Additional Support for Canadian Businesses from the Economic Impact of COVID-19

From: Department of Finance Canada Backgrounder The Government of Canada is making additional investments to support Canadian businesses from the economic impacts of COVID-19. These new investments provide support to financial institutions and allow them to quickly provide credit and liquidity options for a range of businesses. These measures are a part of the Government of…

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…

Temporary Wage Subsidy for Employers - New information from CRA

On this page What is the Temporary Wage Subsidy for Employers?Which employers are eligible?How much is the subsidy?How do I calculate the subsidy?How will I receive the subsidy?When can I start reducing remittances?What if subsidies exceed the remittances?Will the subsidy affect deductions from my employees?What if I don’t reduce remittances during the year?What books and…

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, 2019 to March 31, 2019. Income tax The interest rate charged on…

CRA not treating all taxpayers equally, AG finds

Rachel Aiello, Ottawa News Bureau Online Producer @rachaielloPublished Tuesday, November 20, 2018 10:12AM EST Last Updated Tuesday, November 20, 2018 3:12PM EST OTTAWA – The Canada Revenue Agency is not treating all taxpayers equally when it comes to auditing or reviewing tax files, a new probe by the federal auditor general has found. In order to make sure that…

Interest rates for the second calendar quarter

The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates will be in effect from April 1, 2017, to June 30, 2017. There have been no changes to the prescribed…

What you need to know about payment arrangements

Do you have a balance owing? Can’t pay in full? Work with the Canada Revenue Agency to resolve your tax debt now! If you cannot pay the full amount you owe now, you may qualify for a payment arrangement or ask for taxpayer relief. Take action by contacting the Canada Revenue Agency (CRA) right away.…

Buying or selling a home? What you should know

If you bought your home in 2016 or plan to buy a home, the Canada Revenue Agency (CRA) has information that may help you. Principal Residence Exemption Sold your principal residence in 2016? File a tax return and claim the principal residence exemption for capital gains. Starting with sales in the 2016 tax year, you…

CRA scam adapting to go after former victims a 2nd time, RCMP warns

Fraudsters promise refund for money lost to scam, but request processing fee from victims By Victoria Valido, CBC News Posted: Jan 23, 2017 5:37 PM ET Last Updated: Jan 23, 2017 6:18 PM ET The RCMP says offshore fraudsters are still trying to bilk Canadians out of their money by posing as Canada Revenue Agency officials,…