to treat tips and gratuities for purposes of the Canada…

Interest rates for the second calendar quarter

The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from April 1, 2019 to June 30, 2019. Income tax The interest rate charged on overdue…