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Inflation rate increases to 2.0% for October 2024
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of October 2024. During October, the overall inflation rate stood...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of October 2024. During October, the overall inflation rate stood...
Personal income tax brackets to increase by 2.7% in 2025
Federal personal income tax brackets and tax credit amounts are indexed, with such indexing based on year-over-year changes in the overall Consumer Price Index. The Canada Revenue Agency (CRA) recentl...
Federal personal income tax brackets and tax credit amounts are indexed, with such indexing based on year-over-year changes in the overall Consumer Price Index. The Canada Revenue Agency (CRA) recentl...
Prescribed leasing interest rate for December 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
No change in unemployment rate for October
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of October. That rate stood at 6.5%, the same rate recorded for the ...
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of October. That rate stood at 6.5%, the same rate recorded for the ...
CRA issues Tax Tip for participants in online economy
Canadians who earn income from the online economy are required to report all such income earned on their annual tax returns. To assist the tax authorities in the enforcement of those reporting obligat...
Canadians who earn income from the online economy are required to report all such income earned on their annual tax returns. To assist the tax authorities in the enforcement of those reporting obligat...
Canada Pension Plan contribution amounts for 2025
The federal government has announced the Canada Pension Plan contribution percentages and amounts which will be in effect during 2025. Maximum pensionable earnings for 2025 will be $71,300, and the ba...
The federal government has announced the Canada Pension Plan contribution percentages and amounts which will be in effect during 2025. Maximum pensionable earnings for 2025 will be $71,300, and the ba...
CRA issues updated guide to Students and Income Tax
The Canada Revenue Agency (CRA) provides a comprehensive guide to the federal tax rules relevant to post-secondary students during the current taxation year. That guide, P105 – Students and Income T...
The Canada Revenue Agency (CRA) provides a comprehensive guide to the federal tax rules relevant to post-secondary students during the current taxation year. That guide, P105 – Students and Income T...
Canada Carbon Rebate for small businesses to be issued in December 2024
In its budget for the 2024-25 year, the federal government announced that a new Canada Carbon Rebate (CCR) would be provided for small businesses. In order to receive the CCR, a business must be a Can...
In its budget for the 2024-25 year, the federal government announced that a new Canada Carbon Rebate (CCR) would be provided for small businesses. In order to receive the CCR, a business must be a Can...
Employment Insurance premium rates for 2025 announced
The federal government has announced the Employment Insurance (EI) premium rates which will be payable by employees and employers during the 2025 calendar year. For 2025, those rates are set at $1.64 ...
The federal government has announced the Employment Insurance (EI) premium rates which will be payable by employees and employers during the 2025 calendar year. For 2025, those rates are set at $1.64 ...
Bank of Canada reduces interest rates by one-half percentage point
In its regularly scheduled interest rate announcement made on October 23, the Bank of Canada announced that the Bank Rate would be lowered by one-half percentage point, from 4.5% to 4.0%. In the press...
In its regularly scheduled interest rate announcement made on October 23, the Bank of Canada announced that the Bank Rate would be lowered by one-half percentage point, from 4.5% to 4.0%. In the press...
Unemployment rate down slightly in September
The October release of the federal Labour Force Survey shows a slight reduction in the overall rate of unemployment recorded for September 2024, as compared to the previous month. That rate declined b...
The October release of the federal Labour Force Survey shows a slight reduction in the overall rate of unemployment recorded for September 2024, as compared to the previous month. That rate declined b...
Inflation rate drops to 1.6% for September
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation fell to 1.6% for the month of September 2024. As noted in the StatsCan release, that rate...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation fell to 1.6% for the month of September 2024. As noted in the StatsCan release, that rate...
CRA issues Tax Tip on new rules for reporting of income earned from online sales
Millions of Canadians earn income by selling goods or services through websites or apps, and the revenue from such sales represents income to those vendors, which they are required to report on their ...
Millions of Canadians earn income by selling goods or services through websites or apps, and the revenue from such sales represents income to those vendors, which they are required to report on their ...
Prescribed leasing interest rate for November 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
CRA issues updated guides for GST/HST registrants
Canadian businesses which have sales of taxable goods or services in excess of $30,000 must register for GST/HST purposes and are required to file returns and remit GST/HST amounts on a prescribed sch...
Canadian businesses which have sales of taxable goods or services in excess of $30,000 must register for GST/HST purposes and are required to file returns and remit GST/HST amounts on a prescribed sch...
Bank of Canada releases interest rate announcement dates for 2025
The Bank of Canada has provided the dates on which it will make scheduled interest rate announcements during the 2025 calendar year. Those dates are as follows. Wednesday, January 29, Wednesday, Marc...
The Bank of Canada has provided the dates on which it will make scheduled interest rate announcements during the 2025 calendar year. Those dates are as follows. Wednesday, January 29, Wednesday, Marc...
Old Age Security rates to increase by 1.3% in fourth quarter
Benefit amounts provided under the federal Old Age Security (OAS) program are indexed to inflation and adjusted at the beginning of each quarter of the calendar year. The federal government has announ...
Benefit amounts provided under the federal Old Age Security (OAS) program are indexed to inflation and adjusted at the beginning of each quarter of the calendar year. The federal government has announ...
Prescribed leasing interest rate for October 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Inflation rate for August down to 2.0%
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows that the overall rate of inflation for the month of August 2024, as measured on a year-over-year basis, stood at 2.0% ...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows that the overall rate of inflation for the month of August 2024, as measured on a year-over-year basis, stood at 2.0% ...
Mortgage lending rules changed to expand access to 30-year amortizations
Finance Canada has announced that, effective as of December 15, 2024, all first-time home buyers and all buyers of new-build residential properties will qualify for 30-year amortization periods (the t...
Finance Canada has announced that, effective as of December 15, 2024, all first-time home buyers and all buyers of new-build residential properties will qualify for 30-year amortization periods (the t...
Unemployment rate for August up by 0.2%
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall unemployment rate for the month of August. That rate rose to 6.6%, as compared to the 6.4% r...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall unemployment rate for the month of August. That rate rose to 6.6%, as compared to the 6.4% r...
Upcoming deadline for third income tax instalment payment for 2024
The third individual income tax instalment payment for the 2024 tax year is due and payable on or before September 15, 2024. As September 15 falls on a Sunday this year, tax instalments due will be co...
The third individual income tax instalment payment for the 2024 tax year is due and payable on or before September 15, 2024. As September 15 falls on a Sunday this year, tax instalments due will be co...
Prescribed interest rates for 2024
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2024, as well as the rates that will apply for the purpose of calculating emp...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2024, as well as the rates that will apply for the purpose of calculating emp...
Bank of Canada reduces interest rates by 0.25%
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada reduced interest rates by 0.25%, meaning that the Bank Rate is now 4.5%. In its press release announcing t...
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada reduced interest rates by 0.25%, meaning that the Bank Rate is now 4.5%. In its press release announcing t...
Tax credit for volunteer first responders doubled for 2024
The federal government provides a non-refundable tax credit for volunteer firefighters and search and rescue volunteers who perform at least 200 hours of combined volunteer service during the year. Th...
The federal government provides a non-refundable tax credit for volunteer firefighters and search and rescue volunteers who perform at least 200 hours of combined volunteer service during the year. Th...
CRA issues updated application form for child and family tax benefits
The federal, provincial, and territorial governments provide a number of child and family tax credit and benefit programs, and the current benefit year for such programs began on July 1, 2024. In most...
The federal, provincial, and territorial governments provide a number of child and family tax credit and benefit programs, and the current benefit year for such programs began on July 1, 2024. In most...
Upcoming deadline for third tax instalment payment for 2024
Individuals who pay income tax by instalments must make the third such instalment payment for the 2024 tax year on or before September 15th, 2024. As that date falls on a Sunday this year, such paymen...
Individuals who pay income tax by instalments must make the third such instalment payment for the 2024 tax year on or before September 15th, 2024. As that date falls on a Sunday this year, such paymen...
Inflation rate for July 2024 down to 2.5%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation (as measured on a year-over-year basis) stood at 2.5% for the month of July - the lowest ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation (as measured on a year-over-year basis) stood at 2.5% for the month of July - the lowest ...
No change in unemployment rate for July 2024
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of July 2024. That rate stood at 6.4%, the same rate recorded for Ju...
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of July 2024. That rate stood at 6.4%, the same rate recorded for Ju...
Finance announces enhancements to Canadian Entrepreneurs’ Incentive
In this year’s budget, the federal government announced that the inclusion rate for all capital gains earned by corporations after June 24, 2024 would increase from 50% to 66.6%. At the same time, t...
In this year’s budget, the federal government announced that the inclusion rate for all capital gains earned by corporations after June 24, 2024 would increase from 50% to 66.6%. At the same time, t...
Prescribed leasing interest rate for September 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
CRA issues guides to tax credit and benefit programs for 2024-25
The federal and provincial governments offer a range of tax credit and benefit programs which provide tax-free payments to eligible Canadians. The current benefit year for such credit and benefit prog...
The federal and provincial governments offer a range of tax credit and benefit programs which provide tax-free payments to eligible Canadians. The current benefit year for such credit and benefit prog...
30-year amortization mortgages to be available for first-time home buyers
Home purchasers who take out a mortgage must pay back that mortgage amount (plus interest) over a specified period of time, known as the amortization period. While the standard amortization period is ...
Home purchasers who take out a mortgage must pay back that mortgage amount (plus interest) over a specified period of time, known as the amortization period. While the standard amortization period is ...
CRA expands SimpleFile service for 2023 returns
The federal and provincial governments offer a number of tax credits and benefits for which both eligibility and the amount receivable are determined, in part, by the income of the recipient. In order...
The federal and provincial governments offer a number of tax credits and benefits for which both eligibility and the amount receivable are determined, in part, by the income of the recipient. In order...
Interest and penalty relief for taxpayers affected by wildfires
The Canada Revenue Agency (CRA) administers a program – the Taxpayer Relief Program – under which interest and penalty charges can be waived where taxpayers are unable to meet their tax filing or ...
The Canada Revenue Agency (CRA) administers a program – the Taxpayer Relief Program – under which interest and penalty charges can be waived where taxpayers are unable to meet their tax filing or ...
Bank of Canada cuts interest rates again
In its regularly scheduled interest rate announcement made on July 24, the Bank of Canada announced that rates would be lowered by 25 basis points. As a result, the Bank Rate now stands at 4.75%. In t...
In its regularly scheduled interest rate announcement made on July 24, the Bank of Canada announced that rates would be lowered by 25 basis points. As a result, the Bank Rate now stands at 4.75%. In t...
HST/GST exemption now provided for mental health services
The Canada Revenue Agency has issued a News Release reminding taxpayers and mental health service providers that mental health services are now generally (except in the province of Québec) exempt fro...
The Canada Revenue Agency has issued a News Release reminding taxpayers and mental health service providers that mental health services are now generally (except in the province of Québec) exempt fro...
Overall inflation rate down slightly in June
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of June 2024. That rate stood at 2.7%, as compared to ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of June 2024. That rate stood at 2.7%, as compared to ...
Unemployment rate up slightly in June
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall rate of unemployment during the month of June 2024. That rate stood at 6.4%, as compared to ...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall rate of unemployment during the month of June 2024. That rate stood at 6.4%, as compared to ...
Upcoming filing deadline for small business Canada Carbon Rebate
In this year’s budget, the federal government announced that the Canada Carbon Rebate program would be expanded to be available to small businesses. In order to be eligible for the rebate a small bu...
In this year’s budget, the federal government announced that the Canada Carbon Rebate program would be expanded to be available to small businesses. In order to be eligible for the rebate a small bu...
Prescribed leasing interest rate for August 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Increase in overall inflation rate for May 2024
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of May 2024 stood at 2.9% – an increase from the 2.7% inflation figure...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of May 2024 stood at 2.9% – an increase from the 2.7% inflation figure...
New tax credit and benefit year begins July 1, 2024
The federal and provincial governments provide eligible taxpayers with a range of refundable tax credit and benefit amounts. Such benefits are generally paid on a monthly or quarterly basis and are re...
The federal and provincial governments provide eligible taxpayers with a range of refundable tax credit and benefit amounts. Such benefits are generally paid on a monthly or quarterly basis and are re...
Increase in Old Age Security benefit amounts for third quarter of 2024
The Old Age Security (OAS) benefit paid to Canadian residents aged 65 and older is indexed quarterly to changes in the Consumer Price Index. The federal government recently announced that, for the thi...
The Old Age Security (OAS) benefit paid to Canadian residents aged 65 and older is indexed quarterly to changes in the Consumer Price Index. The federal government recently announced that, for the thi...
Prescribed leasing interest rate for July 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Increase in capital gains tax effective June 25, 2024
As announced in the 2024-25 federal budget, the percentage of capital gains included in income will increase from 50% to 66.6%, effective for gains realized after June 24, 2024. The change in the incl...
As announced in the 2024-25 federal budget, the percentage of capital gains included in income will increase from 50% to 66.6%, effective for gains realized after June 24, 2024. The change in the incl...
Slight increase in unemployment rate for May
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of May increased slightly, to 6.2%. The comparable rate for April 2024 was 6.1%. Acr...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of May increased slightly, to 6.2%. The comparable rate for April 2024 was 6.1%. Acr...
Prescribed interest rates for 2024
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2024, as well as the rates that will apply for th...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2024, as well as the rates that will apply for th...
June 17 return filing deadline for self-employed taxpayers
All self-employed taxpayers, and their spouses, are required to file an individual income tax return for the 2023 tax year on or before Monday June 17, 2024. All taxpayers (including those who are sel...
All self-employed taxpayers, and their spouses, are required to file an individual income tax return for the 2023 tax year on or before Monday June 17, 2024. All taxpayers (including those who are sel...
Bank of Canada reduces interest rates
In its regularly scheduled interest rate announcement made on June 5, the Bank of Canada announced that rates would be lowered by 25 basis points. As a result, the Bank Rate now stands at 5.0%. The ch...
In its regularly scheduled interest rate announcement made on June 5, the Bank of Canada announced that rates would be lowered by 25 basis points. As a result, the Bank Rate now stands at 5.0%. The ch...
Federal government to provide carbon rebate to small businesses
In its 2024-25 budget, the federal government announced the creation of the Canada Carbon Rebate for Small Businesses, which will be provided to eligible Canadian-controlled private corporations which...
In its 2024-25 budget, the federal government announced the creation of the Canada Carbon Rebate for Small Businesses, which will be provided to eligible Canadian-controlled private corporations which...
Upcoming deadline for second tax instalment payment for 2024
The second individual income tax instalment payment for the 2024 tax year is due and payable on or before Monday June 17, 2024. Taxpayers who are subject to the instalment payment requirement will hav...
The second individual income tax instalment payment for the 2024 tax year is due and payable on or before Monday June 17, 2024. Taxpayers who are subject to the instalment payment requirement will hav...
CRA simplifies procedure for obtaining access to online services
The Canada Revenue Agency’s digital services make it possible for Canadian taxpayers to manage all of their personal tax filing, payment, and appeal rights and obligations online, on the Agency’s ...
The Canada Revenue Agency’s digital services make it possible for Canadian taxpayers to manage all of their personal tax filing, payment, and appeal rights and obligations online, on the Agency’s ...
Rate of inflation down slightly in April
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of April. For that month, the inflation rate stood at ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of April. For that month, the inflation rate stood at ...
Online application process now open for rental housing GST/HST rebate
The Canada Revenue Agency has issued a notice indicating that applications for the GST/HST rebate for new purpose-built rental housing (PBRH) can be made online, on the CRA website, as of May 13, 2024...
The Canada Revenue Agency has issued a notice indicating that applications for the GST/HST rebate for new purpose-built rental housing (PBRH) can be made online, on the CRA website, as of May 13, 2024...
Unemployment rate unchanged in April
The most recent release of Statistics Canada’s Labour Force Survey shows that, while employment during the month of April increased by 90,000, the overall unemployment rate was unchanged from March,...
The most recent release of Statistics Canada’s Labour Force Survey shows that, while employment during the month of April increased by 90,000, the overall unemployment rate was unchanged from March,...
CRA issues updated Guide to reporting of self-employment income for 2023
Self-employed taxpayers (and their spouses) are required to file an individual income tax return for the 2023 tax year on or before June 17, 2024. The Canada Revenue Agency (CRA) recently updated and ...
Self-employed taxpayers (and their spouses) are required to file an individual income tax return for the 2023 tax year on or before June 17, 2024. The Canada Revenue Agency (CRA) recently updated and ...
Prescribed leasing interest rate for June 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Making a payment arrangement with the Canada Revenue Agency
All Canadian individual taxpayers were required to pay any balance of income tax owed for the 2023 tax year on or before April 30, 2024. While self-employed taxpayers and their spouses have until June...
All Canadian individual taxpayers were required to pay any balance of income tax owed for the 2023 tax year on or before April 30, 2024. While self-employed taxpayers and their spouses have until June...
Upcoming change to capital gains inclusion rate
The 2024-25 federal budget included a measure to increase the percentage of capital gains which must be included in income by corporations and trusts and, in some circumstances, individual taxpayers. ...
The 2024-25 federal budget included a measure to increase the percentage of capital gains which must be included in income by corporations and trusts and, in some circumstances, individual taxpayers. ...
Individual income tax return filing deadline is April 30, 2024
Most Canadian individual taxpayers are required to file their income tax return for the 2023 tax year on or before Tuesday April 30, 2024. The exception is self-employed taxpayers (and their spouses) ...
Most Canadian individual taxpayers are required to file their income tax return for the 2023 tax year on or before Tuesday April 30, 2024. The exception is self-employed taxpayers (and their spouses) ...
April 30 payment deadline for all individual income tax amounts owed
All Canadian individual taxpayers who have tax amounts owing for the 2023 tax year must pay those amounts in full on or before Tuesday April 30, 2024. Where amounts owed are not paid in full by that d...
All Canadian individual taxpayers who have tax amounts owing for the 2023 tax year must pay those amounts in full on or before Tuesday April 30, 2024. Where amounts owed are not paid in full by that d...
Inflation rate for March increases to 2.9%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation rose from 2.8% in February 2024 to 2.9% in March 2024. Both rates are as measured on a ye...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation rose from 2.8% in February 2024 to 2.9% in March 2024. Both rates are as measured on a ye...
Federal budget proposes increase in Home Buyers’ Plan withdrawal limits
The federal home buyers' plan (HBP) allows eligible first-time home buyers to withdraw up to $35,000 from a registered retirement savings plan (RRSP) to purchase or build a first home. No tax is payab...
The federal home buyers' plan (HBP) allows eligible first-time home buyers to withdraw up to $35,000 from a registered retirement savings plan (RRSP) to purchase or build a first home. No tax is payab...
Budget 2024: Manipulation of Bankrupt Status
Budget 2024 proposes to repeal the exception to the debt forgiveness rules for bankrupt corporations and the loss restriction rule applicable to bankrupt corporations. This change would subject bankru...
Budget 2024 proposes to repeal the exception to the debt forgiveness rules for bankrupt corporations and the loss restriction rule applicable to bankrupt corporations. This change would subject bankru...
Budget 2024: Synthetic Equity Arrangements
Budget 2024 proposes to remove the tax-indifferent investor exception (including the exchange traded exception) to the anti-avoidance rule. This measure would simplify the anti-avoidance rule and prev...
Budget 2024 proposes to remove the tax-indifferent investor exception (including the exchange traded exception) to the anti-avoidance rule. This measure would simplify the anti-avoidance rule and prev...
Budget 2024: Mutual Fund Corporations
Budget 2024 proposes amendments to the Income Tax Act to preclude a corporation from qualifying as a mutual fund corporation where it is controlled by or for the benefit of a corporate group (includ...
Budget 2024 proposes amendments to the Income Tax Act to preclude a corporation from qualifying as a mutual fund corporation where it is controlled by or for the benefit of a corporate group (includ...
Budget 2024: Avoidance of Tax Debts
Budget 2024 proposes to introduce a supplementary rule to strengthen the tax debt anti-avoidance rule, applicable in the following circumstances: there has been a transfer of property from a tax debt...
Budget 2024 proposes to introduce a supplementary rule to strengthen the tax debt anti-avoidance rule, applicable in the following circumstances: there has been a transfer of property from a tax debt...
Budget 2024: Interest Deductibility Limits - Purpose-Built Rental Housing
Legislative proposals to implement the excessive interest and financing expenses limitation (EIFEL) rules are currently before Parliament in Bill C-59. The EIFEL rules provide an exemption for interes...
Legislative proposals to implement the excessive interest and financing expenses limitation (EIFEL) rules are currently before Parliament in Bill C-59. The EIFEL rules provide an exemption for interes...
Budget 2024: Canada Carbon Rebate for Small Businesses
Budget 2024 proposes to return a portion of fuel charge proceeds from a province via the new Canada Carbon Rebate for Small Businesses, an automatic, refundable tax credit directly for eligible busine...
Budget 2024 proposes to return a portion of fuel charge proceeds from a province via the new Canada Carbon Rebate for Small Businesses, an automatic, refundable tax credit directly for eligible busine...
Budget 2024: Immediate Expensing for Productivity-Enhancing Assets
Budget 2024 proposes to provide immediate expensing for new additions of property in respect of Class 44 (patents or the rights to use patented information for a limited or unlimited period), Class 46...
Budget 2024 proposes to provide immediate expensing for new additions of property in respect of Class 44 (patents or the rights to use patented information for a limited or unlimited period), Class 46...
Budget 2024: Accelerated Capital Cost Allowance (CCA)
Budget 2024 proposes to provide an accelerated CCA of 10% for new eligible purpose-built rental projects that begin construction on or after Budget Day and before January 1, 2031, and are available fo...
Budget 2024 proposes to provide an accelerated CCA of 10% for new eligible purpose-built rental projects that begin construction on or after Budget Day and before January 1, 2031, and are available fo...
Budget 2024: Clean Technology Manufacturing Investment Tax Credit
Budget 2024 proposes adjustments to the Clean Technology Manufacturing investment tax credit to provide greater support to businesses engaged in the production of qualifying materials at polymetallic ...
Budget 2024 proposes adjustments to the Clean Technology Manufacturing investment tax credit to provide greater support to businesses engaged in the production of qualifying materials at polymetallic ...
Budget 2024: Clean Electricity Investment Tax Credit
Budget 2024 provides the design and implementation details of the Clean Electricity investment tax credit announced in Budget 2023. Eligible corporations would be: taxable Canadian corporations; prov...
Budget 2024 provides the design and implementation details of the Clean Electricity investment tax credit announced in Budget 2023. Eligible corporations would be: taxable Canadian corporations; prov...
Budget 2024: Home Buyers' Plan
Budget 2024 proposes to increase the home buyers' plan (“HBP”) withdrawal limit from $35,000 to $60,000. This increase would also apply to withdrawals made for the benefit of a disabled individual...
Budget 2024 proposes to increase the home buyers' plan (“HBP”) withdrawal limit from $35,000 to $60,000. This increase would also apply to withdrawals made for the benefit of a disabled individual...
Budget 2024: Charities and Qualified Donees
Budget 2024 proposes to extend the period for which qualifying foreign charities are registered as a qualified donee from 24 months to 36 months. In addition, foreign charities would be required to su...
Budget 2024 proposes to extend the period for which qualifying foreign charities are registered as a qualified donee from 24 months to 36 months. In addition, foreign charities would be required to su...
Budget 2024: Employee Ownership Trust Tax Exemption
Budget 2023 proposed tax rules to facilitate the creation of employee ownership trusts (“EOTs”). These legislative proposals are currently before Parliament in Bill C-59. The 2023 Fall Economic St...
Budget 2023 proposed tax rules to facilitate the creation of employee ownership trusts (“EOTs”). These legislative proposals are currently before Parliament in Bill C-59. The 2023 Fall Economic St...
Budget 2024: Disability Supports Deduction
Budget 2024 proposes to expand the list of expenses recognized under the Disability Supports Deduction, subject to the specified conditions, such as the cost of: an ergonomic work chair (including an...
Budget 2024 proposes to expand the list of expenses recognized under the Disability Supports Deduction, subject to the specified conditions, such as the cost of: an ergonomic work chair (including an...
Budget 2024: Canada Child Benefit
Budget 2024 proposes to amend the Income Tax Act to extend eligibility for the Canada Child Benefit (“CCB”) in respect of a child for six months after the child's death (the "extended period"), if...
Budget 2024 proposes to amend the Income Tax Act to extend eligibility for the Canada Child Benefit (“CCB”) in respect of a child for six months after the child's death (the "extended period"), if...
Budget 2024: Alternative Minimum Tax
Budget 2023 announced amendments to the Income Tax Act that would change the Alternative Minimum Tax (“AMT”) calculation. Draft legislative proposals to implement these changes were published for ...
Budget 2023 announced amendments to the Income Tax Act that would change the Alternative Minimum Tax (“AMT”) calculation. Draft legislative proposals to implement these changes were published for ...
Budget 2024: Volunteer Firefighters and Search and Rescue Volunteers Tax Credits
Budget 2024 proposes to double the credit amount for the Volunteer Firefighters Tax Credit and the Search and Rescue Volunteers Tax Credit from $3,000 to $6,000, applicable to the 2024 and subsequent ...
Budget 2024 proposes to double the credit amount for the Volunteer Firefighters Tax Credit and the Search and Rescue Volunteers Tax Credit from $3,000 to $6,000, applicable to the 2024 and subsequent ...
Budget 2024: Capital Gains Inclusion Rate
Budget 2024 proposes to increase the capital gains inclusion rate from one half to two thirds for corporations and trusts, and from one half to two thirds on the portion of capital gains realized in t...
Budget 2024 proposes to increase the capital gains inclusion rate from one half to two thirds for corporations and trusts, and from one half to two thirds on the portion of capital gains realized in t...
Budget 2024: Canadian Entrepreneurs' Incentive
Budget 2024 proposes to introduce the Canadian Entrepreneurs' Incentive, which would reduce the tax rate on capital gains on the disposition of qualifying shares by an eligible individual. Specificall...
Budget 2024 proposes to introduce the Canadian Entrepreneurs' Incentive, which would reduce the tax rate on capital gains on the disposition of qualifying shares by an eligible individual. Specificall...
Budget 2024: Lifetime Capital Gains Exemption
The amount of the Lifetime Capital Gains Exemption (“LCGE”) is $1,016,836 in 2024 and indexed to inflation. Budget 2024 proposes to increase the LCGE to apply to up to $1.25 million of eligible ca...
The amount of the Lifetime Capital Gains Exemption (“LCGE”) is $1,016,836 in 2024 and indexed to inflation. Budget 2024 proposes to increase the LCGE to apply to up to $1.25 million of eligible ca...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 10, the Bank of Canada indicated that, in its view, no change was required to current interest rates. Accordingly, the Bank Rate rem...
In its regularly scheduled interest rate announcement made on April 10, the Bank of Canada indicated that, in its view, no change was required to current interest rates. Accordingly, the Bank Rate rem...
Slight increase in unemployment rate for March
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the rate of unemployment during the month of March. That rate increased by 0.3%, to 6.1%. Among demograph...
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the rate of unemployment during the month of March. That rate increased by 0.3%, to 6.1%. Among demograph...
Mineral exploration tax credit program extended for additional year
The federal government provides investors in flow-through shares of qualifying mineral exploration companies with a non-refundable 15% tax credit. That mineral exploration tax credit program was sched...
The federal government provides investors in flow-through shares of qualifying mineral exploration companies with a non-refundable 15% tax credit. That mineral exploration tax credit program was sched...
Prescribed leasing interest rate for May 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
No change to Old Age Security rates for second quarter of 2024
Increases to benefits payable under the Old Age Security program are based on changes to the Consumer Price Index, with such benefit amounts indexed quarterly. The federal government has announced tha...
Increases to benefits payable under the Old Age Security program are based on changes to the Consumer Price Index, with such benefit amounts indexed quarterly. The federal government has announced tha...
CRA issues updated guide to students and income tax
Post-secondary students are entitled to claim a number of tax deductions and credits for costs relating to their education. In addition, such students are frequently in a position to claim several tax...
Post-secondary students are entitled to claim a number of tax deductions and credits for costs relating to their education. In addition, such students are frequently in a position to claim several tax...
Inflation rate down slightly in February 2024
The most recent release of Statistics Canada’s Consumer Price Index shows a slight decline in the overall inflation rate for the month of February 2024. That rate stood at 2.8%, a 0.1% decline from ...
The most recent release of Statistics Canada’s Consumer Price Index shows a slight decline in the overall inflation rate for the month of February 2024. That rate stood at 2.8%, a 0.1% decline from ...
Prescribed interest rates for 2024
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2024, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2024, as well as the rates that will apply for the purpose ...
Prescribed leasing interest rate for April 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Unemployment rate up slightly in February 2024
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall rate of unemployment during the month of February. That rate rose to 5.8%, as compared to th...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the overall rate of unemployment during the month of February. That rate rose to 5.8%, as compared to th...
Date announced for release of 2024-25 federal budget
Finance Canada has announced that the federal budget for the upcoming (2024-25) fiscal year will be brought down on Tuesday April 16, 2024, at around 4 p.m. Once the budget measures are announced, the...
Finance Canada has announced that the federal budget for the upcoming (2024-25) fiscal year will be brought down on Tuesday April 16, 2024, at around 4 p.m. Once the budget measures are announced, the...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 5.25...
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 5.25...
Old Age Security clawback income threshold for 2024
The Canada Revenue Agency has published the income threshold which will apply for purposes of the Old Age Security (OAS) clawback threshold during 2024. Individuals who receive OAS benefits can have u...
The Canada Revenue Agency has published the income threshold which will apply for purposes of the Old Age Security (OAS) clawback threshold during 2024. Individuals who receive OAS benefits can have u...
Electronic filing now mandatory for GST/HST registrants
Canadian businesses which have registered for goods and services tax/harmonized sales tax (GST/HST) purposes must file returns with the federal government on a prescribed schedule, which can be monthl...
Canadian businesses which have registered for goods and services tax/harmonized sales tax (GST/HST) purposes must file returns with the federal government on a prescribed schedule, which can be monthl...
Inflation rate declines slightly in January
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation declined to below 3% during the month of January 2024. The inflation rate for that month (as meas...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation declined to below 3% during the month of January 2024. The inflation rate for that month (as meas...
NETFILE service for filing of 2023 tax returns now available
The Canada Revenue Agency has announced that its digital services for the filing of individual income tax returns for the 2023 tax year are now open. Both NETFILE and ReFILE services are available 21...
The Canada Revenue Agency has announced that its digital services for the filing of individual income tax returns for the 2023 tax year are now open. Both NETFILE and ReFILE services are available 21...
Prescribed leasing interest rate for March 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Slight decline in unemployment rate for January
The most recent release of Statistics Canada’s Labour Force Survey shows a slight drop in the overall rate of unemployment for the month of January 2024. That rate declined by 0.1%, from 5.8% to 5.7...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight drop in the overall rate of unemployment for the month of January 2024. That rate declined by 0.1%, from 5.8% to 5.7...
CRA announces individual tax filing deadlines for 2023 returns
The Canada Revenue Agency (CRA) has announced that the filing deadline for individual income tax returns for the 2023 tax year will be Tuesday April 30, 2024. Self-employed individuals and their spous...
The Canada Revenue Agency (CRA) has announced that the filing deadline for individual income tax returns for the 2023 tax year will be Tuesday April 30, 2024. Self-employed individuals and their spous...
February 29, 2024 deadline for making RRSP contributions for 2023
The Canada Revenue Agency has announced that the deadline for making registered retirement savings plan (RRSP) contributions which can be deducted on the return for the 2023 tax year will be Thursday ...
The Canada Revenue Agency has announced that the deadline for making registered retirement savings plan (RRSP) contributions which can be deducted on the return for the 2023 tax year will be Thursday ...
Income tax return packages to be sent by mid-February
While the majority of Canadian taxpayers file their income tax returns by electronic means, paper returns can still be filed with and processed by the Canada Revenue Agency (CRA). The Agency will be s...
While the majority of Canadian taxpayers file their income tax returns by electronic means, paper returns can still be filed with and processed by the Canada Revenue Agency (CRA). The Agency will be s...
NETFILE service for 2023 tax returns available February 19
The Canada Revenue Agency has announced that its services for the online filing of individual income tax returns for the 2023 tax year will be available in mid-February. Both NETFILE and ReFILE servic...
The Canada Revenue Agency has announced that its services for the online filing of individual income tax returns for the 2023 tax year will be available in mid-February. Both NETFILE and ReFILE servic...
Prescribed leasing interest rate for February 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on January 24, 2024, the Bank of Canada indicated that, in its view, no change to current rates was needed. Accordingly, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on January 24, 2024, the Bank of Canada indicated that, in its view, no change to current rates was needed. Accordingly, the Bank Rate remain...
Online filing of prior year tax returns available until January 26
Canadian taxpayers can still file individual income tax returns for the 2017 to 2022 tax years using the Canada Revenue Agency’s online tax filing service NETFILE. The NETFILE filing service provide...
Canadian taxpayers can still file individual income tax returns for the 2017 to 2022 tax years using the Canada Revenue Agency’s online tax filing service NETFILE. The NETFILE filing service provide...
Rate of inflation increases in December 2023
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of December 2023. That rate stood at 3.4%, as compared to the 3.1...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of December 2023. That rate stood at 3.4%, as compared to the 3.1...
January 18 deadline for repayment of CEBA loans
During the pandemic, the federal government provided loan financing to eligible Canadian businesses through the Canada Emergency Business Assistance (CEBA) program. Such loan amounts provided are part...
During the pandemic, the federal government provided loan financing to eligible Canadian businesses through the Canada Emergency Business Assistance (CEBA) program. Such loan amounts provided are part...
No change in unemployment rate for December 2023
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of December 2023. That rate stood at 5.8%, the same as the rate reco...
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate for the month of December 2023. That rate stood at 5.8%, the same as the rate reco...
No change in inflation rate for November 2023
The most recent release of Statistics Canada’s Consumer Price Index shows no change in the overall rate of inflation for the month of November 2023. That rate stood at 3.1%, the same rate recorded f...
The most recent release of Statistics Canada’s Consumer Price Index shows no change in the overall rate of inflation for the month of November 2023. That rate stood at 3.1%, the same rate recorded f...
Canada Pension Plan benefits to increase by 4.4% in 2024
Benefits paid under the Canada Pension Plan are indexed annually, based on changes to the Consumer Price Index. The federal government has announced that CPP benefits paid during the 2024 calendar yea...
Benefits paid under the Canada Pension Plan are indexed annually, based on changes to the Consumer Price Index. The federal government has announced that CPP benefits paid during the 2024 calendar yea...
Prescribed leasing interest rate for January 2024
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Prescribed interest rates for 2024
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2024, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2024, as well as the rates that will apply for the purpo...
Old Age Security payments to increase by 0.8% for first quarter of 2024
Employment and Social Development Canada (ESDC) has announced that Old Age Security (OAS) payments for the first quarter (January to March) of 2024 will increase by 0.8%. OAS benefit amounts are adjus...
Employment and Social Development Canada (ESDC) has announced that Old Age Security (OAS) payments for the first quarter (January to March) of 2024 will increase by 0.8%. OAS benefit amounts are adjus...
Final individual income tax instalment for 2023 due on December 15
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2023 tax year must be mad...
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2023 tax year must be mad...
Little change in unemployment rate for November
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the general unemployment rate for the month of November 2023. For that month, unemployment stood at 5.8%, as...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the general unemployment rate for the month of November 2023. For that month, unemployment stood at 5.8%, as...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 6, 2023, the Bank of Canada indicated that, in its view, no change to current rates was needed. Accordingly, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on December 6, 2023, the Bank of Canada indicated that, in its view, no change to current rates was needed. Accordingly, the Bank Rate remain...
New T4 and T4A reporting requirements for 2023
The Canada Revenue Agency has issued a Tax Tip reminding employers and pension plan administrators of a change in T4 and T4A reporting rules, beginning with the 2023 tax year. All issuers of T4s and T...
The Canada Revenue Agency has issued a Tax Tip reminding employers and pension plan administrators of a change in T4 and T4A reporting rules, beginning with the 2023 tax year. All issuers of T4s and T...
CRA announces indexation adjustment for 2024 personal tax amounts
Annual changes in personal income tax brackets and tax credit amounts are based on changes in the Consumer Price Index. The Canada Revenue Agency has announced that, for the upcoming 2024 tax year, su...
Annual changes in personal income tax brackets and tax credit amounts are based on changes in the Consumer Price Index. The Canada Revenue Agency has announced that, for the upcoming 2024 tax year, su...
Fall Economic Statement shows deficit of $40 billion for current fiscal year
The 2023-24 Fall Economic Statement brought down by the Minister of Finance on November 21 indicates that the federal government will run a deficit of $40 billion for the current (2023-24) fiscal year...
The 2023-24 Fall Economic Statement brought down by the Minister of Finance on November 21 indicates that the federal government will run a deficit of $40 billion for the current (2023-24) fiscal year...
Overall inflation rate declines in October 2023
The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall inflation rate for the month of October, with the inflation rate for that month coming in at 3.1%, as ...
The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall inflation rate for the month of October, with the inflation rate for that month coming in at 3.1%, as ...
Deadline extended for filing of underused housing tax returns for 2022
The federal government levies a 1% underused housing tax (“UHT”) on some owners of vacant or underused residential properties in Canada. Generally, affected property owners are foreign nationals, ...
The federal government levies a 1% underused housing tax (“UHT”) on some owners of vacant or underused residential properties in Canada. Generally, affected property owners are foreign nationals, ...
Date announced for release of Fall Economic Statement
Finance Canada has announced that the Fall Economic Statement for the 2023-24 fiscal year will be presented by the Minister of Finance on Tuesday November 21, 2023 at around 4 p.m. Once the measures i...
Finance Canada has announced that the Fall Economic Statement for the 2023-24 fiscal year will be presented by the Minister of Finance on Tuesday November 21, 2023 at around 4 p.m. Once the measures i...
Little change in overall unemployment rate for October
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the unemployment rate recorded for the month of October 2023. That rate rose by 0.2%, from 5.5% to 5.7%, wit...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the unemployment rate recorded for the month of October 2023. That rate rose by 0.2%, from 5.5% to 5.7%, wit...
CRA announces Canada Pension Plan contribution amounts for 2024
The Canada Revenue Agency (CRA) has announced the contribution percentages, limits, and amounts which will apply for purposes of the Canada Pension Plan (CPP) during 2024. Those figures include change...
The Canada Revenue Agency (CRA) has announced the contribution percentages, limits, and amounts which will apply for purposes of the Canada Pension Plan (CPP) during 2024. Those figures include change...
Rural supplement for Climate Action Incentive Payment to be increased
Residents of Ontario, Nova Scotia, New Brunswick, Manitoba, Prince Edward Island, Saskatchewan, Alberta, and Newfoundland and Labrador receive a Climate Action Incentive Payment (CAIP) from the federa...
Residents of Ontario, Nova Scotia, New Brunswick, Manitoba, Prince Edward Island, Saskatchewan, Alberta, and Newfoundland and Labrador receive a Climate Action Incentive Payment (CAIP) from the federa...
Temporary exemption from carbon tax on purchases of home heating oil
The federal government has announced that sales of home heating oil delivered between November 9, 2023 and April 1, 2027 will be exempt from the federal carbon tax. In the same announcement, the feder...
The federal government has announced that sales of home heating oil delivered between November 9, 2023 and April 1, 2027 will be exempt from the federal carbon tax. In the same announcement, the feder...
CRA issues Tax Tip on reporting of cryptocurrency holdings and transactions
Canadians who hold “crypto-assets”, including cryptocurrency, are required to report any income or capital gains resulting from transactions involving such assets. The Canada Revenue Agency recent...
Canadians who hold “crypto-assets”, including cryptocurrency, are required to report any income or capital gains resulting from transactions involving such assets. The Canada Revenue Agency recent...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on October 25, the Bank of Canada indicated that, in its view, no change to current interest rates was required. The Bank Rate accordingly re...
In its regularly scheduled interest rate announcement made on October 25, the Bank of Canada indicated that, in its view, no change to current interest rates was required. The Bank Rate accordingly re...
CRA issues information on registration renewal for EFILE providers for 2024
EFILE services for the filing of individual income tax returns for the 2023 tax year will be available sometime in early 2024. The Canada Revenue Agency recently issued a program update reminding EFIL...
EFILE services for the filing of individual income tax returns for the 2023 tax year will be available sometime in early 2024. The Canada Revenue Agency recently issued a program update reminding EFIL...
Inflation rate down slightly in September
The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall rate of inflation for the month of September. That rate stood at 3.8%, as compared to the 4.0% inflati...
The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall rate of inflation for the month of September. That rate stood at 3.8%, as compared to the 4.0% inflati...
Prescribed leasing interest rate for November
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
No change in unemployment rate for September
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate recorded for the month of September, with that rate remaining at 5.5% for the thir...
The most recent release of Statistics Canada’s Labour Force Survey shows no change in the overall unemployment rate recorded for the month of September, with that rate remaining at 5.5% for the thir...
Employment Insurance premium rates for 2024
The Canada Employment Insurance Commission has announced the premium rates and limits which will apply for purposes of the Employment Insurance program during the 2024 calendar year. For 2024, as a re...
The Canada Employment Insurance Commission has announced the premium rates and limits which will apply for purposes of the Employment Insurance program during the 2024 calendar year. For 2024, as a re...
Increase in Old Age Security benefits for October to December 2023
The federal government has announced that amounts paid under the Old Age Security (OAS) program will increase for the fourth quarter (October to December) of 2023. The increases are based on changes t...
The federal government has announced that amounts paid under the Old Age Security (OAS) program will increase for the fourth quarter (October to December) of 2023. The increases are based on changes t...
Prescribed interest leasing rate for October
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Inflation rate increases to 4.0% in August
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of August stood at 4.0%, as compared to the 3.3% inflation rate recorded fo...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of August stood at 4.0%, as compared to the 3.3% inflation rate recorded fo...
Interest and penalty relief provided for taxpayers affected by wildfires
The Canada Revenue Agency has issued a Tax Tip indicating that interest and penalty relief will be provided to taxpayers who are unable to meet their tax filing and/or payment obligations due to this ...
The Canada Revenue Agency has issued a Tax Tip indicating that interest and penalty relief will be provided to taxpayers who are unable to meet their tax filing and/or payment obligations due to this ...
Repayment deadline extended for small business pandemic loans
During the pandemic, the federal government provided the small business sector with financial assistance through the Canada Emergency Business Account (CEBA) program. That program provided eligible sm...
During the pandemic, the federal government provided the small business sector with financial assistance through the Canada Emergency Business Account (CEBA) program. That program provided eligible sm...
Prescribed interest rates for 2023
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the last quarter of 2023, as well as the rates that will apply for the purpos...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the last quarter of 2023, as well as the rates that will apply for the purpos...
No change in unemployment rate for August
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 5.5%, the same rate recorded for the month of July. As no...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 5.5%, the same rate recorded for the month of July. As no...
Third individual instalment payment of 2023 due September 15
Individual Canadian taxpayers who pay federal income tax by instalments make those instalment payments of tax four times each year, by specified deadlines. The third income tax instalment deadline for...
Individual Canadian taxpayers who pay federal income tax by instalments make those instalment payments of tax four times each year, by specified deadlines. The third income tax instalment deadline for...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on September 6, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate re...
In its regularly scheduled interest rate announcement made on September 6, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate re...
Credit toward CERB repayment debt available to eligible post secondary students
During the pandemic a number of post-secondary students received the Canada Emergency Response Benefit (CERB) and, in some cases, have been asked to repay those benefits to the federal government. The...
During the pandemic a number of post-secondary students received the Canada Emergency Response Benefit (CERB) and, in some cases, have been asked to repay those benefits to the federal government. The...
Increase in withdrawal limits for Registered Education Savings Plans
Canadian parents can save for their children’s post-secondary education on a tax-assisted basis, through the federal Registered Education Savings Plan (RESP) program, which allows parents to contrib...
Canadian parents can save for their children’s post-secondary education on a tax-assisted basis, through the federal Registered Education Savings Plan (RESP) program, which allows parents to contrib...
New forms issued for withdrawals and transfers involving First Home Savings Accounts
Beginning in 2023, Canadians are able to save for the purchase of a first home on a tax-assisted basis through the new First Home Savings Account (FHSA) program. One of the features of the FHSA progra...
Beginning in 2023, Canadians are able to save for the purchase of a first home on a tax-assisted basis through the new First Home Savings Account (FHSA) program. One of the features of the FHSA progra...
Upcoming changes to electronic filing requirements for businesses
For several years, businesses which file more than 50 information returns (slips and summaries) have been required to file those returns by electronic means, rather than paper filing. Effective as of ...
For several years, businesses which file more than 50 information returns (slips and summaries) have been required to file those returns by electronic means, rather than paper filing. Effective as of ...
Finance Canada issues reminder of availability of First Home Savings Accounts
Beginning in 2023, Canadians aged 18 and over can save for the purchase of a first home on a tax-assisted basis, through the First Home Savings Account (FHSA) program. Contributions (to a maximum of $...
Beginning in 2023, Canadians aged 18 and over can save for the purchase of a first home on a tax-assisted basis, through the First Home Savings Account (FHSA) program. Contributions (to a maximum of $...
Increase in rate of inflation for July
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall inflation rate increased by .5% for the month of July. That rate reached 3.3%, as compared to the 2.8% infl...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall inflation rate increased by .5% for the month of July. That rate reached 3.3%, as compared to the 2.8% infl...
Updated publication issued for GST/HST tax credit for 2023-24
The federal government provides a refundable tax credit to lower and middle-income Canadians, to help offset the impact of the goods and services tax/harmonized sales tax (GST/HST). That credit is p...
The federal government provides a refundable tax credit to lower and middle-income Canadians, to help offset the impact of the goods and services tax/harmonized sales tax (GST/HST). That credit is p...
Unemployment rate for July up by 0.1%
The most recent release of Statistics Canada’s Labour Force Survey shows little change in overall unemployment rate for the month of July 2023. That rate increased by 0.1% to 5.5%. Across demographi...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in overall unemployment rate for the month of July 2023. That rate increased by 0.1% to 5.5%. Across demographi...
Prescribed interest rate for leasing for September 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada releases schedule for interest rate announcements in 2024
The Bank of Canada issues interest rate announcements on eight scheduled dates throughout the year, and the Bank recently released its schedule for such announcements during 2024. Interest rate announ...
The Bank of Canada issues interest rate announcements on eight scheduled dates throughout the year, and the Bank recently released its schedule for such announcements during 2024. Interest rate announ...
Updated guide issued for Canada Child Benefit program for 2023-24
Through its Canada Child Benefit program, the federal government provides a non-taxable monthly benefit to parents of children under the age of 18. Benefit amounts are adjusted at the start of each be...
Through its Canada Child Benefit program, the federal government provides a non-taxable monthly benefit to parents of children under the age of 18. Benefit amounts are adjusted at the start of each be...
CRA issues updated information on tax collection policies
During the pandemic, relieving changes were made to the policies and practices of the Canada Revenue Agency (CRA) with respect to the collection of tax amounts owed by Canadians. In the past several m...
During the pandemic, relieving changes were made to the policies and practices of the Canada Revenue Agency (CRA) with respect to the collection of tax amounts owed by Canadians. In the past several m...
Second benefit period for Canada Dental Benefit opened July 1
The Canada Revenue Agency has issued a reminder to Canadian taxpayers that applications for the second benefit period for the Canada Dental Benefit can be made as of July 1, 2023. Eligible families ca...
The Canada Revenue Agency has issued a reminder to Canadian taxpayers that applications for the second benefit period for the Canada Dental Benefit can be made as of July 1, 2023. Eligible families ca...
Overall inflation rate for June down to 2.8%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June 2023 (as measured on a year-over-year basis) stood at 2.8%. The com...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June 2023 (as measured on a year-over-year basis) stood at 2.8%. The com...
Increases to Old Age Security benefits effective July 2023
The federal government has announced that maximum payments under the Old Age Security program will increase for the July to September 2023 benefit period. Effective with the July 2023 payment, the max...
The federal government has announced that maximum payments under the Old Age Security program will increase for the July to September 2023 benefit period. Effective with the July 2023 payment, the max...
Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, another increase to interest was warranted. Consequently, the Bank Rate now stand...
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, another increase to interest was warranted. Consequently, the Bank Rate now stand...
Prescribed interest rate for leasing for August 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Advance payment of Canada Workers’ Benefit begins in July 2023
The Canada Workers’ Benefit (CWB) is a refundable tax credit provided to lower-income individuals and families which have working income from employment or self-employment. In previous years, the CW...
The Canada Workers’ Benefit (CWB) is a refundable tax credit provided to lower-income individuals and families which have working income from employment or self-employment. In previous years, the CW...
Taxpayer relief for Canadians affected by wildfires
The Canada Revenue Agency has issued a reminder to Canadians of the availability of administrative relief from tax interest and penalty charges for taxpayers who have been affected by this spring’s ...
The Canada Revenue Agency has issued a reminder to Canadians of the availability of administrative relief from tax interest and penalty charges for taxpayers who have been affected by this spring’s ...
Inflation rate down to 3.4% for May
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for May 2023 stood at 3.4%, as measured on a year-over-year basis. The comparable rate fo...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for May 2023 stood at 3.4%, as measured on a year-over-year basis. The comparable rate fo...
Online digital form now available for disability tax credit applications
Qualifying Canadians are entitled to claim a disability tax credit which reduces both federal and provincial tax payable. In order to claim that credit an individual must complete and submit an applic...
Qualifying Canadians are entitled to claim a disability tax credit which reduces both federal and provincial tax payable. In order to claim that credit an individual must complete and submit an applic...
New information released on upcoming payment of grocery rebate
The federal government has released additional details of the “grocery rebate” which was announced in the 2023 federal Budget. That rebate is scheduled to be paid to eligible Canadians on July 5, ...
The federal government has released additional details of the “grocery rebate” which was announced in the 2023 federal Budget. That rebate is scheduled to be paid to eligible Canadians on July 5, ...
Unemployment rate up slightly in May
The most recent release of Statistics Canada’s Labour Force Survey shows that unemployment rose slightly during May 2023, the first such increase since August of 2022. During May, the unemployment r...
The most recent release of Statistics Canada’s Labour Force Survey shows that unemployment rose slightly during May 2023, the first such increase since August of 2022. During May, the unemployment r...
Prescribed interest rates for first three quarters of 2023
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2023, as well as the rates that will apply for th...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2023, as well as the rates that will apply for th...
Prescribed interest rate for leasing for July 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada raises interest rates by one-quarter percentage point
In its regularly scheduled interest rate announcement made on June 7, the Bank of Canada indicated that interest rates would be increased by one-quarter percentage point, bringing the Bank Rate to 5%....
In its regularly scheduled interest rate announcement made on June 7, the Bank of Canada indicated that interest rates would be increased by one-quarter percentage point, bringing the Bank Rate to 5%....
Second individual income tax instalment for 2023 due June 15
Canadians who pay income tax by instalment make those instalment payments of tax four times each year, by specified deadlines. The second income tax instalment deadline for the 2023 tax year falls on ...
Canadians who pay income tax by instalment make those instalment payments of tax four times each year, by specified deadlines. The second income tax instalment deadline for the 2023 tax year falls on ...
June 15, 2023 filing deadline for self-employed taxpayers
While most Canadian taxpayers were required to file their income tax returns for the 2022 tax year on or before May 1, 2023, self-employed taxpayers (and their spouses) have until Thursday June 15, 20...
While most Canadian taxpayers were required to file their income tax returns for the 2022 tax year on or before May 1, 2023, self-employed taxpayers (and their spouses) have until Thursday June 15, 20...
New tax credit and benefit year starts July 1, 2023
The federal (and provincial) governments provide taxpayers with a number of tax credits and benefits which are delivered through monthly or quarterly direct payments. In many cases, eligibility for su...
The federal (and provincial) governments provide taxpayers with a number of tax credits and benefits which are delivered through monthly or quarterly direct payments. In many cases, eligibility for su...
Payment of one-time “grocery rebate” scheduled for July 5
In its 2023-24 budget, the federal government announced that, to assist Canadians coping with recent inflationary increases in the cost of food, it would be providing a one-time “grocery rebate”. ...
In its 2023-24 budget, the federal government announced that, to assist Canadians coping with recent inflationary increases in the cost of food, it would be providing a one-time “grocery rebate”. ...
Making a payment arrangement with the Canada Revenue Agency
All Canadian individual taxpayers were required to pay any tax balance owed for the 2022 tax year on or before May 1, 2023. As of May 2, 2023, interest at a rate of 9% is levied on all such outstandin...
All Canadian individual taxpayers were required to pay any tax balance owed for the 2022 tax year on or before May 1, 2023. As of May 2, 2023, interest at a rate of 9% is levied on all such outstandin...
Inflation rate up slightly for April 2023
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation increased slightly during the month of April, to 4.4%. The comparable rate for March 2023...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation increased slightly during the month of April, to 4.4%. The comparable rate for March 2023...
CRA issues updated publication on taxpayer objection and appeal rights
Most Canadians were required to file an income tax return for the 2022 tax year by the end of April 2023. For each such filing, a Notice of Assessment is issued by the Canada Revenue Agency (CRA), out...
Most Canadians were required to file an income tax return for the 2022 tax year by the end of April 2023. For each such filing, a Notice of Assessment is issued by the Canada Revenue Agency (CRA), out...
Prescribed interest rate for leasing for June 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Requesting a reduction in tax withholdings from Old Age Security payments
Canadians who receive Old Age Security (OAS) benefits and whose net income is above a specified threshold (currently $86,912) must repay a portion of those benefits, through the OAS recovery tax (or c...
Canadians who receive Old Age Security (OAS) benefits and whose net income is above a specified threshold (currently $86,912) must repay a portion of those benefits, through the OAS recovery tax (or c...
Prescribed interest rate for leasing for May 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
May 1, 2023 deadline for filing of individual income tax returns for 2022
Most individual Canadian taxpayers must file their income tax returns for the 2022 tax year on or before Monday, May 1, 2023. Self-employed individuals and their spouses, however, have until June 15, ...
Most individual Canadian taxpayers must file their income tax returns for the 2022 tax year on or before Monday, May 1, 2023. Self-employed individuals and their spouses, however, have until June 15, ...
May 1, 2023 deadline for payment of individual income taxes for 2022
Monday May 1, 2023 is the deadline by which all individual income taxes owed for the 2022 tax year must be paid. The May 1 payment deadline applies regardless of the date by which an individual must f...
Monday May 1, 2023 is the deadline by which all individual income taxes owed for the 2022 tax year must be paid. The May 1 payment deadline applies regardless of the date by which an individual must f...
CRA warns of scam involving grocery rebate
In the 2023-24 budget, the federal government announced that a one-time payment would be made to Canadians to help them meet inflationary increases in the cost of living. That payment – the “groce...
In the 2023-24 budget, the federal government announced that a one-time payment would be made to Canadians to help them meet inflationary increases in the cost of living. That payment – the “groce...
Inflation rate for March down to 4.3%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall inflation rate for the month of March 2023 stood at 4.3%, as compared to the 5.2% rate recorded for Februar...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall inflation rate for the month of March 2023 stood at 4.3%, as compared to the 5.2% rate recorded for Februar...
Bank of Canada leaves interest rates unchanged
In its scheduled interest rate announcement made on April 12, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 4.75...
In its scheduled interest rate announcement made on April 12, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 4.75...
Unemployment rate for March unchanged at 5.0%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of March 2023 stood at 5.0%, the same rate recorded for the previous month. ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of March 2023 stood at 5.0%, the same rate recorded for the previous month. ...
Federal government announces OAS payment amounts for second quarter of 2023
Old Age Security (OAS) benefits paid monthly to eligible Canadians are indexed to inflation on a quarterly basis, meaning that such benefit amounts increase to reflect that indexing at the beginning o...
Old Age Security (OAS) benefits paid monthly to eligible Canadians are indexed to inflation on a quarterly basis, meaning that such benefit amounts increase to reflect that indexing at the beginning o...
Penalty and interest waiver available for Underused Housing Tax returns
The federal government imposes a 1% annual Underused Housing Tax (UHT) on the ownership of vacant or underused housing in Canada. While the tax usually applies to non-resident, non-Canadian owners it ...
The federal government imposes a 1% annual Underused Housing Tax (UHT) on the ownership of vacant or underused housing in Canada. While the tax usually applies to non-resident, non-Canadian owners it ...
CRA resumes debt collection activities
Where the Canada Revenue Agency (CRA) owes an amount to the taxpayer (such as a tax refund), the Agency has the right to deduct from that amount any debts owed by the taxpayer to the federal governmen...
Where the Canada Revenue Agency (CRA) owes an amount to the taxpayer (such as a tax refund), the Agency has the right to deduct from that amount any debts owed by the taxpayer to the federal governmen...
Prescribed interest rates for first half of 2023
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2023, as well as the rates that will apply for the purpose of cal...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2023, as well as the rates that will apply for the purpose of cal...
Budget 2023 - Alcohol Excise Duty
Budget 2023 proposes to temporarily cap the inflation adjustment for excise duties on beer, spirits, and wine at two per cent, for one year only, as of April 1, 2023. The excise duty rates on all alco...
Budget 2023 proposes to temporarily cap the inflation adjustment for excise duties on beer, spirits, and wine at two per cent, for one year only, as of April 1, 2023. The excise duty rates on all alco...
Budget 2023 - General Anti-Avoidance Rule (“GAAR”)
Budget 2023 proposes to amend the GAAR by: introducing a preamble; changing the avoidance transaction standard; introducing an economic substance rule; introducing a penalty; and extending the reasse...
Budget 2023 proposes to amend the GAAR by: introducing a preamble; changing the avoidance transaction standard; introducing an economic substance rule; introducing a penalty; and extending the reasse...
Budget 2023 - Strengthening the Intergenerational Business Transfer Framework
Budget 2023 proposes to amend the rules introduced by Bill C-208 to ensure that they apply only where a genuine intergenerational business transfer takes place. To provide flexibility, it is proposed ...
Budget 2023 proposes to amend the rules introduced by Bill C-208 to ensure that they apply only where a genuine intergenerational business transfer takes place. To provide flexibility, it is proposed ...
Budget 2023 - Registered Disability Savings Plans
Budget 2023 proposes to extend the qualifying family member measure (which allows a family member to open an RDSP for an adult relative) by three years, to December 31, 2026. Siblings will also be qua...
Budget 2023 proposes to extend the qualifying family member measure (which allows a family member to open an RDSP for an adult relative) by three years, to December 31, 2026. Siblings will also be qua...
Budget 2023 - Registered Education Savings Plans
Budget 2023 proposes to increase limits on certain RESP withdrawals from $5,000 to $8,000 for full-time students, and from $2,500 to $4,000 for part-time students. Budget 2023 also proposes to allow d...
Budget 2023 proposes to increase limits on certain RESP withdrawals from $5,000 to $8,000 for full-time students, and from $2,500 to $4,000 for part-time students. Budget 2023 also proposes to allow d...
Budget 2023 - Deduction for Tradespeople’s Tool Expenses
Budget 2023 proposes to double the maximum employment deduction for tradespeople’s and apprentice mechanics’ tools from $500 to $1,000, effective for 2023 and subsequent taxation years....
Budget 2023 proposes to double the maximum employment deduction for tradespeople’s and apprentice mechanics’ tools from $500 to $1,000, effective for 2023 and subsequent taxation years....
Budget 2023 - Automatic Tax Filing
The CRA’s automatic tax filing service called “File My Return”, which reached some 53,000 Canadians in 2022, will be expanded to reach more than 2 million Canadians by 2025. The government will ...
The CRA’s automatic tax filing service called “File My Return”, which reached some 53,000 Canadians in 2022, will be expanded to reach more than 2 million Canadians by 2025. The government will ...
Budget 2023 - Grocery Rebate
Budget 2023 proposes to introduce an increase to the maximum GST/HST tax credit (“GSTC”) amount for January 2023 that would be known as the Grocery Rebate. Eligible individuals would receive an ad...
Budget 2023 proposes to introduce an increase to the maximum GST/HST tax credit (“GSTC”) amount for January 2023 that would be known as the Grocery Rebate. Eligible individuals would receive an ad...
Budget 2023 - Alternative Minimum Tax for High-Income Individuals
The federal government proposes to: Increase the Alternative Minimum Tax (“AMT”) capital gains inclusion rate from 80% to 100%. Capital loss carry forwards and allowable business investment losse...
The federal government proposes to: Increase the Alternative Minimum Tax (“AMT”) capital gains inclusion rate from 80% to 100%. Capital loss carry forwards and allowable business investment losse...
Prescribed interest rate for leasing for April 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Inflation rate for February 2023 at 5.2%
The most recent release of Statistics Canada’s Consumer Price Index puts the overall rate of inflation for the month of February 2023 at 5.2%, as compared to the 5.9% rate recorded for January. Both...
The most recent release of Statistics Canada’s Consumer Price Index puts the overall rate of inflation for the month of February 2023 at 5.2%, as compared to the 5.9% rate recorded for January. Both...
April 1 launch of Tax-Free First Home Savings Account program
As part of the 2022 Federal Budget, the federal government introduced the Tax-Free First Home Savings Account (FHSA). The FHSA allows eligible taxpayers to contribute $8,000 per year (to a lifetime ma...
As part of the 2022 Federal Budget, the federal government introduced the Tax-Free First Home Savings Account (FHSA). The FHSA allows eligible taxpayers to contribute $8,000 per year (to a lifetime ma...
Date announced for 2023-24 Federal Budget
The Minister of Finance has announced that the 2023-24 Federal Budget will be brought down on Tuesday March 28, 2023, at around 4 p.m. EST. The media release providing the budget date can be found on ...
The Minister of Finance has announced that the 2023-24 Federal Budget will be brought down on Tuesday March 28, 2023, at around 4 p.m. EST. The media release providing the budget date can be found on ...
CRA telephone help services for 2023 filing season
The Canada Revenue Agency (CRA) provides taxpayers with several telephone help lines, through which taxpayers can obtain both general tax information and information specific to their tax situation. T...
The Canada Revenue Agency (CRA) provides taxpayers with several telephone help lines, through which taxpayers can obtain both general tax information and information specific to their tax situation. T...
Bank of Canada leaves interest rates unchanged
For the first time since January of 2022, the Bank of Canada has determined that no increase to current interest rates is needed. Consequently, the Bank Rate remains at 4.75%. In the press release ann...
For the first time since January of 2022, the Bank of Canada has determined that no increase to current interest rates is needed. Consequently, the Bank Rate remains at 4.75%. In the press release ann...
CRA announces meal and vehicle expense amounts claimable for 2022
Taxpayers are entitled to make a claim on their annual return for costs incurred in certain circumstances for meal costs and vehicle expenses. Such costs may, for instance, be claimable by individuals...
Taxpayers are entitled to make a claim on their annual return for costs incurred in certain circumstances for meal costs and vehicle expenses. Such costs may, for instance, be claimable by individuals...
Inflation rate for January 2023 decreases to 5.9%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation continues to moderate. The inflation rate for the month of January 2023 stood at 5.9%, as...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation continues to moderate. The inflation rate for the month of January 2023 stood at 5.9%, as...
March 31, 2023 deadline for claiming top-up to Canada Housing Benefit
In 2022, the federal government announced the creation of a top-up to the existing Canada Housing Benefit, which would provide a one-time payment of $500 to lower income individuals who pay a dispropo...
In 2022, the federal government announced the creation of a top-up to the existing Canada Housing Benefit, which would provide a one-time payment of $500 to lower income individuals who pay a dispropo...
CRA issues Tax Tip on reporting of income from pandemic benefits
Millions of Canadians received federal government benefits during the pandemic, and those benefits represented income which must be reported on the annual tax return. The CRA will, by the end of Febru...
Millions of Canadians received federal government benefits during the pandemic, and those benefits represented income which must be reported on the annual tax return. The CRA will, by the end of Febru...
No change in unemployment rate for January
The most recent release of Statistics Canada’s Labour Force Survey shows that, while there was an increase in employment during January 2023, the unemployment rate was unchanged at 5.0%. Employment ...
The most recent release of Statistics Canada’s Labour Force Survey shows that, while there was an increase in employment during January 2023, the unemployment rate was unchanged at 5.0%. Employment ...
CRA announces payment deadline for 2022 tax balances
The Canada Revenue Agency has announced that the tax payment deadline for individual income taxes owed for the 2022 tax year will be Monday May 1, 2023. While the payment deadline is usually April 30,...
The Canada Revenue Agency has announced that the tax payment deadline for individual income taxes owed for the 2022 tax year will be Monday May 1, 2023. While the payment deadline is usually April 30,...
CRA announces individual tax filing deadline for 2022 returns
The Canada Revenue Agency has announced that the filing deadline for individual income tax returns for the 2022 tax year will be Monday May 1, 2023. While the filing deadline is usually April 30, an e...
The Canada Revenue Agency has announced that the filing deadline for individual income tax returns for the 2022 tax year will be Monday May 1, 2023. While the filing deadline is usually April 30, an e...
March 1, 2023 deadline for making RRSP contributions for 2022
The Canada Revenue Agency has announced that the deadline for making registered retirement savings plan (RRSP) contributions which can be deducted on the return for the 2022 tax year will be Wednesday...
The Canada Revenue Agency has announced that the deadline for making registered retirement savings plan (RRSP) contributions which can be deducted on the return for the 2022 tax year will be Wednesday...
CRA issues individual income tax return package for 2022
The Canada Revenue Agency (CRA) has issued the tax package to be used for the filing of individual income tax returns for the 2022 tax year. That package, which includes both the income tax return and...
The Canada Revenue Agency (CRA) has issued the tax package to be used for the filing of individual income tax returns for the 2022 tax year. That package, which includes both the income tax return and...
NETFILE service for 2022 returns available February 20
The Canada Revenue Agency (CRA) has announced that its NETFILE service for filing of federal individual income tax returns for the 2022 tax year will be available on Monday February 20, 2023. Informat...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for filing of federal individual income tax returns for the 2022 tax year will be available on Monday February 20, 2023. Informat...
CRA to distribute paper T1 return forms to selected taxpayers
While the majority of Canadian taxpayers file their individual income tax returns electronically, a significant number of taxpayers file a paper return. The Canada Revenue Agency has issued a Tax Tip ...
While the majority of Canadian taxpayers file their individual income tax returns electronically, a significant number of taxpayers file a paper return. The Canada Revenue Agency has issued a Tax Tip ...
Bank of Canada announces eighth straight increase in interest rates
In its regularly scheduled interest rate announcement made on January 25, the Bank of Canada announced that interest rates would be increased by one-quarter percentage point. That change marks the eig...
In its regularly scheduled interest rate announcement made on January 25, the Bank of Canada announced that interest rates would be increased by one-quarter percentage point. That change marks the eig...
NETFILE service for prior year returns open until January 27
The Canada Revenue Agency has announced that its NETFILE service for the filing of prior year returns will be available until January 27, 2023. Specifically, NETFILE and ReFILE services for tax years ...
The Canada Revenue Agency has announced that its NETFILE service for the filing of prior year returns will be available until January 27, 2023. Specifically, NETFILE and ReFILE services for tax years ...
Inflation rate down slightly in December 2022
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of December 2022. For that month, inflation stood at 6...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation declined slightly during the month of December 2022. For that month, inflation stood at 6...
Finance holds public consultation process for 2023-24 federal Budget
Finance Canada is currently conducting the consultation process leading to the release of the 2023-24 federal Budget this spring. There are two parts to the budget consultation process – an online s...
Finance Canada is currently conducting the consultation process leading to the release of the 2023-24 federal Budget this spring. There are two parts to the budget consultation process – an online s...
Unemployment rate for December 2022
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2022 stood at 5.0%. During the month of December, the country ad...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2022 stood at 5.0%. During the month of December, the country ad...
Canada Pension Plan retirement benefit amounts for 2023
The federal government has announced the amounts which may be paid as benefits under the Canada Pension Plan (CPP) during 2023. The amount of retirement benefit receivable by an individual is based on...
The federal government has announced the amounts which may be paid as benefits under the Canada Pension Plan (CPP) during 2023. The amount of retirement benefit receivable by an individual is based on...
Old Age Security benefit amounts for first quarter of 2023
The federal government has announced the amounts which will be paid to recipients of Old Age Security benefits for the first quarter of 2023. Such benefit amounts are indexed quarterly, based on the c...
The federal government has announced the amounts which will be paid to recipients of Old Age Security benefits for the first quarter of 2023. Such benefit amounts are indexed quarterly, based on the c...
Bank of Canada releases interest rate announcement dates for 2023
The Bank of Canada announces its decision with respect to interest rates on eight scheduled dates each year, and the Bank has provided the dates on which such interest rate announcements will be made ...
The Bank of Canada announces its decision with respect to interest rates on eight scheduled dates each year, and the Bank has provided the dates on which such interest rate announcements will be made ...
Prescribed interest rate for leasing for January 2023
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Prescribed interest rates for first quarter of 2023
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2023, as well as the rates that will apply for the purpose of ...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2023, as well as the rates that will apply for the purpose of ...
Application process for rental support payment now open
The federal government is providing a one-time non-taxable $500 payment to assist eligible Canadians who pay more than 30% of their income for rental housing, and the application process for that bene...
The federal government is providing a one-time non-taxable $500 payment to assist eligible Canadians who pay more than 30% of their income for rental housing, and the application process for that bene...
Final individual instalment payment for 2022 due on December 15
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2022 tax year must be mad...
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2022 tax year must be mad...
Bank of Canada announces seventh straight increase in interest rates
In its regularly scheduled interest rate announcement made on December 7, the Bank of Canada announced that interest rates would be increased by one-half percentage point. That change marks the sevent...
In its regularly scheduled interest rate announcement made on December 7, the Bank of Canada announced that interest rates would be increased by one-half percentage point. That change marks the sevent...
Old Age Security benefit clawback threshold for 2023
Most Canadians are eligible to receive Old Age Security (OAS) benefits after they turn 65 (although receipt of such benefits can be deferred to as late as age 70). Regardless of the age at which recei...
Most Canadians are eligible to receive Old Age Security (OAS) benefits after they turn 65 (although receipt of such benefits can be deferred to as late as age 70). Regardless of the age at which recei...
CRA issues 2022 guide to employee taxable benefits
The Canada Revenue Agency (CRA) has updated and re-issued its publication T4130 Employers’ Guide – Taxable Benefits and Allowances. The Guide, which can be found on the CRA website at T4130 Employ...
The Canada Revenue Agency (CRA) has updated and re-issued its publication T4130 Employers’ Guide – Taxable Benefits and Allowances. The Guide, which can be found on the CRA website at T4130 Employ...
Tax-free savings account contribution limit increased for 2023
Canadians over the age of 17 can make annual contributions (up to a specified maximum) to a tax-free savings account (TFSA). While contributions made are not deductible from income, all investment inc...
Canadians over the age of 17 can make annual contributions (up to a specified maximum) to a tax-free savings account (TFSA). While contributions made are not deductible from income, all investment inc...
CRA announces personal income tax indexing factor for 2023
Each year, personal income tax brackets and tax credit amounts are increased to reflect year-over-year changes in the Consumer Price Index. The Canada Revenue Agency has announced that the indexing fa...
Each year, personal income tax brackets and tax credit amounts are increased to reflect year-over-year changes in the Consumer Price Index. The Canada Revenue Agency has announced that the indexing fa...
Overall unemployment rate for October at 5.2%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of October 2022 stood at 5.2%.During that month, employment increased among ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of October 2022 stood at 5.2%.During that month, employment increased among ...
Inflation rate for October comes in at 6.9%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of October stood at 6.9%, the same rate recorded for the month of September...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of October stood at 6.9%, the same rate recorded for the month of September...
Employment Insurance premium rates for 2023 announced
The federal government has announced the amount of Employment Insurance (EI) premiums which will be payable by employees and employers during the 2023 calendar year. The 2023 EI premium rate is $1.63 ...
The federal government has announced the amount of Employment Insurance (EI) premiums which will be payable by employees and employers during the 2023 calendar year. The 2023 EI premium rate is $1.63 ...
Canada Workers Benefit to be paid in advance
The Canada Workers Benefit is a refundable tax credit provided by the federal government to lower income Canadians who have “earned working income” during the year. The credit of up to $1,428 for ...
The Canada Workers Benefit is a refundable tax credit provided by the federal government to lower income Canadians who have “earned working income” during the year. The credit of up to $1,428 for ...
Prescribed interest rate for leasing for December 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Canada Revenue Agency announces CPP contribution amounts for 2023
The Canada Revenue Agency (CRA) has announced that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600. The basic exemption amount for 2023 remains $3,500. Th...
The Canada Revenue Agency (CRA) has announced that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600. The basic exemption amount for 2023 remains $3,500. Th...
Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on October 26, the Bank of Canada once again announced an increase in interest rates, bringing the Bank Rate to 4.00%. The most recent change...
In its regularly scheduled interest rate announcement made on October 26, the Bank of Canada once again announced an increase in interest rates, bringing the Bank Rate to 4.00%. The most recent change...
Canada Revenue Agency issues updated guide to determining who is an employee
The characterization of an individual as an employee or as a self-employed taxpayer affects both the tax treatment of that individual’s income and the remittance and filing obligations which are imp...
The characterization of an individual as an employee or as a self-employed taxpayer affects both the tax treatment of that individual’s income and the remittance and filing obligations which are imp...
Prescribed interest rate for leasing for November 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Food inflation rate reaches 41-year high in September
The most recent release of Statistics Canada’s Consumer Price Index shows that inflationary increases in the price of food continue to outpace the overall inflation rate.During September, that overa...
The most recent release of Statistics Canada’s Consumer Price Index shows that inflationary increases in the price of food continue to outpace the overall inflation rate.During September, that overa...
Filing and payment deadline extension provided to taxpayers in Atlantic Canada
The Canada Revenue Agency has announced that administrative tax relief will be provided to taxpayers living in Atlantic Canada who were affected by Hurricane Fiona. Specifically, the CRA has announced...
The Canada Revenue Agency has announced that administrative tax relief will be provided to taxpayers living in Atlantic Canada who were affected by Hurricane Fiona. Specifically, the CRA has announced...
Unemployment rate down slightly in September
The most recent release of Statistics Canada’s Labour Force Survey shows that there was little change in the overall employment picture for the month of September. The unemployment rate for that mon...
The most recent release of Statistics Canada’s Labour Force Survey shows that there was little change in the overall employment picture for the month of September. The unemployment rate for that mon...
Old Age Security benefit amounts to increase for fourth quarter of 2022
The federal government has announced that maximum payments under the Old Age Security (OAS) program will increase for the October to December 2022 benefit period. For that period, and owing to changes...
The federal government has announced that maximum payments under the Old Age Security (OAS) program will increase for the October to December 2022 benefit period. For that period, and owing to changes...
November 3 final application deadline for business pandemic benefits
While the last of the pandemic benefit programs for Canadian businesses ended as of May 7, 2022, eligible businesses have up to 180 days after the end of a benefit claim period to apply for such benef...
While the last of the pandemic benefit programs for Canadian businesses ended as of May 7, 2022, eligible businesses have up to 180 days after the end of a benefit claim period to apply for such benef...
Federal government to provide one-time Canada Housing Benefit top-up payment
Finance Canada has announced that it plans to provide a one-time payment of $500 under the Canada Housing Benefit program, to assist individuals and families who must allocate a significant portion of...
Finance Canada has announced that it plans to provide a one-time payment of $500 under the Canada Housing Benefit program, to assist individuals and families who must allocate a significant portion of...
Federal government matching program for Atlantic Canada storm relief donations
The federal government has announced that, for a period of 30 days (until October 24, with the possibility of extension), it will match donations made to the Canadian Red Cross for storm relief effort...
The federal government has announced that, for a period of 30 days (until October 24, with the possibility of extension), it will match donations made to the Canadian Red Cross for storm relief effort...
Overall inflation rate down slightly in August
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of August was down slightly. That rate stood at 7.0% (as measured on a year...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of August was down slightly. That rate stood at 7.0% (as measured on a year...
GST/HST tax credit doubled for July to December 2022 period
The federal government provides eligible Canadians with a GST/HST tax credit, with the amount of credit receivable based on family composition, size, and income. For the July 2022 through June 2023 b...
The federal government provides eligible Canadians with a GST/HST tax credit, with the amount of credit receivable based on family composition, size, and income. For the July 2022 through June 2023 b...
Prescribed interest rate for leasing for October 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Unemployment rate increases by 0.5% in August 2022
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of August rose slightly, to 5.4%. Among demographic groups, employment fell among yo...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of August rose slightly, to 5.4%. Among demographic groups, employment fell among yo...
Prescribed interest rates for 2022
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for 2022, as well as the rates that will apply for the purpose of calculating employee ...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for 2022, as well as the rates that will apply for the purpose of calculating employee ...
Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on September 7, the Bank of Canada once again announced an increase in interest rates, bringing the Bank Rate to 3.50%. The most recent chang...
In its regularly scheduled interest rate announcement made on September 7, the Bank of Canada once again announced an increase in interest rates, bringing the Bank Rate to 3.50%. The most recent chang...
CRA issues updated form for requests to reduce employee source deductions
Canadian employees have tax deducted from their income at source – that is, the employer deducts income tax from the employee’s wages and then remits such tax to the federal government on the empl...
Canadian employees have tax deducted from their income at source – that is, the employer deducts income tax from the employee’s wages and then remits such tax to the federal government on the empl...
Third instalment payment for 2022 due September 15
Individual taxpayers who pay income tax by instalment are required to make such payments quarterly. The third instalment payment deadline for the 2022 tax year falls on Thursday September 15, 2022. Mo...
Individual taxpayers who pay income tax by instalment are required to make such payments quarterly. The third instalment payment deadline for the 2022 tax year falls on Thursday September 15, 2022. Mo...
Prescribed rate for leasing for September 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
CRA issues Tax Tip on electronic filing of T2 returns
All Canadian resident corporations, regardless of size, are required to file a T2 corporation income tax return annually. The Canada Revenue Agency (CRA) has issued a Tax Tip for such corporate filers...
All Canadian resident corporations, regardless of size, are required to file a T2 corporation income tax return annually. The Canada Revenue Agency (CRA) has issued a Tax Tip for such corporate filers...
Finance Canada issues details of Tax-Free First Home Savings Account
In this year’s budget, the federal government announced that, beginning in 2023, first-time home buyers would be able to save for a home purchase on a tax-free basis, through the new Tax-Free First ...
In this year’s budget, the federal government announced that, beginning in 2023, first-time home buyers would be able to save for a home purchase on a tax-free basis, through the new Tax-Free First ...
Inflation rate for July down by one-half percentage point
The most release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 7.6%. The comparable rate for Jun...
The most release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 7.6%. The comparable rate for Jun...
CRA issues guides to GST/HST tax credit and Canada Child Benefit for 2022-23
The benefit year for most individual tax credit and benefit programs administered by the Canada Revenue Agency runs from July 1 to the following June 30, and benefit amounts change with each year. The...
The benefit year for most individual tax credit and benefit programs administered by the Canada Revenue Agency runs from July 1 to the following June 30, and benefit amounts change with each year. The...
Unemployment rate for July unchanged
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of July was unchanged, at 4.9%. Employment was down in Ontario and Prince Edward ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of July was unchanged, at 4.9%. Employment was down in Ontario and Prince Edward ...
Canada Revenue Agency issues updated guide to Tax Free Savings Accounts
Since 2009 Canadians have been able to save on a tax-sheltered basis through Tax Free Savings Accounts, or TFSAs. While TFSA contributions made are not tax-deductible, investment income earned by cont...
Since 2009 Canadians have been able to save on a tax-sheltered basis through Tax Free Savings Accounts, or TFSAs. While TFSA contributions made are not tax-deductible, investment income earned by cont...
Bank of Canada provides interest rate announcement dates for 2023
The Bank of Canada has released the schedule on which it will make interest rate announcements during the 2023 calendar year. Those announcements will be made on the following dates: January 25, Mar...
The Bank of Canada has released the schedule on which it will make interest rate announcements during the 2023 calendar year. Those announcements will be made on the following dates: January 25, Mar...
Prescribed interest leasing rate for August
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
The prescribed leasing interest rate mandated by the Canada Revenue Agency must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescrib...
Upcoming deadline for payment of third individual instalment for 2022
Canadian individual taxpayers who pay income tax by instalments make such payments four times a year, on prescribed dates. The third such instalment payment for 2022 is due and payable on or before Th...
Canadian individual taxpayers who pay income tax by instalments make such payments four times a year, on prescribed dates. The third such instalment payment for 2022 is due and payable on or before Th...
Canada Child Benefit amounts increase as of July 2022
The Canada Child Benefit is a non-taxable payment made monthly by the federal government to eligible families having children under the age of 18. There are two benefit levels – one for children und...
The Canada Child Benefit is a non-taxable payment made monthly by the federal government to eligible families having children under the age of 18. There are two benefit levels – one for children und...
Inflation rate for June reaches 8.1%
The July release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation reached 8.1% for the month of June, as measured on a year-over-year basis. That 8.1% figure was ...
The July release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation reached 8.1% for the month of June, as measured on a year-over-year basis. That 8.1% figure was ...
Unemployment rate for June down to 4.9%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of June fell by 0.2%, to a new record low of 4.9%. Statistics Canada, howeve...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of June fell by 0.2%, to a new record low of 4.9%. Statistics Canada, howeve...
Bank of Canada increases interest rates by 1 percentage point
In its regularly scheduled interest rate announcement made on July 13, the Bank of Canada increased interest rates by a full percentage point. Consequently, the Bank Rate now stands at 2.75%, the high...
In its regularly scheduled interest rate announcement made on July 13, the Bank of Canada increased interest rates by a full percentage point. Consequently, the Bank Rate now stands at 2.75%, the high...
Application period for business pandemic benefits for 2022 still open
While the remaining pandemic benefit relief programs for businesses ended on May 7, 2022, the application process for such benefits for 2022 is still open. Applications are made and benefits paid sepa...
While the remaining pandemic benefit relief programs for businesses ended on May 7, 2022, the application process for such benefits for 2022 is still open. Applications are made and benefits paid sepa...
Increases to Old Age Security benefits effective July 2022
The federal government has announced that maximum payments under the Old Age Security (OAS) program will increase for the July to September 2022 benefit period. Two changes will take effect as of July...
The federal government has announced that maximum payments under the Old Age Security (OAS) program will increase for the July to September 2022 benefit period. Two changes will take effect as of July...
Maximum permitted borrowings under some mortgage lending products to be reduced
The Office the Superintendent of Financial Institutions (OSFI) has announced that changes will be made with respect to maximum borrowings permitted under some “combined loan plans”. Those products...
The Office the Superintendent of Financial Institutions (OSFI) has announced that changes will be made with respect to maximum borrowings permitted under some “combined loan plans”. Those products...
New federal child and family benefit payment year starts July 1
For many federal tax benefits, including the GST/HST credit, the Canada Child Benefit, the Canada Workers Benefit, and the Climate Action Incentive Payment, the new benefit payment year starts on July...
For many federal tax benefits, including the GST/HST credit, the Canada Child Benefit, the Canada Workers Benefit, and the Climate Action Incentive Payment, the new benefit payment year starts on July...
First Climate Action Incentive payments to be made in July
The federal government provides residents of Ontario, Alberta, Manitoba, and Saskatchewan with a Climate Action Incentive (CAI) intended to help offset the cost of the federal carbon tax. In previous ...
The federal government provides residents of Ontario, Alberta, Manitoba, and Saskatchewan with a Climate Action Incentive (CAI) intended to help offset the cost of the federal carbon tax. In previous ...
Inflation rate for May reaches 7.7%
The overall inflation rate for the month of May, as measured on a year-over-year basis, stood at 7.7% – nearly a full percentage point higher than the 6.8% increase recorded for the month of April 2...
The overall inflation rate for the month of May, as measured on a year-over-year basis, stood at 7.7% – nearly a full percentage point higher than the 6.8% increase recorded for the month of April 2...
Old Age Security rates increase for Canadians over age 75
Effective as of July 1, 2022, the monthly Old Age Security benefit will be increased by 10% for recipients aged 75 and older. Recipients who turn 75 after July 1, 2022 will see the increase in their b...
Effective as of July 1, 2022, the monthly Old Age Security benefit will be increased by 10% for recipients aged 75 and older. Recipients who turn 75 after July 1, 2022 will see the increase in their b...
Unemployment rate reaches historic low of 5.1%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment for the month of May stood at 5.1% – marking a new record low for the third consecuti...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment for the month of May stood at 5.1% – marking a new record low for the third consecuti...
Prescribed interest rates for 2022
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2022, as well as the rates that will apply for the purp...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2022, as well as the rates that will apply for the purp...
Upcoming deadline for payment of 2022 individual income tax instalment
Individual taxpayers who pay income tax by instalment are required to make such payments quarterly. The second instalment payment deadline for the 2022 tax year falls on Wednesday June 15, 2022. Most ...
Individual taxpayers who pay income tax by instalment are required to make such payments quarterly. The second instalment payment deadline for the 2022 tax year falls on Wednesday June 15, 2022. Most ...
Upcoming deadline for filing of 2021 returns by self-employed taxpayers
While all individual taxpayers were required to pay any balance of taxes owed for the 2021 tax year on or before April 30, 2022, self-employed taxpayers (and their spouses) benefit from a later tax re...
While all individual taxpayers were required to pay any balance of taxes owed for the 2021 tax year on or before April 30, 2022, self-employed taxpayers (and their spouses) benefit from a later tax re...
Bank of Canada raises interest rates by one-half percent
As anticipated, in its scheduled interest rate announcement made on June 1, the Bank of Canada raised interest rates by another one-half percentage point. This latest change brings the Bank Rate to 1....
As anticipated, in its scheduled interest rate announcement made on June 1, the Bank of Canada raised interest rates by another one-half percentage point. This latest change brings the Bank Rate to 1....
Updated guide issued on Tax-Free Savings Accounts
The Canada Revenue Agency recently updated and re-issued its Guide RC4466 to the Tax-Free Savings Account (TFSA). The updated Guide includes information on determining TFSA contribution room, permitte...
The Canada Revenue Agency recently updated and re-issued its Guide RC4466 to the Tax-Free Savings Account (TFSA). The updated Guide includes information on determining TFSA contribution room, permitte...
CRA provides Tax Tip on correcting errors in a tax return
The CRA has issued a new Tax Tip for tax filers who become aware, after the return has been filed, that their income tax return for 2021 contains an error. In all cases taxpayers should wait until the...
The CRA has issued a new Tax Tip for tax filers who become aware, after the return has been filed, that their income tax return for 2021 contains an error. In all cases taxpayers should wait until the...
CRA issues Notices of Redetermination on CERB overpayments
At the beginning of the pandemic in 2020, more than 8 million Canadians applied for and received the Canada Emergency Response Benefit (CERB). In applying for the CERB, recipients self-assessed their ...
At the beginning of the pandemic in 2020, more than 8 million Canadians applied for and received the Canada Emergency Response Benefit (CERB). In applying for the CERB, recipients self-assessed their ...
Inflation rate for April reaches 6.8%
The most recent release of Statistics Canada’s Consumer Price Survey shows that the overall rate of inflation reached 6.8% for the month of April 2022, as measured on a year-over-year basis. The lar...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the overall rate of inflation reached 6.8% for the month of April 2022, as measured on a year-over-year basis. The lar...
Application process for pandemic benefit programs continues
Most of the pandemic benefit programs which the federal government has provided over the past two years came to an end on May 7, 2022. Notwithstanding the ending of the programs, applications for bene...
Most of the pandemic benefit programs which the federal government has provided over the past two years came to an end on May 7, 2022. Notwithstanding the ending of the programs, applications for bene...
Unemployment rate for April at new record low
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of April stood at 5.2%, down 0.1% from the rate recorded for March 2022. Among demog...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of April stood at 5.2%, down 0.1% from the rate recorded for March 2022. Among demog...
First-time Home Buyers’ tax credit amount doubled
The federal government provides a non-refundable tax credit to first time home buyers (defined as individuals who have not owned and lived in a home in the current year or any of the previous four yea...
The federal government provides a non-refundable tax credit to first time home buyers (defined as individuals who have not owned and lived in a home in the current year or any of the previous four yea...
Inflation rate reaches 30-year high
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of March 2022 (as measured on a year-over-year basis) was the highest such rate sin...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of March 2022 (as measured on a year-over-year basis) was the highest such rate sin...
Pandemic benefit programs for individuals to end on May 7, 2022
Under current legislation, three major pandemic benefit programs for individuals are scheduled to expire on May 7, 2022. The Canada Recovery Sickness Benefit, the Canada Recovery Caregiving Benefit, a...
Under current legislation, three major pandemic benefit programs for individuals are scheduled to expire on May 7, 2022. The Canada Recovery Sickness Benefit, the Canada Recovery Caregiving Benefit, a...
Home accessibility tax credit amount increased
Since 2016, the federal government has provided a non-refundable tax credit for home renovation expenses undertaken to increase accessibility. Individuals eligible for this credit include those who ar...
Since 2016, the federal government has provided a non-refundable tax credit for home renovation expenses undertaken to increase accessibility. Individuals eligible for this credit include those who ar...
CRA issues one-time grant payment to seniors
In some instances, seniors who were eligible for the federal Guaranteed Income Supplement (GIS) and who received pandemic benefits during 2020 saw their GIS benefit amounts reduced or eliminated begin...
In some instances, seniors who were eligible for the federal Guaranteed Income Supplement (GIS) and who received pandemic benefits during 2020 saw their GIS benefit amounts reduced or eliminated begin...
May 2, 2022 payment deadline for income taxes owed for 2021
All Canadian individual taxpayers are required to pay income tax balances owed for 2021 on or before Monday May 2, 2022. Where payment is not made on or before that date, interest will be levied on al...
All Canadian individual taxpayers are required to pay income tax balances owed for 2021 on or before Monday May 2, 2022. Where payment is not made on or before that date, interest will be levied on al...
Unemployment rate for March at record low
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of March stood at 5.3%. That rate is the lowest rate on record since compara...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of March stood at 5.3%. That rate is the lowest rate on record since compara...
Bank of Canada increases interest rates
In its regularly scheduled interest rate announcement made on April 13, the Bank of Canada determined that an increase in interest rates was warranted. Following that increase, the Bank Rate stands at...
In its regularly scheduled interest rate announcement made on April 13, the Bank of Canada determined that an increase in interest rates was warranted. Following that increase, the Bank Rate stands at...
Budget 2022: Taxation of Vaping Products
The proposed federal excise duty framework for vaping products would come into force on October 1, 2022. Retailers may continue to sell until January 1, 2023, unstamped products that are in inventory ...
The proposed federal excise duty framework for vaping products would come into force on October 1, 2022. Retailers may continue to sell until January 1, 2023, unstamped products that are in inventory ...
Budget 2022: GST/HST on Assignment Sales by Individuals
Budget 2022 proposes to amend the Excise Tax Act to make all assignment sales in respect of newly constructed or substantially renovated residential housing taxable for GST/HST purposes....
Budget 2022 proposes to amend the Excise Tax Act to make all assignment sales in respect of newly constructed or substantially renovated residential housing taxable for GST/HST purposes....
Budget 2022: Substantive CCPCs
Budget 2022 proposes targeted amendments to the Income Tax Act to align the taxation of investment income earned and distributed by “substantive CCPCs” with the rules that currently apply to CC...
Budget 2022 proposes targeted amendments to the Income Tax Act to align the taxation of investment income earned and distributed by “substantive CCPCs” with the rules that currently apply to CC...
Budget 2022: Genuine Intergenerational Share Transfers
Budget 2022 announces a consultation process for Canadians to share views as to how the existing rules could be modified to protect the integrity of the tax system while continuing to facilitate genu...
Budget 2022 announces a consultation process for Canadians to share views as to how the existing rules could be modified to protect the integrity of the tax system while continuing to facilitate genu...
Budget 2022: Small Business Deduction
In order to facilitate small business growth, Budget 2022 proposes to extend the range over which the business limit is reduced based on the combined taxable capital employed in Canada of the Canadia...
In order to facilitate small business growth, Budget 2022 proposes to extend the range over which the business limit is reduced based on the combined taxable capital employed in Canada of the Canadia...
Budget 2022: Medical Expense Tax Credit for Surrogacy and Other Expenses
Budget 2022 proposes to broaden the Medical Expense Tax Credit to recognize circumstances that involve medical expenses for individuals other than the intended parents....
Budget 2022 proposes to broaden the Medical Expense Tax Credit to recognize circumstances that involve medical expenses for individuals other than the intended parents....
Budget 2022: Labour Mobility Deduction for Tradespeople
Budget 2022 proposes to introduce a Labour Mobility Deduction for Tradespeople to recognize certain travel and relocation expenses of workers in the construction industry....
Budget 2022 proposes to introduce a Labour Mobility Deduction for Tradespeople to recognize certain travel and relocation expenses of workers in the construction industry....
Budget 2022: Residential Property Flipping Rule
Profits arising from dispositions of residential property (including a rental property) that was owned for less than 12 months would be deemed to be business income....
Profits arising from dispositions of residential property (including a rental property) that was owned for less than 12 months would be deemed to be business income....
Budget 2022: Home Accessibility Tax Credit
Budget 2022 proposes to increase the annual expense limit of the Home Accessibility Tax Credit from $10,000 to $20,000....
Budget 2022 proposes to increase the annual expense limit of the Home Accessibility Tax Credit from $10,000 to $20,000....
Budget 2022: Multigenerational Home Renovation Tax Credit
This new refundable credit would provide recognition of eligible expenses for a qualifying renovation....
This new refundable credit would provide recognition of eligible expenses for a qualifying renovation....
Budget 2022: Home Buyers’ Tax Credit
Budget 2022 proposes to double the Home Buyers’ Tax Credit amount from $5,000 to $10,000, which would provide up to $1,500 in tax relief to eligible home buyers....
Budget 2022 proposes to double the Home Buyers’ Tax Credit amount from $5,000 to $10,000, which would provide up to $1,500 in tax relief to eligible home buyers....
Budget 2022: Tax-Free First Home Savings Account
Budget 2022 proposes to create the Tax-Free First Home Savings Account, a new registered account to help individuals save for their first home....
Budget 2022 proposes to create the Tax-Free First Home Savings Account, a new registered account to help individuals save for their first home....
Increase to Old Age Security benefit for second quarter of 2022
The Old Age Security (OAS) benefit payable to most Canadians over the age of 65 is indexed to inflation, with the benefit being adjusted at the beginning of each calendar quarter. For the second quart...
The Old Age Security (OAS) benefit payable to most Canadians over the age of 65 is indexed to inflation, with the benefit being adjusted at the beginning of each calendar quarter. For the second quart...
Tax tip issued for gig economy workers
Many Canadian taxpayers work in the “gig” economy – holding down part-time, contract, or on-call positions or providing services to clients through online platforms, or some combination of those...
Many Canadian taxpayers work in the “gig” economy – holding down part-time, contract, or on-call positions or providing services to clients through online platforms, or some combination of those...
Unemployment rate for February drops to 5.5%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of February dropped by a full percentage point, from 6.5% to 5.5%. While emp...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of February dropped by a full percentage point, from 6.5% to 5.5%. While emp...
Date announced for 2022-23 federal budget
The Minister of Finance has announced that the federal budget for the upcoming 2022-23 fiscal year will be brought down on Thursday April 7, 2022, at around 4 p.m. The announcement of the budget date ...
The Minister of Finance has announced that the federal budget for the upcoming 2022-23 fiscal year will be brought down on Thursday April 7, 2022, at around 4 p.m. The announcement of the budget date ...
Extended hours for individual tax enquiries line
The Canada Revenue Agency provides an individual tax enquiries line where taxpayers can obtain general tax information, or information specific to their personal taxes. While the individual tax enquir...
The Canada Revenue Agency provides an individual tax enquiries line where taxpayers can obtain general tax information, or information specific to their personal taxes. While the individual tax enquir...
Reporting of income from digital transactions
Millions of Canadians earn money each year from online or digital sales transactions, often through platforms like Etsy or eBay. The Canada Revenue Agency recently issued a Tax Tip, reminding taxpayer...
Millions of Canadians earn money each year from online or digital sales transactions, often through platforms like Etsy or eBay. The Canada Revenue Agency recently issued a Tax Tip, reminding taxpayer...
Prescribed interest rates for 2022
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2022, as well as the rates that will apply for the purpose of cal...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2022, as well as the rates that will apply for the purpose of cal...
Inflation rate for February reaches 5.7%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of February 2022 reached 5.7% (as measured on a year-over-year basis), t...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of February 2022 reached 5.7% (as measured on a year-over-year basis), t...
CRA issues guide to claiming employment expenses for 2021
Canadian individual taxpayers can claim a deduction for a number of expenses which they incur in the course of their employment. For 2021, those deductible expenses can include a flat rate deduction f...
Canadian individual taxpayers can claim a deduction for a number of expenses which they incur in the course of their employment. For 2021, those deductible expenses can include a flat rate deduction f...
NETFILE hours of service
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2017, 2018, 2019, 2020 and 2021 tax years is available 21 hours each day. The hours of servi...
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2017, 2018, 2019, 2020 and 2021 tax years is available 21 hours each day. The hours of servi...
NETFILE service for filing of 2021 tax returns now open
Canadian individual taxpayers can now file their income tax returns for the 2021 tax year using the Canada Revenue Agency’s (CRA) NETFILE tax service. That service, which will be available until Fri...
Canadian individual taxpayers can now file their income tax returns for the 2021 tax year using the Canada Revenue Agency’s (CRA) NETFILE tax service. That service, which will be available until Fri...
Bank of Canada increases interest rates
In its regularly scheduled interest rate announcement made on March 2 the Bank of Canada, as expected, announced an increase to interest rates. Specifically, the Bank Rate has been increased from 0.50...
In its regularly scheduled interest rate announcement made on March 2 the Bank of Canada, as expected, announced an increase to interest rates. Specifically, the Bank Rate has been increased from 0.50...
Federal individual tax credits for 2022
Dollar amounts on which individual non-refundable federal tax credits for 2022 are based, and the actual tax credit claimable, will be as follows: ...
Dollar amounts on which individual non-refundable federal tax credits for 2022 are based, and the actual tax credit claimable, will be as follows: ...
Federal individual tax rates and brackets for 2022
The indexing factor for federal tax credits and brackets for 2022 is 2.4%. The following federal tax rates and brackets will be in effect for individuals for the 2022 tax year. Income level ...
The indexing factor for federal tax credits and brackets for 2022 is 2.4%. The following federal tax rates and brackets will be in effect for individuals for the 2022 tax year. Income level ...
CRA issues Tax Tip for employees working from home
During the 2021 tax year, many employees continued to work from home for pandemic-related reasons. Such employees may be eligible to claim a deduction for specified home office related expenses incurr...
During the 2021 tax year, many employees continued to work from home for pandemic-related reasons. Such employees may be eligible to claim a deduction for specified home office related expenses incurr...
Inflation rate for January 2022 reaches 5.1%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of January 2022 stood at 5.1%, as measured on a year-over-year basis. The last prev...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of January 2022 stood at 5.1%, as measured on a year-over-year basis. The last prev...
CRA issues guide to claiming medical expenses for 2021
Canadian individual taxpayers are entitled to claim a non-refundable tax credit for qualifying medical expenses incurred. Detailed information on the rules governing the types of expenses which qualif...
Canadian individual taxpayers are entitled to claim a non-refundable tax credit for qualifying medical expenses incurred. Detailed information on the rules governing the types of expenses which qualif...
Unemployment rate up slightly in January
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate rose slightly during the month of January, from 6% to 6.5%. The change marked the first su...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate rose slightly during the month of January, from 6% to 6.5%. The change marked the first su...
CRA issues Tax Tip for students for 2021 return filings
Post-secondary students filing a return for the 2021 tax year are entitled to claim a number of tax credits and deductions for education-related expenses which they incur, in addition to the credits a...
Post-secondary students filing a return for the 2021 tax year are entitled to claim a number of tax credits and deductions for education-related expenses which they incur, in addition to the credits a...
NETFILE service for 2021 individual tax returns available February 21
The Canada Revenue Agency (CRA) has announced that its NETFILE service for online filing of individual income tax returns for the 2021 tax year will be available on Monday February 21, 2022. In order ...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for online filing of individual income tax returns for the 2021 tax year will be available on Monday February 21, 2022. In order ...
Inflation rate reaches 4.8% for December 2021
The January release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of December 2021 (as measured on a year-over-year basis) reached 4.8%. While pr...
The January release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of December 2021 (as measured on a year-over-year basis) reached 4.8%. While pr...
Bank of Canada maintains interest rates … for now
In its regularly scheduled interest rate announcement made on January 26, the Bank of Canada indicated that, in its view, no change to current rates was needed. Consequently, the Bank Rate remains at ...
In its regularly scheduled interest rate announcement made on January 26, the Bank of Canada indicated that, in its view, no change to current rates was needed. Consequently, the Bank Rate remains at ...
CRA issues Tax Tip for paper filers of 2021 tax return
Taxpayers who filed their income tax return on paper last year will automatically receive the 2021 income tax package from the Canada Revenue Agency (CRA) by February 21, 2022. The package taxpayers w...
Taxpayers who filed their income tax return on paper last year will automatically receive the 2021 income tax package from the Canada Revenue Agency (CRA) by February 21, 2022. The package taxpayers w...
CRA issues automobile expense deduction limits for 2022
The Canada Revenue Agency (CRA) has announced the automobile expense deduction limits which will apply during the 2022 taxation year. Owing to increases in the Consumer Price Index, most such limits h...
The Canada Revenue Agency (CRA) has announced the automobile expense deduction limits which will apply during the 2022 taxation year. Owing to increases in the Consumer Price Index, most such limits h...
Income tax return forms for 2021 available on January 18, 2022
The Canada Revenue Agency (CRA) has announced that individual (T1) income tax return forms for the 2021 tax year will be available on the Agency’s website on January 18, 2022. Such returns must be f...
The Canada Revenue Agency (CRA) has announced that individual (T1) income tax return forms for the 2021 tax year will be available on the Agency’s website on January 18, 2022. Such returns must be f...
Access to Canada Worker Lockdown Benefit expanded
In October 2021, the federal government announced the creation of a new pandemic benefit, the Canada Worker Lockdown Benefit (CWLB), which was intended to be provided to workers affected by regional p...
In October 2021, the federal government announced the creation of a new pandemic benefit, the Canada Worker Lockdown Benefit (CWLB), which was intended to be provided to workers affected by regional p...
Old Age Security rates for first quarter of 2022
The amount of Old Age Security (OAS) benefit paid to eligible Canadians is adjusted each quarter to take account of increases in the Consumer Price Index. Based on recent increases to the Consumer Pri...
The amount of Old Age Security (OAS) benefit paid to eligible Canadians is adjusted each quarter to take account of increases in the Consumer Price Index. Based on recent increases to the Consumer Pri...
Prescribed interest rates for 2022
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2022, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2022, as well as the rates that will apply for the purpose ...
Canada Revenue Agency issues TD1 Form for 2022
The Canada Revenue Agency (CRA) has issued the TD1 form to be used by all Canadian resident employees for the 2022 tax year. On the TD1 form, the employee indicates the federal personal tax credit amo...
The Canada Revenue Agency (CRA) has issued the TD1 form to be used by all Canadian resident employees for the 2022 tax year. On the TD1 form, the employee indicates the federal personal tax credit amo...
December 31 deadline for final RRSP contributions
Canadian taxpayers who have a registered retirement savings plan (RRSP) must collapse that RRSP by the end of the year in which the taxpayer turns 71. Such taxpayers are entitled to make a final RRSP ...
Canadian taxpayers who have a registered retirement savings plan (RRSP) must collapse that RRSP by the end of the year in which the taxpayer turns 71. Such taxpayers are entitled to make a final RRSP ...
Small Business Air Quality Improvement Tax Credit introduced
As part of the Economic and Fiscal Update, the federal government announced that small businesses would be provided with a refundable Small Businesses Air Quality Improvement Tax Credit. That credit, ...
As part of the Economic and Fiscal Update, the federal government announced that small businesses would be provided with a refundable Small Businesses Air Quality Improvement Tax Credit. That credit, ...
Changes to home office expense deduction extended through 2022
As part of pandemic relief measures, changes were made to the existing home office expense deduction for employees. Those changes, which were for the 2020 tax year only, allowed employees to use a fla...
As part of pandemic relief measures, changes were made to the existing home office expense deduction for employees. Those changes, which were for the 2020 tax year only, allowed employees to use a fla...
Final individual tax instalment for 2021 payable by December 15
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2021 tax year must be mad...
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2021 tax year must be mad...
Economic and Fiscal Update to be delivered on December 14, 2021
The 2021 Economic and Fiscal Update will be delivered by the Minister of Finance on Tuesday, December 14 at around 4 p.m. The update is expected to include information on the current state of the Cana...
The 2021 Economic and Fiscal Update will be delivered by the Minister of Finance on Tuesday, December 14 at around 4 p.m. The update is expected to include information on the current state of the Cana...
Prescribed interest leasing rate for January 2022
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Taxpayer relief for Canadians affected by extreme weather events
The Canada Revenue Agency (CRA) has posted a Tax Tip on its website reminding individuals who have been affected by the recent extreme weather events of the availability of the Taxpayer Relief Program...
The Canada Revenue Agency (CRA) has posted a Tax Tip on its website reminding individuals who have been affected by the recent extreme weather events of the availability of the Taxpayer Relief Program...
Upcoming deadline for final individual income tax instalment for 2021
The fourth and final income tax instalment payment deadline for individuals for 2021 falls on Wednesday December 15. Taxpayers who pay income tax by instalment will have received an Instalment Reminde...
The fourth and final income tax instalment payment deadline for individuals for 2021 falls on Wednesday December 15. Taxpayers who pay income tax by instalment will have received an Instalment Reminde...
Canada Revenue Agency issues income tax guide for students for 2021
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the tax treatment of the types of income and expenses (like scholarship income and tuition expenses) which ...
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the tax treatment of the types of income and expenses (like scholarship income and tuition expenses) which ...
Canada Revenue Agency announces individual tax brackets and credit amounts for 2022
The Canada Revenue Agency (CRA) has released the indexing factor which will apply for purposes of determining individual income tax brackets and non-refundable tax credits for 2022. That indexing fact...
The Canada Revenue Agency (CRA) has released the indexing factor which will apply for purposes of determining individual income tax brackets and non-refundable tax credits for 2022. That indexing fact...
Inflation rate for October reaches 4.7%
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows that during the month of October inflation rose by 4.7%, as measured on a year-over-year basis. That increase marked t...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows that during the month of October inflation rose by 4.7%, as measured on a year-over-year basis. That increase marked t...
Unemployment rate down slightly in October
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined slightly during the month of October, from 6.9% to 6.7%. Employment held steady f...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined slightly during the month of October, from 6.9% to 6.7%. Employment held steady f...
Employment insurance premium rates for 2022
The federal government has announced the premium rates and amounts which will apply for purposes of the Employment Insurance program during the 2022 calendar year. For 2022, maximum insurable earnings...
The federal government has announced the premium rates and amounts which will apply for purposes of the Employment Insurance program during the 2022 calendar year. For 2022, maximum insurable earnings...
Prescribed leasing interest rate for December 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Canada Pension Plan contribution amounts for 2022
The Canada Revenue Agency (CRA) has released the contribution rates and amounts which will apply with respect to the Canada Pension Plan (CPP) during the 2022 calendar year. For 2022, the employer and...
The Canada Revenue Agency (CRA) has released the contribution rates and amounts which will apply with respect to the Canada Pension Plan (CPP) during the 2022 calendar year. For 2022, the employer and...
Bank of Canada maintains interest rate at current levels
In its regularly scheduled interest rate announcement made on October 27, the Bank of Canada indicated that, in its view, no change was required to current interest rates. Accordingly, the Bank Rate r...
In its regularly scheduled interest rate announcement made on October 27, the Bank of Canada indicated that, in its view, no change was required to current interest rates. Accordingly, the Bank Rate r...
Inflation rate for September up by 4.4%
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation, as measured on a year-over-year basis, rose by 4.4% during the month of September. The compa...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation, as measured on a year-over-year basis, rose by 4.4% during the month of September. The compa...
Prescribed leasing rate for November 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Enhanced security measures introduced for online representatives
The Canada Revenue Agency (CRA) has announced that new security measures have been made available with respect to the authorization of online representatives by taxpayers. Generally, representatives a...
The Canada Revenue Agency (CRA) has announced that new security measures have been made available with respect to the authorization of online representatives by taxpayers. Generally, representatives a...
Pandemic benefit programs ending October 23, 2021
The federal government currently provides a range of pandemic benefit programs, for both individuals and businesses, and a number of those programs are scheduled to end on Saturday October 23, 2021. H...
The federal government currently provides a range of pandemic benefit programs, for both individuals and businesses, and a number of those programs are scheduled to end on Saturday October 23, 2021. H...
Employment returns to pre-pandemic levels in September
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined during the month of September, by 0.2 percentage points. The September unemployme...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined during the month of September, by 0.2 percentage points. The September unemployme...
Employment Insurance premium rates for 2022 released
The federal government has announced the premium rates and amounts which will apply for purposes of Employment Insurance during the 2022 calendar year. The contribution rates for both employers and em...
The federal government has announced the premium rates and amounts which will apply for purposes of Employment Insurance during the 2022 calendar year. The contribution rates for both employers and em...
Old Age Security rates for fourth quarter of 2021
The amount of Old Age Security (OAS) benefit paid to eligible Canadians is adjusted each quarter to take account of increases in the Consumer Price Index. Based on recent increases to the CPI, the fed...
The amount of Old Age Security (OAS) benefit paid to eligible Canadians is adjusted each quarter to take account of increases in the Consumer Price Index. Based on recent increases to the CPI, the fed...
Final payment of CCB young child supplement to be issued in October
In the 2020 Fall Economic Statement, the federal government announced that, as part of its pandemic relief measures, an additional amount would be paid during 2021 to qualifying families who were elig...
In the 2020 Fall Economic Statement, the federal government announced that, as part of its pandemic relief measures, an additional amount would be paid during 2021 to qualifying families who were elig...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2021, as well as the rates that will apply for the purpose of calculating employ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2021, as well as the rates that will apply for the purpose of calculating employ...
Pandemic relief programs ending in October 2021
A number of pandemic relief benefit programs provided to individual Canadians are currently scheduled to end as of October 23, 2021. Those programs are as follows: Canada Recovery Benefit Canada Reco...
A number of pandemic relief benefit programs provided to individual Canadians are currently scheduled to end as of October 23, 2021. Those programs are as follows: Canada Recovery Benefit Canada Reco...
Inflation rate up sharply in August
The latest release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, rose by 4.1% during the month of August, as compared to the 3....
The latest release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, rose by 4.1% during the month of August, as compared to the 3....
Unemployment rate down slightly in August
The most recent release of Statistics Canada’s Labour Force Survey shows a decline in the overall unemployment rate during the month of August. During that month, the rate declined by 0.4%, to 7.1%....
The most recent release of Statistics Canada’s Labour Force Survey shows a decline in the overall unemployment rate during the month of August. During that month, the rate declined by 0.4%, to 7.1%....
Prescribed leasing rate for October 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Upcoming deadline for third instalment payment of 2021
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The third of those deadlines falls on Wednesday September 15, 2021. Taxpa...
Individual taxpayers who pay income tax for the year through instalment payments do so by four prescribed deadlines each year. The third of those deadlines falls on Wednesday September 15, 2021. Taxpa...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on September 8, the Bank of Canada (the “Bank”) indicated that, in its view, no change to current rates was needed. Accordingly, the Bank...
In its regularly scheduled interest rate announcement made on September 8, the Bank of Canada (the “Bank”) indicated that, in its view, no change to current rates was needed. Accordingly, the Bank...
Bank of Canada releases schedule of interest rate announcement dates for 2022
Each year, on pre-announced dates, the Bank of Canada releases its decision on any changes to current interest rates. The Bank recently issued a listing of the dates on which such interest rate announ...
Each year, on pre-announced dates, the Bank of Canada releases its decision on any changes to current interest rates. The Bank recently issued a listing of the dates on which such interest rate announ...
CRA issues guide to GST/HST credit for 2021/22
The benefit year for many federal tax credits, including the GST/HST tax credit, runs from July 1 to June 30 of the following year. Each year, credit amounts change, as do the income thresholds which ...
The benefit year for many federal tax credits, including the GST/HST tax credit, runs from July 1 to June 30 of the following year. Each year, credit amounts change, as do the income thresholds which ...
CRA issues warning on Canada Emergency Wage Subsidy tax scams
In July of this year, the federal government announced that the Canada Emergency Wage Subsidy (CEWS) program would be extended to be available to employers until October 2021. The Canada Revenue Agenc...
In July of this year, the federal government announced that the Canada Emergency Wage Subsidy (CEWS) program would be extended to be available to employers until October 2021. The Canada Revenue Agenc...
Federal government launches consultation process on luxury tax
This year’s federal Budget included a proposal for a “luxury tax” which would apply, at varying rates, to sales of specified goods over a prescribed price threshold. The proposal indicated that ...
This year’s federal Budget included a proposal for a “luxury tax” which would apply, at varying rates, to sales of specified goods over a prescribed price threshold. The proposal indicated that ...
CRA issues guidelines on qualifying SR&ED activities
The Canadian tax system provides credits and incentives for taxpayers who carry out qualifying scientific research and experimental development (SR&ED) work. When claims are made for such credit a...
The Canadian tax system provides credits and incentives for taxpayers who carry out qualifying scientific research and experimental development (SR&ED) work. When claims are made for such credit a...
Inflation rate increases in July 2021
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 3.7%. The comparable rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 3.7%. The comparable rate ...
Prescribed leasing rate for September 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Upcoming deadline for payment of individual income tax instalment
Individual taxpayers who pay income tax by instalments must make the third instalment payment of the year on or before Wednesday September 15, 2021. Such taxpayers should receive an Instalment Reminde...
Individual taxpayers who pay income tax by instalments must make the third instalment payment of the year on or before Wednesday September 15, 2021. Such taxpayers should receive an Instalment Reminde...
Inflation rate for June at 3.1%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of June, as measured on a year-over-year basis, reached 3.1%. That rate was slightl...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of June, as measured on a year-over-year basis, reached 3.1%. That rate was slightl...
Federal government extends availability period for pandemic benefits
The federal government has announced that a number of pandemic relief benefit programs, for both businesses and individuals, have been extended. The changes announced are as follows. The eligibility p...
The federal government has announced that a number of pandemic relief benefit programs, for both businesses and individuals, have been extended. The changes announced are as follows. The eligibility p...
Eligibility criteria for Canada Workers Benefit expanded
The federal government administers the Canada Workers Benefit (CWB), a refundable tax credit which supplements income amounts for lower-income working Canadians. The annual benefit amount is $1,400 fo...
The federal government administers the Canada Workers Benefit (CWB), a refundable tax credit which supplements income amounts for lower-income working Canadians. The annual benefit amount is $1,400 fo...
Prescribed leasing interest rate for August 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
One-time Old Age Security supplement to be paid in mid-August
As announced in this year’s federal Budget, some recipients of Old Age Security will receive a one-time supplement, to be paid in August 2021. During that month, OAS recipients who were born on or b...
As announced in this year’s federal Budget, some recipients of Old Age Security will receive a one-time supplement, to be paid in August 2021. During that month, OAS recipients who were born on or b...
Canada Child Benefit increase effective July 2021
The current benefit year for the Canada Child Benefit runs from July 1, 2021 to June 30, 2022. The federal government recently announced that Child Tax Benefit amounts for this benefit year have been ...
The current benefit year for the Canada Child Benefit runs from July 1, 2021 to June 30, 2022. The federal government recently announced that Child Tax Benefit amounts for this benefit year have been ...
Unemployment rate for June 2021 down to 7.8%
The most recent release of Statistics Canada’s Labour Force Survey shows a rebound in employment, as pandemic-related public health restrictions were eased in several provinces. For the month of Jun...
The most recent release of Statistics Canada’s Labour Force Survey shows a rebound in employment, as pandemic-related public health restrictions were eased in several provinces. For the month of Jun...
Bank of Canada leaves interest rates at current levels
In its regularly scheduled interest rate announcement made on July 14, the Bank of Canada indicated that, in its view, no change to current rates was required. Accordingly, the Bank Rate remains at 0....
In its regularly scheduled interest rate announcement made on July 14, the Bank of Canada indicated that, in its view, no change to current rates was required. Accordingly, the Bank Rate remains at 0....
Old Age Security benefit to increase for third quarter of 2021
The Old Age Security benefit administered by the federal government is adjusted quarterly to reflect the rate of inflation. The federal government has announced that the maximum basic OAS benefit paya...
The Old Age Security benefit administered by the federal government is adjusted quarterly to reflect the rate of inflation. The federal government has announced that the maximum basic OAS benefit paya...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2021, as well as the rates that will apply for the p...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2021, as well as the rates that will apply for the p...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on June 9, 2021, the Bank of Canada determined that, in its view, no change to current rates was needed. Accordingly, the Bank rate remains a...
In its regularly scheduled interest rate announcement made on June 9, 2021, the Bank of Canada determined that, in its view, no change to current rates was needed. Accordingly, the Bank rate remains a...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2021, as well as the rates that will apply for the p...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2021, as well as the rates that will apply for the p...
Prescribed leasing interest rate for July 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
June 30, 2021 filing deadline for calendar-year companies
Canadian companies are required to file their federal income tax returns within 6 months after their fiscal year end. Consequently, companies which had a calendar year end on December 31, 2020 must fi...
Canadian companies are required to file their federal income tax returns within 6 months after their fiscal year end. Consequently, companies which had a calendar year end on December 31, 2020 must fi...
Unemployment rate for May up slightly
While there was little change in the overall unemployment rate for the month of May, employment did fall by 68,000 positions, most of those in part-time work. The overall unemployment rate for the mon...
While there was little change in the overall unemployment rate for the month of May, employment did fall by 68,000 positions, most of those in part-time work. The overall unemployment rate for the mon...
Inflation rate for May up by 3.6%
The most recent release of Statistics Canada’s Consumer Price Index shows an increase of 3.6% increase in the rate of inflation for the month of May, as measured on a year-over-year basis. The comp...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase of 3.6% increase in the rate of inflation for the month of May, as measured on a year-over-year basis. The comp...
Upcoming 2021 individual income tax instalment payment deadline
For individuals who pay income tax through quarterly instalments, the second instalment payment deadline for the year is Tuesday June 15, 2021. Information on the instalment payment system, including ...
For individuals who pay income tax through quarterly instalments, the second instalment payment deadline for the year is Tuesday June 15, 2021. Information on the instalment payment system, including ...
June 15, 2021 income tax filing deadline for self-employed individuals
The filing deadline for income tax returns for the 2020 tax year for self-employed individuals and their spouses is Tuesday June 15, 2021. Information on that filing deadline and on available filing m...
The filing deadline for income tax returns for the 2020 tax year for self-employed individuals and their spouses is Tuesday June 15, 2021. Information on that filing deadline and on available filing m...
Prescribed leasing interest rate for June 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
CRA announces details of refund of CERB repayments to self-employed taxpayers
In 2020, some self-employed Canadians received Canada Emergency Relief Benefits (CERB) to which they were not entitled, as the result of erroneous information provided by the federal government, and t...
In 2020, some self-employed Canadians received Canada Emergency Relief Benefits (CERB) to which they were not entitled, as the result of erroneous information provided by the federal government, and t...
CRA issues Tax Tip on how to change a tax return
The Canada Revenue Agency (CRA) has posted a Tax Tip on its website outlining the several methods taxpayers can use to make a change, or correct an error, on an already-filed return. Requests for chan...
The Canada Revenue Agency (CRA) has posted a Tax Tip on its website outlining the several methods taxpayers can use to make a change, or correct an error, on an already-filed return. Requests for chan...
Payments of Canada Child Benefit young child supplement to begin May 28
Last year, the federal government announced that families who are eligible for the Canada Child Benefit in 2021 and have a child or children under the age of six could receive a supplement — the Can...
Last year, the federal government announced that families who are eligible for the Canada Child Benefit in 2021 and have a child or children under the age of six could receive a supplement — the Can...
Inflation rate for April up by 3.4%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April 2021 was up by 3.4%, as measured on a year-over-year basis. Statistics Can...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April 2021 was up by 3.4%, as measured on a year-over-year basis. Statistics Can...
CRA issues warning on TFSA “maximizer” tax scheme
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scheme currently being promoted, typically to homeowners who have significant equity in their homes and substant...
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scheme currently being promoted, typically to homeowners who have significant equity in their homes and substant...
CRA issues updated application form for Taxpayer Relief program
Taxpayers who are unable to file their returns or make payment of taxes owed on a timely basis for reasons outside their control (including financial hardship) can apply, under the Taxpayer Relief Pro...
Taxpayers who are unable to file their returns or make payment of taxes owed on a timely basis for reasons outside their control (including financial hardship) can apply, under the Taxpayer Relief Pro...
April unemployment rate increases to 8.1%
The most recent release of Statistics Canada’s Labour Force Survey shows an increase in the rate of unemployment during the month of April 2021. That rate, as measured on a year-over-year basis, ros...
The most recent release of Statistics Canada’s Labour Force Survey shows an increase in the rate of unemployment during the month of April 2021. That rate, as measured on a year-over-year basis, ros...
Inflation up by 2.2% for March 2021
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of March 2021 was 2.2%, as measured on a year-over-year basis. While the monthly in...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of March 2021 was 2.2%, as measured on a year-over-year basis. While the monthly in...
Prescribed interest rate for leasing May 2021
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 21, the Bank of Canada indicated that, in its view, no change to current rates was warranted. Accordingly, the Bank Rate remains at ...
In its regularly scheduled interest rate announcement made on April 21, the Bank of Canada indicated that, in its view, no change to current rates was warranted. Accordingly, the Bank Rate remains at ...
Payments of 2020 individual income tax due Friday April 30, 2021
The deadline for payment of all individual income tax amounts owed for the 2020 tax year is Friday, April 30, 2021. For most individuals (other than self-employed taxpayers and their spouses), April 3...
The deadline for payment of all individual income tax amounts owed for the 2020 tax year is Friday, April 30, 2021. For most individuals (other than self-employed taxpayers and their spouses), April 3...
Budget 2021: Anti-avoidance rules and taxpayer disclosure
The Budget includes proposals to address perceived anti-avoidance activity and failures by taxpayers to comply with transaction reporting rules. To address the issue of failure to report, the governme...
The Budget includes proposals to address perceived anti-avoidance activity and failures by taxpayers to comply with transaction reporting rules. To address the issue of failure to report, the governme...
Budget 2021: Film and television production tax credits
The federal government provides two tax credit programs for the film and television industry. The Canadian Film or Video Production Tax Credit (CPTC) provides a 25% refundable tax credit on qualified ...
The federal government provides two tax credit programs for the film and television industry. The Canadian Film or Video Production Tax Credit (CPTC) provides a 25% refundable tax credit on qualified ...
Budget 2021: Business pandemic support programs to be extended
In the Budget, the federal government announced that the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy, and the Lockdown Support programs, which are currently scheduled to expire on...
In the Budget, the federal government announced that the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy, and the Lockdown Support programs, which are currently scheduled to expire on...
Budget 2021: Additional clean energy assets eligible for accelerated capital cost allowance
Under Canada’s capital cost allowance (CCA) system, an asset is written off over a period of years, at a prescribed percentage rate per year, based on the useful life of that asset. Acquisitions of ...
Under Canada’s capital cost allowance (CCA) system, an asset is written off over a period of years, at a prescribed percentage rate per year, based on the useful life of that asset. Acquisitions of ...
Budget 2021: Tax rate reductions provided for zero-emission technology manufacturers
The Budget includes a proposal for a temporary measure to reduce corporate income tax rates for qualifying zero-emission technology manufacturers. Specifically, taxpayers would be able to apply reduce...
The Budget includes a proposal for a temporary measure to reduce corporate income tax rates for qualifying zero-emission technology manufacturers. Specifically, taxpayers would be able to apply reduce...
Budget 2021: “Immediate expensing” of asset acquisition costs by CCPCs
Under Canadian tax rules, companies which acquire capital assets are required to deduct, or write off, the cost of those assets over a period of years, under the rules provided in the Capital Cost All...
Under Canadian tax rules, companies which acquire capital assets are required to deduct, or write off, the cost of those assets over a period of years, under the rules provided in the Capital Cost All...
Budget 2021: Canada Recovery Hiring Program to be introduced
The federal Budget includes a proposal for a Canada Recovery Hiring Program. That program will provide eligible employers with a subsidy of up to 50% on the incremental remuneration paid to eligible e...
The federal Budget includes a proposal for a Canada Recovery Hiring Program. That program will provide eligible employers with a subsidy of up to 50% on the incremental remuneration paid to eligible e...
Budget 2021: Repayment of Wage Subsidy to be required in some circumstances
The Budget papers provide that public corporations which received the Canada Emergency Wage Subsidy will, in some instances, be required to repay part or all of that subsidy. Specifically, where the t...
The Budget papers provide that public corporations which received the Canada Emergency Wage Subsidy will, in some instances, be required to repay part or all of that subsidy. Specifically, where the t...
Budget 2021: Electronic Filing and Payment Requirements
Current rules provide that tax preparers and filers of information returns who file more than a prescribed number of returns each year must file such returns electronically. Those rules will be amende...
Current rules provide that tax preparers and filers of information returns who file more than a prescribed number of returns each year must file such returns electronically. Those rules will be amende...
Budget 2021: Electronic communication with the CRA
Changes are proposed to the rules to increase the ability of the Canada Revenue Agency (CRA) to communicate with taxpayers electronically, without the taxpayer having to authorize the CRA to do so. Ge...
Changes are proposed to the rules to increase the ability of the Canada Revenue Agency (CRA) to communicate with taxpayers electronically, without the taxpayer having to authorize the CRA to do so. Ge...
Budget 2021: Changes to rules affecting registered charities
The Canada Revenue Agency has the authority to revoke the charitable registration status of an organization where that organization fails to fulfill its legal obligations. The rules governing such rev...
The Canada Revenue Agency has the authority to revoke the charitable registration status of an organization where that organization fails to fulfill its legal obligations. The rules governing such rev...
Budget 2021: Tax treatment of pandemic benefit repayments
Millions of Canadian taxpayers received pandemic benefits during the 2020 taxation year. While most such recipients were entitled to those benefits, there were instances in which the benefits were pai...
Millions of Canadian taxpayers received pandemic benefits during the 2020 taxation year. While most such recipients were entitled to those benefits, there were instances in which the benefits were pai...
Budget 2021: Tax treatment of postdoctoral fellowship income
Postdoctoral fellows are generally not, for purposes of the income tax system, considered to be students. Consequently, postdoctoral fellowship income does not qualify for the exemption generally prov...
Postdoctoral fellows are generally not, for purposes of the income tax system, considered to be students. Consequently, postdoctoral fellowship income does not qualify for the exemption generally prov...
Budget 2021: Northern residents deductions
Canadians who live in prescribed northern areas of Canada for at least six consecutive months in a year are eligible for the Northern residents deduction. That deduction has both a residency component...
Canadians who live in prescribed northern areas of Canada for at least six consecutive months in a year are eligible for the Northern residents deduction. That deduction has both a residency component...
Budget 2021: Canada Workers’ Benefit increased
The Canada Workers’ Benefit (CWB) is a non-taxable refundable tax credit that supplements the earnings of low-income and medium-income workers. The CWB, which is generally available to workers who e...
The Canada Workers’ Benefit (CWB) is a non-taxable refundable tax credit that supplements the earnings of low-income and medium-income workers. The CWB, which is generally available to workers who e...
Budget 2021: Eligibility criteria for disability tax credit expanded
The federal government provides qualifying individuals with a disability tax credit (DTC) which reduces federal tax otherwise payable. For 2021, the value of the DTC is $1,299. To qualify for the DTC,...
The federal government provides qualifying individuals with a disability tax credit (DTC) which reduces federal tax otherwise payable. For 2021, the value of the DTC is $1,299. To qualify for the DTC,...
CRA provides guidance on changes to the 2020 tax return
The tax return completed by individual Canadians changes from one year to the next, as tax credits or deductions are introduced, eliminated, or changed, or reporting requirements are altered. The Cana...
The tax return completed by individual Canadians changes from one year to the next, as tax credits or deductions are introduced, eliminated, or changed, or reporting requirements are altered. The Cana...
April 30, 2021 deadline for filing of most individual income tax returns for 2020
The filing deadline for most individual income tax returns for the 2020 taxation year is Friday, April 30, 2021. Self-employed individuals and their spouses are not required to file their returns unti...
The filing deadline for most individual income tax returns for the 2020 taxation year is Friday, April 30, 2021. Self-employed individuals and their spouses are not required to file their returns unti...
April 30, 2021 deadline for payment of 2020 individual income tax owed
Last year, the federal government provided a deferral of the payment deadline for individual income taxes owed. No such deferral is allowed for this year, meaning that any balance of individual income...
Last year, the federal government provided a deferral of the payment deadline for individual income taxes owed. No such deferral is allowed for this year, meaning that any balance of individual income...
Federal government extends benefit period for Canada Recovery Sickness Benefit
The federal government, through the Canada Recovery Sickness Benefit, provides a weekly benefit of $500 to qualifying individual Canadians who are unable to work because they are sick or need to self-...
The federal government, through the Canada Recovery Sickness Benefit, provides a weekly benefit of $500 to qualifying individual Canadians who are unable to work because they are sick or need to self-...
CRA issues guidance on 2020 tax consequences of home sales, purchases, and renovations
While gains made on a sale of a principal residence in Canada are generally tax exempt, there are reporting requirements imposed on such sales. In addition, certain tax credits may be claimed by home ...
While gains made on a sale of a principal residence in Canada are generally tax exempt, there are reporting requirements imposed on such sales. In addition, certain tax credits may be claimed by home ...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first half of 2021, as well as the rates that will apply for the purpose of ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first half of 2021, as well as the rates that will apply for the purpose of ...
Inflation rate for February up slightly
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation for the month of February 2021. That rate stood at 1.1%, as compared to the rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation for the month of February 2021. That rate stood at 1.1%, as compared to the rate ...
Federal Budget 2021-22 to be brought down in April
The Minister of Finance has announced that the federal Budget for the upcoming 2021-22 fiscal year will be delivered on Monday April 19, 2021. This year’s Budget will be the first one delivered sinc...
The Minister of Finance has announced that the federal Budget for the upcoming 2021-22 fiscal year will be delivered on Monday April 19, 2021. This year’s Budget will be the first one delivered sinc...
Canada Revenue Agency locks down individual online tax accounts
Over the past month, the Canada Revenue Agency (CRA) identified a large number of individual taxpayer online accounts for which user IDs and passwords had been obtained by unauthorized third parties. ...
Over the past month, the Canada Revenue Agency (CRA) identified a large number of individual taxpayer online accounts for which user IDs and passwords had been obtained by unauthorized third parties. ...
Employment increases by 259,000 positions in February
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in employment during the month of February. During that month, employment rose by 259,000 jobs, and th...
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in employment during the month of February. During that month, employment rose by 259,000 jobs, and th...
Bank of Canada leaves interest rates unchanged
As expected, the Bank of Canada announced on March 10 that no changes would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5%. In the press release announcing its decision,...
As expected, the Bank of Canada announced on March 10 that no changes would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5%. In the press release announcing its decision,...
Federal government to provide interest relief on pandemic benefit tax debt
The Canada Revenue Agency (CRA) has announced that targeted interest relief will be provided to Canadians who received pandemic income support benefits during 2020. Specifically, qualifying individual...
The Canada Revenue Agency (CRA) has announced that targeted interest relief will be provided to Canadians who received pandemic income support benefits during 2020. Specifically, qualifying individual...
Inflation rate for January at 1%
The most recent release of Statistics Canada’s Consumer Price Survey shows a slight increase in the rate of inflation for January 2021. The inflation rate for that month, as measured on a year-over-...
The most recent release of Statistics Canada’s Consumer Price Survey shows a slight increase in the rate of inflation for January 2021. The inflation rate for that month, as measured on a year-over-...
NETFILE service hours of availability
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2017, 2018, 2019, and 2020 tax years is now available 21 hours a day, 7 days a week. The ser...
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2017, 2018, 2019, and 2020 tax years is now available 21 hours a day, 7 days a week. The ser...
CRA issues 2020 guide for self-employed taxpayers
The Canada Revenue Agency (CRA) has issued the guide to be used by taxpayers who are reporting business or professional income, commission income, and income from farming and fishing received during 2...
The Canada Revenue Agency (CRA) has issued the guide to be used by taxpayers who are reporting business or professional income, commission income, and income from farming and fishing received during 2...
CRA help line to be available Saturdays during tax filing season
The Canada Revenue Agency (CRA) has announced that, beginning February 27, 2021, its Individual Tax Enquiries line will be available on Saturdays, from 9 a.m. to 5 p.m. That service is also available ...
The Canada Revenue Agency (CRA) has announced that, beginning February 27, 2021, its Individual Tax Enquiries line will be available on Saturdays, from 9 a.m. to 5 p.m. That service is also available ...
Prescribed interest leasing rate for March
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Extended hours and callback service now available on individual tax help line
The Canada Revenue Agency (CRA) has announced that its individual income tax enquiries line will be open for extended hours during the upcoming tax filing season. That line — reachable at 1-800-959-...
The Canada Revenue Agency (CRA) has announced that its individual income tax enquiries line will be open for extended hours during the upcoming tax filing season. That line — reachable at 1-800-959-...
NETFILE service for 2020 individual tax returns available February 22
The Canada Revenue Agency’s (CRA) NETFILE service for the online filing of individual income tax returns for the 2020 taxation year will be available starting Monday, February 22, 2021. In order to ...
The Canada Revenue Agency’s (CRA) NETFILE service for the online filing of individual income tax returns for the 2020 taxation year will be available starting Monday, February 22, 2021. In order to ...
Unemployment rate increases to 9.4% in January
The most recent release of Statistics Canada’s Labour Force Survey shows a significant decline in employment during the month of January, and a corresponding increase in the overall unemployment rat...
The most recent release of Statistics Canada’s Labour Force Survey shows a significant decline in employment during the month of January, and a corresponding increase in the overall unemployment rat...
Canada Revenue Agency releases 2020 individual income tax return package
The Canada Revenue Agency (CRA) has issued the individual income tax forms and guides to be used by Canadian residents in filing an income tax return for the 2020 taxation year. The particular form to...
The Canada Revenue Agency (CRA) has issued the individual income tax forms and guides to be used by Canadian residents in filing an income tax return for the 2020 taxation year. The particular form to...
Consultation process launched for 2021-22 federal Budget
The federal government has launched the consultation process leading to the release of the 2021-22 federal Budget. This year, there are three components to the consultation process. The government wil...
The federal government has launched the consultation process leading to the release of the 2021-22 federal Budget. This year, there are three components to the consultation process. The government wil...
Prescribed leasing interest rate for February
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on January 20 the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 0....
In its regularly scheduled interest rate announcement made on January 20 the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 0....
CRA issues guide to employment expense deductions for 2020
The Canada Revenue Agency (CRA) has issued an updated version of Guide T4044, Employment Expenses 2020, which outlines the tax treatment of various employment expenses, and will be used by taxpayers i...
The Canada Revenue Agency (CRA) has issued an updated version of Guide T4044, Employment Expenses 2020, which outlines the tax treatment of various employment expenses, and will be used by taxpayers i...
Inflation rate up in December 2020
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate inflation rose by 0.7% during the month of December 2020, as measured on a year-over-year basis. The rate for...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate inflation rose by 0.7% during the month of December 2020, as measured on a year-over-year basis. The rate for...
CRA announces automobile benefit and deduction amounts for 2021
The Canada Revenue Agency (CRA) has released the automobile expense deduction limits and benefit rates which will apply during the 2021 taxation year. Most of the rates and limits which applied during...
The Canada Revenue Agency (CRA) has released the automobile expense deduction limits and benefit rates which will apply during the 2021 taxation year. Most of the rates and limits which applied during...
Unemployment rate up slightly in December
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2020 increased to 8.6%. The comparable rate for the month of Nov...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of December 2020 increased to 8.6%. The comparable rate for the month of Nov...
Prescribed interest rates for 2021
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2021, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2021, as well as the rates that will apply for the purpose ...
NETFILE service for 2019 returns open until January 22, 2021
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2016, 2017, 2018, and 2019 taxation years will be available until Friday, January 22, 2021. ...
The Canada Revenue Agency’s (CRA) NETFILE service for the filing of individual income tax returns for the 2016, 2017, 2018, and 2019 taxation years will be available until Friday, January 22, 2021. ...
CRA issues 2020 income tax guide for students
Post-secondary students in Canada are eligible for a range of tax credits and deductions, including a tuition tax credit, deductions for moving expenses, and a claim for qualifying student loan intere...
Post-secondary students in Canada are eligible for a range of tax credits and deductions, including a tuition tax credit, deductions for moving expenses, and a claim for qualifying student loan intere...
CRA announces new flat rate method for home office expense claims
The Canada Revenue Agency (CRA) has announced that a new temporary home office tax credit may be claimable by qualifying individuals who worked from home during 2020. Taxpayers are eligible to use thi...
The Canada Revenue Agency (CRA) has announced that a new temporary home office tax credit may be claimable by qualifying individuals who worked from home during 2020. Taxpayers are eligible to use thi...
Upcoming changes to CRA administrative policy on representatives
The Canada Revenue Agency (CRA) permits taxpayers to designate another person, firm, or business to communicate with the CRA on the taxpayer’s behalf, where a written authorization has been provided...
The Canada Revenue Agency (CRA) permits taxpayers to designate another person, firm, or business to communicate with the CRA on the taxpayer’s behalf, where a written authorization has been provided...
December 31 deadline for tax relief applications
Taxpayers may apply to the Minister of National Revenue for administrative relief from interest and penalty charges imposed or, in some cases, for permission to late-file tax elections. In order to be...
Taxpayers may apply to the Minister of National Revenue for administrative relief from interest and penalty charges imposed or, in some cases, for permission to late-file tax elections. In order to be...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 9, the Bank of Canada announced that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5...
In its regularly scheduled interest rate announcement made on December 9, the Bank of Canada announced that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 0.5...
Unemployment rate down slightly in November
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment declined by 0.4% during the month of November. The unemployment rate for the month was 8.5%. Fu...
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment declined by 0.4% during the month of November. The unemployment rate for the month was 8.5%. Fu...
Prescribed interest leasing rate for December
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Federal government updates deficit projection for 2020-21
On November 30, the Minister of Finance released the Fall Economic Statement, which included updated deficit projections for the current and future fiscal years. The deficit is now projected to reach ...
On November 30, the Minister of Finance released the Fall Economic Statement, which included updated deficit projections for the current and future fiscal years. The deficit is now projected to reach ...
Wage subsidy program extended to June 2021
The federal government has announced that the program providing a wage subsidy to eligible businesses experiencing a pandemic-related revenue loss has been extended to be available until June 2021. Th...
The federal government has announced that the program providing a wage subsidy to eligible businesses experiencing a pandemic-related revenue loss has been extended to be available until June 2021. Th...
Date announced for 2020 Fall Economic Statement
The federal government has announced that its Fall Economic Statement for the 2020-21 fiscal year will be released on Monday November 30, 2020. The press release announcing the date and time of the St...
The federal government has announced that its Fall Economic Statement for the 2020-21 fiscal year will be released on Monday November 30, 2020. The press release announcing the date and time of the St...
Inflation rate for October up slightly
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation for the month of October rose by 0.7%, as measured on a year-over-year basis. The comparable inc...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation for the month of October rose by 0.7%, as measured on a year-over-year basis. The comparable inc...
Employment Insurance premium rates for 2021 announced
The federal government has released the premium rates and amounts which will apply in 2021 for purposes of the Employment Insurance (EI) program. For 2021, the EI premium rate will be 1.58% and maximu...
The federal government has released the premium rates and amounts which will apply in 2021 for purposes of the Employment Insurance (EI) program. For 2021, the EI premium rate will be 1.58% and maximu...
CRA announces increases in retirement savings contribution limits
The Canada Revenue Agency (CRA) has announced upcoming changes in the allowable contribution limits for a range of retirement savings programs. For registered pension plans, the 2021 money purchase l...
The Canada Revenue Agency (CRA) has announced upcoming changes in the allowable contribution limits for a range of retirement savings programs. For registered pension plans, the 2021 money purchase l...
Unemployment rate for October at 8.9%
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment stood at 8.9% for the month of October. While the unemployment rate for the month was l...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall rate of unemployment stood at 8.9% for the month of October. While the unemployment rate for the month was l...
CRA issues updated Employer’s Guide to Taxable Benefits
The tax treatment of non-monetary benefits provided by employers to their employees can vary widely. Some such benefits must be included in the employee’s taxable income for the year, while others a...
The tax treatment of non-monetary benefits provided by employers to their employees can vary widely. Some such benefits must be included in the employee’s taxable income for the year, while others a...
CRA announces Canada Pension Plan contribution rates and amounts for 2021
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts which will apply for purposes of the Canada Pension Plan during 2021. For 2021, the employer and employee contribution ...
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts which will apply for purposes of the Canada Pension Plan during 2021. For 2021, the employer and employee contribution ...
Prescribed interest leasing rate for November
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
Bank of Canada leaves interest rates at current levels
In its October 28 announcement, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 0.5%. The press release announcing...
In its October 28 announcement, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate remains at 0.5%. The press release announcing...
Bank of Canada releases interest rate announcement schedule for 2021
The Bank of Canada has released its schedule for policy interest rate announcements to be made during the 2021 calendar year, and that schedule is as follows: Wednesday, January 20 Wednesday, March 1...
The Bank of Canada has released its schedule for policy interest rate announcements to be made during the 2021 calendar year, and that schedule is as follows: Wednesday, January 20 Wednesday, March 1...
Inflation rate up slightly in September
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation rose 0.5% on a year-over-year basis in September, up from a 0.1% increase in August. While pric...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation rose 0.5% on a year-over-year basis in September, up from a 0.1% increase in August. While pric...
Application process for Canada Recovery Benefit now open
In September, the Canada Emergency Response Benefit program came to an end, and three new programs to provide financial assistance to individuals impacted by the pandemic were launched. One of those p...
In September, the Canada Emergency Response Benefit program came to an end, and three new programs to provide financial assistance to individuals impacted by the pandemic were launched. One of those p...
Unemployment rate down to 9% in September
The most recent release of Statistics Canada’s Labour Force Survey shows that Canada’s overall unemployment rate declined by 1.2% during the month of September. For the month, that rate stood at 9...
The most recent release of Statistics Canada’s Labour Force Survey shows that Canada’s overall unemployment rate declined by 1.2% during the month of September. For the month, that rate stood at 9...
Application process now open for two new individual COVID-19 benefits
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
CRA issues warning of tax scam involving debt write-offs
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scam currently operating, which involves claims for bad debt write-offs. While bad debts can be written off for ...
The Canada Revenue Agency (CRA) has issued a warning to taxpayers with respect to a tax scam currently operating, which involves claims for bad debt write-offs. While bad debts can be written off for ...
Application process now open for two new individual COVID-19 benefits
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
The federal government has created three separate benefits which can be claimed by qualifying Canadians, following the end of the Canada Emergency Response Benefit (CERB) program. Applications for two...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2020, as well as the rates that will apply for the purpose of calculating employ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for 2020, as well as the rates that will apply for the purpose of calculating employ...
Old Age Security benefit increase for fourth quarter of 2020
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that the basic OAS benefit of $6...
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that the basic OAS benefit of $6...
Prescribed leasing interest rate for October
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
The prescribed leasing interest rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the pr...
September 30, 2020 final application deadline for Canada Emergency Student Benefit
As part of its pandemic relief plan, the federal government provided eligible post-secondary students and recent post-secondary and high school graduates who were unable to find work for pandemic-rela...
As part of its pandemic relief plan, the federal government provided eligible post-secondary students and recent post-secondary and high school graduates who were unable to find work for pandemic-rela...
June and September individual income tax instalment payments due by September 30, 2020
Canadian taxpayers who pay income tax by instalment usually make four instalment payments each year, by the 15th day of March, June, September, and December. Earlier this year, the federal government ...
Canadian taxpayers who pay income tax by instalment usually make four instalment payments each year, by the 15th day of March, June, September, and December. Earlier this year, the federal government ...
Individual tax balances for 2019 tax year due by September 30
Earlier this year, the Canada Revenue Agency (CRA) announced that the deadline for payment of individual income tax balances for the 2019 tax year, which is usually April 30, was being extended to Wed...
Earlier this year, the Canada Revenue Agency (CRA) announced that the deadline for payment of individual income tax balances for the 2019 tax year, which is usually April 30, was being extended to Wed...
Unemployment rate decreases to 10.2% for August
The September release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 10.2%. That rate represented a decrease of 0.7% from the ra...
The September release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate for the month of August stood at 10.2%. That rate represented a decrease of 0.7% from the ra...
Increase announced to non-taxable meal allowance rate
The federal government has announced an increase in the amount of any overtime meal allowance, or meal portion of a travel allowance, that employers can provide to employees on a non-taxable basis. Th...
The federal government has announced an increase in the amount of any overtime meal allowance, or meal portion of a travel allowance, that employers can provide to employees on a non-taxable basis. Th...
Filing of 2019 tax return necessary to ensure continued payment of tax credits
Eligibility for a number of refundable tax credits and benefits, including the harmonized sales tax/goods and services tax credit and the child tax benefit is based in part on a taxpayer’s income fo...
Eligibility for a number of refundable tax credits and benefits, including the harmonized sales tax/goods and services tax credit and the child tax benefit is based in part on a taxpayer’s income fo...
September 29 deadline for all applications for Canada Student Benefit Program
The pandemic emergency benefit program provided by the federal government for post-secondary students and recent secondary and post-secondary graduates ended on August 29, 2020. Those eligible for suc...
The pandemic emergency benefit program provided by the federal government for post-secondary students and recent secondary and post-secondary graduates ended on August 29, 2020. Those eligible for suc...
Federal government announces transition measures for end of CERB program
Since March 15 of this year, Canadians who have lost income as a result of the pandemic have been able to receive $500 per week from the Canada Emergency Response Benefit (CERB). The CERB program will...
Since March 15 of this year, Canadians who have lost income as a result of the pandemic have been able to receive $500 per week from the Canada Emergency Response Benefit (CERB). The CERB program will...
CRA to contact taxpayers affected by cyberattack
Earlier this month, a cyberattack on the Canada Revenue Agency (CRA) and other agencies of the federal government compromised the personal tax and financial information of approximately 5500 taxpayers...
Earlier this month, a cyberattack on the Canada Revenue Agency (CRA) and other agencies of the federal government compromised the personal tax and financial information of approximately 5500 taxpayers...
Application forms available for expanded Canada Employer Wage Subsidy program
On July 17, the federal government announced that the existing Canada Employer Wage Subsidy (CEWS) program would be extended to be available until November 21, 2020, and that eligibility criteria for ...
On July 17, the federal government announced that the existing Canada Employer Wage Subsidy (CEWS) program would be extended to be available until November 21, 2020, and that eligibility criteria for ...
Inflation rate for July drops to 0.1%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 0.1%. The comparable rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of July, as measured on a year-over-year basis, stood at 0.1%. The comparable rate ...
Prescribed leasing interest rate for September 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Unemployment rate for July down to 10.9%
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for July was 10.9%. The change means that the unemployment rate has fallen by 1.4 percentage poi...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for July was 10.9%. The change means that the unemployment rate has fallen by 1.4 percentage poi...
Extension announced for September individual instalment payments
Individual taxpayers who pay income tax by instalment are required to make four such instalment payments each year. The usual deadlines for such payments are the 15th day of March, June, September, an...
Individual taxpayers who pay income tax by instalment are required to make four such instalment payments each year. The usual deadlines for such payments are the 15th day of March, June, September, an...
Online filing option where paper return not yet assessed by CRA
The Canada Revenue Agency (CRA) has posted a notice on its website indicating that it is experiencing delays in the processing of paper-filed individual income tax returns for the 2019 taxation year. ...
The Canada Revenue Agency (CRA) has posted a notice on its website indicating that it is experiencing delays in the processing of paper-filed individual income tax returns for the 2019 taxation year. ...
CRA provides interest waiver period on tax amounts owed
The Canada Revenue Agency (CRA) has announced that an interest waiver period will be provided to individual taxpayers with respect to income taxes owed. That waiver period will run from April 1 to Sep...
The Canada Revenue Agency (CRA) has announced that an interest waiver period will be provided to individual taxpayers with respect to income taxes owed. That waiver period will run from April 1 to Sep...
Individual income tax payment deadline extended to September 30, 2020
Earlier this year, the deadline for payment of individual income tax amounts owed for the 2019 taxation year was extended from April 30 to September 1, 2020. The federal government has now indicated t...
Earlier this year, the deadline for payment of individual income tax amounts owed for the 2019 taxation year was extended from April 30 to September 1, 2020. The federal government has now indicated t...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on July 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rema...
In its regularly scheduled interest rate announcement made on July 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rema...
Prescribed leasing interest rate for August 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Federal emergency wage subsidy to be available until December
Canadian employers whose businesses have been affected by the pandemic may be eligible for a federal government wage subsidy – the Canada Emergency Wage Subsidy (CEWS). The CEWS, which pays the empl...
Canadian employers whose businesses have been affected by the pandemic may be eligible for a federal government wage subsidy – the Canada Emergency Wage Subsidy (CEWS). The CEWS, which pays the empl...
Unemployment rate down slightly in June
The most recent release of Statistics Canada’s Labour Force Survey shows a slight decline in the rate of unemployment during the month of June. The unemployment rate for June stood at 12.3%, a decli...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight decline in the rate of unemployment during the month of June. The unemployment rate for June stood at 12.3%, a decli...
Federal government projects $343 billion current-year deficit
On July 8, the federal government provided an update of its fiscal position for the current (2020-21) fiscal year, taking in account expenditures made in connection with the pandemic. That “Economic...
On July 8, the federal government provided an update of its fiscal position for the current (2020-21) fiscal year, taking in account expenditures made in connection with the pandemic. That “Economic...
Supplemental OAS payment issued during first week of July
Earlier this year, the federal government announced that, as part of its pandemic relief measures, recipients of Old Age Security would receive an additional one-time payment. Such payment is intended...
Earlier this year, the federal government announced that, as part of its pandemic relief measures, recipients of Old Age Security would receive an additional one-time payment. Such payment is intended...
NETFILE service for 2019 returns still available
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding Canadians that its online filing services for the filing of individual income tax returns for the 2019 tax year are still open. Such indi...
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding Canadians that its online filing services for the filing of individual income tax returns for the 2019 tax year are still open. Such indi...
No change to basic Old Age Security benefit for third quarter 2020
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that, as the rate of inflation d...
The Old Age Security benefit received by Canadians over the age of 65 is indexed quarterly to changes in the Consumer Price Index. The federal government has announced that, as the rate of inflation d...
Prescribed leasing interest rate for July 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2020, as well as the rates that will apply for the p...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first three quarters of 2020, as well as the rates that will apply for the p...
Canada Emergency Response Benefit program extended
The federal government has announced that the Canada Emergency Response Benefit (CERB) program has been extended to be available for a further eight weeks in some circumstances. As originally designed...
The federal government has announced that the Canada Emergency Response Benefit (CERB) program has been extended to be available for a further eight weeks in some circumstances. As originally designed...
Inflation rate down by 0.4% for May
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation fell by 0.4% during the month of May, as measured on a year-over-year basis. Prices were up in f...
The most recent release of Statistics Canada’s Consumer Price Survey shows that the rate of inflation fell by 0.4% during the month of May, as measured on a year-over-year basis. Prices were up in f...
Prescribed interest rate for leasing for June 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Unemployment rate up slightly in May
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate rose slightly during the month of May, from 13% to 13.7%. The StatsCan analysis indicates that une...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate rose slightly during the month of May, from 13% to 13.7%. The StatsCan analysis indicates that une...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on June 3 the Bank of Canada, as anticipated. made no change to current rates. Accordingly, the Bank Rate remains at 0.5%. In its announcemen...
In its regularly scheduled interest rate announcement made on June 3 the Bank of Canada, as anticipated. made no change to current rates. Accordingly, the Bank Rate remains at 0.5%. In its announcemen...
June 15 return filing deadline for self-employed taxpayers
Self-employed Canadians and their spouses must file an individual income tax return for the 2019 tax year on or before June 15, 2020. As part of the federal government’s pandemic response plan, howe...
Self-employed Canadians and their spouses must file an individual income tax return for the 2019 tax year on or before June 15, 2020. As part of the federal government’s pandemic response plan, howe...
June 15 individual income tax instalment due date deferred
Individual Canadians who pay income tax by instalments would normally be required to make the second instalment payment for this year on June 15, 2020. The Canada Revenue Agency (CRA) has indicated, h...
Individual Canadians who pay income tax by instalments would normally be required to make the second instalment payment for this year on June 15, 2020. The Canada Revenue Agency (CRA) has indicated, h...
CRA extends filing and payment deadlines for corporations and trusts
The Canada Revenue Agency (CRA) has announced that the deadline for filing of T2 returns by corporations and T3 returns by trusts has been extended. That announcement provides that all businesses and ...
The Canada Revenue Agency (CRA) has announced that the deadline for filing of T2 returns by corporations and T3 returns by trusts has been extended. That announcement provides that all businesses and ...
Free tax return preparation clinics go online
Each year community organizations across Canada operate a number of tax clinics at which individual income tax returns are prepared and filed free of charge to the taxpayer. Due to concerns surroundin...
Each year community organizations across Canada operate a number of tax clinics at which individual income tax returns are prepared and filed free of charge to the taxpayer. Due to concerns surroundin...
CRA extends federal benefit eligibility period
The benefit year for many federal benefits, like the Canada Child Benefit and the Goods and Services Tax Credit runs from July 1 to June 30. Eligibility for and the amount of such benefits are based, ...
The benefit year for many federal benefits, like the Canada Child Benefit and the Goods and Services Tax Credit runs from July 1 to June 30. Eligibility for and the amount of such benefits are based, ...
Repaying the Canada Emergency Response Benefit
The Canada Revenue Agency has issued a reminder to Canadians that there are circumstances in which the Canada Emergency Response Benefit (CERB) must be repaid. In particular, individuals who return to...
The Canada Revenue Agency has issued a reminder to Canadians that there are circumstances in which the Canada Emergency Response Benefit (CERB) must be repaid. In particular, individuals who return to...
Federal government to provide one time increase in Old Age Security payments
The federal government has announced that, in order to help seniors with additional costs resulting from the pandemic, a one-time supplement will be provided to Canadians who already receive Old Age S...
The federal government has announced that, in order to help seniors with additional costs resulting from the pandemic, a one-time supplement will be provided to Canadians who already receive Old Age S...
CRA issues warning of Canada Emergency Response Benefit scam
The Canada Revenue Agency (CRA) has issued an alert on its website warning Canadians of a scam operating with respect to the Canada Emergency Response Benefit (CERB). That Benefit, for which more than...
The Canada Revenue Agency (CRA) has issued an alert on its website warning Canadians of a scam operating with respect to the Canada Emergency Response Benefit (CERB). That Benefit, for which more than...
Online applications available for Canada Emergency Wage Subsidy
As part of its pandemic response, the federal government is providing eligible employers with a partial wage subsidy through the Canada Emergency Wage Subsidy (CEWS) program. The CEWS program provides...
As part of its pandemic response, the federal government is providing eligible employers with a partial wage subsidy through the Canada Emergency Wage Subsidy (CEWS) program. The CEWS program provides...
Prescribed leasing interest rate for May 2020
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
The prescribed leasing rate mandated by the Canada Revenue Agency (CRA) must be calculated using bond yield information found on the Bank of Canada website. That calculation shows that the prescribed ...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2020, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2020, as well as the rates that will apply for the purpose ...
Inflation rate down sharply for March
The April release of Statistics Canada’s Consumer Price Index shows a sharp decline in the rate of inflation for the month of March. That rate stood at 0.9%, as measured on a year-over-year basis. T...
The April release of Statistics Canada’s Consumer Price Index shows a sharp decline in the rate of inflation for the month of March. That rate stood at 0.9%, as measured on a year-over-year basis. T...
Significant increase in unemployment rate during March
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in the rate of unemployment during the month of March. The April release of the Labour Force Survey, w...
The most recent release of Statistics Canada’s Labour Force Survey shows a significant increase in the rate of unemployment during the month of March. The April release of the Labour Force Survey, w...
Canada Student Loan repayments suspended until September 30, 2020
The federal government has announced that required repayments of Canada Student Loans will be suspended until September 30th, 2020. Where payments are usually made by pre-authorized debit, such paymen...
The federal government has announced that required repayments of Canada Student Loans will be suspended until September 30th, 2020. Where payments are usually made by pre-authorized debit, such paymen...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rem...
In its regularly scheduled interest rate announcement made on April 15, the Bank of Canada indicated that, in its view, no change to current interest rates was required. Accordingly, the Bank Rate rem...
Wage subsidy program to be provided to Canadian employers
The federal government will be providing a wage subsidy program to eligible employers who have experienced a recent reduction in revenues of 30% or more. That program—the Canada Emergency Wage Subsi...
The federal government will be providing a wage subsidy program to eligible employers who have experienced a recent reduction in revenues of 30% or more. That program—the Canada Emergency Wage Subsi...
Application process for Canada Emergency Response Benefit now open
As of April 6, 2020, Canadians can apply for the federal Canada Emergency Response Benefit (CERB), which provides eligible individuals with $500 per week for a maximum of 16 weeks. The benefit is gene...
As of April 6, 2020, Canadians can apply for the federal Canada Emergency Response Benefit (CERB), which provides eligible individuals with $500 per week for a maximum of 16 weeks. The benefit is gene...
Federal government defers remittance of HST/GST payments
The federal government will be providing businesses with an extension with respect to remittance deadlines related to goods and services tax (GST) and harmonized sales tax (HST). The deferral will app...
The federal government will be providing businesses with an extension with respect to remittance deadlines related to goods and services tax (GST) and harmonized sales tax (HST). The deferral will app...
Bank of Canada announces further reduction in interest rates
In an unscheduled announcement made on March 27, the Bank of Canada lowered interest rates for the third time this month. In that announcement, the Bank reduced current rates by one-half percentage po...
In an unscheduled announcement made on March 27, the Bank of Canada lowered interest rates for the third time this month. In that announcement, the Bank reduced current rates by one-half percentage po...
One-time increase in Canada Child Benefit to be provided
The federal government has announced that, for the current benefit year only, the amount of Canada Child Benefit will be increased by a one-time payment of $300 per child. The $300 additional benefit ...
The federal government has announced that, for the current benefit year only, the amount of Canada Child Benefit will be increased by a one-time payment of $300 per child. The $300 additional benefit ...
Individual tax filing and payment deadlines extended
The deadline for filing of most 2019 individual income tax returns, as well as payment of any balance of tax owed for the 2019 taxation year by individual taxpayers would usually be April 30, 2020. Th...
The deadline for filing of most 2019 individual income tax returns, as well as payment of any balance of tax owed for the 2019 taxation year by individual taxpayers would usually be April 30, 2020. Th...
Bank of Canada reduces interest rates
Citing the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent drop in oil prices, the Bank of Canada has announced a further reduction in interest rates. The unsch...
Citing the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent drop in oil prices, the Bank of Canada has announced a further reduction in interest rates. The unsch...
Federal government postpones individual tax filing deadline for 2019 returns
The federal government has announced that the filing deadline for individual Canadian tax filers who would usually be required to file by April 30 has been extended to June 1, 2020. (Returns for 2019 ...
The federal government has announced that the filing deadline for individual Canadian tax filers who would usually be required to file by April 30 has been extended to June 1, 2020. (Returns for 2019 ...
CRA issues Tax Tip for property buyers and sellers
Canadian taxpayers who buy or sell a property during the year may be subject to requirements to report that transaction on their annual return and, in some cases, to pay tax on sale proceeds. The CRA ...
Canadian taxpayers who buy or sell a property during the year may be subject to requirements to report that transaction on their annual return and, in some cases, to pay tax on sale proceeds. The CRA ...
Little change in unemployment rate for February
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the overall unemployment rate during the month of February. That rate rose by 0.1%, to 5.6%. During the mont...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in the overall unemployment rate during the month of February. That rate rose by 0.1%, to 5.6%. During the mont...
Extended hours for CRA individual tax enquiries line
The Canada Revenue Agency’s individual income tax enquiries telephone service will be available for extended hours during tax filing season. That enquiries service, which can be reached at 1-800-959...
The Canada Revenue Agency’s individual income tax enquiries telephone service will be available for extended hours during tax filing season. That enquiries service, which can be reached at 1-800-959...
Bank of Canada cuts interest rates
In its regularly scheduled interest rate announcement made on March 4 the Bank of Canada indicated that, in its view, a reduction to current interest rates was required. Accordingly, the bank rate was...
In its regularly scheduled interest rate announcement made on March 4 the Bank of Canada indicated that, in its view, a reduction to current interest rates was required. Accordingly, the bank rate was...
CRA releases 2019 Guide to Self-Employed Business, Professional, Commission, Farming and Fishing Income
The Canada Revenue Agency (CRA) has released its 2019 Guide to Self-Employed Business, Professional, Commission, Farming and Fishing Income for 2019. That Guide is used by taxpayers who are reporting ...
The Canada Revenue Agency (CRA) has released its 2019 Guide to Self-Employed Business, Professional, Commission, Farming and Fishing Income for 2019. That Guide is used by taxpayers who are reporting ...
NETFILE service for filing of individual returns for 2019 now available
The Canada Revenue Agency’s NETFILE service for the filing of individual income tax returns for the 2019 taxation year is now available. The current NETFILE service, which can be found on the CRA we...
The Canada Revenue Agency’s NETFILE service for the filing of individual income tax returns for the 2019 taxation year is now available. The current NETFILE service, which can be found on the CRA we...
Upcoming deadline for 2019 RRSP contributions
The Canada Revenue Agency (CRA) has announced that contributions to a registered retirement savings plan (RRSP), in order to be deducted on the return for 2019, must be made on or before Monday March ...
The Canada Revenue Agency (CRA) has announced that contributions to a registered retirement savings plan (RRSP), in order to be deducted on the return for 2019, must be made on or before Monday March ...
Increase in inflation rate for January 2020
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the rate of inflation for the month of January. That rate stood at 2.4%, as measured on a year-over-year basi...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the rate of inflation for the month of January. That rate stood at 2.4%, as measured on a year-over-year basi...
Unemployment rate down slightly for January 2020
The most recent release of Statistics Canada’s Labour Force Survey shows that that unemployment rate dropped slightly during the month of January, from 5.6% to 5.5%. During that month, employment in...
The most recent release of Statistics Canada’s Labour Force Survey shows that that unemployment rate dropped slightly during the month of January, from 5.6% to 5.5%. During that month, employment in...
Canada Revenue Agency issues meal and travel expense deduction rates and limits for 2019
The rates and limits for deduction and credit claims for meal and travel expenses are now posted on the Canada Revenue Agency (CRA) website. Such rates and limits apply to meal and travel expense clai...
The rates and limits for deduction and credit claims for meal and travel expenses are now posted on the Canada Revenue Agency (CRA) website. Such rates and limits apply to meal and travel expense clai...
Digital news subscription tax credit now available
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
Digital news subscription tax credit now available
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
In the 2019 Budget, the federal government introduced a new tax credit for digital news subscription costs incurred by individuals. That tax credit is available starting in the 2020 tax year. Individu...
CRA issues updated guide to students and income tax
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the rules governing typical tax situations for such students. Those rules include the tax treatment of tuit...
The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the rules governing typical tax situations for such students. Those rules include the tax treatment of tuit...
NETFILE service for 2019 returns available February 24, 2020
The Canada Revenue Agency (CRA) has announced that the NETFILE service for online filing of individual income tax returns for the 2019 tax year will be available beginning Monday, February 24, 2020. M...
The Canada Revenue Agency (CRA) has announced that the NETFILE service for online filing of individual income tax returns for the 2019 tax year will be available beginning Monday, February 24, 2020. M...
CRA issues 2019 Individual Income Tax Return and Guide
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide for all provinces and territories for the 2019 tax year, and those forms and guides are posted on its website at...
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide for all provinces and territories for the 2019 tax year, and those forms and guides are posted on its website at...
Bank of Canada leaves interest rate unchanged
In its regularly scheduled interest rate announcement made on January 22, 2020, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on January 22, 2020, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remain...
CRA announces automobile expense deduction limits for 2020
The Canada Revenue Agency has announced the rates and limits which will apply for purposes of automobile-related benefits and deductions in 2020. Most such rates and limits are unchanged, as follows: ...
The Canada Revenue Agency has announced the rates and limits which will apply for purposes of automobile-related benefits and deductions in 2020. Most such rates and limits are unchanged, as follows: ...
OAS payment rates for first quarter of 2020
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the first quarter (January 1 to March 31) of 2020. OAS payments are indexed quarterly to c...
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the first quarter (January 1 to March 31) of 2020. OAS payments are indexed quarterly to c...
Unemployment rate down for December 2019
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 35,000 jobs during the month of December and that the overall unemployment rate fell by 0.3%, to...
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 35,000 jobs during the month of December and that the overall unemployment rate fell by 0.3%, to...
Personal tax credit amounts increased
The federal government has announced that the basic personal tax credit, the spousal credit, and the eligible dependant credit amounts will increase, in four stages, from $12,298 to $15,000. The first...
The federal government has announced that the basic personal tax credit, the spousal credit, and the eligible dependant credit amounts will increase, in four stages, from $12,298 to $15,000. The first...
Prescribed interest rates for 2020
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2020, as well as the rates that will apply for the purpose ...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the first quarter of 2020, as well as the rates that will apply for the purpose ...
Prescribed leasing interest rate for January 2020
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
Climate action incentive payment amounts for 2020
The federal government has announced the amounts which will be paid under the climate action incentive program during 2020. Such amounts are claimed when filing the individual income tax return for 20...
The federal government has announced the amounts which will be paid under the climate action incentive program during 2020. Such amounts are claimed when filing the individual income tax return for 20...
NETFILE service for prior years available until January 24, 2020
Taxpayers who have not yet filed their individual income tax returns for 2018 (or the three prior years) can file those returns on NETFILE until Friday, January 24, 2020. Until that date, the Canada R...
Taxpayers who have not yet filed their individual income tax returns for 2018 (or the three prior years) can file those returns on NETFILE until Friday, January 24, 2020. Until that date, the Canada R...
Economic and Fiscal Update projects increased current year deficit
The 2019 Economic and Fiscal Update released on December 16 by the Minister of Finance shows a significant increase in the projected deficit for the current fiscal year. In the 2019-20 Budget announce...
The 2019 Economic and Fiscal Update released on December 16 by the Minister of Finance shows a significant increase in the projected deficit for the current fiscal year. In the 2019-20 Budget announce...
December 16 deadline for final instalment payment for 2019
Canadians who pay income tax by instalments are required to pay the fourth and final instalment payment of 2019 on or before Monday December 16, 2019. Taxpayers subject to the instalment payment requi...
Canadians who pay income tax by instalments are required to pay the fourth and final instalment payment of 2019 on or before Monday December 16, 2019. Taxpayers subject to the instalment payment requi...
December 31 deadline for taxpayer relief applications for 2009
Under the federal government’s Taxpayer Relief Program, the Minister of National Revenue can provide relief to taxpayers from interest or penalty charges which have been assessed. Such taxpayer reli...
Under the federal government’s Taxpayer Relief Program, the Minister of National Revenue can provide relief to taxpayers from interest or penalty charges which have been assessed. Such taxpayer reli...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2...
In its regularly scheduled interest rate announcement made on December 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2...
Indexing adjustment for 2020 released by CRA
The Canada Revenue Agency has announced that personal income tax brackets and credit amounts for the 2020 taxation year will increase by 1.9%. Each year, such individual income tax brackets and cred...
The Canada Revenue Agency has announced that personal income tax brackets and credit amounts for the 2020 taxation year will increase by 1.9%. Each year, such individual income tax brackets and cred...
Inflation rate for October 2019 unchanged
The most recent release of Statistics Canada’s Consumer Price Index indicates that there was no change in the rate of inflation recorded for the month of October. That rate stood at 1.9%, as measure...
The most recent release of Statistics Canada’s Consumer Price Index indicates that there was no change in the rate of inflation recorded for the month of October. That rate stood at 1.9%, as measure...
CRA issues Payroll Deduction Formula guide for 2020
The Canada Revenue Agency has issued the 2020 version of Guide T4127, Payroll Deduction Formulas, which is intended for use by payroll software providers or companies which develop their own in-house ...
The Canada Revenue Agency has issued the 2020 version of Guide T4127, Payroll Deduction Formulas, which is intended for use by payroll software providers or companies which develop their own in-house ...
Upcoming CRA webinar on payroll
On Wednesday November 27, the Canada Revenue Agency (CRA) will be hosting a webinar on payroll requirements for Canadian employers. The webinar, which will start at 1:00 p.m. EST, is free of charge fo...
On Wednesday November 27, the Canada Revenue Agency (CRA) will be hosting a webinar on payroll requirements for Canadian employers. The webinar, which will start at 1:00 p.m. EST, is free of charge fo...
CRA issues 2019 guide to students and income tax
The Canada Revenue Agency (CRA) has updated and re-issued its tax guide for post-secondary students. That guide (P105, Students and Income Tax) reviews the tax treatment of common deductions and credi...
The Canada Revenue Agency (CRA) has updated and re-issued its tax guide for post-secondary students. That guide (P105, Students and Income Tax) reviews the tax treatment of common deductions and credi...
Employment Insurance contribution rates for 2020
The federal government has announced the Employment Insurance (EI) premium rates which will be levied during 2020. For 2020, maximum insurable earnings for the year will be $54,200. The premium rate f...
The federal government has announced the Employment Insurance (EI) premium rates which will be levied during 2020. For 2020, maximum insurable earnings for the year will be $54,200. The premium rate f...
No change in unemployment rate for October
The most recent release of Statistics Canada’s Labour Force Survey shows that there was no change in the overall unemployment rate for the month of October 2019, with that rate remaining at 5.5%. Am...
The most recent release of Statistics Canada’s Labour Force Survey shows that there was no change in the overall unemployment rate for the month of October 2019, with that rate remaining at 5.5%. Am...
CRA issues employer guide to payroll deductions for 2020
The Canada Revenue Agency has issued its Employer’s Guide: Payroll Deductions and Remittances for 2020 (T4001(E)). That guide provides employers with information on the deductions which must be made...
The Canada Revenue Agency has issued its Employer’s Guide: Payroll Deductions and Remittances for 2020 (T4001(E)). That guide provides employers with information on the deductions which must be made...
Canada Pension Plan contribution rates for 2020 released
The federal government has announced the contribution rates and amounts and maximum pensionable earnings which will apply for purposes of the Canada Pension Plan in 2020. Employee and employer contrib...
The federal government has announced the contribution rates and amounts and maximum pensionable earnings which will apply for purposes of the Canada Pension Plan in 2020. Employee and employer contrib...
CRA issues 2019 employer guide to taxable benefits
Employers are required, by the end of February 2020, to issue T4 slips for their employees for the 2019 taxation year. Those T4s will summarize the amount of remuneration received by the employee duri...
Employers are required, by the end of February 2020, to issue T4 slips for their employees for the 2019 taxation year. Those T4s will summarize the amount of remuneration received by the employee duri...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on October 30, 2019, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate will r...
In its regularly scheduled interest rate announcement made on October 30, 2019, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate will r...
CPP contribution rate to increase January 1, 2020
As previously announced, changes are to be made to the Canada Pension Plan over the next 5 years, with the goal of increasing the amount of CPP retirement benefits available to contributors. The next ...
As previously announced, changes are to be made to the Canada Pension Plan over the next 5 years, with the goal of increasing the amount of CPP retirement benefits available to contributors. The next ...
Online retirement income calculator available
The federal government provides a detailed online retirement income calculator which can be used by taxpayers planning retirement. The online calculator allows users to input income amounts from vario...
The federal government provides a detailed online retirement income calculator which can be used by taxpayers planning retirement. The online calculator allows users to input income amounts from vario...
No change in inflation rate for September
The overall inflation rate was unchanged for the month of September, with that rate matching the 1.9% year-over-year increase posted for the month of August 2019. The greatest contributor to the infla...
The overall inflation rate was unchanged for the month of September, with that rate matching the 1.9% year-over-year increase posted for the month of August 2019. The greatest contributor to the infla...
Unemployment rate down in September
The most recent release of Statistics Canada’s Labour Force Survey shows a sharp increase in job creation for the month of September. During that month employment rose by 54,000, mainly in full-time...
The most recent release of Statistics Canada’s Labour Force Survey shows a sharp increase in job creation for the month of September. During that month employment rose by 54,000, mainly in full-time...
Prescribed interest rate for leasing for November
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
2020 Employment Insurance premium rates announced
The federal government has announced the Employment Insurance premium rates and amounts which will be levied during the 2020 calendar year. For 2020, the Employment Insurance premium rate is decreased...
The federal government has announced the Employment Insurance premium rates and amounts which will be levied during the 2020 calendar year. For 2020, the Employment Insurance premium rate is decreased...
OAS payment rates for fourth quarter of 2019
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the fourth quarter (October 1 to December 31) of 2019. OAS payments are indexed quarterly ...
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the fourth quarter (October 1 to December 31) of 2019. OAS payments are indexed quarterly ...
Prescribed interest rates for 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2019, as well as the rates that will apply for the purpose of calculating emp...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2019, as well as the rates that will apply for the purpose of calculating emp...
CRA updates and re-issues publication on tax audits
The Canada Revenue Agency (CRA) has updated and re-issued its publication on the conduct of tax audits. The updated publication (RC4188E)) outlines the process by which the CRA chooses a file for audi...
The Canada Revenue Agency (CRA) has updated and re-issued its publication on the conduct of tax audits. The updated publication (RC4188E)) outlines the process by which the CRA chooses a file for audi...
Prescribed interest rate for leasing for October
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
Rate of inflation at 1.9% for August
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August stood at 1.9%, as measured on a year-over-year basis. The inflation rate ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August stood at 1.9%, as measured on a year-over-year basis. The inflation rate ...
Federal government releases financial results for 2018-19
Finance Canada has released the Annual Financial Report of the Government of Canada for 2018-19, which provides an overview of the federal government’s financial results for the 2018-19 fiscal year ...
Finance Canada has released the Annual Financial Report of the Government of Canada for 2018-19, which provides an overview of the federal government’s financial results for the 2018-19 fiscal year ...
CRA issues tax guidance for international students
Each September thousands of international students move to (or return to) Canada to attend Canadian secondary or post-secondary educational institutions. Depending on their residency status, those stu...
Each September thousands of international students move to (or return to) Canada to attend Canadian secondary or post-secondary educational institutions. Depending on their residency status, those stu...
Unemployment rate unchanged in August
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 81,000 positions during the month of August 2019. Notwithstanding that increase, the unemploymen...
The most recent release of Statistics Canada’s Labour Force Survey shows that employment increased by 81,000 positions during the month of August 2019. Notwithstanding that increase, the unemploymen...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at ...
In its regularly scheduled interest rate announcement made on September 4, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at ...
Individual income tax instalment payment due September 16
Individual taxpayers who make quarterly instalment payments of tax must make the third such instalment payment for the year on or before September 15. As that date falls on a Sunday this year, payment...
Individual taxpayers who make quarterly instalment payments of tax must make the third such instalment payment for the year on or before September 15. As that date falls on a Sunday this year, payment...
Bank of Canada announces 2020 interest rate announcement schedule
The Bank of Canada has released a listing of the eight dates on which it will make regularly scheduled interest rate announcements during 2020. That listing is as follows: Wednesday, January 22 Wedne...
The Bank of Canada has released a listing of the eight dates on which it will make regularly scheduled interest rate announcements during 2020. That listing is as follows: Wednesday, January 22 Wedne...
CRA issues warning on self-directed RRSP withdrawal schemes
The Canada Revenue Agency has issued a Tax Tip warning owners of self-directed RRSPs about a current tax scheme which they may encounter. Promoters of such schemes falsely promise owners of self-direc...
The Canada Revenue Agency has issued a Tax Tip warning owners of self-directed RRSPs about a current tax scheme which they may encounter. Promoters of such schemes falsely promise owners of self-direc...
CRA issues updated guide to electronic record keeping by taxpayers
The Canada Revenue Agency has updated and re-issued its Information Circular outlining the rules and requirements which apply to taxpayers who keep business and tax books and records in electronic for...
The Canada Revenue Agency has updated and re-issued its Information Circular outlining the rules and requirements which apply to taxpayers who keep business and tax books and records in electronic for...
Inflation rate unchanged in July
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation recorded for the month of July was unchanged from the previous month. For both June and July, tha...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation recorded for the month of July was unchanged from the previous month. For both June and July, tha...
Prescribed interest rate for leasing for September
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, which includes the applicable rate for the upcoming month, as well as the rates in ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, which includes the applicable rate for the upcoming month, as well as the rates in ...
Unemployment rate up slightly for July
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the unemployment rate for the month of July, as measured on a year-over-year basis. For that month, the ...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the unemployment rate for the month of July, as measured on a year-over-year basis. For that month, the ...
CRA enhances telephone security procedures
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding taxpayers of the procedures which it utilizes to protect their personal information, particularly with respect to contacts between taxpay...
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding taxpayers of the procedures which it utilizes to protect their personal information, particularly with respect to contacts between taxpay...
Third quarterly income tax instalment due September 15
Individuals who are required to pay income tax by instalments must make their third quarterly instalment for 2019 on or before September 15, 2019. As that date is a Sunday, such payments are considere...
Individuals who are required to pay income tax by instalments must make their third quarterly instalment for 2019 on or before September 15, 2019. As that date is a Sunday, such payments are considere...
Federal government issues initial listing of prescribed livestock tax deferral areas for 2019
The federal government provides tax relief to livestock producers who are experiencing severe weather or climate conditions during the year. Such relief is provided through the livestock tax deferral ...
The federal government provides tax relief to livestock producers who are experiencing severe weather or climate conditions during the year. Such relief is provided through the livestock tax deferral ...
Bank of Canada releases 2020 interest rate announcement dates
The Bank of Canada has released the listing of dates on which it will make scheduled interest rate announcements during calendar year 2020. There will be 8 such scheduled interest rate announcements d...
The Bank of Canada has released the listing of dates on which it will make scheduled interest rate announcements during calendar year 2020. There will be 8 such scheduled interest rate announcements d...
Mortgage stress test interest rate lowered to 5.19%
Prospective mortgage borrowers in Canada are subject to a “stress test” as part of the assessment of their credit-worthiness. Under that test, such borrowers are required to qualify for a mortgage...
Prospective mortgage borrowers in Canada are subject to a “stress test” as part of the assessment of their credit-worthiness. Under that test, such borrowers are required to qualify for a mortgage...
Inflation rate up by 2% in June
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of June 2019 stood at 2%. The comparable rate for May was 2.4%. The decr...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation during the month of June 2019 stood at 2%. The comparable rate for May was 2.4%. The decr...
Prescribed interest rate for leasing for August
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
The Canada Revenue Agency (CRA) formerly provided taxpayers with a listing of prescribed interest rates for leasing, with such listing including the applicable rate for the upcoming month, as well as ...
Slight increase in unemployment rate for June
The most recent release of Statistics Canada’s Labour Force Survey shows that, although the unemployment rate for the month of June rose by 0.1%, employment increased by 132,000 positions during the...
The most recent release of Statistics Canada’s Labour Force Survey shows that, although the unemployment rate for the month of June rose by 0.1%, employment increased by 132,000 positions during the...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the bank rate remains at 2%. ...
In its regularly scheduled interest rate announcement made on July 10, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the bank rate remains at 2%. ...
Prescribed interest rates for the first three quarters of 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2019, as well as the rates that will apply for th...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2019, as well as the rates that will apply for th...
Increases to GST/HST credit and Canada Child Benefit payment rates
July 1, 2019 is the start of the 2019-20 benefit year for many provincial and federal child and tax benefits, including the federal GST/HST credit and the Canada Child Benefit. As of that date, the pa...
July 1, 2019 is the start of the 2019-20 benefit year for many provincial and federal child and tax benefits, including the federal GST/HST credit and the Canada Child Benefit. As of that date, the pa...
OAS payment rates for third quarter of 2019
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the third quarter (July 1 to September 30) of 2019. OAS payments are indexed quarterly to ...
The federal government has announced the Old Age Security (OAS) and related amounts which will be paid during the third quarter (July 1 to September 30) of 2019. OAS payments are indexed quarterly to ...
Prescribed interest rate for leasing for July
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July 2019. The prescribed rate for July is 2.75%. A chart showi...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July 2019. The prescribed rate for July is 2.75%. A chart showi...
Inflation rate for May at 2.4%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of May 2019, as measured on a year-over-year basis, stood at 2.4%. Inflation during...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of May 2019, as measured on a year-over-year basis, stood at 2.4%. Inflation during...
Finance holding consultations on upcoming changes to stock option rules
Under the Canadian tax system, employee stock options receive preferential tax treatment. In this year’s Budget the federal government indicated that, in its view, the existing rules on stock option...
Under the Canadian tax system, employee stock options receive preferential tax treatment. In this year’s Budget the federal government indicated that, in its view, the existing rules on stock option...
First-time home buyer’s incentive to launch September 2, 2019
In this year’s federal Budget, a new program was announced to benefit first-time home buyers. Under that program, the First-Time Home Buyer’s Incentive, the Canada Mortgage and Housing Corporation...
In this year’s federal Budget, a new program was announced to benefit first-time home buyers. Under that program, the First-Time Home Buyer’s Incentive, the Canada Mortgage and Housing Corporation...
Increases to Canada child benefit effective July 1, 2019
Effective as of July 2019, the amount of Canada Child Benefit (CCB) payable to eligible Canadian families will be increased to account for inflation. Starting with the July payment (which will be made...
Effective as of July 2019, the amount of Canada Child Benefit (CCB) payable to eligible Canadian families will be increased to account for inflation. Starting with the July payment (which will be made...
Unemployment rate down slightly in May
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate recorded for the month of May. The unemployment rate for that month stood at...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate recorded for the month of May. The unemployment rate for that month stood at...
Prescribed interest rates for leasing for June 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of June 2019. The prescribed rate for that month will be increase...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of June 2019. The prescribed rate for that month will be increase...
Individual income tax instalment payment due June 17
Individual taxpayers who pay income tax by instalments must make their second instalment payment for 2019 on or before June 17, 2019. Such taxpayers will have received an instalment notice setting out...
Individual taxpayers who pay income tax by instalments must make their second instalment payment for 2019 on or before June 17, 2019. Such taxpayers will have received an instalment notice setting out...
2018 returns for self-employed taxpayers due June 17, 2019
Self-employed taxpayers (and their spouses) have until Monday June 17, 2019 to file their income tax returns for the 2018 tax year. Returns filed after that date will be subject to late-filing penalti...
Self-employed taxpayers (and their spouses) have until Monday June 17, 2019 to file their income tax returns for the 2018 tax year. Returns filed after that date will be subject to late-filing penalti...
Bank of Canada maintains interest rates at current levels
In its regularly scheduled interest rate announcement made on May 29, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Consequently, the Bank Rate remain...
In its regularly scheduled interest rate announcement made on May 29, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Consequently, the Bank Rate remain...
Filing of 2018 tax return required to receive federal tax benefits
The federal government and many of the provinces provide benefit programs for which both entitlement and benefit amount are based, at least in part, on the income of the recipient taxpayer. Those bene...
The federal government and many of the provinces provide benefit programs for which both entitlement and benefit amount are based, at least in part, on the income of the recipient taxpayer. Those bene...
Overall inflation rate for April 2019 at 2%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April stood at 2%, as measured on a year-over-year basis. Seven of the eight maj...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of April stood at 2%, as measured on a year-over-year basis. Seven of the eight maj...
CRA confirms June 17 filing deadline for self-employed taxpayers
The Canada Revenue Agency (CRA) has issued a Tax Tip confirming that the filing deadline for individual income tax returns filed for the 2018 tax year by self-employed individuals and their spouses is...
The Canada Revenue Agency (CRA) has issued a Tax Tip confirming that the filing deadline for individual income tax returns filed for the 2018 tax year by self-employed individuals and their spouses is...
Good employment news for the month of April
The most recent release of Statistics Canada’s Labour Force Survey shows growth in employment during the month of April for nearly all demographic groups. The overall unemployment rate for the month...
The most recent release of Statistics Canada’s Labour Force Survey shows growth in employment during the month of April for nearly all demographic groups. The overall unemployment rate for the month...
CRA issues warning on Health Spending Account tax schemes
The Canada Revenue Agency (CRA) has issued a warning about a current tax scheme involving Health Spending Accounts (HSAs) which are being marketed to small businesses. HSAs are self-insured health pla...
The Canada Revenue Agency (CRA) has issued a warning about a current tax scheme involving Health Spending Accounts (HSAs) which are being marketed to small businesses. HSAs are self-insured health pla...
Canada Child Benefit rates to increase in July
The federal government has announced that, effective with the July 2019 payment, Canada Child Benefit rates will increase.As of July, the maximum benefit for a child under the age of 6 will increase t...
The federal government has announced that, effective with the July 2019 payment, Canada Child Benefit rates will increase.As of July, the maximum benefit for a child under the age of 6 will increase t...
Prescribed interest rate for leasing for May 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of May 2019. The prescribed rate for that month will be reduced t...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the month of May 2019. The prescribed rate for that month will be reduced t...
CRA reminds flood-affected taxpayers of available relief
The Canada Revenue Agency (CRA) has issued a press release reminding taxpayers who have been affected by this spring’s floods of the availability of relief with respect to their obligation to file a...
The Canada Revenue Agency (CRA) has issued a press release reminding taxpayers who have been affected by this spring’s floods of the availability of relief with respect to their obligation to file a...
Increase in rate of inflation for March 2019
The most recent release of Statistics Canada’s Consumer Price Index shows a significant increase in the rate of inflation recorded for the month of March 2019. During that month, the CPI rose 1.9%, ...
The most recent release of Statistics Canada’s Consumer Price Index shows a significant increase in the rate of inflation recorded for the month of March 2019. During that month, the CPI rose 1.9%, ...
Bank of Canada leaves interest rates unchanged
The Bank of Canada, in its regularly scheduled interest rate announcement made on April 24, determined that no change was needed to current rates. The Bank Rate therefore remains at 2%. The press rele...
The Bank of Canada, in its regularly scheduled interest rate announcement made on April 24, determined that no change was needed to current rates. The Bank Rate therefore remains at 2%. The press rele...
OAS rates unchanged for the second quarter of 2019
The federal government has announced the Old Age Security payment rates which will be in effect for the second quarter (April 1 to June 30) of 2019. OAS payment rates are indexed quarterly to inflatio...
The federal government has announced the Old Age Security payment rates which will be in effect for the second quarter (April 1 to June 30) of 2019. OAS payment rates are indexed quarterly to inflatio...
April 30 deadline for payment of 2018 individual income taxes
All payments of individual income tax owed for the 2018 taxation year must be received by the Canada Revenue Agency (CRA) on or before Tuesday April 30, 2019. There are a number of means by which paym...
All payments of individual income tax owed for the 2018 taxation year must be received by the Canada Revenue Agency (CRA) on or before Tuesday April 30, 2019. There are a number of means by which paym...
CRA issues guide to medical expense claims for 2018
The Canada Revenue Agency (CRA) has issued an updated guide to be used by taxpayers who are claiming medical expenses on their income tax returns for 2018. Individual taxpayers are entitled to claim a...
The Canada Revenue Agency (CRA) has issued an updated guide to be used by taxpayers who are claiming medical expenses on their income tax returns for 2018. Individual taxpayers are entitled to claim a...
Unemployment rate unchanged in March
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change in the overall unemployment rate for the month of March. That rate remained at 5.8%. Employment ...
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change in the overall unemployment rate for the month of March. That rate remained at 5.8%. Employment ...
Prescribed interest rates for leasing for April
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the month April 2019. The prescribed rate for the upcoming month is 3.1%. A chart...
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the month April 2019. The prescribed rate for the upcoming month is 3.1%. A chart...
Prescribed interest rates for the first half of 2019
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2019, as well as the rates that will apply for the purpose of cal...
The Canada Revenue Agency has announced the interest rates which will apply to amounts owed to and by the Agency for the first half of 2019, as well as the rates that will apply for the purpose of cal...
CRA posts Tax Tips for students and seniors
The Canada Revenue Agency (CRA) has posted a number of Tax Tips for seniors and students on its website. Those Tax Tips list and explain particular credits, deductions, or benefits which are most like...
The Canada Revenue Agency (CRA) has posted a number of Tax Tips for seniors and students on its website. Those Tax Tips list and explain particular credits, deductions, or benefits which are most like...
Inflation increases by 1.5% in February
The most recent release of Statistics Canada’s Consumer Price Survey indicates that the rate of inflation for the month of February, as measured on a year-over-year basis, stood at 1.5%. The compara...
The most recent release of Statistics Canada’s Consumer Price Survey indicates that the rate of inflation for the month of February, as measured on a year-over-year basis, stood at 1.5%. The compara...
Budget 2019: Adjusting the Rules for Cannabis Taxation
Budget 2019 is proposing that the excise duty framework for cannabis products be amended to more effectively apply the excise duty on new classes of cannabis products, as well as to cannabis oils, whi...
Budget 2019 is proposing that the excise duty framework for cannabis products be amended to more effectively apply the excise duty on new classes of cannabis products, as well as to cannabis oils, whi...
Budget 2019: Expanding Health-Related Tax Relief
Budget 2019 proposes to expand health-related tax relief under the Goods and Services Tax/Harmonized Sales Tax (GST/HST) system to better meet the health care needs of Canadians by: providing GST/HST...
Budget 2019 proposes to expand health-related tax relief under the Goods and Services Tax/Harmonized Sales Tax (GST/HST) system to better meet the health care needs of Canadians by: providing GST/HST...
Budget 2019: Employee Stock Options
Budget 2019 announces the Government’s intent to limit the use of the current employee stock option tax regime and move toward aligning the tax treatment with the United States for employees of larg...
Budget 2019 announces the Government’s intent to limit the use of the current employee stock option tax regime and move toward aligning the tax treatment with the United States for employees of larg...
Budget 2019: Electronic Delivery of Requirements for Information
Budget 2019 proposes that the Canada Revenue Agency (CRA) will be allowed to send requirements for information electronically to a bank or credit union only if the bank or credit union notifies the CR...
Budget 2019 proposes that the Canada Revenue Agency (CRA) will be allowed to send requirements for information electronically to a bank or credit union only if the bank or credit union notifies the CR...
Budget 2019: Carrying on Business in a Tax-Free Savings Account
Budget 2019 proposes that the joint and several liability for tax owing on income from carrying on a business in a TFSA be extended to the TFSA holder. The joint and several liability of a trustee of ...
Budget 2019 proposes that the joint and several liability for tax owing on income from carrying on a business in a TFSA be extended to the TFSA holder. The joint and several liability of a trustee of ...
Budget 2019: Mutual Funds: Allocation to Redeemers Methodology
Budget 2019 proposes to introduce a new rule that would deny a mutual fund trust a deduction in respect of the portion of an allocation made to a unitholder on a redemption of a unit of the mutual fun...
Budget 2019 proposes to introduce a new rule that would deny a mutual fund trust a deduction in respect of the portion of an allocation made to a unitholder on a redemption of a unit of the mutual fun...
Budget 2019: Pensionable Service Under an Individual Pension Plan (IPP)
Budget 2019 proposes to prohibit Individual Pension Plans (IPPs) from providing retirement benefits in respect of past years of employment that were pensionable service under a defined benefit plan of...
Budget 2019 proposes to prohibit Individual Pension Plans (IPPs) from providing retirement benefits in respect of past years of employment that were pensionable service under a defined benefit plan of...
Budget 2019: Contributions to a Specified Multi-Employer Plan (SMEP) for Older Members
To bring the Specified Multi-Employer Plan (SMEP) rules in line with the pension tax provisions that apply to other defined benefit RPPs, Budget 2019 proposes to amend the tax rules to prohibit contri...
To bring the Specified Multi-Employer Plan (SMEP) rules in line with the pension tax provisions that apply to other defined benefit RPPs, Budget 2019 proposes to amend the tax rules to prohibit contri...
Budget 2019: Medical Expense Tax Credit
Amounts paid for cannabis products may be eligible for the medical expense tax credit where such products are purchased for a patient for medical purposes in accordance with the Access to Cannabis for...
Amounts paid for cannabis products may be eligible for the medical expense tax credit where such products are purchased for a patient for medical purposes in accordance with the Access to Cannabis for...
Budget 2019: Supporting Donations of Cultural Property
A recent court decision related to the interpretation of “national importance” has created uncertainty about the availability of these tax incentives. Budget 2019 proposes to introduce legislative...
A recent court decision related to the interpretation of “national importance” has created uncertainty about the availability of these tax incentives. Budget 2019 proposes to introduce legislative...
Budget 2019: Tax Measures for Kinship Care Providers, Tax Treatment of Financial Assistance Payments
Budget 2019 proposes to amend the Income Tax Act to clarify that financial assistance payments received by care providers under a kinship care program are neither taxable nor included in income for th...
Budget 2019 proposes to amend the Income Tax Act to clarify that financial assistance payments received by care providers under a kinship care program are neither taxable nor included in income for th...
Budget 2019: Tax Measures for Kinship Care Providers, Canada Workers Benefit
Budget 2019 proposes to amend the Income Tax Act to clarify that an individual may be considered to be the parent of a child in their care for the purpose of the Canada Workers Benefit, regardless of ...
Budget 2019 proposes to amend the Income Tax Act to clarify that an individual may be considered to be the parent of a child in their care for the purpose of the Canada Workers Benefit, regardless of ...
Budget 2019: Improvements to the Registered Disability Savings Plan (RDSP)
To ensure that the Registered Disability Savings Plan (RDSP) continues to respond to the needs of Canadians with disabilities, Budget 2019 proposes two changes that will better protect the long-term s...
To ensure that the Registered Disability Savings Plan (RDSP) continues to respond to the needs of Canadians with disabilities, Budget 2019 proposes two changes that will better protect the long-term s...
Budget 2019: Variable Payment Life Annuities
Budget 2019 proposes to amend the tax rules to permit PRPPs and defined contribution RPPs to provide a variable payment life annuity (VPLA) to members directly from the plan. A VPLA will provide payme...
Budget 2019 proposes to amend the tax rules to permit PRPPs and defined contribution RPPs to provide a variable payment life annuity (VPLA) to members directly from the plan. A VPLA will provide payme...
Budget 2019: Advanced Life Deferred Annuities
Budget 2019 proposes to amend the tax rules to permit an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, under certain registered plans. An ALDA w...
Budget 2019 proposes to amend the tax rules to permit an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, under certain registered plans. An ALDA w...
Budget 2019: Change in Use Rules for Multi-Unit Residential Properties
To improve the consistency of the tax treatment of owners of multi-unit residential properties in comparison to owners of single-unit residential properties, Budget 2019 proposes to allow a taxpayer t...
To improve the consistency of the tax treatment of owners of multi-unit residential properties in comparison to owners of single-unit residential properties, Budget 2019 proposes to allow a taxpayer t...
Budget 2019: Modernizing the Home Buyers’ Plan (HBP)
Budget 2019 proposes to increase the Home Buyers’ Plan (HBP) withdrawal limit to $35,000. This would be available for withdrawals made after March 19, 2019. Budget 2019 also proposes to extend acces...
Budget 2019 proposes to increase the Home Buyers’ Plan (HBP) withdrawal limit to $35,000. This would be available for withdrawals made after March 19, 2019. Budget 2019 also proposes to extend acces...
Budget 2019: Canada Training Credit
Budget 2019 proposes this new, non-taxable credit that would help Canadians pay for training fees. Every year, eligible workers between the ages of 25 and 64 would accumulate a credit balance of $250 ...
Budget 2019 proposes this new, non-taxable credit that would help Canadians pay for training fees. Every year, eligible workers between the ages of 25 and 64 would accumulate a credit balance of $250 ...
Budget 2019: Strengthening Canada’s International Tax Rules
Budget 2019 proposes to: extend the foreign affiliate dumping rules in the Income Tax Act to prevent a corporation resident in Canada that is controlled by a non-resident individual or trust from red...
Budget 2019 proposes to: extend the foreign affiliate dumping rules in the Income Tax Act to prevent a corporation resident in Canada that is controlled by a non-resident individual or trust from red...
Budget 2019: Strengthening Beneficial Ownership Transparency
In Budget 2019, the Government proposes further amendments to the Income Tax Act to make the beneficial ownership information maintained by federally incorporated corporations more readily available t...
In Budget 2019, the Government proposes further amendments to the Income Tax Act to make the beneficial ownership information maintained by federally incorporated corporations more readily available t...
Budget 2019: Character Conversion Transactions
Budget 2019 proposes an amendment that introduces an additional qualification for the commercial transaction exception in the definition “derivative forward agreement” as the exception applies to ...
Budget 2019 proposes an amendment that introduces an additional qualification for the commercial transaction exception in the definition “derivative forward agreement” as the exception applies to ...
Budget 2019: Canadian-Belgian Co-productions - Canadian Film or Video Production Tax Credit
Budget 2019 proposes to add The Memorandum of Understanding between the Government of Canada and the Respective Governments of the Flemish, French and German-speaking Communities of the Kingdom of Bel...
Budget 2019 proposes to add The Memorandum of Understanding between the Government of Canada and the Respective Governments of the Flemish, French and German-speaking Communities of the Kingdom of Bel...
Budget 2019: Improving Support for Small, Growing Companies
Budget 2019 proposes to repeal the use of taxable income as a factor in determining a CCPC’s annual expenditure limit for the purpose of the enhanced SR&ED tax credit. As a result, small CCPCs w...
Budget 2019 proposes to repeal the use of taxable income as a factor in determining a CCPC’s annual expenditure limit for the purpose of the enhanced SR&ED tax credit. As a result, small CCPCs w...
Budget 2019: Small Business Deduction - Farmers and Fishers
Budget 2019 proposes to eliminate the requirement that sales be to a farming or fishing cooperative corporation in order to be excluded from specified corporate income. As such, this exclusion will ap...
Budget 2019 proposes to eliminate the requirement that sales be to a farming or fishing cooperative corporation in order to be excluded from specified corporate income. As such, this exclusion will ap...
Budget 2019: Supporting Business Investment in Zero-Emission Vehicles
Budget 2019 proposes that these vehicles be eligible for a full tax write-off in the year they are put in use. Qualifying vehicles will include electric battery, plug-in hybrid (with a battery capacit...
Budget 2019 proposes that these vehicles be eligible for a full tax write-off in the year they are put in use. Qualifying vehicles will include electric battery, plug-in hybrid (with a battery capacit...
Budget 2019: Support for Canadian Journalism
Budget 2019 proposes to introduce three new tax measures to support Canadian journalism: allowing journalism organizations to register as qualified donees; a refundable labour tax credit for qualifyi...
Budget 2019 proposes to introduce three new tax measures to support Canadian journalism: allowing journalism organizations to register as qualified donees; a refundable labour tax credit for qualifyi...
Unemployment rate unchanged in February
The most recent release of Statistics Canada’s Labour Force survey shows that, while the rate of unemployment for the month of February was unchanged, employment grew by 56,000 positions. The unempl...
The most recent release of Statistics Canada’s Labour Force survey shows that, while the rate of unemployment for the month of February was unchanged, employment grew by 56,000 positions. The unempl...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2% I...
In its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2% I...
Inflation down to 1.4% for January 2019
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows a drop in the rate of inflation for the month of January. That rate, as measured on a year-over-year basis, was 1.4%. ...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows a drop in the rate of inflation for the month of January. That rate, as measured on a year-over-year basis, was 1.4%. ...
First instalment payment of 2019 due March 15
The first instalment payment of individual income taxes for the 2019 tax year is due on or before Friday March 15, 2019. Individuals who have previously paid tax by instalments will have received an i...
The first instalment payment of individual income taxes for the 2019 tax year is due on or before Friday March 15, 2019. Individuals who have previously paid tax by instalments will have received an i...
CRA providing extended hours for individual tax help line
The Canada Revenue Agency (CRA) has announced that its Individual Income Tax Enquiries line (1-800-959-8281) is now available for extended hours. Until April 30, 2019, telephone agents will be availab...
The Canada Revenue Agency (CRA) has announced that its Individual Income Tax Enquiries line (1-800-959-8281) is now available for extended hours. Until April 30, 2019, telephone agents will be availab...
Date announced for 2019-20 federal Budget
The Minister of Finance has announced that the 2019-20 federal Budget will be brought down on Tuesday, March 19, 2019. Once the Budget is released, at around 4 p.m., the Budget Papers will be posted o...
The Minister of Finance has announced that the 2019-20 federal Budget will be brought down on Tuesday, March 19, 2019. Once the Budget is released, at around 4 p.m., the Budget Papers will be posted o...
Obtaining a 2018 tax return form and guide
The 2018 T1 Individual Income Tax Return and Guide package is now available on the Canada Revenue Agency (CRA) website at https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packag...
The 2018 T1 Individual Income Tax Return and Guide package is now available on the Canada Revenue Agency (CRA) website at https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packag...
NETFILE available for filing of 2018 individual income tax returns
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns is available as of Monday, February 18, 2019. The current NETFILE service (which ...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns is available as of Monday, February 18, 2019. The current NETFILE service (which ...
CRA issues tax filing tips for students
The Canada Revenue Agency (CRA) has issued a Tax Tip for post-secondary students and graduates who will be filing an income tax return for the 2018 tax year. That Tax Tip, which can be found on the CR...
The Canada Revenue Agency (CRA) has issued a Tax Tip for post-secondary students and graduates who will be filing an income tax return for the 2018 tax year. That Tax Tip, which can be found on the CR...
Small increase in unemployment rate for January
During the month of January, the number of people employed in Canada rose by 67,000, with that figure attributable for most part to increased employment of those aged 15 to 24 and those working in the...
During the month of January, the number of people employed in Canada rose by 67,000, with that figure attributable for most part to increased employment of those aged 15 to 24 and those working in the...
Prescribed interest rate for leasing
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of March 2019. That prescribed rate for the month of March will be...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of March 2019. That prescribed rate for the month of March will be...
CRA issues tax filing tips for seniors
The Canada Revenue Agency (CRA) has posted a Tax Tip which lists the tax deductions and credits which are most relevant to seniors, and which can be claimed by eligible seniors when preparing and fili...
The Canada Revenue Agency (CRA) has posted a Tax Tip which lists the tax deductions and credits which are most relevant to seniors, and which can be claimed by eligible seniors when preparing and fili...
NETFILE service for 2018 returns available February 18
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns for the 2018 tax year will be available online on Monday February 18, 2019. The N...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns for the 2018 tax year will be available online on Monday February 18, 2019. The N...
Upcoming changes to the CRA’s e-mail service
Effective as of February 11, 2019, the Canada Revenue Agency (CRA) will be merging its online mail and account alerts services. Notification of the change is being sent to users of those services, and...
Effective as of February 11, 2019, the Canada Revenue Agency (CRA) will be merging its online mail and account alerts services. Notification of the change is being sent to users of those services, and...
Pre-Budget consultations ending on January 29
Finance Canada has issued a reminder that the current consultation process with respect to the upcoming 2019-20 federal Budget will end on Tuesday, January 29, 2019. Interested stakeholders can make t...
Finance Canada has issued a reminder that the current consultation process with respect to the upcoming 2019-20 federal Budget will end on Tuesday, January 29, 2019. Interested stakeholders can make t...
Inflation rate increases to 2% in December
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, stood at 2% during the month of December 2018. The equiva...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, stood at 2% during the month of December 2018. The equiva...
Finance announces automobile allowance limits and rates for 2019
Finance Canada has announced the automobile deduction limits and expense benefit rates which will apply to businesses and their employees during the 2019 taxation year. Most of the limits which applie...
Finance Canada has announced the automobile deduction limits and expense benefit rates which will apply to businesses and their employees during the 2019 taxation year. Most of the limits which applie...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on January 9, 2019, the Bank of Canada indicated that no change would be made to current interest rates. The Bank Rate therefore remains at 2...
In its regularly scheduled interest rate announcement made on January 9, 2019, the Bank of Canada indicated that no change would be made to current interest rates. The Bank Rate therefore remains at 2...
Prescribed interest rates for leasing for January and February
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the months of January and February 2019.The prescribed rate for January is ...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will be in effect during the months of January and February 2019.The prescribed rate for January is ...
Prescribed interest rates for the first quarter of 2019
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2019, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2019, as well as the rates that will apply for the purpo...
Canada Pension Plan changes to take effect January 1, 2019
Over the next seven years, significant changes will be made to the Canada Pension Plan. Those changes will result, overall, in an increase of about 50% in the maximum retirement benefit. The first suc...
Over the next seven years, significant changes will be made to the Canada Pension Plan. Those changes will result, overall, in an increase of about 50% in the maximum retirement benefit. The first suc...
Inflation for November down to 1.7%
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of November, as measured on a year-over-year basis, stood at 1.7%. The comparable r...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of November, as measured on a year-over-year basis, stood at 1.7%. The comparable r...
NETFILE service for prior years available until January 25, 2019
Taxpayers who have not yet filed their individual income tax returns for 2017 (or the three prior years) can file those returns on NETFILE until Friday, January 25, 2019. Until that date, the Canada R...
Taxpayers who have not yet filed their individual income tax returns for 2017 (or the three prior years) can file those returns on NETFILE until Friday, January 25, 2019. Until that date, the Canada R...
Prescribed leasing interest rate for January 2019
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of January 2019. The prescribed rate for that month will be 3.39%....
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of January 2019. The prescribed rate for that month will be 3.39%....
December 31, 2018 deadline for 2008 tax fairness applications
Where taxpayers fail to meet their tax filing or payment obligations, penalties and interest are usually levied for that failure. However, the Minister of National Revenue has the authority to forgive...
Where taxpayers fail to meet their tax filing or payment obligations, penalties and interest are usually levied for that failure. However, the Minister of National Revenue has the authority to forgive...
Unemployment rate for November at 42-year low
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of November was the lowest recorded since 1976. The unemployment rate for the month,...
The most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of November was the lowest recorded since 1976. The unemployment rate for the month,...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on December 5, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate rem...
In its regularly scheduled interest rate announcement made on December 5, the Bank of Canada indicated that, in its view, no change to current interest rates was needed. Accordingly, the Bank Rate rem...
Personal tax credit amounts for 2019
The federal government will provide the following personal tax credit amounts for 2019: Basic personal amount ……………………………… $12,069 Spouse or common law partner amount …...
The federal government will provide the following personal tax credit amounts for 2019: Basic personal amount ……………………………… $12,069 Spouse or common law partner amount …...
Inflation rate up slightly in October
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation rate for the month of October. That rate rose 2.4%, following a 2.2% increase for...
The most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation rate for the month of October. That rate rose 2.4%, following a 2.2% increase for...
Finance announces start of 2019-20 federal Budget consultation process
Finance Canada has announced details of the consultation process leading up the release of the 2019-20 Federal Budget next spring. The budget consultation process will include both in-person and digit...
Finance Canada has announced details of the consultation process leading up the release of the 2019-20 Federal Budget next spring. The budget consultation process will include both in-person and digit...
New tax credits to support news organizations
In the 2018-19 Fall Economic Statement, the Minister of Finance announced that three new tax initiatives would be introduced to support both traditional and digital news organizations. Those changes w...
In the 2018-19 Fall Economic Statement, the Minister of Finance announced that three new tax initiatives would be introduced to support both traditional and digital news organizations. Those changes w...
Federal government announces new business tax incentives
In the Fall Economic Statement issued on November 21, the Minister of Finance announced new tax measures that would: allow businesses to immediately write off the cost of machinery and equipment used...
In the Fall Economic Statement issued on November 21, the Minister of Finance announced new tax measures that would: allow businesses to immediately write off the cost of machinery and equipment used...
CRA issues 2018 employer’s guide to taxable benefits
Some of the non-monetary benefits which employers provide to their employees must be included in the employee’s income and taxed as such. Each year, employers must include the amount of any such tax...
Some of the non-monetary benefits which employers provide to their employees must be included in the employee’s income and taxed as such. Each year, employers must include the amount of any such tax...
CRA announces enhancements to BizApp
The Canada Revenue Agency (CRA) provides a mobile web app for small business owners and sole proprietors which enables them to manage their business tax accounts on any browser-enabled mobile device. ...
The Canada Revenue Agency (CRA) provides a mobile web app for small business owners and sole proprietors which enables them to manage their business tax accounts on any browser-enabled mobile device. ...
Unemployment rate down slightly for September
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in unemployment during the month of September. That rate stood at 5.8%, down 0.1% from the rate posted for Au...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in unemployment during the month of September. That rate stood at 5.8%, down 0.1% from the rate posted for Au...
Canada Pension Plan contribution rates for 2019
The Canada Revenue Agency has announced the contribution rates and amounts for the Canada Pension Plan which will apply during the 2019 calendar year, and that announcement can be found at https://www...
The Canada Revenue Agency has announced the contribution rates and amounts for the Canada Pension Plan which will apply during the 2019 calendar year, and that announcement can be found at https://www...
Prescribed interest rate for leasing for November
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of November. The prescribed rate for that month will be 3.43%. A c...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of November. The prescribed rate for that month will be 3.43%. A c...
CRA announces contingency plans for postal disruption
The Canada Revenue Agency (CRA) (as well as other federal government departments and agencies) has issued information indicating how government payments will be handled during the current postal disru...
The Canada Revenue Agency (CRA) (as well as other federal government departments and agencies) has issued information indicating how government payments will be handled during the current postal disru...
Inflation rate at 2.2% for September
The most recent release of Statistics Canada’s Consumer Price Index shows that the inflation rate for the month of September stood at 2.2%, as measured on a year-over-year basis. The comparable rate...
The most recent release of Statistics Canada’s Consumer Price Index shows that the inflation rate for the month of September stood at 2.2%, as measured on a year-over-year basis. The comparable rate...
Bank of Canada raises interest rates again
In its regularly scheduled interest rate announcement made on October 24, the Bank of Canada once again increased the bank rate, which now stands at 2%.In the press release announcing the increase, wh...
In its regularly scheduled interest rate announcement made on October 24, the Bank of Canada once again increased the bank rate, which now stands at 2%.In the press release announcing the increase, wh...
OAS payment rates for the fourth quarter of 2018
The federal government has announced the maximum Old Age Security (OAS) benefit amount which will be paid to eligible recipients in the last quarter — October, November, and December — of 2018. Th...
The federal government has announced the maximum Old Age Security (OAS) benefit amount which will be paid to eligible recipients in the last quarter — October, November, and December — of 2018. Th...
CRA issues updated forms for reduced source deductions
In some circumstances, taxpayers are entitled to request a reduction in the amount of tax being deducted at source from their income. An employee can request that the amount of income tax being deduct...
In some circumstances, taxpayers are entitled to request a reduction in the amount of tax being deducted at source from their income. An employee can request that the amount of income tax being deduct...
CRA to hold webinar on CPP changes for the self-employed
A number of changes have been made over the past few years to the Canada Pension Plan (CPP), with those changes generally providing greater flexibility to CPP contributors. Some of those changes parti...
A number of changes have been made over the past few years to the Canada Pension Plan (CPP), with those changes generally providing greater flexibility to CPP contributors. Some of those changes parti...
Slight decline in unemployment rate for September
The most recent release of Statistics Canada’s Labour Force Survey shows a small decrease in the overall unemployment rate for the month of September. That rate decreased from the 6% rate recorded f...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decrease in the overall unemployment rate for the month of September. That rate decreased from the 6% rate recorded f...
Prescribed interest rate for leasing for October
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of October. The prescribed rate for that month will be 3.33%. A ch...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of October. The prescribed rate for that month will be 3.33%. A ch...
Prescribed interest rates for the fourth quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the fourth quarter of 2018, as well as the rates that will apply for the purp...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the fourth quarter of 2018, as well as the rates that will apply for the purp...
NETFILE still available for filing of 2017 returns
While the deadline for filing of individual income tax returns for the 2017 tax year (for both employees and the self-employed) has passed, the Canada Revenue Agency’s (CRA’s) NETFILE service thro...
While the deadline for filing of individual income tax returns for the 2017 tax year (for both employees and the self-employed) has passed, the Canada Revenue Agency’s (CRA’s) NETFILE service thro...
Inflation rate down slightly in August
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August 2018 stood at 2.8%, as measured on a year-over-year basis. The comparable...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August 2018 stood at 2.8%, as measured on a year-over-year basis. The comparable...
CRA updates fact sheet for temporary Canadian workers
Canada’s tax system is one based on residency, and individuals who are considered to be residents of Canada are subject to federal and provincial tax. The federal government has issued a fact sheet ...
Canada’s tax system is one based on residency, and individuals who are considered to be residents of Canada are subject to federal and provincial tax. The federal government has issued a fact sheet ...
Employment insurance premium rate for 2019
The Minister of Finance has announced that the employment insurance premium rate payable by employees and the self-employed for the 2019 tax year will be reduced. The premium rate for that year will b...
The Minister of Finance has announced that the employment insurance premium rate payable by employees and the self-employed for the 2019 tax year will be reduced. The premium rate for that year will b...
CRA issues updated guide to federal and provincial child benefits
The federal government has updated and re-issued its guide to child benefits paid by the federal and several provincial governments. The updated guide (T4114), which is available on the Canada Revenue...
The federal government has updated and re-issued its guide to child benefits paid by the federal and several provincial governments. The updated guide (T4114), which is available on the Canada Revenue...
Slight increase in unemployment rate for August
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate posted for the month of August. That rate rose by 0.2%, from 5.8% to 6%. Most of th...
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate posted for the month of August. That rate rose by 0.2%, from 5.8% to 6%. Most of th...
Relief available to taxpayers affected by wildfires
The Canada Revenue Agency (CRA) can provide interest and penalty relief to taxpayers who are unable to meet their tax filing or payment obligations due to circumstances beyond their control, including...
The Canada Revenue Agency (CRA) can provide interest and penalty relief to taxpayers who are unable to meet their tax filing or payment obligations due to circumstances beyond their control, including...
Bank of Canada leaves interest rates unchanged
In its scheduled interest rate announcement made on September 5, the Bank indicated that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 1.75%. The Bank acknow...
In its scheduled interest rate announcement made on September 5, the Bank indicated that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 1.75%. The Bank acknow...
CRA issues Tax Tip on benefit review process
Each year the Canada Revenue Agency (CRA) sends a letter and questionnaire to approximately 350,000 taxpayers, seeking to determine whether such taxpayers are receiving the correct tax credits and ben...
Each year the Canada Revenue Agency (CRA) sends a letter and questionnaire to approximately 350,000 taxpayers, seeking to determine whether such taxpayers are receiving the correct tax credits and ben...
Upcoming tax instalment due date for individuals
The due date for the third instalment payment of 2018 income taxes by individuals falls on September 15, 2018. As that date is a Saturday, instalment payments will be considered to be made on time if ...
The due date for the third instalment payment of 2018 income taxes by individuals falls on September 15, 2018. As that date is a Saturday, instalment payments will be considered to be made on time if ...
Amendments to be made to rules on political activities of charities
The federal government has announced that changes will be made to the administrative rules governing the extent to which charities can engage in non-partisan political activities. The intended amendme...
The federal government has announced that changes will be made to the administrative rules governing the extent to which charities can engage in non-partisan political activities. The intended amendme...
Rate of inflation at 3% for July
The most recent release of Statistics Canada’s Consumer Price Survey shows a significant increase in inflation for the month of July. That rate, as measured on a year-over-year basis, stood at 3%. T...
The most recent release of Statistics Canada’s Consumer Price Survey shows a significant increase in inflation for the month of July. That rate, as measured on a year-over-year basis, stood at 3%. T...
Unemployment rate down slightly for July
The most recent release of Statistics Canada’s Labour Force Survey indicates that the overall rate of unemployment was down slightly for the month of July. That rate stood at 5.8%, down by 0.2% from...
The most recent release of Statistics Canada’s Labour Force Survey indicates that the overall rate of unemployment was down slightly for the month of July. That rate stood at 5.8%, down by 0.2% from...
Finance announces lower payment card fees for small businesses
The Minister of Finance has announced that two major payment card networks have agreed to lower costs charged to small and medium-sized businesses. Both VISA and Mastercard have agreed to reduce domes...
The Minister of Finance has announced that two major payment card networks have agreed to lower costs charged to small and medium-sized businesses. Both VISA and Mastercard have agreed to reduce domes...
CRA podcasts and webinars for small businesses
The Canada Revenue Agency (CRA) prepares and posts on its website a number of podcasts and webinars covering tax and tax-related issues of particular interest to small businesses. There are currently ...
The Canada Revenue Agency (CRA) prepares and posts on its website a number of podcasts and webinars covering tax and tax-related issues of particular interest to small businesses. There are currently ...
Bank of Canada 2019 interest rate announcement dates
The Bank of Canada has issued a listing of the dates on which it will make announcements during the 2019 calendar year with respect to current interest rates. There are eight such interest rate announ...
The Bank of Canada has issued a listing of the dates on which it will make announcements during the 2019 calendar year with respect to current interest rates. There are eight such interest rate announ...
Upcoming changes to mortgage lending assessments for self-employed taxpayers
The Canada Mortgage and Housing Corporation (CMHC) has announced that, effective as of October 1, 2018, changes will be made to the process by which self-employed taxpayers are assessed for mortgage f...
The Canada Mortgage and Housing Corporation (CMHC) has announced that, effective as of October 1, 2018, changes will be made to the process by which self-employed taxpayers are assessed for mortgage f...
CRA issues new direct deposit form for businesses
The Canada Revenue Agency (CRA) has updated and re-issued its Form RC366, which allows businesses to have amounts owed to them deposited directly to a bank account. The updated form can be used to eit...
The Canada Revenue Agency (CRA) has updated and re-issued its Form RC366, which allows businesses to have amounts owed to them deposited directly to a bank account. The updated form can be used to eit...
CRA issues updated guide to RESPs
The Canada Revenue Agency (CRA) has updated and re-issued its publication RC4092(E) on Registered Education Savings Plans. The updated publication incorporates changes, originally announced as part of...
The Canada Revenue Agency (CRA) has updated and re-issued its publication RC4092(E) on Registered Education Savings Plans. The updated publication incorporates changes, originally announced as part of...
Inflation rate up by 2.5% in June
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June, as measured on a year-over-year basis, stood at 2.5%. That change ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June, as measured on a year-over-year basis, stood at 2.5%. That change ...
Prescribed interest rates for leasing rules
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will apply during the months of July and August 2018. Those prescribed rates will be 3.28% for July ...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will apply during the months of July and August 2018. Those prescribed rates will be 3.28% for July ...
CRA issues updated guide to taxation of RRIF on death
The Canada Revenue Agency has updated and re-issued its publication outlining the tax treatment of funds held in a RRIF on the death of the RRIF annuitant. The updated publication (RC4178(E)) also rev...
The Canada Revenue Agency has updated and re-issued its publication outlining the tax treatment of funds held in a RRIF on the death of the RRIF annuitant. The updated publication (RC4178(E)) also rev...
Slight increase in unemployment rate for June
While employment rose by 32,000 during the month of June, the unemployment rate was also up, by 0.2%, a result attributed by Statistics Canada an increase in the number of individuals seeking to enter...
While employment rose by 32,000 during the month of June, the unemployment rate was also up, by 0.2%, a result attributed by Statistics Canada an increase in the number of individuals seeking to enter...
Bank of Canada increases benchmark interest rate
In its regularly scheduled interest rate announcement made on July 11, the Bank of Canada indicated that it was increasing its benchmark interest rate by one-quarter of a percentage point. Accordingly...
In its regularly scheduled interest rate announcement made on July 11, the Bank of Canada indicated that it was increasing its benchmark interest rate by one-quarter of a percentage point. Accordingly...
CRA issues Tax Tip on return review process
Each year, the Canada Revenue Agency reviews approximately 3 million returns which have already been filed and assessed. Generally, such reviews are carried out to confirm income amounts reported, and...
Each year, the Canada Revenue Agency reviews approximately 3 million returns which have already been filed and assessed. Generally, such reviews are carried out to confirm income amounts reported, and...
Old Age Security benefits to increase by 1.2% in third quarter
Old Age Security (“OAS”) benefits received by Canadians are indexed to changes in the overall Consumer Price Index, and are adjusted each quarter to reflect increases in that Index.The federal gov...
Old Age Security (“OAS”) benefits received by Canadians are indexed to changes in the overall Consumer Price Index, and are adjusted each quarter to reflect increases in that Index.The federal gov...
No change to inflation rate for May
The most recent release of Statistics Canada’s Consumer Price Index indicates the rate of inflation for the month of May stood at 2.2%. The same rate was recorded for the month of April, and both ra...
The most recent release of Statistics Canada’s Consumer Price Index indicates the rate of inflation for the month of May stood at 2.2%. The same rate was recorded for the month of April, and both ra...
CRA issues updated source deductions online calculator
The Canada Revenue Agency (CRA) has re-issued the payroll deductions online calculator to be used by employers in calculating employee source deductions as of July 1, 2018. The updated version of that...
The Canada Revenue Agency (CRA) has re-issued the payroll deductions online calculator to be used by employers in calculating employee source deductions as of July 1, 2018. The updated version of that...
Prescribed interest rate for leasing for July
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July. The prescribed rate for that month will be 3.28%. A chart...
The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July. The prescribed rate for that month will be 3.28%. A chart...
Prescribed interest rates for the third quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the third quarter of 2018, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the third quarter of 2018, as well as the rates that will apply for the purpo...
CRA updates and re-issues Notice of Objection form
The Canada Revenue Agency has updated and re-issued its standard form for filing an objection to a Notice of Assessment or Reassessment. The 2018 T-400A E, Notice of Objection, can be found on the CRA...
The Canada Revenue Agency has updated and re-issued its standard form for filing an objection to a Notice of Assessment or Reassessment. The 2018 T-400A E, Notice of Objection, can be found on the CRA...
No change in unemployment rate for May
The most recent release of Statistics Canada’s Labour Force Survey shows little change in unemployment during the month of May. For the fourth consecutive month, that rate stood at 5.8%. There was s...
The most recent release of Statistics Canada’s Labour Force Survey shows little change in unemployment during the month of May. For the fourth consecutive month, that rate stood at 5.8%. There was s...
June 15 filing deadline for self-employed taxpayers
The filing deadline for individual income tax returns for the 2017 year for self-employed individuals and their spouses is midnight Friday June 15, 2018. Returns can be filed using the Canada Revenue ...
The filing deadline for individual income tax returns for the 2017 year for self-employed individuals and their spouses is midnight Friday June 15, 2018. Returns can be filed using the Canada Revenue ...
Individual income tax instalment payment due June 15
For Canadians who make quarterly instalment payments of personal income tax, the next due date for such payment is Friday June 15, 2018. The Canada Revenue Agency has posted a notice on its website in...
For Canadians who make quarterly instalment payments of personal income tax, the next due date for such payment is Friday June 15, 2018. The Canada Revenue Agency has posted a notice on its website in...
Taxpayer relief available for Canadians affected by spring floods
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who have been affected by this spring’s floods of the availability of administrative tax relief. Under the federal government’s T...
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who have been affected by this spring’s floods of the availability of administrative tax relief. Under the federal government’s T...
Bank of Canada maintains interest rates at current level
In its regularly scheduled interest rate announcement made on May 30, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate remains...
In its regularly scheduled interest rate announcement made on May 30, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the Bank Rate remains...
CRA issues updated payroll deduction formulas for July 1, 2018
The Canada Revenue Agency (CRA) has issued updated payroll deduction formulas for use by employers for payroll periods beginning after July 1, 2018. The updated formulas reflect changes in provincial ...
The Canada Revenue Agency (CRA) has issued updated payroll deduction formulas for use by employers for payroll periods beginning after July 1, 2018. The updated formulas reflect changes in provincial ...
Inflation rate for April at 2.2%
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of April stood at 2.2%, as measured on a year-over-year basis. The rate for...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of April stood at 2.2%, as measured on a year-over-year basis. The rate for...
Changes to distribution of GST/HST reporting/remittance forms for small businesses
The Canada Revenue Agency (CRA) will be making changes to its distribution method for GST/HST reporting and remittance forms for small businesses, with those changes generally directed toward reducing...
The Canada Revenue Agency (CRA) will be making changes to its distribution method for GST/HST reporting and remittance forms for small businesses, with those changes generally directed toward reducing...
Unemployment rate unchanged in April
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change during the month of April to either employment figures or the overall unemployment rate. That un...
The most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change during the month of April to either employment figures or the overall unemployment rate. That un...
CRA tax topic podcasts available for download
The Canada Revenue Agency prepares and posts podcasts on a number of different tax topics, both individual and corporate. Those podcasts are available for download from the CRA website. The current se...
The Canada Revenue Agency prepares and posts podcasts on a number of different tax topics, both individual and corporate. Those podcasts are available for download from the CRA website. The current se...
Prescribed interest rates for May and June
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the months of May and June 2018. Those prescribed rates will be 3.22% during the ...
The Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the months of May and June 2018. Those prescribed rates will be 3.22% during the ...
Getting information about your tax refund
Taxpayers who have filed their return for the 2017 tax year and are expecting to receive a refund can track the status of that refund payment through a toll-free telephone line. That line, the CRA’s...
Taxpayers who have filed their return for the 2017 tax year and are expecting to receive a refund can track the status of that refund payment through a toll-free telephone line. That line, the CRA’s...
CRA issues warning on filing season tax scams
The Canada Revenue Agency (CRA) has issued a warning to taxpayers of the need to be particularly vigilant with respect to fraudulent text, telephone, and e-mail communications, which increase during t...
The Canada Revenue Agency (CRA) has issued a warning to taxpayers of the need to be particularly vigilant with respect to fraudulent text, telephone, and e-mail communications, which increase during t...
Inflation rate for March reaches 2.3%
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation stood at 2.3% during the month of March 2018, as measured on a year-over-year basis. The year...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation stood at 2.3% during the month of March 2018, as measured on a year-over-year basis. The year...
April 30 due date for all 2017 individual taxes owed
The Canada Revenue Agency (CRA) has issued a reminder that all individual income tax balances owed for the 2017 tax year must be paid on or before Monday April 30, 2018. April 30 is also the deadline ...
The Canada Revenue Agency (CRA) has issued a reminder that all individual income tax balances owed for the 2017 tax year must be paid on or before Monday April 30, 2018. April 30 is also the deadline ...
Unemployment rate unchanged in March
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of March 2018 stood at 5.8%. The same rate was recorded for February 2018. Employ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of March 2018 stood at 5.8%. The same rate was recorded for February 2018. Employ...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on April 18, the Bank of Canada indicated that no change was required to current interest rates. Accordingly, the Bank Rate will remain at 1....
In its regularly scheduled interest rate announcement made on April 18, the Bank of Canada indicated that no change was required to current interest rates. Accordingly, the Bank Rate will remain at 1....
ReFILE service for changing individual income tax returns
It is not uncommon for taxpayers to discover an error or omission in an already-filed return, and the usual means by which such error can be corrected is the filing of a T1-Adjustment form. While a co...
It is not uncommon for taxpayers to discover an error or omission in an already-filed return, and the usual means by which such error can be corrected is the filing of a T1-Adjustment form. While a co...
CRA issues reminder of taxability of income from “sharing economy”
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who receive income from the “sharing economy” that such income is taxable and must be reported on the annual tax return. Although...
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who receive income from the “sharing economy” that such income is taxable and must be reported on the annual tax return. Although...
Bank of Canada interest rate announcement dates for 2018
The Bank of Canada’s regularly scheduled interest rate announcement dates for the remainder of calendar year 2018 are as follows: April 18, 2018; May 30, 2018; July 11, 2018; September 5, 201...
The Bank of Canada’s regularly scheduled interest rate announcement dates for the remainder of calendar year 2018 are as follows: April 18, 2018; May 30, 2018; July 11, 2018; September 5, 201...
CRA issues update on home sale reporting requirements
Proceeds received from the sale of one’s principal residence are, in most circumstances, not taxable, as such sales are eligible for the principal residence exemption. However, as of the 2016 tax ye...
Proceeds received from the sale of one’s principal residence are, in most circumstances, not taxable, as such sales are eligible for the principal residence exemption. However, as of the 2016 tax ye...
Significant increase in inflation rate for February
The most recent release of Statistics Canada’s Consumer Price Index shows a sharp increase in inflation for the month of February. That rate stood at 2.2%, while the rate for January 2018 was 1.7%. ...
The most recent release of Statistics Canada’s Consumer Price Index shows a sharp increase in inflation for the month of February. That rate stood at 2.2%, while the rate for January 2018 was 1.7%. ...
Prescribed interest rates for second quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the second quarter of 2018, as well as the rates that will apply for the purpose...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the second quarter of 2018, as well as the rates that will apply for the purpose...
CRA issues warning on tax scams
While taxpayers fall victim to tax scams year-round, such scams are more prevalent during and just following tax filing season. During that time, taxpayers expect to hear from the tax authorities, a...
While taxpayers fall victim to tax scams year-round, such scams are more prevalent during and just following tax filing season. During that time, taxpayers expect to hear from the tax authorities, a...
CRA publication on changes to Voluntary Disclosure Program available online
In December 2017, the Canada Revenue Agency (CRA) announced that substantive changes would be made to the Agency’s Voluntary Disclosure Program (VDP). That program enables taxpayers who are in defau...
In December 2017, the Canada Revenue Agency (CRA) announced that substantive changes would be made to the Agency’s Voluntary Disclosure Program (VDP). That program enables taxpayers who are in defau...
CRA issues e-filers manual for 2017 returns
The Canada Revenue Agency has issued its Guide RC4018, Electronic Filers Manual for 2017 Income Tax and Benefit Returns. That guide is for use by certified e-filers in filing individual income tax ret...
The Canada Revenue Agency has issued its Guide RC4018, Electronic Filers Manual for 2017 Income Tax and Benefit Returns. That guide is for use by certified e-filers in filing individual income tax ret...
Unemployment rate down slightly in February
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of February 2018. That rate declined from 5.9% in the month of...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of February 2018. That rate declined from 5.9% in the month of...
Increase in Consumer Price Index for January
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation for the month of January 2018 stood at 1.7%. The rate for the previous month was 1.9%. Inflat...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation for the month of January 2018 stood at 1.7%. The rate for the previous month was 1.9%. Inflat...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on March 7, the Bank of Canada indicated that no change would be made to current interest rates. Accordingly, the bank rate remains at 1.5%. ...
In its regularly scheduled interest rate announcement made on March 7, the Bank of Canada indicated that no change would be made to current interest rates. Accordingly, the bank rate remains at 1.5%. ...
Budget 2018 - Personal tax credits
Budget 2018: No personal tax credits have been repealed, and there are no new personal tax rate changes....
Budget 2018: No personal tax credits have been repealed, and there are no new personal tax rate changes....
Budget 2018 - Foreign-born Status Indians
Budget 2018: Foreign-born Status Indians may now be eligible for child benefits, retroactive to 2005....
Budget 2018: Foreign-born Status Indians may now be eligible for child benefits, retroactive to 2005....
Budget 2018 - Service animals
Budget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....
Budget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....
Budget 2018 - Canada Workers Benefit
Budget 2018: Taxpayers will no longer need to apply when filing their return in order to receive the Canada Workers Benefit....
Budget 2018: Taxpayers will no longer need to apply when filing their return in order to receive the Canada Workers Benefit....
Budget 2018 - Working Income Tax Benefit amounts
Budget 2018: The Working Income Tax Benefit amounts are enhanced as of 2019, and the credit is renamed the Canada Workers Benefit...
Budget 2018: The Working Income Tax Benefit amounts are enhanced as of 2019, and the credit is renamed the Canada Workers Benefit...
Budget 2018 - Non-resident surplus stripping rules
Budget 2018: The non-resident surplus stripping rules are tightened to address the use of partnerships and trusts....
Budget 2018: The non-resident surplus stripping rules are tightened to address the use of partnerships and trusts....
Budget 2018 - CRA compliance orders
Budget 2018: Where a CRA compliance order or information requirement is contested, a new rule will “stop the clock” to prevent the tax year from being statute barred....
Budget 2018: Where a CRA compliance order or information requirement is contested, a new rule will “stop the clock” to prevent the tax year from being statute barred....
Budget 2018 - RDTOH
Budget 2018: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....
Budget 2018: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....
Budget 2018 - Investment income
Budget 2018: A corporation with $100,000 of investment income will have its small business limit reduced to $250,000....
Budget 2018: A corporation with $100,000 of investment income will have its small business limit reduced to $250,000....
Budget 2018 - Corporations' small business limit
Budget 2018: A corporation’s small business limit will be reduced where the corporation earns investment income exceeding $50,000....
Budget 2018: A corporation’s small business limit will be reduced where the corporation earns investment income exceeding $50,000....
Extended hours for CRA telephone help line
The Canada Revenue Agency (CRA) provides a 1-800 telephone service to provide tax information to Canadian taxpayers. Such information can be general in nature, or can involve the specific tax affairs ...
The Canada Revenue Agency (CRA) provides a 1-800 telephone service to provide tax information to Canadian taxpayers. Such information can be general in nature, or can involve the specific tax affairs ...
CRA issues list of approved software for NETFILING of 2017 returns
The Canada Revenue Agency’s NETFILE service for filing of individual income tax returns will be available starting Monday February 26, 2018. Taxpayers do not need to obtain an access code to file th...
The Canada Revenue Agency’s NETFILE service for filing of individual income tax returns will be available starting Monday February 26, 2018. Taxpayers do not need to obtain an access code to file th...
Unemployment rate up slightly in January
The most recent release of Statistics Canada’s Labor Force Survey shows a slight increase in the overall unemployment rate for the month of January. That rate rose by 0.1%, from 5.8% to 5.9%. That c...
The most recent release of Statistics Canada’s Labor Force Survey shows a slight increase in the overall unemployment rate for the month of January. That rate rose by 0.1%, from 5.8% to 5.9%. That c...
2018-19 Federal Budget date announced
The Federal Minister of Finance has announced that the 2018-19 federal Budget will be brought down on Tuesday, February 27, 2018. The Budget will be released at around 4 p.m. and the full Budget Paper...
The Federal Minister of Finance has announced that the 2018-19 federal Budget will be brought down on Tuesday, February 27, 2018. The Budget will be released at around 4 p.m. and the full Budget Paper...
Obtaining hard copy of a 2017 income tax return package
This year, the Canada Revenue Agency (CRA) will be providing taxpayers with hard copies of the 2017 Income Tax and Benefit package through a variety of means, and at various dates. Individuals who pap...
This year, the Canada Revenue Agency (CRA) will be providing taxpayers with hard copies of the 2017 Income Tax and Benefit package through a variety of means, and at various dates. Individuals who pap...
CRA announces NETFILE service availability dates for 2017 returns
The Canada Revenue Agency (CRA) has announced the date on which NETFILE service for the filing of individual income tax returns for the 2017 tax year will be available. NETFILE service will be availab...
The Canada Revenue Agency (CRA) has announced the date on which NETFILE service for the filing of individual income tax returns for the 2017 tax year will be available. NETFILE service will be availab...
CRA to mail tax return packages to selected taxpayers
While the majority of Canadians now file their individual income tax returns electronically, there is still a significant minority of tax filers who file using a printed return. The Canada Revenue Age...
While the majority of Canadians now file their individual income tax returns electronically, there is still a significant minority of tax filers who file using a printed return. The Canada Revenue Age...
CRA announces change to 2017 individual tax return forms
The Canada Revenue Agency (CRA) has posted a notice on its website that an “update” has been made to individual 2017 tax forms. Those forms are to be used by individual Canadians to file their ret...
The Canada Revenue Agency (CRA) has posted a notice on its website that an “update” has been made to individual 2017 tax forms. Those forms are to be used by individual Canadians to file their ret...
CRA reinstates telephone tax return filing service
For a number of years, taxpayers whose tax situation was relatively straightforward were able to file their return by telephone. That service, which was called TELEFILE, was withdrawn a few years ago....
For a number of years, taxpayers whose tax situation was relatively straightforward were able to file their return by telephone. That service, which was called TELEFILE, was withdrawn a few years ago....
Prescribed interest rates for first quarter of 2018
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2018, as well as the rates that will apply for the purpo...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2018, as well as the rates that will apply for the purpo...
Bank of Canada raises interest rates
As widely expected, the Bank of Canada indicated, in its regularly scheduled interest rate announcement made on January 17, that an increase in the bank rate was required. The Bank’s announcement, w...
As widely expected, the Bank of Canada indicated, in its regularly scheduled interest rate announcement made on January 17, that an increase in the bank rate was required. The Bank’s announcement, w...
Federal Budget 2018-19 consultations to end January 26
Finance Canada has announced that the consultation process leading to the release of the 2018-19 federal Budget will conclude on Friday January 26, 2018. Canadians can provide input by submitting thei...
Finance Canada has announced that the consultation process leading to the release of the 2018-19 federal Budget will conclude on Friday January 26, 2018. Canadians can provide input by submitting thei...
CRA issues individual T1 Tax Return Form and Guide for 2017
The Canada Revenue Agency has released the T1 Individual Income Tax Return and Benefit form to be used by individual Canadian taxpayers in filing their return for the 2017 tax year. The T1 form is ava...
The Canada Revenue Agency has released the T1 Individual Income Tax Return and Benefit form to be used by individual Canadian taxpayers in filing their return for the 2017 tax year. The T1 form is ava...
Unemployment rate for December 2017 down to 5.7%
The most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2017 stood at 5.7%. The last period for which that rate was recorded...
The most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2017 stood at 5.7%. The last period for which that rate was recorded...
Small business tax rate reduced effective January 1
As previously announced, the federal small business tax rate is reduced to 10.0%, effective as of January 1, 2018. There is no change in the federal small business limit, which remains at $500,000. Th...
As previously announced, the federal small business tax rate is reduced to 10.0%, effective as of January 1, 2018. There is no change in the federal small business limit, which remains at $500,000. Th...
Automobile deduction and benefit limits for 2018
Finance Canada has announced the limits and thresholds which will apply for purposes of determining automobile benefits and deductions during 2018. Most such deduction limits and thresholds are unchan...
Finance Canada has announced the limits and thresholds which will apply for purposes of determining automobile benefits and deductions during 2018. Most such deduction limits and thresholds are unchan...
CRA issues guidance on upcoming changes to small business tax rules
Planned changes to the federal income tax rules governing the taxation of small incorporated Canadian businesses are to take effect for 2018. One of those changes will include greater restrictions on ...
Planned changes to the federal income tax rules governing the taxation of small incorporated Canadian businesses are to take effect for 2018. One of those changes will include greater restrictions on ...
Changes to be made to Voluntary Disclosure Program
The Canada Revenue Agency (CRA) provides an administrative program under which taxpayers who have failed to file returns or pay taxes on a timely basis can bring their tax affairs into compliance, usu...
The Canada Revenue Agency (CRA) provides an administrative program under which taxpayers who have failed to file returns or pay taxes on a timely basis can bring their tax affairs into compliance, usu...
Age 71 final RRSP contribution to be made by December 31
Taxpayers who are turning age 71 during the year and who have available contribution room are entitled to make a final RRSP contribution for that year. Such contributions must be made by the end of th...
Taxpayers who are turning age 71 during the year and who have available contribution room are entitled to make a final RRSP contribution for that year. Such contributions must be made by the end of th...
NETFILE service for 2016 returns available until January 19
Taxpayers who have not yet filed their return for the 2016 tax year will have until January 19, 2018 to file that return using NETFILE. Until that date, returns for the 2013, 2014, 2015, and 2016 tax ...
Taxpayers who have not yet filed their return for the 2016 tax year will have until January 19, 2018 to file that return using NETFILE. Until that date, returns for the 2013, 2014, 2015, and 2016 tax ...
Bank of Canada leaves interest rates unchanged
In its regularly scheduled interest rate announcement made on December 6, the Bank of Canada indicated that, in its view, no change is required to current rates. Accordingly, the bank rate remains at ...
In its regularly scheduled interest rate announcement made on December 6, the Bank of Canada indicated that, in its view, no change is required to current rates. Accordingly, the bank rate remains at ...
Unemployment rate down in November
The most recent release of Statistic’s Canada’s Labour Force Survey shows a slight decline in the overall unemployment for the month of November. That rate declined by 0.4%, to 5.9%. The November ...
The most recent release of Statistic’s Canada’s Labour Force Survey shows a slight decline in the overall unemployment for the month of November. That rate declined by 0.4%, to 5.9%. The November ...
T4127 for 2018 payroll deduction amounts released
The Canada Revenue Agency has issued the 2018 version of its publication T4127(E), Payroll Deductions Formulas. The guide is intended for use by payroll software providers and by employers which manag...
The Canada Revenue Agency has issued the 2018 version of its publication T4127(E), Payroll Deductions Formulas. The guide is intended for use by payroll software providers and by employers which manag...
CRA issues federal TD1 Form and TD1 Worksheet for 2018
The Canada Revenue Agency has issued the federal TD1 Form and Worksheet which will be used by taxpayers and their employers to determine required federal income tax source deductions for the upcoming ...
The Canada Revenue Agency has issued the federal TD1 Form and Worksheet which will be used by taxpayers and their employers to determine required federal income tax source deductions for the upcoming ...
Inflation rate up by 1.4% in October
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows an inflation rate of 1.4% for the month of October, as measured on a year-over-year basis. The equivalent rate for the...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows an inflation rate of 1.4% for the month of October, as measured on a year-over-year basis. The equivalent rate for the...
Finance launches pre-budget consultations
Finance Canada has begun the consultation process leading to the release of the 2018-19 federal Budget. As part of that budget consultation process, the Minister of Finance is holding in-person public...
Finance Canada has begun the consultation process leading to the release of the 2018-19 federal Budget. As part of that budget consultation process, the Minister of Finance is holding in-person public...
CRA to provide online filing for trust tax and information returns
Effective as of January 8, 2018, administrators and representatives of qualifying Canadian trusts will be able to file trust income tax and information returns online, through the Canada Revenue Agenc...
Effective as of January 8, 2018, administrators and representatives of qualifying Canadian trusts will be able to file trust income tax and information returns online, through the Canada Revenue Agenc...
Employment Insurance premium rates for 2018
The federal government has announced the premium rates and maximum insurable earnings amount which will be in place for the 2018 calendar year. The premium rate for the year for employees has been set...
The federal government has announced the premium rates and maximum insurable earnings amount which will be in place for the 2018 calendar year. The premium rate for the year for employees has been set...
CRA announces CPP contribution rates and amounts for 2018
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts for both employers and employees which will apply for 2018. Maximum pensionable earnings for the year will be $55,900 (...
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts for both employers and employees which will apply for 2018. Maximum pensionable earnings for the year will be $55,900 (...
ON - Province to provide $200 rebate to Ontario residents
As announced in the 2024 Economic Statement, the province will, in early 2025, be providing a $200 rebate to each adult resident of the province. In order to receive the rebate, an individual must hav...
As announced in the 2024 Economic Statement, the province will, in early 2025, be providing a $200 rebate to each adult resident of the province. In order to receive the rebate, an individual must hav...
ON - Updated deficit projection issued in 2024 Economic Review
In the 2024 Economic Outlook and Fiscal Review released on October 30, the Ontario Minister of Finance announced an improved deficit forecast for the province’s current (2024-25) fiscal year, which ...
In the 2024 Economic Outlook and Fiscal Review released on October 30, the Ontario Minister of Finance announced an improved deficit forecast for the province’s current (2024-25) fiscal year, which ...
ON - Gas tax reduction to be extended
The Ontario government has indicated that the measures to be announced as part of the province’s upcoming 2024-25 Fall Economic Statement will include the extension of the current 5.7 cent-per-litre...
The Ontario government has indicated that the measures to be announced as part of the province’s upcoming 2024-25 Fall Economic Statement will include the extension of the current 5.7 cent-per-litre...
ON - Date announced for release of 2024-25 Fall Economic Statement
The Ontario government has announced the date on which the Fall Economic Statement for the province’s 2024-25 fiscal year will be released. That Economic Statement will be delivered by the Ontario M...
The Ontario government has announced the date on which the Fall Economic Statement for the province’s 2024-25 fiscal year will be released. That Economic Statement will be delivered by the Ontario M...
ON - Upcoming dates for Ontario tax webinars
Ontario Finance provides a series of webinars covering various tax topics affecting individuals living in the province. The topics currently covered by those webinars include Ontario personal income t...
Ontario Finance provides a series of webinars covering various tax topics affecting individuals living in the province. The topics currently covered by those webinars include Ontario personal income t...
ON - Interest Rates - 2024
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Minimum wage to increase effective October 1, 2024
Effective October 1, 2024 (and until September 30, 2025), the Ontario general minimum wage will increase from $16.55 to $17.20 per hour. The change is based on increases in the province’s Consumer P...
Effective October 1, 2024 (and until September 30, 2025), the Ontario general minimum wage will increase from $16.55 to $17.20 per hour. The change is based on increases in the province’s Consumer P...
ON - Province releases final Public Accounts for 2023-24 fiscal year
The Ontario government has released the final revenue, expenditure, and deficit figures for the province’s 2023-24 fiscal year, which ended on March 31, 2024. The Ontario government recorded a $0.6 ...
The Ontario government has released the final revenue, expenditure, and deficit figures for the province’s 2023-24 fiscal year, which ended on March 31, 2024. The Ontario government recorded a $0.6 ...
ON - Province releases report on First Quarter Finances for 2024-25
The Ontario government has released the figures summarizing the province’s fiscal position at the end of the first quarter (April 1 to June 30) of its 2024-25 fiscal year. The 2024-25 First Quarter ...
The Ontario government has released the figures summarizing the province’s fiscal position at the end of the first quarter (April 1 to June 30) of its 2024-25 fiscal year. The 2024-25 First Quarter ...
ON - Provincial minimum wage to increase effective October 1, 2024
Effective as of October 1, 2024, the Ontario general minimum wage will increase by 65 cents per hour, from $16.55 to $17.20 per hour. That increase in the general minimum wage is tied to changes in th...
Effective as of October 1, 2024, the Ontario general minimum wage will increase by 65 cents per hour, from $16.55 to $17.20 per hour. That increase in the general minimum wage is tied to changes in th...
ON - Province announces rent increase guideline for 2025
Most rental accommodation in Ontario is subject to rent control guidelines, which limit the amount by which rent charged can increase from one year to the next. The Ontario government has announced th...
Most rental accommodation in Ontario is subject to rent control guidelines, which limit the amount by which rent charged can increase from one year to the next. The Ontario government has announced th...
ON - Interest Rates - 2024
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Ontario Trillium Benefit amounts to increase effective July 1, 2024
The benefit year for Ontario’s refundable tax credit and benefit programs runs from July 1 to June 30. Consequently, a new benefit year will begin July 1, 2024, and benefits payable under such progr...
The benefit year for Ontario’s refundable tax credit and benefit programs runs from July 1 to June 30. Consequently, a new benefit year will begin July 1, 2024, and benefits payable under such progr...
ON - Province to introduce new consumer protection measures for homebuyers
The Ontario government has announced that it will be implementing a series of measures intended to provide additional protection to homebuyers in the province. One of those measures will be the introd...
The Ontario government has announced that it will be implementing a series of measures intended to provide additional protection to homebuyers in the province. One of those measures will be the introd...
ON - Donations of agricultural products eligible for Community Food Donation Tax Credit
Ontario farmers (individuals or corporations) that donate agricultural products (defined as anything intended for human consumption that is grown, raised, or harvested on a farm) to eligible community...
Ontario farmers (individuals or corporations) that donate agricultural products (defined as anything intended for human consumption that is grown, raised, or harvested on a farm) to eligible community...
ON - Changes made to Computer Animation and Special Effects Tax Credit
The Ontario government provides an 18% refundable tax credit – the Ontario Computer Animation and Special Effects (OCASE) tax credit – for corporations which undertake computer animation and speci...
The Ontario government provides an 18% refundable tax credit – the Ontario Computer Animation and Special Effects (OCASE) tax credit – for corporations which undertake computer animation and speci...
ON - Provincial minimum wage to increase October 1
The government of Ontario has announced that the province’s general minimum wage will increase, effective as of October 1, 2024. On that date, the minimum wage will increase from $16.55 to $17.20 pe...
The government of Ontario has announced that the province’s general minimum wage will increase, effective as of October 1, 2024. On that date, the minimum wage will increase from $16.55 to $17.20 pe...
ON - Interest Rates - 2024
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Gasoline and fuel tax reduction extended to end of 2024
In 2022, the Ontario government announced a temporary reduction in the rate of both gasoline tax and fuel (diesel) tax by, respectively, 5.7 cents and 5.3 cents per litre. Following the reduction, the...
In 2022, the Ontario government announced a temporary reduction in the rate of both gasoline tax and fuel (diesel) tax by, respectively, 5.7 cents and 5.3 cents per litre. Following the reduction, the...
ON - Free tax webinars provided by Ontario Finance
The Ontario Ministry of Finance provides an ongoing series of webinars on different aspects of the province’s tax system, including sessions on Ontario tax credits and benefits, the tax credits, ben...
The Ontario Ministry of Finance provides an ongoing series of webinars on different aspects of the province’s tax system, including sessions on Ontario tax credits and benefits, the tax credits, ben...
ON - Date announced for 2024-25 provincial budget
Ontario’s budget for the upcoming 2024-25 (April 1, 2024 to March 31, 2025) fiscal year will be released on Tuesday March 26, 2024. Once the budget measures are announced, the full budget papers wil...
Ontario’s budget for the upcoming 2024-25 (April 1, 2024 to March 31, 2025) fiscal year will be released on Tuesday March 26, 2024. Once the budget measures are announced, the full budget papers wil...
ON - Third quarter fiscal update projects $4.5 billion deficit
The2023-24 Third Quarter Finances report released by the Minister of Finance on February 12projects a deficit of $4.5 billion for the full 2023-24 fiscal year which ends on March 31, 2024. While that...
The2023-24 Third Quarter Finances report released by the Minister of Finance on February 12projects a deficit of $4.5 billion for the full 2023-24 fiscal year which ends on March 31, 2024. While that...
ON - Individual income tax rates and brackets for 2024
During the 2024 taxation year the province of Ontario will levy individual income tax using the following income brackets and tax rates. Tax Rate Taxable Income Brackets 5.05% ...
During the 2024 taxation year the province of Ontario will levy individual income tax using the following income brackets and tax rates. Tax Rate Taxable Income Brackets 5.05% ...
ON - Webinar series to be held on Ontario medical expense and senior’s care at home tax credits
Canadian taxpayers are entitled to claim a non-refundable tax credit (for both federal and provincial purposes) for qualifying medical expenses incurred. The province of Ontario also provides a refund...
Canadian taxpayers are entitled to claim a non-refundable tax credit (for both federal and provincial purposes) for qualifying medical expenses incurred. The province of Ontario also provides a refund...
ON - Personal tax credit amounts for 2024
The province of Ontario will provide the following personal tax credit amounts for 2024: Basic personal amount ……………………………… $12,399 Spouse or equivalent-to-spouse amount … ...
The province of Ontario will provide the following personal tax credit amounts for 2024: Basic personal amount ……………………………… $12,399 Spouse or equivalent-to-spouse amount … ...
ON - Interest Rates - 2024
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - CRA issues Employer Guide to Payroll Deductions and Remittances for 2024
The Canada Revenue Agency (CRA) has issued the Employer Guide to Payroll Deductions and Remittances (T4001(E) Rev. 23) to be used by Ontario employers in determining what source deductions are to be m...
The Canada Revenue Agency (CRA) has issued the Employer Guide to Payroll Deductions and Remittances (T4001(E) Rev. 23) to be used by Ontario employers in determining what source deductions are to be m...
ON - Updated guidelines issued for Ontario Production Services Tax Credit
The province of Ontario provides an Ontario Production Services Tax Credit (OPSTC), a refundable tax credit based on Ontario labour and other qualifying production expenditures incurred by a qualifyin...
The province of Ontario provides an Ontario Production Services Tax Credit (OPSTC), a refundable tax credit based on Ontario labour and other qualifying production expenditures incurred by a qualifyin...
ON - New guidelines announced for Ontario Film and Television Production Tax Credit
The province provides a refundable Ontario Film and Television Tax Credit (OFTTC), which is based upon eligible Ontario labour expenditures incurred by a qualifying production company with respect to ...
The province provides a refundable Ontario Film and Television Tax Credit (OFTTC), which is based upon eligible Ontario labour expenditures incurred by a qualifying production company with respect to ...
ON - Province expands HST rebate on purchases of residential rental property
The Ontario government currently provides a rebate of the provincial portion of the harmonized sales tax (“HST”) paid on certain purchases of a newly constructed or substantially renovated reside...
The Ontario government currently provides a rebate of the provincial portion of the harmonized sales tax (“HST”) paid on certain purchases of a newly constructed or substantially renovated reside...
ON - Deficit for 2023-24 expected to reach $5.6 billion
In the Ontario Economic Outlook and Fiscal Review released on November 2, the Ontario government announced that the deficit for the current (2023-24) fiscal year is projected to be $5.6 billion. That ...
In the Ontario Economic Outlook and Fiscal Review released on November 2, the Ontario government announced that the deficit for the current (2023-24) fiscal year is projected to be $5.6 billion. That ...
ON - Fuel tax relief measures extended to June 30, 2024
The Ontario government has announced that the fuel tax relief measures which were scheduled to end as of December 31, 2023 will instead be extended for a further six months, until June 30, 2024. Those...
The Ontario government has announced that the fuel tax relief measures which were scheduled to end as of December 31, 2023 will instead be extended for a further six months, until June 30, 2024. Those...
ON - Date announced for release of Fall Economic Statement
The Ontario government has announced that the Fall Economic Statement for the 2023-24 fiscal year will be provided by the Minister of Finance on Thursday November 2, 2023. Once the measures in the Sta...
The Ontario government has announced that the Fall Economic Statement for the 2023-24 fiscal year will be provided by the Minister of Finance on Thursday November 2, 2023. Once the measures in the Sta...
ON - Updated form issued for filing of objections to corporate income tax assessments
Corporations in Ontario are subject to provincial corporate income tax, and are entitled to file a Notice of Objection with respect to any assessment of such tax with which they disagree. That Notice ...
Corporations in Ontario are subject to provincial corporate income tax, and are entitled to file a Notice of Objection with respect to any assessment of such tax with which they disagree. That Notice ...
ON - Updated information issued on Ontario Estate Administration Tax
Ontario levies an Estate Administration Tax (EAT) on estates for which an estate certificate (formerly known as letters probate) is applied for and issued. The amount of tax payable is based on the mo...
Ontario levies an Estate Administration Tax (EAT) on estates for which an estate certificate (formerly known as letters probate) is applied for and issued. The amount of tax payable is based on the mo...
ON - Interest Rates - 2023
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - General minimum wage rate to increase October 1, 2023
Effective as of Sunday October 1, 2023, the provincial general minimum wage will increase by $1.05, from $15.50 to $16.55 per hour. The increase in the minimum wage is tied to changes in Ontario’s C...
Effective as of Sunday October 1, 2023, the provincial general minimum wage will increase by $1.05, from $15.50 to $16.55 per hour. The increase in the minimum wage is tied to changes in Ontario’s C...
ON - Updated information issued on rebates of Harmonized Sales Tax
Since 2010, Ontario residents have paid a harmonized sales tax (HST) on the purchase of most goods and services in the province. That harmonized sales tax, which combines the federal goods and service...
Since 2010, Ontario residents have paid a harmonized sales tax (HST) on the purchase of most goods and services in the province. That harmonized sales tax, which combines the federal goods and service...
ON - Updated Notice issued on Non-Resident Speculation Tax
The Ontario government has updated its Notice outlining the province’s Non-Resident Speculation Tax. That tax is imposed at a rate of 25% (effective as of October 25, 2022) of the sale price of purc...
The Ontario government has updated its Notice outlining the province’s Non-Resident Speculation Tax. That tax is imposed at a rate of 25% (effective as of October 25, 2022) of the sale price of purc...
ON - Province releases first quarter fiscal results for 2023-24
The Ontario Minister of Finance has issued a report outlining the province’s fiscal performance for the first quarter (April 1 – June 30, 2023) of the 2023-24 fiscal year. The fiscal figures conta...
The Ontario Minister of Finance has issued a report outlining the province’s fiscal performance for the first quarter (April 1 – June 30, 2023) of the 2023-24 fiscal year. The fiscal figures conta...
ON - Climate action incentive payment amounts for 2023-24
Eligible residents of Ontario can receive four quarterly payments during the 2023-24 benefit year under the federal Climate Action Incentive Payment program. For the 2023-24 benefit year, eligible res...
Eligible residents of Ontario can receive four quarterly payments during the 2023-24 benefit year under the federal Climate Action Incentive Payment program. For the 2023-24 benefit year, eligible res...
ON - Provincial minimum wage to increase effective October 1, 2023
The Ontario government has announced that the province’s minimum wage will increase, effective as of October 1, 2023, with the increase tied to the Ontario Consumer Price Index for 2023. As of Octob...
The Ontario government has announced that the province’s minimum wage will increase, effective as of October 1, 2023, with the increase tied to the Ontario Consumer Price Index for 2023. As of Octob...
ON - Payment of WSIB premiums through CRA My Business Account
The Canada Revenue Agency (CRA) and the Ontario Workplace Safety and Insurance Board (WSIB) have announced that, effective as of July 4, 2023, Ontario businesses which have a business number can repor...
The Canada Revenue Agency (CRA) and the Ontario Workplace Safety and Insurance Board (WSIB) have announced that, effective as of July 4, 2023, Ontario businesses which have a business number can repor...
ON - Interest Rates - 2023
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Film and television tax credit expanded to include online productions
Producers of eligible film and television productions in Ontario can claim the Ontario Film and Television Tax Credit (OFTTC), a refundable tax credit which is generally equal to 35% of eligible Ontar...
Producers of eligible film and television productions in Ontario can claim the Ontario Film and Television Tax Credit (OFTTC), a refundable tax credit which is generally equal to 35% of eligible Ontar...
ON - Increase in income eligibility thresholds for Energy Affordability Program
Through its Energy Affordability Program, the province of Ontario provides a number of energy efficiency upgrades free of charge to residents of the province who meet specified eligibility criteria. T...
Through its Energy Affordability Program, the province of Ontario provides a number of energy efficiency upgrades free of charge to residents of the province who meet specified eligibility criteria. T...
ON - Minimum wage increase to take effect October 1, 2023
The Ontario government has announced that, effective as of October 1, 2023, the general minimum wage payable in the province will increase by $1.05, from $15.50 to $16.55 per hour. The increase is bas...
The Ontario government has announced that, effective as of October 1, 2023, the general minimum wage payable in the province will increase by $1.05, from $15.50 to $16.55 per hour. The increase is bas...
ON - Interest Rates - 2023
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Budget introduces new Ontario manufacturing tax credit
In its recent budget for the province’s 2023-24 fiscal year, the Ontario government introduced a new Ontario Made Manufacturing Investment Tax Credit for capital investments made in buildings, machi...
In its recent budget for the province’s 2023-24 fiscal year, the Ontario government introduced a new Ontario Made Manufacturing Investment Tax Credit for capital investments made in buildings, machi...
ON - Updated publication posted on provincial beer and wine tax
The Ontario Ministry of Finance has posted on its website an updated publication outlining details of the Ontario tax on sales of beer and wine in the province. The updated information, which is avail...
The Ontario Ministry of Finance has posted on its website an updated publication outlining details of the Ontario tax on sales of beer and wine in the province. The updated information, which is avail...
ON - 2023-24 budget to be announced on March 23
The Ontario Minister of Finance has announced that Ontario’s budget for its 2023-24 fiscal year will be brought down on Thursday March 23, 2023. Once the budget measures are announced, the full 2023...
The Ontario Minister of Finance has announced that Ontario’s budget for its 2023-24 fiscal year will be brought down on Thursday March 23, 2023. Once the budget measures are announced, the full 2023...
ON - Ontario issues third quarter financial report for 2022-23 fiscal year
The Ontario government has released its report on the province’s finances for the Third Quarter (October to December 2022) of its 2022-23 fiscal year. Overall, the provincial government is projectin...
The Ontario government has released its report on the province’s finances for the Third Quarter (October to December 2022) of its 2022-23 fiscal year. Overall, the provincial government is projectin...
ON - Individual income tax rates and brackets for 2023
During the 2023 taxation year the province of Ontario will levy individual income tax using the following income brackets and tax rates. Tax Rate Taxable Income Brackets 5.05% ...
During the 2023 taxation year the province of Ontario will levy individual income tax using the following income brackets and tax rates. Tax Rate Taxable Income Brackets 5.05% ...
ON - Personal tax credit amounts for 2023
The province of Ontario will provide the following personal tax credit amounts for 2023: Basic personal amount ……………………………… $11,865 Spouse or equivalent to spouse amount …...
The province of Ontario will provide the following personal tax credit amounts for 2023: Basic personal amount ……………………………… $11,865 Spouse or equivalent to spouse amount …...
ON - Interest Rates - 2023
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Payroll deduction formulas for 2023 released
The Canada Revenue Agency has released the payroll deduction formulas to be used by Ontario employers during the 2023 tax year. The Guide to Payroll Deductions outlines the amounts which Ontario emplo...
The Canada Revenue Agency has released the payroll deduction formulas to be used by Ontario employers during the 2023 tax year. The Guide to Payroll Deductions outlines the amounts which Ontario emplo...
ON - Updated guide issued to provincial gasoline tax
The Ontario Ministry of Finance has updated its online guide to the province’s gasoline tax. The updated guide reviews the types of gasoline products subject to the tax and the tax rates imposed on ...
The Ontario Ministry of Finance has updated its online guide to the province’s gasoline tax. The updated guide reviews the types of gasoline products subject to the tax and the tax rates imposed on ...
ON - Province announces one-year extension of gas and fuel tax holiday
Earlier this year the Ontario government announced a temporary holiday from provincial taxes imposed on the sale of gasoline and fuel. That holiday, which cut the gas tax by 5.7 cents per litre and th...
Earlier this year the Ontario government announced a temporary holiday from provincial taxes imposed on the sale of gasoline and fuel. That holiday, which cut the gas tax by 5.7 cents per litre and th...
ON - Date announced for release of Fall Economic Statement
The Ontario Minister of Finance has announced that the Fall Economic Statement for the 2022-23 fiscal year will be released on Monday November 14, 2022. The Statement will include updated information ...
The Ontario Minister of Finance has announced that the Fall Economic Statement for the 2022-23 fiscal year will be released on Monday November 14, 2022. The Statement will include updated information ...
ON - Province increases Non-Resident Speculation Tax rate
The province of Ontario levies a Non-Resident Speculation Tax on the price of homes purchased in Ontario by foreign nationals (individuals who are not citizens or permanent residents of Canada), forei...
The province of Ontario levies a Non-Resident Speculation Tax on the price of homes purchased in Ontario by foreign nationals (individuals who are not citizens or permanent residents of Canada), forei...
ON - Interest Rates - 2022
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Year-end financial results for 2021-22 released
The government of Ontario has released the final Public Accounts for its 2021-22 fiscal year which ended on March 31, 2022, and the results are better than expected. The final figures show that, for 2...
The government of Ontario has released the final Public Accounts for its 2021-22 fiscal year which ended on March 31, 2022, and the results are better than expected. The final figures show that, for 2...
ON - General minimum wage rate to increase effective October 1, 2022
The provincial government has announced that the general provincial minimum wage will increase, effective as of October 1, 2022, by 50 cents per hour. That increase, which is based on changes to the O...
The provincial government has announced that the general provincial minimum wage will increase, effective as of October 1, 2022, by 50 cents per hour. That increase, which is based on changes to the O...
ON - Seniors Care at Home Tax Credit available for 2022 tax year
Ontario residents who are 70 years of age or older by the end of 2022 can claim a new Seniors Care at Home Tax Credit on their return for the 2022 tax year. Expenditures which qualify for the existing...
Ontario residents who are 70 years of age or older by the end of 2022 can claim a new Seniors Care at Home Tax Credit on their return for the 2022 tax year. Expenditures which qualify for the existing...
ON - Enhanced rate for corporate investment tax credit extended through 2023
The province of Ontario provides a refundable tax credit – the Regional Opportunities Investment Tax Credit - to Canadian-controlled private corporations which make qualifying investments in specifi...
The province of Ontario provides a refundable tax credit – the Regional Opportunities Investment Tax Credit - to Canadian-controlled private corporations which make qualifying investments in specifi...
ON - Province issues report on first quarter finances for 2022-23
The Ontario government has released details of the province’s fiscal position at the end of the first quarter of the 2022-23 fiscal year (June 30, 2022). The government summary indicates that it is ...
The Ontario government has released details of the province’s fiscal position at the end of the first quarter of the 2022-23 fiscal year (June 30, 2022). The government summary indicates that it is ...
ON - Provincial minimum wage to increase
Effective as of October 1, 2022, the general minimum wage payable in Ontario will increase from $15.00 to $15.50 per hour, to reflect changes to the Ontario Consumer Price Index for 2022. Different mi...
Effective as of October 1, 2022, the general minimum wage payable in Ontario will increase from $15.00 to $15.50 per hour, to reflect changes to the Ontario Consumer Price Index for 2022. Different mi...
ON - Updated information provided on Estate Administration Tax
The province of Ontario levies an Estate Administration Tax (EAT) when the executor of an estate applies for an Estate Administration Certification (formerly known as letters of probate or letters of ...
The province of Ontario levies an Estate Administration Tax (EAT) when the executor of an estate applies for an Estate Administration Certification (formerly known as letters of probate or letters of ...
ON - Tax penalty and interest relief period for Ontario businesses ended
As part of its pandemic response measures, the provincial government provided businesses with a tax penalty and interest relief period. While all tax filing and payment deadlines were unchanged, penal...
As part of its pandemic response measures, the provincial government provided businesses with a tax penalty and interest relief period. While all tax filing and payment deadlines were unchanged, penal...
ON - Increased tax credit amounts provided for July 2022 to June 2023 benefit year
The Ontario government provides a number of refundable tax credits which are claimed on the annual tax return and paid on a monthly basis throughout the year. The benefit year for such credits runs fr...
The Ontario government provides a number of refundable tax credits which are claimed on the annual tax return and paid on a monthly basis throughout the year. The benefit year for such credits runs fr...
ON - Interest and penalty relief period ends July 1, 2022
As part of its pandemic relief measures, the government of Ontario suspended the imposition of interest and penalty charges for late filings and late or insufficient remittances of tax by Ontario busi...
As part of its pandemic relief measures, the government of Ontario suspended the imposition of interest and penalty charges for late filings and late or insufficient remittances of tax by Ontario busi...
ON - Interest Rates - 2022
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Gas and fuel tax reduction to take effect as of July 1, 2022
Earlier this year, the provincial government announced that, to provide some relief from high gas prices, provincial gas and fuel taxes would be temporarily reduced. That tax reduction will take effec...
Earlier this year, the provincial government announced that, to provide some relief from high gas prices, provincial gas and fuel taxes would be temporarily reduced. That tax reduction will take effec...
ON - Eligibility criteria for film and television tax credits expanded
Under two existing programs, Ontario provides tax credits to the film and television production industry. As part of this year’s budget, the provincial government announced that eligibility for thos...
Under two existing programs, Ontario provides tax credits to the film and television production industry. As part of this year’s budget, the provincial government announced that eligibility for thos...
ON - Fuel taxes to be decreased effective July 1, 2022
Ontario residents will see some relief from high gas prices beginning July 1, when provincial taxes on gas and fuel are reduced for a six-month period ending December 31, 2022. As of July 1, 2022, the...
Ontario residents will see some relief from high gas prices beginning July 1, when provincial taxes on gas and fuel are reduced for a six-month period ending December 31, 2022. As of July 1, 2022, the...
ON - New tax credit to be provided for seniors’ at-home care expenses
As announced in this year’s budget, the province will, beginning with the 2022 tax year, be providing a refundable tax credit to help seniors with eligible medical expenses, including expenses that ...
As announced in this year’s budget, the province will, beginning with the 2022 tax year, be providing a refundable tax credit to help seniors with eligible medical expenses, including expenses that ...
ON - 2022-23 budget projects current-year deficit of $19.9 billion
The 2022-23 Ontario budget was announced by the Minister of Finance on April 28, 2022. That budget projects a deficit of $19.9 billion for the current (2022-23) fiscal year. Projections contained in t...
The 2022-23 Ontario budget was announced by the Minister of Finance on April 28, 2022. That budget projects a deficit of $19.9 billion for the current (2022-23) fiscal year. Projections contained in t...
ON - Temporary cut in gas and fuel taxes effective July 1, 2022
The provincial government has announced that the gasoline tax will be reduced by 5.7 cents per litre, effective as of July 1, 2022. As of the same date, the provincial fuel tax will be reduced by 5.3 ...
The provincial government has announced that the gasoline tax will be reduced by 5.7 cents per litre, effective as of July 1, 2022. As of the same date, the provincial fuel tax will be reduced by 5.3 ...
ON - Province increases and expands non-resident speculation tax on property purchases
Since 2017, a 15% non-resident speculation tax (NRST) has been levied by the province on purchases of residential property located in the Greater Golden Horseshoe Region (GGH) of Ontario, by individua...
Since 2017, a 15% non-resident speculation tax (NRST) has been levied by the province on purchases of residential property located in the Greater Golden Horseshoe Region (GGH) of Ontario, by individua...
ON - Interest Rates - 2022
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Climate Action Incentive payment amounts for 2022-23
The federal government has released information on Climate Action Incentive (CAI) payment amounts for 2022-23. For residents of Ontario, those amounts will be $373 for the first adult in a family, $18...
The federal government has released information on Climate Action Incentive (CAI) payment amounts for 2022-23. For residents of Ontario, those amounts will be $373 for the first adult in a family, $18...
ON - Province delays release of budget for fiscal year 2022-23
In its announcement of this year’s budget consultation process, the Ontario government indicated that, as required by provincial law, the 2022–23 provincial budget would be brought down before Mar...
In its announcement of this year’s budget consultation process, the Ontario government indicated that, as required by provincial law, the 2022–23 provincial budget would be brought down before Mar...
ON - Provincial “staycation” tax credit available during 2022
The Ontario government has issued a reminder to residents of the province that a refundable tax credit may be claimed for expenses incurred for eligible accommodation during 2022 at hotels, motels, lo...
The Ontario government has issued a reminder to residents of the province that a refundable tax credit may be claimed for expenses incurred for eligible accommodation during 2022 at hotels, motels, lo...
ON - Seniors’ home safety tax credit extended to end of 2022
The Seniors’ Home Safety Tax Credit is a refundable credit of 25% of up to $10,000 per household in eligible expenses, to a maximum credit of $2,500. The credit is provided for eligible home renovat...
The Seniors’ Home Safety Tax Credit is a refundable credit of 25% of up to $10,000 per household in eligible expenses, to a maximum credit of $2,500. The credit is provided for eligible home renovat...
ON - Personal tax credit amounts for 2022
The province of Ontario will provide the following personal tax credit amounts for 2022: Basic personal amount ……………………………… $11,141 Spouse or equivalent to spouse amount …...
The province of Ontario will provide the following personal tax credit amounts for 2022: Basic personal amount ……………………………… $11,141 Spouse or equivalent to spouse amount …...
ON - Province announces third quarter financial results for 2021-22
The province of Ontario has issued the revenue, expenditure, and deficit projection figures for the third quarter (October to December 2021) of its 2021-22 fiscal year. Overall, the fiscal picture was...
The province of Ontario has issued the revenue, expenditure, and deficit projection figures for the third quarter (October to December 2021) of its 2021-22 fiscal year. Overall, the fiscal picture was...
ON - 2022-23 Budget consultation process closes on February 11
In January, the provincial government announced the launch of its virtual budget consultation process leading to the release of the Ontario Budget for 2022-23. That Budget will be brought down by the ...
In January, the provincial government announced the launch of its virtual budget consultation process leading to the release of the Ontario Budget for 2022-23. That Budget will be brought down by the ...
ON - Province to provide $10,000 grant to small businesses affected by mandatory closure
As part of its pandemic relief measures, the Ontario government is providing a Small Business Relief Grant for small businesses that are subject to closure under the public health orders issued on Jan...
As part of its pandemic relief measures, the Ontario government is providing a Small Business Relief Grant for small businesses that are subject to closure under the public health orders issued on Jan...
ON - Applications open for Ontario Business Costs Rebate program
The Ontario government recently announced that, as part of pandemic relief measures, eligible businesses in the province could receive a rebate of property tax and energy costs incurred during partial...
The Ontario government recently announced that, as part of pandemic relief measures, eligible businesses in the province could receive a rebate of property tax and energy costs incurred during partial...
ON - Province launches consultation process for 2022-23 Budget
The province has launched the virtual consultation process leading to the release of Ontario’s 2022-23 Budget by the end of March 2022. The Budget consultation process begins on January 17 and will ...
The province has launched the virtual consultation process leading to the release of Ontario’s 2022-23 Budget by the end of March 2022. The Budget consultation process begins on January 17 and will ...
ON - Interest and penalty relief to be provided for small businesses
The Ontario government has announced that small businesses in the province will be provided with a six-month interest-free and penalty-free period with respect to late or insufficient payments of most...
The Ontario government has announced that small businesses in the province will be provided with a six-month interest-free and penalty-free period with respect to late or insufficient payments of most...
ON - Interest Rates - 2022
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - CRA issues TD1 form for Ontario residents for 2022
The Canada Revenue Agency (CRA) has issued the TD1 form to be used by residents of Ontario for the 2022 tax year. On the TD1 form, an employee indicates the provincial personal tax credit amounts for ...
The Canada Revenue Agency (CRA) has issued the TD1 form to be used by residents of Ontario for the 2022 tax year. On the TD1 form, an employee indicates the provincial personal tax credit amounts for ...
ON - Jobs Training Tax Credit extended to 2022
In its recent Economic Outlook and Fiscal Review, the province announced that the existing Jobs Training Tax Credit would be extended to be available throughout 2022. The credit provides eligible Onta...
In its recent Economic Outlook and Fiscal Review, the province announced that the existing Jobs Training Tax Credit would be extended to be available throughout 2022. The credit provides eligible Onta...
ON - Seniors’ Home Safety Tax Credit extended to 2022
In its recent Economic Outlook and Fiscal Review, the province announced that the existing Seniors’ Home Safety Tax Credit would be extended to be available until the end of 2022. That Credit was sc...
In its recent Economic Outlook and Fiscal Review, the province announced that the existing Seniors’ Home Safety Tax Credit would be extended to be available until the end of 2022. That Credit was sc...
ON - Province to provide “staycation” tax credit for 2022
In the 2021 Ontario Economic Outlook and Fiscal Review released on November 4, 2021, the province introduced a new, temporary Ontario Staycation Tax Credit. The refundable credit, which is available f...
In the 2021 Ontario Economic Outlook and Fiscal Review released on November 4, 2021, the province introduced a new, temporary Ontario Staycation Tax Credit. The refundable credit, which is available f...
ON - Provincial minimum wage to increase January 1, 2022
The Ontario government has announced that, effective as of January 1, 2022, the provincial general minimum wage will increase from $14.35 per hour to $15 per hour. As of the same date, the lower liquo...
The Ontario government has announced that, effective as of January 1, 2022, the provincial general minimum wage will increase from $14.35 per hour to $15 per hour. As of the same date, the lower liquo...
ON - Minimum wage increase effective October 1, 2021
Effective as of October 1, 2021, the general minimum wage payable in the province increased by 10 cents, from $14.25 to $14.35 per hour. The minimum wage increase is based on year-over-year changes in...
Effective as of October 1, 2021, the general minimum wage payable in the province increased by 10 cents, from $14.25 to $14.35 per hour. The minimum wage increase is based on year-over-year changes in...
ON - Interest Rates - 2021
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Renewal requirements for provincial identification documents reinstated
In March of 2020, as part of its pandemic response, the government of Ontario announced that it was suspending the requirement that individuals renew their driver’s licences, health cards, and vehic...
In March of 2020, as part of its pandemic response, the government of Ontario announced that it was suspending the requirement that individuals renew their driver’s licences, health cards, and vehic...
ON - Province announces launch of Ontario Business Registry
The province has announced that, beginning on October 19, 2021, the Ontario Business Registry will be brought online. That registry will enable Ontario businesses to effect online a significant number...
The province has announced that, beginning on October 19, 2021, the Ontario Business Registry will be brought online. That registry will enable Ontario businesses to effect online a significant number...
ON - Province releases details of first quarter finances for 2021-22
The Ontario government has released details of the province’s financial position at the end of the first quarter (April 1 to June 30) of the 2021-22 fiscal year. The update is the first issued since...
The Ontario government has released details of the province’s financial position at the end of the first quarter (April 1 to June 30) of the 2021-22 fiscal year. The update is the first issued since...
ON - Minimum wage increase to take effect October 1, 2021
Effective as of October 1, 2021, the Ontario general minimum wage will increase by 10 cents, from $14.25 to $14.35 per hour. Increases to the minimum wage are based on changes to the province’s Cons...
Effective as of October 1, 2021, the Ontario general minimum wage will increase by 10 cents, from $14.25 to $14.35 per hour. Increases to the minimum wage are based on changes to the province’s Cons...
ON - Small businesses eligible for grant to enhance online presence
The provincial government has announced that eligible Ontario small business may receive a $2,500 Digital Transformation Grant. The grant can be used to purchase new technology and digital services, t...
The provincial government has announced that eligible Ontario small business may receive a $2,500 Digital Transformation Grant. The grant can be used to purchase new technology and digital services, t...
ON - Interest Rates - 2021
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Province announces residential rent increase guideline for 2022
The government of Ontario has announced that, for the 2022 calendar year, the general rent increase guideline for residential rental premises will be 1.2%. That guideline is based on year-over-year ch...
The government of Ontario has announced that, for the 2022 calendar year, the general rent increase guideline for residential rental premises will be 1.2%. That guideline is based on year-over-year ch...
ON - Province extends post-secondary tuition freeze
The Ontario government has announced that the tuition freeze for universities and colleges which was implemented last year will be extended through the 2021-22 academic year. The announcement of the e...
The Ontario government has announced that the tuition freeze for universities and colleges which was implemented last year will be extended through the 2021-22 academic year. The announcement of the e...
ON - Ontario Regional Opportunities Investment Tax Credit doubled
The Ontario Regional Opportunities Investment Tax Credit is a 10% refundable tax credit available to Canadian-controlled private corporations that make qualifying investments in eligible geographic ar...
The Ontario Regional Opportunities Investment Tax Credit is a 10% refundable tax credit available to Canadian-controlled private corporations that make qualifying investments in eligible geographic ar...
ON - Province announces temporary increase to CARE program
As part of its 2021-22 Budget, the Ontario government announced a temporary increase in the support provided by the Childcare Access and Relief from Expenses (CARE) tax credit for 2021. That credit pr...
As part of its 2021-22 Budget, the Ontario government announced a temporary increase in the support provided by the Childcare Access and Relief from Expenses (CARE) tax credit for 2021. That credit pr...
ON - Interest Rates - 2021
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Temporary jobs training tax credit announced in 2021-22 Budget
This year’s Ontario Budget included an announcement of a new jobs training tax credit for Ontario residents. The refundable credit, which is available only for the 2021 tax year, is equal to 50% of ...
This year’s Ontario Budget included an announcement of a new jobs training tax credit for Ontario residents. The refundable credit, which is available only for the 2021 tax year, is equal to 50% of ...
ON – Ontario Budget 2021-22 includes extension of Ontario Small Business Support Grant program
As part of its pandemic response, the Ontario government provided small businesses in the province with a grant program — the Ontario Small Business Support Grant. That grant provided direct payment...
As part of its pandemic response, the Ontario government provided small businesses in the province with a grant program — the Ontario Small Business Support Grant. That grant provided direct payment...
ON - Date announced for 2021-22 provincial Budget
The Ontario government has announced that the province’s Budget for the upcoming 2021-22 fiscal year will be brought down on Wednesday March 24, 2021. When the Budget is released, the budget papers ...
The Ontario government has announced that the province’s Budget for the upcoming 2021-22 fiscal year will be brought down on Wednesday March 24, 2021. When the Budget is released, the budget papers ...
ON - Province releases third quarter financial report for 2020-21
The provincial government has released the revenue, expenditure, and projected deficit figures for the third quarter (October 1 – December 31) of the 2020-21 fiscal year. Based on those figures, the...
The provincial government has released the revenue, expenditure, and projected deficit figures for the third quarter (October 1 – December 31) of the 2020-21 fiscal year. Based on those figures, the...
ON - Application process open for Small Business Support Grant program
The province of Ontario provides a grant of between $10,000 and $20,000 for eligible small businesses which were affected by the province-wide shutdown which began on December 26, 2020. The applicatio...
The province of Ontario provides a grant of between $10,000 and $20,000 for eligible small businesses which were affected by the province-wide shutdown which began on December 26, 2020. The applicatio...
ON - Province launches 2021 Budget consultation process
The Ontario government has launched its consultation process with respect to the upcoming 2021-22 provincial Budget. That Budget will be brought down by March 31, 2021. The Budget consultation process...
The Ontario government has launched its consultation process with respect to the upcoming 2021-22 provincial Budget. That Budget will be brought down by March 31, 2021. The Budget consultation process...
ON - Individual income tax rates and brackets for 2021
During the 2021 taxation year the province of Ontario will levy individual income tax using the following income brackets and tax rates. Tax Rate ...
During the 2021 taxation year the province of Ontario will levy individual income tax using the following income brackets and tax rates. Tax Rate ...
ON - Personal tax credit amounts for 2021
The province of Ontario will provide the following personal tax amounts for 2021. Basic personal amount ………………………………… $10,880 Spouse or common law partner amount …… $9,...
The province of Ontario will provide the following personal tax amounts for 2021. Basic personal amount ………………………………… $10,880 Spouse or common law partner amount …… $9,...
ON - Interest Rates - 2021
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Province extends filing and expenditure deadlines for cultural industry tax credits
The province of Ontario provides a number of tax credits for companies in the film, television, and digital media industries. Those credits included the Film and Television Tax Credit, the Ontario Pro...
The province of Ontario provides a number of tax credits for companies in the film, television, and digital media industries. Those credits included the Film and Television Tax Credit, the Ontario Pro...
ON - December 31, 2020 deadline for filing of provincial R&D tax credit claims
In the Economic Statement announced in March 2020, the provincial government announced that a number of filing deadlines relating to provincial corporate tax credits would be extended. One of the affe...
In the Economic Statement announced in March 2020, the provincial government announced that a number of filing deadlines relating to provincial corporate tax credits would be extended. One of the affe...
ON - Application process for Support for Learners subsidy now open
In early November the Ontario government announced that a subsidy would be provided to families with children up to age of 12 (or age 21 in the case of children with special needs).The purpose of the ...
In early November the Ontario government announced that a subsidy would be provided to families with children up to age of 12 (or age 21 in the case of children with special needs).The purpose of the ...
ON - Ontario Finance updates and re-issues Notice of Objection form
Ontario taxpayers who disagree with an assessment of their tax liability under a range of provincial tax programs are entitled to object to that assessment. The Ontario government has updated and re-i...
Ontario taxpayers who disagree with an assessment of their tax liability under a range of provincial tax programs are entitled to object to that assessment. The Ontario government has updated and re-i...
ON - Province increases exemption threshold for Employer Health Tax
The Employer Health Tax (EHT) is a payroll tax paid by employers based on their total annual Ontario remuneration in excess of a remuneration threshold. The EHT has a top rate of 1.95%. In March 2020 ...
The Employer Health Tax (EHT) is a payroll tax paid by employers based on their total annual Ontario remuneration in excess of a remuneration threshold. The EHT has a top rate of 1.95%. In March 2020 ...
ON - 2020-21 Budget projects current year deficit of $38.5 billion
In the 2020-21 Budget brought down on November 5, the government of Ontario projected a deficit of $38.5 billion for the current fiscal year. That deficit amount is unchanged from the figure projected...
In the 2020-21 Budget brought down on November 5, the government of Ontario projected a deficit of $38.5 billion for the current fiscal year. That deficit amount is unchanged from the figure projected...
ON - Province introduces Seniors’ Home Safety Tax Credit
In the 2020 Budget brought down on November 5, the province introduced a new refundable tax credit for seniors. That credit will be claimable by senior homeowners, renters, or people who live with rel...
In the 2020 Budget brought down on November 5, the province introduced a new refundable tax credit for seniors. That credit will be claimable by senior homeowners, renters, or people who live with rel...
ON - Provincial Budget to be brought down on November 5
The Ontario government has announced that the 2020-21 provincial Budget will be brought down on Thursday November 5, 2020. In the announcement of the Budget date, which is available on the provincial ...
The Ontario government has announced that the 2020-21 provincial Budget will be brought down on Thursday November 5, 2020. In the announcement of the Budget date, which is available on the provincial ...
ON - Interest Rates - 2020
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each quarter of the calendar year. The rates presc...
ON - Province releases Public Accounts for 2019-20 fiscal year
Ontario has released the province’s final fiscal results for the fiscal year ended March 31, 2020. The 2019-20 Public Accounts compare those final fiscal results with the figures projected in the 20...
Ontario has released the province’s final fiscal results for the fiscal year ended March 31, 2020. The 2019-20 Public Accounts compare those final fiscal results with the figures projected in the 20...
ON - Province to implement residential rent freeze for 2021
The Ontario government has announced that a rent freeze will be imposed for the 2021 calendar year for most residential rental accommodation in the province. While Ontario already has rent control leg...
The Ontario government has announced that a rent freeze will be imposed for the 2021 calendar year for most residential rental accommodation in the province. While Ontario already has rent control leg...
ON - Interest and penalty relief period to end October 1, 2020
As part of its pandemic response measures, the Ontario government provided businesses with relief from penalties and interest charges related to late filings or remittances, for a six-month period. Th...
As part of its pandemic response measures, the Ontario government provided businesses with relief from penalties and interest charges related to late filings or remittances, for a six-month period. Th...
ON - Province extends change to temporary layoff rules
Under Ontario labour laws, where a non-unionized employee is laid off for more than 13 weeks, said layoff can trigger termination and severance payment obligations for the employer. However, earlier...
Under Ontario labour laws, where a non-unionized employee is laid off for more than 13 weeks, said layoff can trigger termination and severance payment obligations for the employer. However, earlier...
ON - CRA issues warning on tax scam and Ontario tax benefits
The Canada Revenue Agency (CRA) has issued a warning to taxpayers of a current tax scam relating to claims for Ontario tax benefits — specifically, claims for the Ontario Senior Homeowners Property ...
The Canada Revenue Agency (CRA) has issued a warning to taxpayers of a current tax scam relating to claims for Ontario tax benefits — specifically, claims for the Ontario Senior Homeowners Property ...
ON - Minimum wage to increase effective October 1, 2020
On October 1, 2020, the Ontario general minimum wage will increase by 25 cents, to $14.25 per hour. That increase is based on changes to the Ontario Consumer Price Index. Different minimum wage rates ...
On October 1, 2020, the Ontario general minimum wage will increase by 25 cents, to $14.25 per hour. That increase is based on changes to the Ontario Consumer Price Index. Different minimum wage rates ...
ON - Interest and penalty relief program extended
In March 2020, the Ontario government announced that, as part of its pandemic response plan, it would provide an interest and penalty relief period for Ontario taxpayers with respect to specific tax p...
In March 2020, the Ontario government announced that, as part of its pandemic response plan, it would provide an interest and penalty relief period for Ontario taxpayers with respect to specific tax p...
ON - Province extends commercial rent assistance program
The provincial government has announced that its commercial rent assistance program — Canada Emergency Commercial Rent Assistance (CECRA) — has been extended to be available until the end of Augus...
The provincial government has announced that its commercial rent assistance program — Canada Emergency Commercial Rent Assistance (CECRA) — has been extended to be available until the end of Augus...
ON - Tax penalty and interest relief period ends August 31
In March 2020 the provincial government announced that, as part of its pandemic response plan, a five-month interest and penalty relief period would be provided to Ontario businesses which failed to f...
In March 2020 the provincial government announced that, as part of its pandemic response plan, a five-month interest and penalty relief period would be provided to Ontario businesses which failed to f...
ON - Limits to be imposed on payday loan interest rates and fees
The provincial government has announced that it will be moving to impose limits on the rate of interest and certain fees which can be levied by payday loan companies. The proposed changes would cap th...
The provincial government has announced that it will be moving to impose limits on the rate of interest and certain fees which can be levied by payday loan companies. The proposed changes would cap th...
ON - Interest Rates - 2020
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute at the beginning of each calendar quarter. The rates set for the third quarter...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute at the beginning of each calendar quarter. The rates set for the third quarter...
ON - Application process for commercial rent assistance program open
Applications can now be made by commercial landlords in Ontario for forgivable loans to assist with pandemic-related losses of rental income. Under the Canada Emergency Commercial Rent Assistance (CEC...
Applications can now be made by commercial landlords in Ontario for forgivable loans to assist with pandemic-related losses of rental income. Under the Canada Emergency Commercial Rent Assistance (CEC...
ON - Province provides temporary deferral of student loan payments
As part of its pandemic response plan, the province is providing interest relief and payment deferrals on existing Ontario Student Assistance Program (OSAP) loans. Under that plan, OSAP borrowers will...
As part of its pandemic response plan, the province is providing interest relief and payment deferrals on existing Ontario Student Assistance Program (OSAP) loans. Under that plan, OSAP borrowers will...
ON - Forgivable loan program for eligible small business landlords
The Ontario government will be providing forgivable loans to eligible commercial property owners in the province who are experiencing rent shortfalls due to the pandemic, through the new Ontario-Canad...
The Ontario government will be providing forgivable loans to eligible commercial property owners in the province who are experiencing rent shortfalls due to the pandemic, through the new Ontario-Canad...
ON - Interest and penalty relief for Ontario businesses
As part of its recent Economic and Fiscal Update, the province announced that interest and penalty relief would be provided to Ontario businesses with respect to their obligations under specified tax ...
As part of its recent Economic and Fiscal Update, the province announced that interest and penalty relief would be provided to Ontario businesses with respect to their obligations under specified tax ...
ON - Interest Rates - 2020
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - Province provides temporary increase in Employer Health Tax thresholds
Ontario imposes an Employer Health (payroll) Tax which is levied on employers having an annual payroll over $490,000. As part of the tax relief measures announced in the recent Economic and Fiscal Up...
Ontario imposes an Employer Health (payroll) Tax which is levied on employers having an annual payroll over $490,000. As part of the tax relief measures announced in the recent Economic and Fiscal Up...
ON - Province to provide interest and penalty relief for businesses
In the Economic and Fiscal Update brought down on March 25 Ontario’s Minister of Finance announced that, beginning April 1, 2020, penalties and interest will not be imposed on Ontario businesses tha...
In the Economic and Fiscal Update brought down on March 25 Ontario’s Minister of Finance announced that, beginning April 1, 2020, penalties and interest will not be imposed on Ontario businesses tha...
ON - Province to bring down Economic and Fiscal update on March 25
The Ontario government had announced that the province’s 2020-21 Budget would be brought down on March 25, 2020. The Ontario Minister of Finance has indicated that, in light of recent developments, ...
The Ontario government had announced that the province’s 2020-21 Budget would be brought down on March 25, 2020. The Ontario Minister of Finance has indicated that, in light of recent developments, ...
ON - Province announces date for 2020-21 Budget
The Ontario government has announced that the province’s Budget for the upcoming (2020-21) fiscal year will be brought down on Wednesday March 25, 2020. Once the Budget is released, the Budget paper...
The Ontario government has announced that the province’s Budget for the upcoming (2020-21) fiscal year will be brought down on Wednesday March 25, 2020. Once the Budget is released, the Budget paper...
ON - Province releases third-quarter results for 2019-20
The Ontario Ministry of Finance has announced the province’s financial results for the third quarter (October to December 2019) of its 2019-20 fiscal year. As of December 31, 2019, the government is...
The Ontario Ministry of Finance has announced the province’s financial results for the third quarter (October to December 2019) of its 2019-20 fiscal year. As of December 31, 2019, the government is...
ON - 2019 tax return package for Ontario residents now available online
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide to be used by individuals who were residents of Ontario as of December 31, 2019. That return and guide can be fo...
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide to be used by individuals who were residents of Ontario as of December 31, 2019. That return and guide can be fo...
ON - Small business corporate income tax rate reduced effective January 1, 2020
The corporate income tax rate levied on active business income of eligible Ontario corporations was reduced to 3.2%, effective as of January 1, 2020. The rate change will be pro-rated for non-calendar...
The corporate income tax rate levied on active business income of eligible Ontario corporations was reduced to 3.2%, effective as of January 1, 2020. The rate change will be pro-rated for non-calendar...
ON - Interest Rates - 2020
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - Personal tax credit amounts for 2020
The province of Ontario will provide the following personal tax credit amounts for 2020: Basic personal amount ……………………………… $10,783 Spouse or common law partner amount ...
The province of Ontario will provide the following personal tax credit amounts for 2020: Basic personal amount ……………………………… $10,783 Spouse or common law partner amount ...
ON - Small business income tax rate to be reduced effective January 1, 2020
As announced in the 2019 Economic Outlook and Fiscal Review, the provincial small business corporate income tax rate will be reduced, effective as of January 1, 2020. As of that date, the rate will dr...
As announced in the 2019 Economic Outlook and Fiscal Review, the provincial small business corporate income tax rate will be reduced, effective as of January 1, 2020. As of that date, the rate will dr...
ON - Province projects balanced budget by 2023
In the 2019 Ontario Economic Outlook and Fiscal Review released by the provincial government on November 7, the Minister of Finance confirmed the government’s commitment to balance the budget by 202...
In the 2019 Ontario Economic Outlook and Fiscal Review released by the provincial government on November 7, the Minister of Finance confirmed the government’s commitment to balance the budget by 202...
ON - Small business income tax rate to be reduced
In the fall Economic Outlook and Fiscal Review released on November 6, the Minister of Finance announced that the provincial corporate income tax rate applied to Ontario small businesses will be reduc...
In the fall Economic Outlook and Fiscal Review released on November 6, the Minister of Finance announced that the provincial corporate income tax rate applied to Ontario small businesses will be reduc...
ON - Date announced for 2019 Fall Economic Statement
The Ontario Minister of Finance has announced that the 2019 Fall Economic Statement will be brought down on Wednesday November 6, 2019. That economic statement will update the revenue, expenditure, an...
The Ontario Minister of Finance has announced that the 2019 Fall Economic Statement will be brought down on Wednesday November 6, 2019. That economic statement will update the revenue, expenditure, an...
ON - Interest Rates - 2019
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - Province releases financial results for 2018-19
The Ontario government has released the Public Accounts which summarize the province’s financial position at the end of the 2018-19 fiscal year, which ended March 31, 2019. The related press release...
The Ontario government has released the Public Accounts which summarize the province’s financial position at the end of the 2018-19 fiscal year, which ended March 31, 2019. The related press release...
ON - Information issued on upcoming changes to Estate Administration Tax
The province of Ontario levies an Estate Administration Tax (formerly known as probate fees) on the total value of the estate of a deceased person. In this year’s budget, the provincial government a...
The province of Ontario levies an Estate Administration Tax (formerly known as probate fees) on the total value of the estate of a deceased person. In this year’s budget, the provincial government a...
ON - Province releases financial results for first quarter of 2019-20
The Ontario government has released the province’s financial results for the first quarter (April 1 – June 30) of the 2019-2020 fiscal year. Those results indicate that the deficit projection for ...
The Ontario government has released the province’s financial results for the first quarter (April 1 – June 30) of the 2019-2020 fiscal year. Those results indicate that the deficit projection for ...
ON - Land transfer tax refund for first-time home buyers
The province of Ontario levies a land transfer tax (LTT) on each purchase and sale of property in the province. The province also provides first-time homebuyers in Ontario with a refund of LTT which w...
The province of Ontario levies a land transfer tax (LTT) on each purchase and sale of property in the province. The province also provides first-time homebuyers in Ontario with a refund of LTT which w...
ON - Online calculator available for 2019-20 Ontario tax credits
The province of Ontario provides residents with a number of refundable tax credits, with eligibility for those credits based on age, income, and type and place of residence. The current benefit year f...
The province of Ontario provides residents with a number of refundable tax credits, with eligibility for those credits based on age, income, and type and place of residence. The current benefit year f...
ON - Interest Rates - 2019
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - Updated bulletin issued on non-resident speculation tax (NRST)
Ontario imposes a 15% non-resident speculation tax (NRST) on purchases of residential property located in the Greater Golden Horseshoe Region (GGH) by individuals who are not citizens or permanent res...
Ontario imposes a 15% non-resident speculation tax (NRST) on purchases of residential property located in the Greater Golden Horseshoe Region (GGH) by individuals who are not citizens or permanent res...
ON - Province announces new tax credit for low-income working taxpayers
In its 2019-20 Budget, the Ontario government announced a new non-refundable tax credit for lower-income working residents of the province. That credit, the Low-income Individuals and Families Tax (LI...
In its 2019-20 Budget, the Ontario government announced a new non-refundable tax credit for lower-income working residents of the province. That credit, the Low-income Individuals and Families Tax (LI...
ON - Budget reduces and simplifies Estate Administration Tax
The province of Ontario levies an Estate Administration Tax (EAT), which is more commonly known as probate fees. In the 2019-20 Budget, the province announced that changes would be made to the EAT, as...
The province of Ontario levies an Estate Administration Tax (EAT), which is more commonly known as probate fees. In the 2019-20 Budget, the province announced that changes would be made to the EAT, as...
ON - Province to balance Budget in 2023-24
The 2019-20 Ontario Budget released on April 11, 2019 indicates that the province will not achieve a balanced budget until the 2023-24 fiscal year. The Budget papers show that the province expects the...
The 2019-20 Ontario Budget released on April 11, 2019 indicates that the province will not achieve a balanced budget until the 2023-24 fiscal year. The Budget papers show that the province expects the...
ON - Province introduces new child care tax credit
The 2019-20 provincial Budget brought down on April 11 included the announcement of a new refundable child care tax credit, claimable for the 2019 and subsequent taxation years. The new credit will be...
The 2019-20 provincial Budget brought down on April 11 included the announcement of a new refundable child care tax credit, claimable for the 2019 and subsequent taxation years. The new credit will be...
ON - Interest Rates - 2019
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - Date announced for 2019-20 provincial Budget
The Ontario government has announced that the province’s Budget for the upcoming (2019-20) fiscal year will be brought down on Thursday April 11, 2019. Once the Budget is released, the Budget papers...
The Ontario government has announced that the province’s Budget for the upcoming (2019-20) fiscal year will be brought down on Thursday April 11, 2019. Once the Budget is released, the Budget papers...
ON - Third quarter update shows reduced deficit
The provincial government has issued its fiscal update for the Third Quarter of the 2018-19 year, and that update shows a $1 billion reduction in the province’s deficit. That deficit is now projecte...
The provincial government has issued its fiscal update for the Third Quarter of the 2018-19 year, and that update shows a $1 billion reduction in the province’s deficit. That deficit is now projecte...
ON - Province launches consultation on governance of real estate professionals
The Ontario government has announced that it will be carrying out a consultation process with respect to the laws which govern real estate professionals in Ontario. The process will address a broad ra...
The Ontario government has announced that it will be carrying out a consultation process with respect to the laws which govern real estate professionals in Ontario. The process will address a broad ra...
ON - Consultation process underway on changes to automobile insurance
The provincial government has announced that it will be holding a consultation process with respect to changes to the provincial automobile insurance program. Both consumers and businesses can provide...
The provincial government has announced that it will be holding a consultation process with respect to changes to the provincial automobile insurance program. Both consumers and businesses can provide...
ON - Interest Rates - 2019
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - CRA issues supplementary 2019 payroll deduction tables for Ontario residents
The Canada Revenue Agency has issued a supplement to the payroll deduction tables to be used for residents of Ontario during the 2019 tax year. The supplement, which can be found on the CRA website at...
The Canada Revenue Agency has issued a supplement to the payroll deduction tables to be used for residents of Ontario during the 2019 tax year. The supplement, which can be found on the CRA website at...
ON - Province launches 2019-20 Budget consultation process
The Ontario Minister of Finance has announced the start of the consultation process leading to the release of the province’s 2019-20 Budget next spring. There are several options for Ontario residen...
The Ontario Minister of Finance has announced the start of the consultation process leading to the release of the province’s 2019-20 Budget next spring. There are several options for Ontario residen...
ON - Payroll tax exemption level increased for 2019
In the recent Economic Outlook and Fiscal Review, the Ontario Minister of Finance announced that the annual payroll threshold for the province’s Employer Health (payroll) Tax (EHT) would be increase...
In the recent Economic Outlook and Fiscal Review, the Ontario Minister of Finance announced that the annual payroll threshold for the province’s Employer Health (payroll) Tax (EHT) would be increase...
ON - Personal tax credit amounts for 2019
The province of Ontario will provide the following personal tax credit amounts for 2019: Basic personal amount ………………………………… $10,582 Spouse or equivalent to spouse amount …...
The province of Ontario will provide the following personal tax credit amounts for 2019: Basic personal amount ………………………………… $10,582 Spouse or equivalent to spouse amount …...
ON - Province reverses planned 2019 minimum wage increase
The Ontario government has reversed the minimum wage increase which had been scheduled to take effect on January 1, 2019. On that date, the minimum wage was scheduled to increase from $14 to $15 per h...
The Ontario government has reversed the minimum wage increase which had been scheduled to take effect on January 1, 2019. On that date, the minimum wage was scheduled to increase from $14 to $15 per h...
ON - Province announces new tax credit to help low-income individuals and families
In the 2018 Economic Outlook and Fiscal Review issued on November 15, the provincial government announced that, beginning with the 2019 tax year, low-income individuals and families will be eligible f...
In the 2018 Economic Outlook and Fiscal Review issued on November 15, the provincial government announced that, beginning with the 2019 tax year, low-income individuals and families will be eligible f...
ON - Province offers property tax deferral program
The province provides a program under which low-income seniors and low-income persons with disabilities can obtain a partial deferral of property tax and education tax. The tax deferral applies to the...
The province provides a program under which low-income seniors and low-income persons with disabilities can obtain a partial deferral of property tax and education tax. The tax deferral applies to the...
ON - Interest Rates - 2018
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - Increases to driver licensing fees cancelled
The government of Ontario has announced that planned fee increases with respect to licensing fees for drivers in the province, which were to have taken effect on September 1, 2018, have been cancelled...
The government of Ontario has announced that planned fee increases with respect to licensing fees for drivers in the province, which were to have taken effect on September 1, 2018, have been cancelled...
ON - Registering for online tax services for business
The Ontario government provides an online service – ONT-TAXS, through which Ontario businesses can file and amend returns, make tax payments, and track the status of such returns and payments. The s...
The Ontario government provides an online service – ONT-TAXS, through which Ontario businesses can file and amend returns, make tax payments, and track the status of such returns and payments. The s...
ON - Ontario Trillium Benefit amounts for 2018-19 benefit year
The new benefit year for the Ontario Trillium Benefit (OTB) began in July 2018 and will run until June 2019. The OTB is a refundable tax credit which is claimed on the annual tax return and paid to ta...
The new benefit year for the Ontario Trillium Benefit (OTB) began in July 2018 and will run until June 2019. The OTB is a refundable tax credit which is claimed on the annual tax return and paid to ta...
ON - 2018 personal income tax rates
As announced in this year’s provincial Budget, Ontario has altered its personal tax rate structure. The changes announced include the elimination of the provincial surtax and the replacement of the ...
As announced in this year’s provincial Budget, Ontario has altered its personal tax rate structure. The changes announced include the elimination of the provincial surtax and the replacement of the ...
ON - Provincial cap-and-trade system eliminated as of July 3
The Ontario government has announced that the existing cap-and-trade carbon tax system will be eliminated, effective as from July 3, and that provincial government programs which were funded under tha...
The Ontario government has announced that the existing cap-and-trade carbon tax system will be eliminated, effective as from July 3, and that provincial government programs which were funded under tha...
ON - Interest Rates – 2018
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - CRA issues source deductions online calculator for Ontario
The Canada Revenue Agency (CRA) has re-issued the payroll deductions online calculator to be used by Ontario employers in calculating employee source deductions starting July 1, 2018. The updated vers...
The Canada Revenue Agency (CRA) has re-issued the payroll deductions online calculator to be used by Ontario employers in calculating employee source deductions starting July 1, 2018. The updated vers...
ON - July 1st start of 2018-19 tax credit benefit year
The province provides eligible Ontario residents with a number of refundable tax credits and benefits. Those benefits are paid on a monthly basis, and eligibility for most benefits is based, in part, ...
The province provides eligible Ontario residents with a number of refundable tax credits and benefits. Those benefits are paid on a monthly basis, and eligibility for most benefits is based, in part, ...
ON - Provincial R&D tax credit enhanced
The Ontario Research and Development Tax Credit (ORDTC) is a 3.5% non-refundable tax credit earned on eligible R&D expenditures. As announced in this year’s provincial Budget, eligible busines...
The Ontario Research and Development Tax Credit (ORDTC) is a 3.5% non-refundable tax credit earned on eligible R&D expenditures. As announced in this year’s provincial Budget, eligible busines...
ON - 2018-19 Budget changes affecting seniors enacted
The Ontario government recently enacted legislation to implement announcements made in this year’s provincial budget. Those announcements include two changes affecting seniors in the province, as fo...
The Ontario government recently enacted legislation to implement announcements made in this year’s provincial budget. Those announcements include two changes affecting seniors in the province, as fo...
ON - Increased consumer access to credit reporting information
The provincial government has announced changes that will provide Ontario residents with increased access to personal information held by credit reporting agencies. Under the new rules, certain credit...
The provincial government has announced changes that will provide Ontario residents with increased access to personal information held by credit reporting agencies. Under the new rules, certain credit...
ON - Filing a tax return to receive provincial benefits for 2018-19
The province of Ontario provides a number of tax credits to individual residents of the province, and those benefits are paid on monthly basis. The next benefit year will start in July 2018 and run un...
The province of Ontario provides a number of tax credits to individual residents of the province, and those benefits are paid on monthly basis. The next benefit year will start in July 2018 and run un...
ON - Province increases charitable donation tax credit
In this year’s Budget, the provincial government announced that the non-refundable tax credit provided to taxpayers who make qualifying donations to charity would be increased. The credit is a two-l...
In this year’s Budget, the provincial government announced that the non-refundable tax credit provided to taxpayers who make qualifying donations to charity would be increased. The credit is a two-l...
ON - Interest Rates - 2018
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - Budget proposes changes to provincial personal income tax structure
The Ontario Budget for the 2018-19 fiscal year, which was brought down on March 28, included the announcement of changes to the province’s personal income tax rate structure, with such changes havin...
The Ontario Budget for the 2018-19 fiscal year, which was brought down on March 28, included the announcement of changes to the province’s personal income tax rate structure, with such changes havin...
ON - Changes to employment standards laws to take effect April 1, 2018
Previously announced changes to Ontario’s employment standards laws will take effect on April 1, 2018. The upcoming changes will, for the most part, affect temporary, part-time, and seasonal employe...
Previously announced changes to Ontario’s employment standards laws will take effect on April 1, 2018. The upcoming changes will, for the most part, affect temporary, part-time, and seasonal employe...
ON - Province announces date for 2018-19 Budget
The provincial government has announced that Ontario’s 2018-19 Budget will be brought down by the Minister of Finance on Wednesday, March 28 at around 4 p.m. Once the Budget is announced, the Budget...
The provincial government has announced that Ontario’s 2018-19 Budget will be brought down by the Minister of Finance on Wednesday, March 28 at around 4 p.m. Once the Budget is announced, the Budget...
ON - Personal tax credit amounts for 2018
The province of Ontario will provide the following personal tax credit amounts for 2018: Basic personal amount ………………………………… $10,354 Spouse or equivalent to spouse amount ...
The province of Ontario will provide the following personal tax credit amounts for 2018: Basic personal amount ………………………………… $10,354 Spouse or equivalent to spouse amount ...
ON - Province bans unsolicited door-to-door sales of specified home products
The provincial government has announced that, effective as of March 1, 2018, unsolicited door-to-door sales of the following appliances will no longer be permitted: air cleaners, air conditioners, a...
The provincial government has announced that, effective as of March 1, 2018, unsolicited door-to-door sales of the following appliances will no longer be permitted: air cleaners, air conditioners, a...
ON - Province releases third-quarter fiscal results for 2017-18
The release of Ontario’s Third Quarter Finances report indicates that the province remains on track to balance the budget for the 2017-18 fiscal year, although the amount of the projected surplus ha...
The release of Ontario’s Third Quarter Finances report indicates that the province remains on track to balance the budget for the 2017-18 fiscal year, although the amount of the projected surplus ha...
ON - Province to require standard form residential lease as of April 30
The provincial government has announced that, effective for leases signed on or after April 30, 2018, residential landlords in Ontario will be required to use a new standard-form, plain-language lease...
The provincial government has announced that, effective for leases signed on or after April 30, 2018, residential landlords in Ontario will be required to use a new standard-form, plain-language lease...
ON - Personal income tax rates and brackets for 2018
For the 2018 tax year, the province of Ontario will levy personal income tax based on the following tax rates and brackets. 05% on taxable income between $10,354 and $42,960; 15% on taxable income ...
For the 2018 tax year, the province of Ontario will levy personal income tax based on the following tax rates and brackets. 05% on taxable income between $10,354 and $42,960; 15% on taxable income ...
ON - Payment dates for Ontario Trillium Benefit for 2018
The province of Ontario provides a number of refundable tax credits to individual residents of the province. Several of those credits are combined and paid as a single monthly benefit — the Ontario ...
The province of Ontario provides a number of refundable tax credits to individual residents of the province. Several of those credits are combined and paid as a single monthly benefit — the Ontario ...
ON - Consultation process for 2018-19 provincial Budget announced
The government of Ontario has announced the launch of its pre-budget consultation process leading to the release of the province’s 2018-19 Budget. That budget consultation process has several compon...
The government of Ontario has announced the launch of its pre-budget consultation process leading to the release of the province’s 2018-19 Budget. That budget consultation process has several compon...
ON - CRA releases 2017 T1 tax return form for Ontario residents
The Canada Revenue Agency has released the 2017 T1 Individual Income Tax Return and Benefit form to be used by individuals who were residents of Ontario at the end of that year. The T1 form package (w...
The Canada Revenue Agency has released the 2017 T1 Individual Income Tax Return and Benefit form to be used by individuals who were residents of Ontario at the end of that year. The T1 form package (w...
ON - Interest Rates – 2018
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates levied and paid f...
ON - 2018 payroll deduction tables for provincial income tax released
The Canada Revenue Agency (CRA) has issued the payroll deduction tables which Ontario employers will use to determine employee source deductions for federal and provincial income tax, Canada Pension P...
The Canada Revenue Agency (CRA) has issued the payroll deduction tables which Ontario employers will use to determine employee source deductions for federal and provincial income tax, Canada Pension P...
ON - 2018 Ontario TD1 Form and TD1 Worksheet released
The Canada Revenue Agency has issued the Ontario TD1 form and worksheet which will be used by taxpayers resident in the province, and their employers, to determine required provincial income tax sourc...
The Canada Revenue Agency has issued the Ontario TD1 form and worksheet which will be used by taxpayers resident in the province, and their employers, to determine required provincial income tax sourc...
ON - Changes enacted to provincial employment standards
The Ontario government has enacted a number of changes to the province’s employment standards laws, and those changes include the following: the Ontario minimum wage will increase to $14 per hour o...
The Ontario government has enacted a number of changes to the province’s employment standards laws, and those changes include the following: the Ontario minimum wage will increase to $14 per hour o...
ON - Apprenticeship training tax credit eliminated
The province of Ontario provided employers who hired and trained eligible apprentices in designated construction, industrial and motive power, and certain service trades with a refundable tax credit, ...
The province of Ontario provided employers who hired and trained eligible apprentices in designated construction, industrial and motive power, and certain service trades with a refundable tax credit, ...
ON - Province to reduce small business tax rate in 2018
In the 2017 Economic and Fiscal Review issued on November 14, Ontario’s Minister of Finance announced that the provincial small business tax rate would be reduced, effective as of January 1, 2018, f...
In the 2017 Economic and Fiscal Review issued on November 14, Ontario’s Minister of Finance announced that the provincial small business tax rate would be reduced, effective as of January 1, 2018, f...
QC - Upcoming change to application of provincial sales tax to used vehicle sales
Effective January 1, 2025, changes will be made to the calculation of provincial sales tax (“QST”) payable on purchases and sales of used vehicles. As of that date, when a motor vehicle which is l...
Effective January 1, 2025, changes will be made to the calculation of provincial sales tax (“QST”) payable on purchases and sales of used vehicles. As of that date, when a motor vehicle which is l...
QC - Revenu Quebec issues publication on eligible medical expense claims for 2024
Quebec taxpayers are entitled to claim a credit on the provincial income tax return for eligible medical expenses incurred. Revenu Quebec recently updated and re-issued its publication summarizing eli...
Quebec taxpayers are entitled to claim a credit on the provincial income tax return for eligible medical expenses incurred. Revenu Quebec recently updated and re-issued its publication summarizing eli...
QC - Revenu Quebec issues guides to deduction of employment expenses for 2024
Residents of Quebec who earn income from employment are allowed, for purposes of provincial income tax, to deduct employment expenses incurred. The kinds of expenses which can be deducted depend, in p...
Residents of Quebec who earn income from employment are allowed, for purposes of provincial income tax, to deduct employment expenses incurred. The kinds of expenses which can be deducted depend, in p...
QC - Québec Finance announces fiscal results for first quarter of 2024-25
Québec Finance recently issued its Report on Québec’s Financial Situation as of the end of the first quarter (April 1 to June 30) of the province’s 2024-25 fiscal year. The figures issued indica...
Québec Finance recently issued its Report on Québec’s Financial Situation as of the end of the first quarter (April 1 to June 30) of the province’s 2024-25 fiscal year. The figures issued indica...
QC - Updated form issued for claiming Home Buyers’ Tax Credit
Québec provides a tax credit of up to $1,400 to first-time home buyers in the province who purchase a qualifying home. Generally, in order to qualify for the credit, the home to be purchased must be ...
Québec provides a tax credit of up to $1,400 to first-time home buyers in the province who purchase a qualifying home. Generally, in order to qualify for the credit, the home to be purchased must be ...
QC - Application period open for 2024-25 Shelter Allowance Program
Québec provides a Shelter Allowance Program for residents of the province who must spend a disproportionate share of their income on shelter. The current program year for the Shelter Allowance Progra...
Québec provides a Shelter Allowance Program for residents of the province who must spend a disproportionate share of their income on shelter. The current program year for the Shelter Allowance Progra...
QC - Province releases financial results for 2023-24 fiscal year
Finance Québec has issued the Public Accounts for the province’s 2023-24 fiscal year, which ended on March 31, 2024. Those Public Accounts show that Québec recorded an operating deficit of $6.0 bi...
Finance Québec has issued the Public Accounts for the province’s 2023-24 fiscal year, which ended on March 31, 2024. Those Public Accounts show that Québec recorded an operating deficit of $6.0 bi...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Updated information issued on claiming the disability supports deduction
Québec residents who are disabled are entitled to claim a disabilty supports deduction for eligible costs incurred to enable them to work as an employee, carry on a business, or practice a profession...
Québec residents who are disabled are entitled to claim a disabilty supports deduction for eligible costs incurred to enable them to work as an employee, carry on a business, or practice a profession...
QC - Claiming the tax credit for career extension
To encourage older workers to remain in, or return to, the work force, the province provides a tax credit for career extension. That non-refundable tax credit reduces income tax payable on eligible an...
To encourage older workers to remain in, or return to, the work force, the province provides a tax credit for career extension. That non-refundable tax credit reduces income tax payable on eligible an...
QC - Upcoming deadline for third tax instalment payment for 2024
Québec residents who pay provincial income tax by instalments are required to make their third instalment payment for 2024 on or before September 15, 2024. As September 15 falls on a Sunday this year...
Québec residents who pay provincial income tax by instalments are required to make their third instalment payment for 2024 on or before September 15, 2024. As September 15 falls on a Sunday this year...
QC - Updated form issued for tax return adjustments
Québec residents who wish to make changes to a provincial income tax return which has been filed and for which an assessment has been issued by Revenu Québec can do so online, using Revenu Québec...
Québec residents who wish to make changes to a provincial income tax return which has been filed and for which an assessment has been issued by Revenu Québec can do so online, using Revenu Québec...
QC - Two scheduled outages for Revenu Québec online services during September
Revenu Québec’s online services are taken offline on scheduled dates throughout the year, in order to carry out system maintenance. There will be two such service outages during the month of Septem...
Revenu Québec’s online services are taken offline on scheduled dates throughout the year, in order to carry out system maintenance. There will be two such service outages during the month of Septem...
QC - Upcoming deadline for third tax instalment payment for 2024
Residents of Quebec who pay provincial income tax by instalments must make the third such instalment payment for the 2024 tax year on or before September 15th, 2024. As of 2024, instalment payments of...
Residents of Quebec who pay provincial income tax by instalments must make the third such instalment payment for the 2024 tax year on or before September 15th, 2024. As of 2024, instalment payments of...
QC - Revenu Québec provides income eligibility information for 2024-25 Shelter Allowance Program
The province of Québec provides a Shelter Allowance of up to $170 per month for older and lower-income residents of the province who must spend a disproportionate percentage of their income on shelte...
The province of Québec provides a Shelter Allowance of up to $170 per month for older and lower-income residents of the province who must spend a disproportionate percentage of their income on shelte...
QC - Revenu Québec provides guidance on how to recognize telephone scams
Revenu Québec has posted information on its website on how it does and does not communicate with taxpayers and, specifically, how to avoid scams by being aware of whether such a communication is or i...
Revenu Québec has posted information on its website on how it does and does not communicate with taxpayers and, specifically, how to avoid scams by being aware of whether such a communication is or i...
QC - Revenu Quebec online services unavailable for scheduled maintenance
On regularly scheduled dates throughout the year, Revenu Quebec’s online services are taken offline while the Agency carries out necessary systems maintenance. The next such scheduled outage will ta...
On regularly scheduled dates throughout the year, Revenu Quebec’s online services are taken offline while the Agency carries out necessary systems maintenance. The next such scheduled outage will ta...
QC - GST/QST rebate for residential rental property owners
Québec offers a GST/QST rebate to owners of residential rental property in the province. While the rebate can be claimed by taxpayers who purchase or build residential rental properties, it is also a...
Québec offers a GST/QST rebate to owners of residential rental property in the province. While the rebate can be claimed by taxpayers who purchase or build residential rental properties, it is also a...
QC - Applications available for 2024-25 Shelter Allowance Program
The province of Québec administers a Shelter Allowance Program which provides up to $170 per month to lower-income residents of the province who must spend a disproportionate share of their budget on...
The province of Québec administers a Shelter Allowance Program which provides up to $170 per month to lower-income residents of the province who must spend a disproportionate share of their budget on...
QC - Revenu Québec issues reminder of mandatory billing changes for restaurant sector
As part of its tax collection efforts, Revenu Québec is implementing mandatory billing practices for the restaurant sector. Those changes require operators of restaurants and other food establishment...
As part of its tax collection efforts, Revenu Québec is implementing mandatory billing practices for the restaurant sector. Those changes require operators of restaurants and other food establishment...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Revenu Québec to hold online seminars on retirement decision-making
Revenu Québec will be holding two online seminars, on July 9 and 10, which will provide information on the tax and financial implications of a decision to retire, or to return to the work force follo...
Revenu Québec will be holding two online seminars, on July 9 and 10, which will provide information on the tax and financial implications of a decision to retire, or to return to the work force follo...
QC - June 30 filing deadline for calendar year companies
Corporations which have an establishment in Québec are required to file a corporate income tax return (CO-17) within 6 months of the corporation’s year-end. Consequently, the filing deadline for 20...
Corporations which have an establishment in Québec are required to file a corporate income tax return (CO-17) within 6 months of the corporation’s year-end. Consequently, the filing deadline for 20...
QC - Capital gains inclusion rate to increase effective June 25, 2024
Revenu Québec has posted a notice on its website indicating that the inclusion rate for capital gains will increase for gains received on or after June 25, 2024. Currently, when an individual realize...
Revenu Québec has posted a notice on its website indicating that the inclusion rate for capital gains will increase for gains received on or after June 25, 2024. Currently, when an individual realize...
QC - June 17 filing deadline for self-employed taxpayers
All self-employed taxpayers, and their spouses, are required to file a provincial income tax return for the 2023 tax year on or before Monday June 17, 2024. All taxpayers (including those who are self...
All self-employed taxpayers, and their spouses, are required to file a provincial income tax return for the 2023 tax year on or before Monday June 17, 2024. All taxpayers (including those who are self...
QC - Upcoming deadline for second tax instalment payment for 2024
Québec residents who pay provincial income tax by instalments are required to make their second instalment payment for 2024 on or before Monday June 17, 2024. Taxpayers who are subject to the instalm...
Québec residents who pay provincial income tax by instalments are required to make their second instalment payment for 2024 on or before Monday June 17, 2024. Taxpayers who are subject to the instalm...
QC - Québec to harmonize with federal changes to Home Buyer’s Plan
In the 2024-25 federal Budget, it was announced that changes would be made to the Home Buyers’ Plan, to increase the amount of an eligible withdrawal from such plans from $35,000 to $60,000 and to d...
In the 2024-25 federal Budget, it was announced that changes would be made to the Home Buyers’ Plan, to increase the amount of an eligible withdrawal from such plans from $35,000 to $60,000 and to d...
QC - Automobile expense and deduction limits for 2024
Revenu Québec has issued a listing of the automobile expense and deduction limits which will apply for provincial tax purposes during 2024, and those figures are as follows: the deductibility ceilin...
Revenu Québec has issued a listing of the automobile expense and deduction limits which will apply for provincial tax purposes during 2024, and those figures are as follows: the deductibility ceilin...
QC - Revenu Québec online services unavailable May 10-12
On specified dates throughout the year, the online services provided by Revenu Québec are temporarily offline and unavailable while the Agency’s systems are updated. The next schedule outage of tho...
On specified dates throughout the year, the online services provided by Revenu Québec are temporarily offline and unavailable while the Agency’s systems are updated. The next schedule outage of tho...
QC - Upcoming change announced to capital gains inclusion rate
Revenu Québec has announced that, beginning June 25, 2024, the inclusion rate for capital gains will increase from 50% to 66.7%. For individuals, the change will apply to the portion of capital gain...
Revenu Québec has announced that, beginning June 25, 2024, the inclusion rate for capital gains will increase from 50% to 66.7%. For individuals, the change will apply to the portion of capital gain...
QC - April 30 deadline for individual tax filings and payments
All Québec individual taxpayers who have a tax amount owing for the 2023 tax year must pay those amounts in full on or before Tuesday April 30, 2024. Where amounts owed are not paid in full by that d...
All Québec individual taxpayers who have a tax amount owing for the 2023 tax year must pay those amounts in full on or before Tuesday April 30, 2024. Where amounts owed are not paid in full by that d...
QC - Changes made to refundable tax credit for Québec film and television productions
The province provides a refundable tax credit for Québec film and television productions, with the available credit based on the amount of labour expenditures incurred by a corporation for a qualifyi...
The province provides a refundable tax credit for Québec film and television productions, with the available credit based on the amount of labour expenditures incurred by a corporation for a qualifyi...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Increase in provincial minimum wages effective May 1
The general minimum wage payable in the province will increase, effective as of May 1, 2024. As of that date, the minimum wage will increase by .50 cents per hour, from $15.25 to $15.75 per hour. As o...
The general minimum wage payable in the province will increase, effective as of May 1, 2024. As of that date, the minimum wage will increase by .50 cents per hour, from $15.25 to $15.75 per hour. As o...
QC - Retention tax credit for older workers ended
In 2019 the province introduced a refundable tax credit for qualifying employers who employed individuals aged 60 or over. The computation of that “tax credit for experienced workers” was based on...
In 2019 the province introduced a refundable tax credit for qualifying employers who employed individuals aged 60 or over. The computation of that “tax credit for experienced workers” was based on...
QC - Changes announced to provincial e-business tax credits
Since 2008 Québec has provided information technology businesses in the province which carry out e-business activities (especially with respect to computer systems design and software publishing) wit...
Since 2008 Québec has provided information technology businesses in the province which carry out e-business activities (especially with respect to computer systems design and software publishing) wit...
QC - Provincial tobacco tax to increase in two stages
In the recent 2024-25 Québec budget, two increases to the province’s tobacco tax rates were announced. The first such increase took effect on March 13, 2024, when the tax payable on a carton of cig...
In the recent 2024-25 Québec budget, two increases to the province’s tobacco tax rates were announced. The first such increase took effect on March 13, 2024, when the tax payable on a carton of cig...
QC - Postponement of change to eligibility rules for investments in FTQ and Fondaction
Under provincial law, an investor who purchases qualifying shares in the Québec Workers' Solidarity Fund (“FTQ”) or Fondaction can claim a 15% non-refundable tax credit. The maximum share purchas...
Under provincial law, an investor who purchases qualifying shares in the Québec Workers' Solidarity Fund (“FTQ”) or Fondaction can claim a 15% non-refundable tax credit. The maximum share purchas...
QC - Date announced for release of 2024-25 provincial budget
The provincial budget for the upcoming 2024-25 fiscal year will be released by the province on Tuesday March 12, 2024. When the budget measures are announced, the full budget papers will be available ...
The provincial budget for the upcoming 2024-25 fiscal year will be released by the province on Tuesday March 12, 2024. When the budget measures are announced, the full budget papers will be available ...
QC - NETFILE service for filing of 2023 provincial income tax returns now open
Revenu Quebec has announced that its NETFILE service for the online filing of individual provincial income tax returns for the current tax year is now available. Using that service, taxpayers can now ...
Revenu Quebec has announced that its NETFILE service for the online filing of individual provincial income tax returns for the current tax year is now available. Using that service, taxpayers can now ...
QC - New rules for mandatory online filing of RL slips by February 29
RL slips are information returns which must be issued by February 29, 2024 with respect to specified amounts paid or received by Québec residents during the 2023 tax year. Recipients of such slips us...
RL slips are information returns which must be issued by February 29, 2024 with respect to specified amounts paid or received by Québec residents during the 2023 tax year. Recipients of such slips us...
QC - Eligibility period for refundable cost of living tax credit extended
In November 2022, the provincial government announced the creation of a refundable cost of living tax credit, which would provide eligible individuals (those having net income of less than $104,000 in...
In November 2022, the provincial government announced the creation of a refundable cost of living tax credit, which would provide eligible individuals (those having net income of less than $104,000 in...
QC - NETFILE service for filing of 2023 tax returns available February 19
Revenu Québec has announced that its NETFILE service for the online filing of individual provincial income tax returns for the 2023 tax year will be available beginning Monday February 19, 2024. As o...
Revenu Québec has announced that its NETFILE service for the online filing of individual provincial income tax returns for the 2023 tax year will be available beginning Monday February 19, 2024. As o...
QC - Updated guide issued for childcare expense RL-24 slips
Individuals and organizations in Québec which provide childcare services that qualify for the provincial tax credit for childcare expenses (including an unsubsidized daycare, a summer camp, or a day ...
Individuals and organizations in Québec which provide childcare services that qualify for the provincial tax credit for childcare expenses (including an unsubsidized daycare, a summer camp, or a day ...
QC - Change in eligibility rules for labour-sponsored fund tax credit
The province of Québec provides a non-refundable 15% tax credit for up to $5,000 in qualifying investments made in labour-sponsored funds in a tax year. Under rules in place prior to 2024, that tax c...
The province of Québec provides a non-refundable 15% tax credit for up to $5,000 in qualifying investments made in labour-sponsored funds in a tax year. Under rules in place prior to 2024, that tax c...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Advance payment of caregiver tax credit during 2024
The province of Québec provides a refundable tax credit for caregivers in the province. That credit has two components: the first is for caregivers providing care to a person 18 or over who has a sev...
The province of Québec provides a refundable tax credit for caregivers in the province. That credit has two components: the first is for caregivers providing care to a person 18 or over who has a sev...
QC - Changes to mandatory electronic filing of RL slips as of January 1, 2024
Revenu Québec has issued a reminder on its website of upcoming changes to requirements for electronic filing of RL slips. Such slips are issued where amounts (like salary and wages or investment inco...
Revenu Québec has issued a reminder on its website of upcoming changes to requirements for electronic filing of RL slips. Such slips are issued where amounts (like salary and wages or investment inco...
QC - Final individual provincial income tax instalment for 2023 due December 15
Québec residents who pay provincial income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2023 tax year mus...
Québec residents who pay provincial income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment for the 2023 tax year mus...
QC - New requirements imposed for consumption tax returns and payments
Under current rules, Québec taxpayers who remit more than $50,000 in consumption tax payments (goods and services/harmonized sales tax (GST/HST) and Québec sales tax (QST)) must make those remittanc...
Under current rules, Québec taxpayers who remit more than $50,000 in consumption tax payments (goods and services/harmonized sales tax (GST/HST) and Québec sales tax (QST)) must make those remittanc...
QC - New administrative policy for 2024 on determining source deductions for remote workers
Québec employers having employees who report for work at the employer’s establishment in the province are required to withhold amounts for provincial income tax, employment insurance, the Québec P...
Québec employers having employees who report for work at the employer’s establishment in the province are required to withhold amounts for provincial income tax, employment insurance, the Québec P...
QC - Province announces indexing factor for increases in personal income tax brackets and rates for 2024
Québec Finance has announced that the indexing factor for personal income tax brackets and credit amounts for 2024 will be 5.08%. That rate is based on changes to the province’s Consumer Price Inde...
Québec Finance has announced that the indexing factor for personal income tax brackets and credit amounts for 2024 will be 5.08%. That rate is based on changes to the province’s Consumer Price Inde...
QC - Enhancements made to Shelter Allowance Program
The provincial government provides direct financial assistance through the Shelter Allowance Program for eligible Québec residents who are over the age of 50 or who have dependent children and who mu...
The provincial government provides direct financial assistance through the Shelter Allowance Program for eligible Québec residents who are over the age of 50 or who have dependent children and who mu...
QC - Province projects deficit of $4.0 billion for 2023-24
The 2023-24 Update on Québec’s Economic and Financial Situation recently released by the Québec Minister of Finance indicates that the province will run a deficit of $4.0 billion for the current (...
The 2023-24 Update on Québec’s Economic and Financial Situation recently released by the Québec Minister of Finance indicates that the province will run a deficit of $4.0 billion for the current (...
QC - Maximum age for applying for QPP retirement benefit increases as of January 1, 2024
Under current rules, residents of Québec must begin receiving retirement benefits under the Québec Pension Plan no later than age 70. As announced in the 2023-24 Québec budget, and effective as of ...
Under current rules, residents of Québec must begin receiving retirement benefits under the Québec Pension Plan no later than age 70. As announced in the 2023-24 Québec budget, and effective as of ...
QC - Election to cease making QPP contributions available to workers over age 64
Effective as of January 1, 2024, Québec workers who are aged 65 or older and who are currently receiving a Canada Pension Plan (CPP) or Québec Pension Plan (QPP) retirement benefit can elect to stop...
Effective as of January 1, 2024, Québec workers who are aged 65 or older and who are currently receiving a Canada Pension Plan (CPP) or Québec Pension Plan (QPP) retirement benefit can elect to stop...
QC - Grant available to qualifying seniors to offset increases in municipal taxes
Québec provides a grant to qualifying seniors living in the province, to help offset the impact of increases in municipal taxes. The rebate, which is claimed on the annual tax return, can be claimed ...
Québec provides a grant to qualifying seniors living in the province, to help offset the impact of increases in municipal taxes. The rebate, which is claimed on the annual tax return, can be claimed ...
QC - Upcoming deadlines to receive advance payment of childcare expense tax credit
Québec parents whose children are enrolled in unsubsidized daycare may be eligible for advance payment of the provincial tax credit for childcare expenses. To receive such advance payments, parents m...
Québec parents whose children are enrolled in unsubsidized daycare may be eligible for advance payment of the provincial tax credit for childcare expenses. To receive such advance payments, parents m...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - GST/QST rebates on housing construction, purchase, and renovation
Revenu Québec has updated and re-issued its guide on available sales tax rebates which can be claimed following the purchase, construction, or renovation of qualifying properties in the province. The...
Revenu Québec has updated and re-issued its guide on available sales tax rebates which can be claimed following the purchase, construction, or renovation of qualifying properties in the province. The...
QC - Claiming the solidarity tax credit
The Québec government provides eligible residents of the province with a solidarity tax credit, which has two basic components – the housing component and the Québec Sales Tax (QST) component. Rev...
The Québec government provides eligible residents of the province with a solidarity tax credit, which has two basic components – the housing component and the Québec Sales Tax (QST) component. Rev...
QC - Revenu Québec online services unavailable on September 17
On scheduled dates throughout the year, Revenu Québec’s online services are unavailable for short periods while planned maintenance is carried out. The next such scheduled outage date is Sunday, Se...
On scheduled dates throughout the year, Revenu Québec’s online services are unavailable for short periods while planned maintenance is carried out. The next such scheduled outage date is Sunday, Se...
QC - September 15 deadline for payment of third instalment of 2023 provincial tax
Québec residents who pay provincial income tax by instalments make those instalment payments of tax four times each year, by specified deadlines. The third income tax instalment deadline for the 2023...
Québec residents who pay provincial income tax by instalments make those instalment payments of tax four times each year, by specified deadlines. The third income tax instalment deadline for the 2023...
QC - Revenu Québec provides advice on avoiding phishing attempts
Revenu Québec has issued updated information on how it does and does not communicate with taxpayers, to help them avoid being tricked by individuals or entities who make fraudulent claims of being re...
Revenu Québec has issued updated information on how it does and does not communicate with taxpayers, to help them avoid being tricked by individuals or entities who make fraudulent claims of being re...
QC - Revenu Québec issues updated source deduction tables for 2023
As announced in the 2023-24 provincial budget, individual provincial income tax rates were reduced, effective as of January 1, 2023.Revenu Québec has issued new source deduction tables, to be used in...
As announced in the 2023-24 provincial budget, individual provincial income tax rates were reduced, effective as of January 1, 2023.Revenu Québec has issued new source deduction tables, to be used in...
QC - Planned online services outages for September 2023
Throughout the year, on previously announced dates and times, Revenu Québec’s online services are unavailable while regular scheduled maintenance is being carried out. There are two such scheduled ...
Throughout the year, on previously announced dates and times, Revenu Québec’s online services are unavailable while regular scheduled maintenance is being carried out. There are two such scheduled ...
QC - Increase in amount of solidarity tax credit effective July 1, 2023
The Québec government provides a refundable solidarity tax credit to eligible low and middle-income residents of the province. That solidarity tax credit has two components – a housing component an...
The Québec government provides a refundable solidarity tax credit to eligible low and middle-income residents of the province. That solidarity tax credit has two components – a housing component an...
QC - Updated application form issued for tax credit for employers of older workers
The province provides a tax credit for small and medium sized Québec businesses which continue to employ workers aged 60 and older. The amount of the available tax credit depends, in part, on whether...
The province provides a tax credit for small and medium sized Québec businesses which continue to employ workers aged 60 and older. The amount of the available tax credit depends, in part, on whether...
QC - Upcoming scheduled service outage for Revenu Québec online services
On several pre-announced dates throughout the year, Revenu Québec’s online services are temporarily unavailable while the Agency carries out scheduled maintenance on its systems. The next such date...
On several pre-announced dates throughout the year, Revenu Québec’s online services are temporarily unavailable while the Agency carries out scheduled maintenance on its systems. The next such date...
QC - Updated application form issued for taxpayers seeking payment arrangement
Québec taxpayers who are unable to pay provincial taxes owed on time or in full can enter into a payment arrangement with Revenu Québec, under which amounts owed are paid (together with interest) in...
Québec taxpayers who are unable to pay provincial taxes owed on time or in full can enter into a payment arrangement with Revenu Québec, under which amounts owed are paid (together with interest) in...
QC - Online applications available for 2023-24 shelter allowance program
The Québec government administers a shelter allowance program for residents of the province (including homeowners, tenants, or boarders) who spend a significant portion of their income on housing. Fo...
The Québec government administers a shelter allowance program for residents of the province (including homeowners, tenants, or boarders) who spend a significant portion of their income on housing. Fo...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Changes to payroll tax deductions to take effect July 1, 2023
On March 21, as part of the 2023-24 Québec budget, the Minister of Finance announced that the provincial income tax rate applied to the first two income tax brackets would each be reduced. Following ...
On March 21, as part of the 2023-24 Québec budget, the Minister of Finance announced that the provincial income tax rate applied to the first two income tax brackets would each be reduced. Following ...
QC - Revenu Québec issues shelter allowance applications for 2023-24
The province of Québec provides a monthly shelter allowance for eligible individuals who pay more than 30% of their income for shelter. In order to receive the shelter allowance, such eligible indivi...
The province of Québec provides a monthly shelter allowance for eligible individuals who pay more than 30% of their income for shelter. In order to receive the shelter allowance, such eligible indivi...
QC - QPP contributions to cease for workers over age 72
Québec workers who are aged 18 and older and earn more than $3,500 per year must contribute to the Québec Pension Plan (QPP) until they leave the work force, regardless of the age at which they reti...
Québec workers who are aged 18 and older and earn more than $3,500 per year must contribute to the Québec Pension Plan (QPP) until they leave the work force, regardless of the age at which they reti...
QC - June 15 deadline for payment of second instalment of 2023 provincial tax
Québec residents who pay provincial income tax by instalment make those instalment payments of tax four times each year, by specified deadlines.The second income tax instalment deadline for the 2023 ...
Québec residents who pay provincial income tax by instalment make those instalment payments of tax four times each year, by specified deadlines.The second income tax instalment deadline for the 2023 ...
QC - June 15, 2023 filing deadline for self-employed taxpayers
While most Québec residents were required to file their provincial income tax returns for the 2022 tax year on or before May 1, 2023, self-employed taxpayers (and their spouses) have until Thursday J...
While most Québec residents were required to file their provincial income tax returns for the 2022 tax year on or before May 1, 2023, self-employed taxpayers (and their spouses) have until Thursday J...
QC - Option for older workers to cease making QPP contributions
Many individuals who are age 65 or older and are receiving a retirement benefit from the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP) nonetheless continue to work and earn income from e...
Many individuals who are age 65 or older and are receiving a retirement benefit from the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP) nonetheless continue to work and earn income from e...
QC - Source deductions for provincial individual income tax to be reduced
In this year’s Québec budget, it was announced that provincial personal income tax rates would be reduced, effective from January 1, 2023. Specifically, the rates applicable to the first two taxabl...
In this year’s Québec budget, it was announced that provincial personal income tax rates would be reduced, effective from January 1, 2023. Specifically, the rates applicable to the first two taxabl...
QC - Revenu Québec issues updated form for calculation of 2023 tax instalment payments
In this year’s budget, the provincial government announced that provincial personal income tax rates would be reduced, effective from January 1, 2023. The decrease in personal tax rates will mean a ...
In this year’s budget, the provincial government announced that provincial personal income tax rates would be reduced, effective from January 1, 2023. The decrease in personal tax rates will mean a ...
QC - Provincial minimum wage increased as of May 1
The general minimum wage payable in the province of Québec increased, effective as of May 1, 2023, from $14.25 to $15.25 per hour. The minimum wage for employees who receive tips is increased to $12....
The general minimum wage payable in the province of Québec increased, effective as of May 1, 2023, from $14.25 to $15.25 per hour. The minimum wage for employees who receive tips is increased to $12....
QC - May 1, 2023 deadline for payment of individual income taxes owed for 2022
All individual Québec taxpayers who owe a provincial income tax amount for the 2022 tax year must pay that amount to Revenu Québec on or before Monday May 1, 2023. In addition, most Québec taxpayer...
All individual Québec taxpayers who owe a provincial income tax amount for the 2022 tax year must pay that amount to Revenu Québec on or before Monday May 1, 2023. In addition, most Québec taxpayer...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Revenu Québec issues warning on scams and phishing attempts
Revenu Québec has posted a reminder to taxpayers that scams and phishing attempts related to income tax increase during tax filing season, and that taxpayers should exercise caution when receiving a ...
Revenu Québec has posted a reminder to taxpayers that scams and phishing attempts related to income tax increase during tax filing season, and that taxpayers should exercise caution when receiving a ...
QC - Upcoming changes to Québec Pension Plan contributions for older workers
In its budget for the 2023-24 fiscal year, the province announced that, beginning in 2024, older workers would be provided with the option of ceasing to make contributions to the Québec Pension Plan ...
In its budget for the 2023-24 fiscal year, the province announced that, beginning in 2024, older workers would be provided with the option of ceasing to make contributions to the Québec Pension Plan ...
QC - Province announces reduction in individual income tax rates for 2023
Québec residents will benefit from a reduction in provincial personal income tax rates which was announced in the province’s budget for its 2023-24 fiscal year. Effective as of January 1, 2023, the...
Québec residents will benefit from a reduction in provincial personal income tax rates which was announced in the province’s budget for its 2023-24 fiscal year. Effective as of January 1, 2023, the...
QC - Revenu Québec releases automobile expense limits and rates for 2023
Revenu Québec has announced the automobile use limits and rates which will apply during 2023. Such rates and limits are used in the determination of automobile expense deductions and in the calculati...
Revenu Québec has announced the automobile use limits and rates which will apply during 2023. Such rates and limits are used in the determination of automobile expense deductions and in the calculati...
QC - Claiming home office expenses for 2022
Québec residents who worked from home during 2022 may be able to claim home office expenses on their provincial income tax returns for the year. For 2022, eligible taxpayers can make such claims usin...
Québec residents who worked from home during 2022 may be able to claim home office expenses on their provincial income tax returns for the year. For 2022, eligible taxpayers can make such claims usin...
QC - Provincial minimum wage to increase effective May 1, 2023
Earlier this year, the Québec government confirmed that the province’s minimum wage would be increased, effective as of May 1, 2023.As of that date, the general minimum wage will increase from $14....
Earlier this year, the Québec government confirmed that the province’s minimum wage would be increased, effective as of May 1, 2023.As of that date, the general minimum wage will increase from $14....
QC - Date announced for release of 2023-24 budget
The Québec government has announced that the province’s budget for the upcoming 2023-24 fiscal year will be released on Tuesday March 21, at 4 p.m. Once the budget measures are announced, the full ...
The Québec government has announced that the province’s budget for the upcoming 2023-24 fiscal year will be released on Tuesday March 21, at 4 p.m. Once the budget measures are announced, the full ...
QC - Revenu Quebec announces filing and payment deadlines for individual tax filers
Revenu Quebec has posted information on its website with respect to filing and payment deadlines for provincial income tax returns and payments for the 2022 tax year. The provincial tax return filing ...
Revenu Quebec has posted information on its website with respect to filing and payment deadlines for provincial income tax returns and payments for the 2022 tax year. The provincial tax return filing ...
QC - Tobacco tax increases effective February 9, 2023
Revenu Québec has posted a notice on its website summarizing increases in the province’s tobacco tax which took effect as of February 9, 2023. The increase in tobacco tax applies to most tobacco pr...
Revenu Québec has posted a notice on its website summarizing increases in the province’s tobacco tax which took effect as of February 9, 2023. The increase in tobacco tax applies to most tobacco pr...
QC - Revenu Québec distribution of provincial income tax returns for 2022
Revenu Québec has announced its plans for the distribution of individual provincial income tax return forms for the 2022 tax year. The Agency will mail a paper version of the 2022 return package (whi...
Revenu Québec has announced its plans for the distribution of individual provincial income tax return forms for the 2022 tax year. The Agency will mail a paper version of the 2022 return package (whi...
QC - NETFILE service for filing of 2022 returns available as of February 20
Revenu Québec has announced that residents of the province will be able to NETFILE their provincial individual income tax returns for the 2022 tax year beginning Monday February 20, 2023. The Revenu ...
Revenu Québec has announced that residents of the province will be able to NETFILE their provincial individual income tax returns for the 2022 tax year beginning Monday February 20, 2023. The Revenu ...
QC - Individual income tax rates and brackets for 2023
During the 2023 taxation year the province of Québec will levy individual income tax using the following income brackets and tax rates. Tax Rate Taxable Income...
During the 2023 taxation year the province of Québec will levy individual income tax using the following income brackets and tax rates. Tax Rate Taxable Income...
QC - Province releases QPIP rates and amounts for 2023
The Québec government has released the premium amounts and maximum insurable earnings which will apply for purposes of the Québec Parental Insurance Plan (QPIP) for 2023. For 2023, the maximum emplo...
The Québec government has released the premium amounts and maximum insurable earnings which will apply for purposes of the Québec Parental Insurance Plan (QPIP) for 2023. For 2023, the maximum emplo...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Amount of Senior Assistance Tax Credit increased for 2022
Since 2018, the government of Québec has provided eligible lower and middle-income seniors in the province with a Senior Assistance Tax Credit. In 2021, the government indicated that the amount of su...
Since 2018, the government of Québec has provided eligible lower and middle-income seniors in the province with a Senior Assistance Tax Credit. In 2021, the government indicated that the amount of su...
QC - Province announces Québec Pension Plan contributions for 2023
The Québec Pension Plan contribution rate for 2023 has been set at 6.40% of pensionable earnings for the year. Maximum pensionable earnings for the year will be $66,600, and the basic exemption is un...
The Québec Pension Plan contribution rate for 2023 has been set at 6.40% of pensionable earnings for the year. Maximum pensionable earnings for the year will be $66,600, and the basic exemption is un...
QC - Revenu Québec issues reminder to landlords on requirement to prepare RL-31 slips
Landlords who lease rental accommodation in the province as of December 31, 2022 are required to complete an RL-31 slip in respect of that accommodation, and to provide that slip to their tenants on o...
Landlords who lease rental accommodation in the province as of December 31, 2022 are required to complete an RL-31 slip in respect of that accommodation, and to provide that slip to their tenants on o...
QC - Final individual instalment payment due December 15
Residents of Québec who pay their provincial income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment of provincial in...
Residents of Québec who pay their provincial income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment of provincial in...
QC - Revenu Québec issues warning of phishing attempts involving cost of living tax credit
Revenu Québec has issued a warning to residents of the province with respect to phishing attempts related to the new cost of living tax credit. The warning, which can be found on the Revenu Québec w...
Revenu Québec has issued a warning to residents of the province with respect to phishing attempts related to the new cost of living tax credit. The warning, which can be found on the Revenu Québec w...
QC - Revenu Québec releases updated form for reporting business and professional income for 2022
Individuals who are carrying on a business or a profession (as a sole proprietor or as a partner) in the province must complete and file a TP-80-V form – Business or Professional Income and Expenses...
Individuals who are carrying on a business or a profession (as a sole proprietor or as a partner) in the province must complete and file a TP-80-V form – Business or Professional Income and Expenses...
QC - Revenu Québec issues detailed information on new Refundable Cost of living tax credit
The Québec government has created a new Refundable Cost of Living Tax Credit intended to help eligible residents of the province cope with recent inflationary increases in the cost of living. That cr...
The Québec government has created a new Refundable Cost of Living Tax Credit intended to help eligible residents of the province cope with recent inflationary increases in the cost of living. That cr...
QC - Updated guide and form issued for First Time Home Buyers’ Tax Credit
Québec provides first-time home buyers in the province with a Home Buyers’ Tax Credit of up to $1,500 for the purchase of a qualifying home. The credit is claimed on the annual provincial income ta...
Québec provides first-time home buyers in the province with a Home Buyers’ Tax Credit of up to $1,500 for the purchase of a qualifying home. The credit is claimed on the annual provincial income ta...
QC - Revenu Québec issues updated information on pandemic telework expense claims for 2022
Revenu Québec has updated and re-issued the form to be used with 2022 provincial tax returns by employees who worked from home during the year due to the pandemic and who are claiming employment expe...
Revenu Québec has updated and re-issued the form to be used with 2022 provincial tax returns by employees who worked from home during the year due to the pandemic and who are claiming employment expe...
QC - Upcoming application deadline for advance payments of home-support services tax credit
Revenu Québec has issued a reminder to residents of the province aged 70 or older of the December 1, 2022 application deadline for advance payment of the tax credit for home-support services. That ta...
Revenu Québec has issued a reminder to residents of the province aged 70 or older of the December 1, 2022 application deadline for advance payment of the tax credit for home-support services. That ta...
QC - Eligibility requirements for Shelter Allowance program expanded for 2022-23
The province of Québec provides a shelter allowance to homeowners and renters whose housing costs (mortgage payments or rent) consume a disproportionate share of their overall budget. A recent announ...
The province of Québec provides a shelter allowance to homeowners and renters whose housing costs (mortgage payments or rent) consume a disproportionate share of their overall budget. A recent announ...
QC - Revenu Québec issues reminder on applying for advance payment of childcare tax credit during 2023
The government of Québec provides eligible residents of the province with a refundable tax credit to help offset the cost of childcare. That tax credit can be claimed on the annual return and paid as...
The government of Québec provides eligible residents of the province with a refundable tax credit to help offset the cost of childcare. That tax credit can be claimed on the annual return and paid as...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Upcoming planned service outage for Revenu Québec online services
On specified dates each year, Revenu Québec’s online services are temporarily unavailable to taxpayers while the Agency carries out scheduled maintenance of those online services. The next such pla...
On specified dates each year, Revenu Québec’s online services are temporarily unavailable to taxpayers while the Agency carries out scheduled maintenance of those online services. The next such pla...
QC - Revenu Québec issues information and application documents for shelter allowance
The government of Québec provides a shelter allowance of between $100 and $170 per month to lower and middle-income individuals and families. That shelter allowance, which can be used toward either r...
The government of Québec provides a shelter allowance of between $100 and $170 per month to lower and middle-income individuals and families. That shelter allowance, which can be used toward either r...
QC - Revenu Québec issues updated guide to On-the-Job Training Period credit
Québec corporations can claim a refundable tax credit for certain expenditures incurred for eligible salary or wages of an apprentice enrolled in the Workplace Apprenticeship Program (WAP) or a stude...
Québec corporations can claim a refundable tax credit for certain expenditures incurred for eligible salary or wages of an apprentice enrolled in the Workplace Apprenticeship Program (WAP) or a stude...
QC - Revenu Québec issues updated guide to Québec Parental Insurance Plan benefits
The province of Québec provides maternity, paternity, parental, and adoption benefits to individuals in the province who become parents through birth or adoption. Such benefits are provided through t...
The province of Québec provides maternity, paternity, parental, and adoption benefits to individuals in the province who become parents through birth or adoption. Such benefits are provided through t...
QC - Upcoming deadline for payment of 2022 provincial income tax instalment
Individual taxpayers who pay provincial income tax by instalment are required to make such payments quarterly. The third instalment payment deadline for the 2022 tax year falls on Thursday September 1...
Individual taxpayers who pay provincial income tax by instalment are required to make such payments quarterly. The third instalment payment deadline for the 2022 tax year falls on Thursday September 1...
QC - Upcoming planned service outage dates for Revenu Québec online services
On specified dates each year, Revenu Québec’s online services are temporarily unavailable to taxpayers while the Agency carries out scheduled maintenance of those online services. There are two upc...
On specified dates each year, Revenu Québec’s online services are temporarily unavailable to taxpayers while the Agency carries out scheduled maintenance of those online services. There are two upc...
QC - Revenu Québec issues guide for taxi and ride-sharing service operators
Revenu Québec has issued a guide for taxi operators and taxpayers who provide transportation for others which is organized through a digital platform or electronic system – that is, ride-sharing se...
Revenu Québec has issued a guide for taxi operators and taxpayers who provide transportation for others which is organized through a digital platform or electronic system – that is, ride-sharing se...
QC - Revenu Québec issues new forms for payment proposals
Québec taxpayers who are unable to pay their taxes in full by the required deadline can make a proposal to Revenu Québec to pay those taxes on an instalment basis. Revenu Québec recently updated an...
Québec taxpayers who are unable to pay their taxes in full by the required deadline can make a proposal to Revenu Québec to pay those taxes on an instalment basis. Revenu Québec recently updated an...
QC - Upcoming changes to provincial lodging tax rules
Since 1997, Québec has maintained a tourism partnership fund which is financed in part by a tax on lodging in the province. Significant changes to that lodging tax regime will take effect on Septembe...
Since 1997, Québec has maintained a tourism partnership fund which is financed in part by a tax on lodging in the province. Significant changes to that lodging tax regime will take effect on Septembe...
QC - Upcoming deadline for payment of third individual instalment for 2022
Québec residents who pay provincial income tax by instalments must make such payments to Revenu Québec four times a year, on prescribed dates. The third such instalment payment for 2022 is due and p...
Québec residents who pay provincial income tax by instalments must make such payments to Revenu Québec four times a year, on prescribed dates. The third such instalment payment for 2022 is due and p...
QC - Temporary increase in investment and innovation tax credit rates extended to end of 2023
Québec currently provides an investment and innovation tax credit for qualifying companies which make expenditures for manufacturing or processing equipment, general-purpose electronic data processin...
Québec currently provides an investment and innovation tax credit for qualifying companies which make expenditures for manufacturing or processing equipment, general-purpose electronic data processin...
QC - Solidarity tax credit amounts increased effective July 1, 2022
The solidarity tax credit is a refundable tax credit paid to lower and middle-income households in the province, usually on a quarterly or monthly basis. Unlike some other provincial tax credits, the ...
The solidarity tax credit is a refundable tax credit paid to lower and middle-income households in the province, usually on a quarterly or monthly basis. Unlike some other provincial tax credits, the ...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Revenu Québec to accept electronic signatures on some tax forms
Revenu Québec has announced that, effective as of June 20, 2022, it is accepting electronic signatures on certain provincial tax forms, and that the list of forms for which such electronic signatures...
Revenu Québec has announced that, effective as of June 20, 2022, it is accepting electronic signatures on certain provincial tax forms, and that the list of forms for which such electronic signatures...
QC - Revenu Québec announces new feature for My Account
Individuals and businesses in Québec can manage their provincial tax obligations through My Account, Revenu Québec’s online service for taxpayers, and a new optional service for businesses using M...
Individuals and businesses in Québec can manage their provincial tax obligations through My Account, Revenu Québec’s online service for taxpayers, and a new optional service for businesses using M...
QC - Revenu Québec issues guidance on withdrawing a Notice of Objection
Once Québec residents file a provincial tax return and Revenu Québec issues its assessment of that return, the taxpayer has the right to dispute that assessment by filing a Notice of Objection. Reve...
Once Québec residents file a provincial tax return and Revenu Québec issues its assessment of that return, the taxpayer has the right to dispute that assessment by filing a Notice of Objection. Reve...
QC - Upcoming deadline for payment of 2022 provincial income tax instalment
Individual taxpayers who pay provincial income tax by instalment are required to make such payments quarterly. The second instalment payment deadline for the 2022 tax year falls on Wednesday June 15, ...
Individual taxpayers who pay provincial income tax by instalment are required to make such payments quarterly. The second instalment payment deadline for the 2022 tax year falls on Wednesday June 15, ...
QC - Upcoming deadline for filing of 2021 returns by self-employed taxpayers
While all residents of the province were required to pay any balance of provincial income taxes owed for the 2021 tax year on or before April 30, 2022, self-employed taxpayers (and their spouses) bene...
While all residents of the province were required to pay any balance of provincial income taxes owed for the 2021 tax year on or before April 30, 2022, self-employed taxpayers (and their spouses) bene...
QC - Increased tax credit for investment and innovation extended through 2023
The province provides Québec corporations with a tax credit for the acquisition of manufacturing or processing equipment, general-purpose electronic data processing equipment, or certain management s...
The province provides Québec corporations with a tax credit for the acquisition of manufacturing or processing equipment, general-purpose electronic data processing equipment, or certain management s...
QC - Québec Parental Insurance Plan contributions for 2022
For the 2022 calendar year, the percentage contribution rates for both employers and employees under the Québec Parental Insurance Plan (QPIP) are unchanged from 2021. However, maximum insurable earn...
For the 2022 calendar year, the percentage contribution rates for both employers and employees under the Québec Parental Insurance Plan (QPIP) are unchanged from 2021. However, maximum insurable earn...
QC - Revenu Québec online services to be unavailable May 13 to 15
Revenu Québec has announced that, as part of a scheduled service outage, its online services will be unavailable from May 13 to 15, 2022. The specific times for the service outage are from Friday May...
Revenu Québec has announced that, as part of a scheduled service outage, its online services will be unavailable from May 13 to 15, 2022. The specific times for the service outage are from Friday May...
QC - Revenu Québec issues guidance on correcting a tax return error
Individual residents of Québec (except self-employed individuals and their spouses) were required to file a provincial income tax return for the 2021 tax year on or before Monday May 2, 2022. In some...
Individual residents of Québec (except self-employed individuals and their spouses) were required to file a provincial income tax return for the 2021 tax year on or before Monday May 2, 2022. In some...
QC - Provincial minimum wage increase effective May 1, 2022
Effective as of May 1, 2022, the general minimum wage payable in the province of Québec will increase by .75 cents per hour, from $13.50 to $14.25 per hour. At the same time, the minimum wage payable...
Effective as of May 1, 2022, the general minimum wage payable in the province of Québec will increase by .75 cents per hour, from $13.50 to $14.25 per hour. At the same time, the minimum wage payable...
QC - May 2, 2022 payment deadline for provincial income taxes owed for 2021
All Québec individual taxpayers are required to pay income tax balances owed for 2021 on or before Monday May 2, 2022. Where payment is not made on or before that date, interest will be levied on all...
All Québec individual taxpayers are required to pay income tax balances owed for 2021 on or before Monday May 2, 2022. Where payment is not made on or before that date, interest will be levied on all...
QC - Eligibility period for cost-of-living credit extended
In November 2021, the provincial government announced that it would be providing Québec residents with a one-time cost of living credit, intended to help offset recent inflationary increases in such ...
In November 2021, the provincial government announced that it would be providing Québec residents with a one-time cost of living credit, intended to help offset recent inflationary increases in such ...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Individual provincial income tax filing and payment deadline extended
The regular deadline for the filing of provincial individual income tax returns and payment of provincial income taxes owed is April 30. However, this year, April 30 falls on a Saturday and Revenu Qu...
The regular deadline for the filing of provincial individual income tax returns and payment of provincial income taxes owed is April 30. However, this year, April 30 falls on a Saturday and Revenu Qu...
QC - 2022-23 budget includes details of one-time cost of living tax credit
In its 2022–23 budget brought down on March 22, the provincial government announced that Québec residents having an income of $100,000 or less would be provided with a one-time refundable cost of l...
In its 2022–23 budget brought down on March 22, the provincial government announced that Québec residents having an income of $100,000 or less would be provided with a one-time refundable cost of l...
QB - Revenu Québec issues tax guide for seniors
Québec residents who are aged 60 or older may be eligible for a wide range of provincial tax benefits and credits, many of which are claimed on the annual provincial income tax return. In some cases,...
Québec residents who are aged 60 or older may be eligible for a wide range of provincial tax benefits and credits, many of which are claimed on the annual provincial income tax return. In some cases,...
QC - Date announced for release of 2022–23 provincial budget
The Québec budget for the upcoming (2022–23) fiscal year will be brought down on Tuesday March 22, 2022. Once the budget measures are announced, the 2022–23 budget papers will be available on the...
The Québec budget for the upcoming (2022–23) fiscal year will be brought down on Tuesday March 22, 2022. Once the budget measures are announced, the 2022–23 budget papers will be available on the...
QC – NetFile Québec service for filing of 2021 provincial tax returns now open
Residents of Quebec can now file their provincial income tax returns for the 2021 tax year using Revenu Québec’s NetFile Québec service. The service can also be used to file returns for the 2018, ...
Residents of Quebec can now file their provincial income tax returns for the 2021 tax year using Revenu Québec’s NetFile Québec service. The service can also be used to file returns for the 2018, ...
QC - Quebec Pension Plan contribution rates and amounts for 2022
For the 2022, the contribution rate for the Quebec Pension Plan is 6.15%. That rate is paid by both the employer and the employee on earnings between the $3,500 basic exemption and maximum pensionable...
For the 2022, the contribution rate for the Quebec Pension Plan is 6.15%. That rate is paid by both the employer and the employee on earnings between the $3,500 basic exemption and maximum pensionable...
QC - Revenu Québec online services unavailable February 18 to 20
Revenu Québec has posted a notice on its website indicating that its online services will be unavailable from 6:30 p.m on Friday February 18 to 11 p.m. on Sunday February 20.. When those services are...
Revenu Québec has posted a notice on its website indicating that its online services will be unavailable from 6:30 p.m on Friday February 18 to 11 p.m. on Sunday February 20.. When those services are...
QC - Revenu Québec announces automobile deduction limits for 2022
Quebec Finance has announced that, for provincial tax purposes, the limits and rates governing the deductibility of automobile expenses and the calculation of taxable benefits relating to the use of a...
Quebec Finance has announced that, for provincial tax purposes, the limits and rates governing the deductibility of automobile expenses and the calculation of taxable benefits relating to the use of a...
QC - NetFile service for 2021 provincial individual returns available February 21
Revenu Québec has announced that its NetFile service for online filing of individual provincial income tax returns for the 2021 tax year will be available on Monday, February 21, 2022. In order to Ne...
Revenu Québec has announced that its NetFile service for online filing of individual provincial income tax returns for the 2021 tax year will be available on Monday, February 21, 2022. In order to Ne...
QC - Payments issued for one-time cost of living tax credit
Revenu Québec has posted a notice advising taxpayers that payments of the new one-time cost of living credit are being issued between January 24 and February 4, 2022. Eligible residents of the provin...
Revenu Québec has posted a notice advising taxpayers that payments of the new one-time cost of living credit are being issued between January 24 and February 4, 2022. Eligible residents of the provin...
QC - Interest Rates
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Revenu Québec issues individual tax return form for 2021 returns
Revenu Québec has issued the provincial income tax return form to be used by residents of the province for filing returns for the 2021 tax year. Such returns must be filed on or before Monday May 2, ...
Revenu Québec has issued the provincial income tax return form to be used by residents of the province for filing returns for the 2021 tax year. Such returns must be filed on or before Monday May 2, ...
QC - Interest Rates
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Revenu Quebec issues employee source deduction form for 2022
Revenu Québec has issued the TP-1015.3-V form to be used by residents of the province for the 2022 tax year. On that form, an employee indicates the provincial personal tax credit amounts for which h...
Revenu Québec has issued the TP-1015.3-V form to be used by residents of the province for the 2022 tax year. On that form, an employee indicates the provincial personal tax credit amounts for which h...
QC - Revenu Québec’s online services temporarily suspended
Revenu Québec has announced that it has, as a precautionary measure, temporarily suspended all of its online services. The decision to suspend such services was made as the result of a “security vu...
Revenu Québec has announced that it has, as a precautionary measure, temporarily suspended all of its online services. The decision to suspend such services was made as the result of a “security vu...
QC - Final individual tax instalment for 2021 payable by December 15
Residents of Quebec who pay their provincial income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment of provincial inc...
Residents of Quebec who pay their provincial income tax for the year through instalment payments do so by four prescribed deadlines each year. The fourth and final instalment payment of provincial inc...
QC - New one-time cost-of-living tax credit to be provided in 2022
The provincial government will be providing a one-time refundable tax credit to Quebec residents who are eligible for the solidarity tax credit. The credit is intended to help offset increases in the ...
The provincial government will be providing a one-time refundable tax credit to Quebec residents who are eligible for the solidarity tax credit. The credit is intended to help offset increases in the ...
QC - Province issues guidance on completion and filing of RL-31 slips
Landlords of residential premises in the province must issue RL-31 slips to their tenants and file a copy of such slips with Revenu Québec. For premises which are rented at the end of 2021, such fili...
Landlords of residential premises in the province must issue RL-31 slips to their tenants and file a copy of such slips with Revenu Québec. For premises which are rented at the end of 2021, such fili...
QC - Refundable tax credit for infertility treatment expanded
The province provides a refundable tax credit for qualifying expenses incurred by residents of the province for infertility treatment. That program provides for tax credit rates ranging from 20% to 80...
The province provides a refundable tax credit for qualifying expenses incurred by residents of the province for infertility treatment. That program provides for tax credit rates ranging from 20% to 80...
QC - Claiming the career extension tax credit for 2021
Québec provides a non-refundable career extension tax credit for residents of the province who are aged 60 or older and who continue to work, receiving income from employment or self employment. The ...
Québec provides a non-refundable career extension tax credit for residents of the province who are aged 60 or older and who continue to work, receiving income from employment or self employment. The ...
QC - Revenu Québec issues updated claim form for expenses of salaried tradespeople
Individuals who have a trade (hairdresser, cook, plumber, apprentice mechanic, etc.) and who receive salary income during the year are entitled to claim a deduction for the cost of eligible tools acqu...
Individuals who have a trade (hairdresser, cook, plumber, apprentice mechanic, etc.) and who receive salary income during the year are entitled to claim a deduction for the cost of eligible tools acqu...
QC - Application deadline of December 1, 2021 for advance payment of tax credits
The province provides both a tax credit for child care expenses and a work premium tax credit for eligible residents of the province. While both such credits are claimed on the annual tax return for t...
The province provides both a tax credit for child care expenses and a work premium tax credit for eligible residents of the province. While both such credits are claimed on the annual tax return for t...
QC - October 31, 2021 deadline for remittance of QST on employee car benefits
Motor vehicle dealers which make a motor vehicle available to an employee for their own personal use during the year are considered to have granted the employee a taxable benefit which must be include...
Motor vehicle dealers which make a motor vehicle available to an employee for their own personal use during the year are considered to have granted the employee a taxable benefit which must be include...
QC - Revenu Québec issues updated form for claiming Home Buyers’ Tax Credit
Québec provides first-time home buyers in the province with a tax credit of up to $750. To qualify, home buyers must intend to use the property (which must be located in the province) as a principal ...
Québec provides first-time home buyers in the province with a tax credit of up to $750. To qualify, home buyers must intend to use the property (which must be located in the province) as a principal ...
QC - Interest Rates - 2021
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Province extends September 30, 2021 tax deadlines
September 30, 2021 is a federal statutory holiday — the first National Day for Truth and Reconciliation. Revenu Québec has issued a notice indicating that, even though the National Day for Truth an...
September 30, 2021 is a federal statutory holiday — the first National Day for Truth and Reconciliation. Revenu Québec has issued a notice indicating that, even though the National Day for Truth an...
QC - Revenu Québec now responsible for oversight of money services businesses
As of September 13, 2021, Revenu Québec is responsible for the oversight of money services businesses in the province. Money services businesses include businesses which exchange currency, cash chequ...
As of September 13, 2021, Revenu Québec is responsible for the oversight of money services businesses in the province. Money services businesses include businesses which exchange currency, cash chequ...
QC - Revenu Québec issues updated application form for advance payment of caregiver tax credit
Québec provides eligible caregivers in the province with a basic caregiver tax credit of $1,266 per year, and those who are eligible can apply to receive advance payment of that basic credit. To rece...
Québec provides eligible caregivers in the province with a basic caregiver tax credit of $1,266 per year, and those who are eligible can apply to receive advance payment of that basic credit. To rece...
QC - Upcoming deadline for third instalment payment of 2021
Residents of Quebec who pay their provincial income tax for the year through instalment payments do so by four prescribed deadlines each year. The third of those deadlines falls on Wednesday September...
Residents of Quebec who pay their provincial income tax for the year through instalment payments do so by four prescribed deadlines each year. The third of those deadlines falls on Wednesday September...
QC - Credit for employer Health Services Fund contributions ends August 28, 2021
Since March 15, 2020, employers having an establishment in Quebec that were eligible for the federal Canada Employment Wage Subsidy during a particular period could claim a credit for contributions to...
Since March 15, 2020, employers having an establishment in Quebec that were eligible for the federal Canada Employment Wage Subsidy during a particular period could claim a credit for contributions to...
QC - Upcoming scheduled maintenance outage for Revenu Québec online services
Once a month throughout the year, the online services provided by Revenu Québec are temporarily taken offline for maintenance purposes. The next regularly scheduled service outage will take place on ...
Once a month throughout the year, the online services provided by Revenu Québec are temporarily taken offline for maintenance purposes. The next regularly scheduled service outage will take place on ...
QC - Deadlines for Revenu Quéebec assessment and collection activities suspended
As part of its pandemic relief measures, the provincial government extended a number of tax deadlines from March 13, 2020 to August 31, 2021. In addition, Revenu Québec reduced its audit and collecti...
As part of its pandemic relief measures, the provincial government extended a number of tax deadlines from March 13, 2020 to August 31, 2021. In addition, Revenu Québec reduced its audit and collecti...
QC - Upcoming deadline for payment of individual provincial income tax instalment
Quebec residents who pay provincial income tax by instalments must make the third instalment payment of the year on or before Wednesday September 15, 2021. Information on the available options for suc...
Quebec residents who pay provincial income tax by instalments must make the third instalment payment of the year on or before Wednesday September 15, 2021. Information on the available options for suc...
QC - Revenu Québec online services unavailable on August 8
Revenu Québec has announced that its online services will be unavailable on Sunday, August 8 from 6 a.m. to 1 p.m. Those services will be taken offline as part of Revenu Québec’s regular maintenan...
Revenu Québec has announced that its online services will be unavailable on Sunday, August 8 from 6 a.m. to 1 p.m. Those services will be taken offline as part of Revenu Québec’s regular maintenan...
QC - Changes to application of QST to sales through digital platforms
Effective as of July 1, 2021, the application of the provincial sales tax (QST) is expanded to apply to purchases of some goods from a foreign supplier (whether directly or through a platform) and to ...
Effective as of July 1, 2021, the application of the provincial sales tax (QST) is expanded to apply to purchases of some goods from a foreign supplier (whether directly or through a platform) and to ...
QC - Notifying Revenu Québec of changes in childcare arrangements
The province of Quebec provides a refundable tax credit for eligible childcare costs incurred by residents. While that refundable credit can be claimed when filing the annual tax return, it is also po...
The province of Quebec provides a refundable tax credit for eligible childcare costs incurred by residents. While that refundable credit can be claimed when filing the annual tax return, it is also po...
QC - Province increases seniors’ home support services tax credit
The province provides eligible seniors with a refundable tax credit to help offset the cost of purchasing services which allow such seniors to remain in their own homes. Beginning January 1, 2022, the...
The province provides eligible seniors with a refundable tax credit to help offset the cost of purchasing services which allow such seniors to remain in their own homes. Beginning January 1, 2022, the...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - Revenu Québec issues updated guide to voluntary disclosures
Revenu Québec provides a program under which taxpayers who have not previously complied with their tax obligations (including a failure to file when required, claiming rebates or refunds to which the...
Revenu Québec provides a program under which taxpayers who have not previously complied with their tax obligations (including a failure to file when required, claiming rebates or refunds to which the...
QC - Revenu Québec issues reminder of upcoming consumption tax filing deadline
Revenu Québec has issued a reminder to taxpayers that, in order to avoid penalties or interest, consumption tax returns must be filed, and required payments made, on or before June 30, 2021. The remi...
Revenu Québec has issued a reminder to taxpayers that, in order to avoid penalties or interest, consumption tax returns must be filed, and required payments made, on or before June 30, 2021. The remi...
QC - Revenu Québec issues updated information on taxation of taxi industry
Two new publications have been issued by Revenu Québec outlining the tax rules which apply to taxi businesses operating in the province. Those rules also apply to ride-sharing businesses, or “trans...
Two new publications have been issued by Revenu Québec outlining the tax rules which apply to taxi businesses operating in the province. Those rules also apply to ride-sharing businesses, or “trans...
QC - Upcoming provincial individual income tax instalment payment deadline
For residents of the province who pay provincial income tax through quarterly instalments, the second instalment payment deadline for the year is Tuesday June 15, 2021. Information on the instalment p...
For residents of the province who pay provincial income tax through quarterly instalments, the second instalment payment deadline for the year is Tuesday June 15, 2021. Information on the instalment p...
QC - Health Services Fund contribution credit extended to August 28, 2021
In April 2020, the provincial government announced the introduction of a credit for employer contributions to the Health Services Fund (HSF) made in respect of employees who were on paid leave, during...
In April 2020, the provincial government announced the introduction of a credit for employer contributions to the Health Services Fund (HSF) made in respect of employees who were on paid leave, during...
QC - Grace period for 2020 tax filing and payment deadlines ends May 31
Earlier this year, Revenu Québec announced that individual taxpayers would be provided with an interest-free and penalty-free grace period with respect to the filing of provincial income tax returns ...
Earlier this year, Revenu Québec announced that individual taxpayers would be provided with an interest-free and penalty-free grace period with respect to the filing of provincial income tax returns ...
QC - Temporary increase to on-the-job training tax credit rates
The province provides eligible employers with a refundable tax credit based on the wages or salary paid to an eligible trainee as part of a qualified training period, as well as wages or salary paid t...
The province provides eligible employers with a refundable tax credit based on the wages or salary paid to an eligible trainee as part of a qualified training period, as well as wages or salary paid t...
QC - Relieving measures to be provided for small business taxation
Quebec provides qualifying small businesses in the province with a reduced corporate income tax rate. In order to qualify for that reduced rate, corporations must also satisfy criteria relating to the...
Quebec provides qualifying small businesses in the province with a reduced corporate income tax rate. In order to qualify for that reduced rate, corporations must also satisfy criteria relating to the...
QC - No filing or payment deadline extension to be provided to corporations
Last month, Revenu Québec announced that, although the filing deadline was April 30, 2021, no penalties or interest would be levied on individuals who filed their 2020 provincial income tax return an...
Last month, Revenu Québec announced that, although the filing deadline was April 30, 2021, no penalties or interest would be levied on individuals who filed their 2020 provincial income tax return an...
QC - Provincial minimum wage increase effective May 1, 2021
Effective May 1, 2021, the general minimum wage rate in Québec will increase to $13.50 per hour, an increase of 40 cents per hour from the current rate of $13.10 per hour. For employees who are ...
Effective May 1, 2021, the general minimum wage rate in Québec will increase to $13.50 per hour, an increase of 40 cents per hour from the current rate of $13.10 per hour. For employees who are ...
QC - 2020 individual tax returns to be filed by May 31, 2021
Revenu Québec has announced that individual tax filers in the province will be provided with an extension of time in which to file their 2020 provincial income tax returns and to pay any balance of t...
Revenu Québec has announced that individual tax filers in the province will be provided with an extension of time in which to file their 2020 provincial income tax returns and to pay any balance of t...
QC - Revenu Québec extends period for HSF contributions credit
Since March 15, 2020, Québec employers that qualify for the Canada Emergency Wage Subsidy (CEWS) for a particular period are entitled to claim a credit for contributions to the health services fund (...
Since March 15, 2020, Québec employers that qualify for the Canada Emergency Wage Subsidy (CEWS) for a particular period are entitled to claim a credit for contributions to the health services fund (...
QC - Interest Rates
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Québec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
QC - 2021-22 provincial Budget includes enhancements to seniors’ home care tax credit
The 2021-22 Quebec Budget brought down on March 25 included a number of measures relating to the provincial seniors’ home support services tax credit. That credit provides financial assistance to in...
The 2021-22 Quebec Budget brought down on March 25 included a number of measures relating to the provincial seniors’ home support services tax credit. That credit provides financial assistance to in...
QC - Province announces temporary changes to refundable child care tax credit
The province of Québec provides a refundable child care tax credit to qualifying parents resident in the province. One of the eligibility criteria for that tax credit is that child care expenses must...
The province of Québec provides a refundable child care tax credit to qualifying parents resident in the province. One of the eligibility criteria for that tax credit is that child care expenses must...
QC - Guidance issued on deduction of 2020 telework expenses
Québec residents who worked from home during the 2020 taxation year may be able to claim teleworking expenses incurred on their 2020 provincial income tax return. In order to make such a claim, taxpa...
Québec residents who worked from home during the 2020 taxation year may be able to claim teleworking expenses incurred on their 2020 provincial income tax return. In order to make such a claim, taxpa...
QC - Revenu Québec issues guide to home-support services tax credit
The province provides a refundable tax credit to Québec residents aged 70 or older for expenses paid for eligible home-support services, with the tax credit equal to 35% of such expenses paid by the ...
The province provides a refundable tax credit to Québec residents aged 70 or older for expenses paid for eligible home-support services, with the tax credit equal to 35% of such expenses paid by the ...
QC - Provincial minimum wage to increase May 1, 2021
Effective as of May 1, 2021, the general minimum wage rate in Quebec will increase by 40 cents per hour, to $13.50 per hour. The minimum wage payable as of that date to employees who receive tips will...
Effective as of May 1, 2021, the general minimum wage rate in Quebec will increase by 40 cents per hour, to $13.50 per hour. The minimum wage payable as of that date to employees who receive tips will...
QC - Revenu Québec tax information line available Monday to Friday
Revenu Québec provides a help line through which taxpayers can obtain general tax information, or information about their specific tax situation. The help line is open Monday to Friday, from 8:30 a.m...
Revenu Québec provides a help line through which taxpayers can obtain general tax information, or information about their specific tax situation. The help line is open Monday to Friday, from 8:30 a.m...
QC - Revenu Québec issues reminder to tenants re: RL-31 slips
Revenu Québec has issued a reminder to tenants and sub-tenants in the province that, in order to claim the housing component of the solidarity tax credit, they must obtain an RL-31 slip from their la...
Revenu Québec has issued a reminder to tenants and sub-tenants in the province that, in order to claim the housing component of the solidarity tax credit, they must obtain an RL-31 slip from their la...
QC - NETFILE service for 2020 individual income tax returns available February 22
Revenu Québec’s NETFILE service for the online filing of provincial individual income tax returns for the 2020 taxation year will be available starting Monday February 22, 2021. To use NETFILE, ret...
Revenu Québec’s NETFILE service for the online filing of provincial individual income tax returns for the 2020 taxation year will be available starting Monday February 22, 2021. To use NETFILE, ret...
QC - Revenu Québec to provide TP-64.3-V bulk filing option for employers
Where qualifying criteria are met, employees who work from home are entitled, for tax purposes, to claim certain related expenses which they have incurred. For them to do so, their employer must compl...
Where qualifying criteria are met, employees who work from home are entitled, for tax purposes, to claim certain related expenses which they have incurred. For them to do so, their employer must compl...
QC - Revenu Québec issues guide to Employment Expenses for 2020
Revenu Québec has issued an updated version of Guide IN-118-V, Employment Expenses 2020. That guide outlines the tax treatment of various employment expenses claimable by salaried employees, employee...
Revenu Québec has issued an updated version of Guide IN-118-V, Employment Expenses 2020. That guide outlines the tax treatment of various employment expenses claimable by salaried employees, employee...
QC - Province releases QPIP rates and amounts for 2021
Revenu Québec has released the premium amounts and maximum insurable earnings which will apply for purposes of the Quebec Parental Insurance Plan (QPIP) for 2021. For 2021, the maximum employee premi...
Revenu Québec has released the premium amounts and maximum insurable earnings which will apply for purposes of the Quebec Parental Insurance Plan (QPIP) for 2021. For 2021, the maximum employee premi...
QC - Revenu Québec issues automobile expense rates and limits for 2021
Revenu Québec has released the automobile expense rates and limits which will apply for purposes of employee taxable benefits and deductions during 2021. Some of those rates and limits are as follows...
Revenu Québec has released the automobile expense rates and limits which will apply for purposes of employee taxable benefits and deductions during 2021. Some of those rates and limits are as follows...
QC - Interest Rates - 2021
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Quebec Pension Plan contribution amounts for 2021
Revenu Québec has announced the contribution percentages and amounts which will apply for purposes of the Quebec Pension Plan for 2021, and those are as follows: The Quebec Pension Plan contribution...
Revenu Québec has announced the contribution percentages and amounts which will apply for purposes of the Quebec Pension Plan for 2021, and those are as follows: The Quebec Pension Plan contribution...
QC - Revenu Québec issues employee source deduction form for 2021
Quebec employers deduct amounts for provincial income tax from employee paycheques and remit those tax amounts to the provincial government on behalf of each employee. The amount of tax withheld at so...
Quebec employers deduct amounts for provincial income tax from employee paycheques and remit those tax amounts to the provincial government on behalf of each employee. The amount of tax withheld at so...
QC - Revenu Québec issues reminder to landlords regarding RL-31 slips
Revenu Québec has issued a reminder to landlords in the province that the period for the filing of RL-31 slips started on December 1, 2020. The RL-31 slip must be filed by every person or partnership...
Revenu Québec has issued a reminder to landlords in the province that the period for the filing of RL-31 slips started on December 1, 2020. The RL-31 slip must be filed by every person or partnership...
QC - Province extends tax credit for health services fund contributions
Earlier this year, the provincial government announced that Quebec employers who qualified for the Canada Emergency Wage Subsidy could receive a provincial credit for the amount of Health Service Fund...
Earlier this year, the provincial government announced that Quebec employers who qualified for the Canada Emergency Wage Subsidy could receive a provincial credit for the amount of Health Service Fund...
QC - Revenu Québec issues individual income tax source deductions form for 2021
Revenu Québec has issued the prescribed form to be completed by Quebec residents for employee source deduction purposes for the 2021 taxation year. That form, the TP-1015.3-V, can be found on the Rev...
Revenu Québec has issued the prescribed form to be completed by Quebec residents for employee source deduction purposes for the 2021 taxation year. That form, the TP-1015.3-V, can be found on the Rev...
QC - December 1 application deadline for advance payments of tax credits
Revenu Québec has posted a reminder on its website of an upcoming deadline for applications for advance payments of certain tax credits. The December 1 application deadline applies for purposes of ad...
Revenu Québec has posted a reminder on its website of an upcoming deadline for applications for advance payments of certain tax credits. The December 1 application deadline applies for purposes of ad...
QC - Province announces extension of deadlines to apply for business tax credits
Revenu Québec has announced that certain deadlines which would normally apply with respect to applications for business tax credits may now be extended. Specifically, where the usual deadline for an ...
Revenu Québec has announced that certain deadlines which would normally apply with respect to applications for business tax credits may now be extended. Specifically, where the usual deadline for an ...
QC - New tax obligations for operators in building service sector effective January 1, 2021
To address perceived problems with under-reporting of income, Revenu Québec has announced that new tax obligations will be imposed on businesses and subcontractors in the building service sector. Tho...
To address perceived problems with under-reporting of income, Revenu Québec has announced that new tax obligations will be imposed on businesses and subcontractors in the building service sector. Tho...
QC - Revenu Québec issues updated forms on tax treatment of home acquisition and sale
Revenu Québec has updated and re-issued two forms dealing with the tax treatment of the acquisition and sale of a principal residence. The first form, the TP752, is used to apply for the Home Buyer...
Revenu Québec has updated and re-issued two forms dealing with the tax treatment of the acquisition and sale of a principal residence. The first form, the TP752, is used to apply for the Home Buyer...
QC - Revenu Québec issues forms for advance payment of 2021 childcare tax credit
The province of Quebec provides families with a refundable tax credit for qualifying childcare expenses incurred, and eligible families may also receive advance payment of that credit. Revenu Québec ...
The province of Quebec provides families with a refundable tax credit for qualifying childcare expenses incurred, and eligible families may also receive advance payment of that credit. Revenu Québec ...
QC - Revenu Québec extends filing deadline for specified business tax credits
As part of the provincial government’s pandemic response, Revenu Québec provided businesses in the province with additional time to file claims for certain tax credits. As outlined on the Revenu Qu...
As part of the provincial government’s pandemic response, Revenu Québec provided businesses in the province with additional time to file claims for certain tax credits. As outlined on the Revenu Qu...
QC - Interest Rates - 2020
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Revenu Québec to resume some collection activities October 5, 2020
On March 17, 2020, Revenu Québec announced that, as part of its pandemic response, it would be suspending some of its collection activities with respect to income tax debts, including garnishment ord...
On March 17, 2020, Revenu Québec announced that, as part of its pandemic response, it would be suspending some of its collection activities with respect to income tax debts, including garnishment ord...
QC - June and September individual income tax instalment payments due September 30, 2020
Individual residents of Quebec who pay provincial income tax by instalments usually make four instalment payments of tax each year, by the 15th day of March, June, September, and December. Earlier thi...
Individual residents of Quebec who pay provincial income tax by instalments usually make four instalment payments of tax each year, by the 15th day of March, June, September, and December. Earlier thi...
QC - Individual provincial tax balances for 2019 due by September 30, 2020
As part of its pandemic relief measures, the province extended the deadline for payment of individual income tax balances owed for the 2019 tax year. Such balances must now be paid on or before Wednes...
As part of its pandemic relief measures, the province extended the deadline for payment of individual income tax balances owed for the 2019 tax year. Such balances must now be paid on or before Wednes...
QC - Extended deadline for payment of specified corporate income tax amounts
As part of its pandemic response, Revenu Québec extended some provincial income tax filing deadlines for corporations. Under that policy, if the normal filing deadline fell in the period: from March...
As part of its pandemic response, Revenu Québec extended some provincial income tax filing deadlines for corporations. Under that policy, if the normal filing deadline fell in the period: from March...
QC - Revenu Québec extends policy of accepting electronic signatures
Earlier this year, Revenu Québec announced that it would, in some circumstances, accept electronic signatures on certain forms filed with them and that such policy would continue until September 1, 2...
Earlier this year, Revenu Québec announced that it would, in some circumstances, accept electronic signatures on certain forms filed with them and that such policy would continue until September 1, 2...
QC - Revenu Québec offices re-opened for limited services
Revenu Québec has announced that its offices have re-opened to provide a limited number of in-person services. Offices are open Monday through Friday, from 10 a.m. to 3 p.m. Taxpayers will be able to...
Revenu Québec has announced that its offices have re-opened to provide a limited number of in-person services. Offices are open Monday through Friday, from 10 a.m. to 3 p.m. Taxpayers will be able to...
QC - Province announces extension to credit for employer contributions to HSF
The Quebec government has announced that the existing tax credit provided to eligible employers in the province with respect to qualifying contributions made to the Health Services Fund (HSF) has been...
The Quebec government has announced that the existing tax credit provided to eligible employers in the province with respect to qualifying contributions made to the Health Services Fund (HSF) has been...
QC - Revenu Québec issues guidance on deduction of teleworking expenses
When a health emergency was declared in Québec in March of this year, many businesses and offices were closed and employees were obligated to work from home, or “telework”. Employees who did so a...
When a health emergency was declared in Québec in March of this year, many businesses and offices were closed and employees were obligated to work from home, or “telework”. Employees who did so a...
QC - Revenu Québec extends deadline for payment of September tax instalment
Individual taxpayers who pay provincial income tax by instalment are required to make four such instalment payments each year. The usual deadlines for such payments are the 15th day of March, June, Se...
Individual taxpayers who pay provincial income tax by instalment are required to make four such instalment payments each year. The usual deadlines for such payments are the 15th day of March, June, Se...
QC - Individual income tax payment deadline extended again
Earlier this year, Revenu Québec announced that the deadline for payment of any individual provincial income tax balances owed for 2019 would be extended to September 1, 2020. The usual deadline for ...
Earlier this year, Revenu Québec announced that the deadline for payment of any individual provincial income tax balances owed for 2019 would be extended to September 1, 2020. The usual deadline for ...
QC - Change to eligibility requirements for small business deduction for 2020
Canadian-controlled private corporations can qualify for a lower provincial corporate income tax rate where they meet certain criteria, and that lower rate is known as the small business deduction. On...
Canadian-controlled private corporations can qualify for a lower provincial corporate income tax rate where they meet certain criteria, and that lower rate is known as the small business deduction. On...
QC - Change to requirements for childcare expense tax credit claims
The province provides a tax credit for qualifying childcare expenses incurred by Quebec residents who are enrolled in eligible education programs. Changes to the rules governing that credit were recen...
The province provides a tax credit for qualifying childcare expenses incurred by Quebec residents who are enrolled in eligible education programs. Changes to the rules governing that credit were recen...
QC - Online filing service for 2019 provincial income tax returns still open
As part of the province’s pandemic relief measures, the deadline for filing of provincial individual income tax returns for the 2019 taxation year was extended. For most individual taxpayers that de...
As part of the province’s pandemic relief measures, the deadline for filing of provincial individual income tax returns for the 2019 taxation year was extended. For most individual taxpayers that de...
QC - Interest Rates - 2020
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Extended deadline for payment of instalments and income tax balances
Individual taxpayers in Quebec were required to file their provincial tax returns for the 2019 tax year earlier this month. The deadline for such filings was June 1 for most taxpayers and June 15 for ...
Individual taxpayers in Quebec were required to file their provincial tax returns for the 2019 tax year earlier this month. The deadline for such filings was June 1 for most taxpayers and June 15 for ...
QC - Extended deadline for filing of provincial corporate income tax returns
Revenu Québec has announced that the deadline for filing of provincial corporate income tax returns that would usually be due between May 31 and August 31, 2020 has been extended. The new deadline fo...
Revenu Québec has announced that the deadline for filing of provincial corporate income tax returns that would usually be due between May 31 and August 31, 2020 has been extended. The new deadline fo...
QC - Credit for health services fund contributions extended to August 29th
On April 30, the province announced that Quebec employers who qualified for the federal Canada Employer Wage Subsidy (CEWS) would also receive a credit for contributions made to the provincial Health ...
On April 30, the province announced that Quebec employers who qualified for the federal Canada Employer Wage Subsidy (CEWS) would also receive a credit for contributions made to the provincial Health ...
QC - Revenu Québec announces late-filing penalty relief
Earlier this year, Revenu Québec announced that the filing deadline for individuals with respect to the 2019 provincial income tax had been extended to June 1, 2020. In addition, the deadline for pay...
Earlier this year, Revenu Québec announced that the filing deadline for individuals with respect to the 2019 provincial income tax had been extended to June 1, 2020. In addition, the deadline for pay...
QC - June 15 instalment payment due date deferred
Residents of the province who pay provincial income tax by instalments would normally be required to make the second instalment payment for this year on June 15, 2020. As part of the province’s pand...
Residents of the province who pay provincial income tax by instalments would normally be required to make the second instalment payment for this year on June 15, 2020. As part of the province’s pand...
QC - Revenu Québec announces extension for tax credit and benefit payments
The province of Quebec provides a number of refundable tax credits and other benefits, some of which are geared to income. Eligibility for such credits and benefits, as well as the amount receivable, ...
The province of Quebec provides a number of refundable tax credits and other benefits, some of which are geared to income. Eligibility for such credits and benefits, as well as the amount receivable, ...
QC - Revenu Québec provides calendar for applications for wage supplement
Last month, it was announced that the provincial government would provide a wage supplement for essential workers in the province who earn between $5,000 and $28,600 per year, through the Incentive Pr...
Last month, it was announced that the provincial government would provide a wage supplement for essential workers in the province who earn between $5,000 and $28,600 per year, through the Incentive Pr...
QC - Refund of health services fund contributions available to employers
Revenu Québec has announced that employers in the province who are eligible for the federal Canada Emergency Wage Subsidy can apply for a credit for contributions made to the provincial health servic...
Revenu Québec has announced that employers in the province who are eligible for the federal Canada Emergency Wage Subsidy can apply for a credit for contributions made to the provincial health servic...
QC - 2020 limits and rate for automobile expense deductions and benefits
The following limits and rates will apply for provincial tax purposes during 2020 with respect to the computation of automobile expense deductions and taxable benefits. For purposes of calculating ca...
The following limits and rates will apply for provincial tax purposes during 2020 with respect to the computation of automobile expense deductions and taxable benefits. For purposes of calculating ca...
QC - Province to provide income assistance for essential workers
The Quebec government has announced a new financial assistance program for individuals working essential jobs during the COVID-19 pandemic, with that assistance amount making up the difference between...
The Quebec government has announced a new financial assistance program for individuals working essential jobs during the COVID-19 pandemic, with that assistance amount making up the difference between...
QC - Deadline for payment of corporate provincial income tax balances deferred
Under the usual rules, Quebec corporations must pay their provincial income tax balances no later than two months after the end of the corporation’s taxation year. Revenu Québec has announced that ...
Under the usual rules, Quebec corporations must pay their provincial income tax balances no later than two months after the end of the corporation’s taxation year. Revenu Québec has announced that ...
QC - Interest Rates - 2020
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Quebec sales tax filing and payment deadlines extended
The Quebec government has announced that it is extending the usual deadline with respect to certain provincial sales tax (QST) filing and remittance obligations. Specifically, the filing and remittanc...
The Quebec government has announced that it is extending the usual deadline with respect to certain provincial sales tax (QST) filing and remittance obligations. Specifically, the filing and remittanc...
QC - Revenu Québec further extends deadline for payment of 2019 individual income taxes
Revenu Québec has updated its previous announcement with respect to the deadlines for filing of provincial individual income tax returns and payment of provincial income taxes owed for the 2019 tax y...
Revenu Québec has updated its previous announcement with respect to the deadlines for filing of provincial individual income tax returns and payment of provincial income taxes owed for the 2019 tax y...
QC - Province extends individual tax filing and payment deadlines
Revenu Québec has announced that filing and payment deadlines relating to the 2019 tax year have been extended. The changes to those deadlines are as follows: the deadline for filing provincial inco...
Revenu Québec has announced that filing and payment deadlines relating to the 2019 tax year have been extended. The changes to those deadlines are as follows: the deadline for filing provincial inco...
QC - 2020-21 provincial Budget includes new tax credit for caregivers
The 2020-21 Quebec Budget included an announcement of a new tax credit for caregivers in the province. That tax credit will take effect “immediately”. The new credit will have two components, as f...
The 2020-21 Quebec Budget included an announcement of a new tax credit for caregivers in the province. That tax credit will take effect “immediately”. The new credit will have two components, as f...
QC - Revenu Quebec issues tax guide for seniors
Revenu Quebec has issued a lengthy (32 pages) tax guide providing information on tax issues which are of particular relevance to Quebec seniors. That guide – Seniors and Taxation (IN-311-V) – revi...
Revenu Quebec has issued a lengthy (32 pages) tax guide providing information on tax issues which are of particular relevance to Quebec seniors. That guide – Seniors and Taxation (IN-311-V) – revi...
QC - NETFILE service for 2019 provincial returns now available
The NETFILE Quebec service for the filing of individual provincial income tax returns is now available. Such returns must be filed using approved software. A listing of such software can be found at h...
The NETFILE Quebec service for the filing of individual provincial income tax returns is now available. Such returns must be filed using approved software. A listing of such software can be found at h...
QC - 2020-21 Budget date announced
The provincial government has announced that the province’s Budget for the upcoming (2020-21) fiscal year will be announced on Tuesday March 10, 2020. Once the Budget is released, the full Budget pa...
The provincial government has announced that the province’s Budget for the upcoming (2020-21) fiscal year will be announced on Tuesday March 10, 2020. Once the Budget is released, the full Budget pa...
QC - NETFILE service for 2019 individual provincial tax returns available February 24
Revenu Québec has announced that its NETFILE service for the online filing of provincial individual income tax returns for 2019 will be available as of Monday February 24, 2020. Details of the NETFIL...
Revenu Québec has announced that its NETFILE service for the online filing of provincial individual income tax returns for 2019 will be available as of Monday February 24, 2020. Details of the NETFIL...
QC - Automobile expense limits and rates for 2020
Revenu Québec has announced the limits and rates for the deduction of automobile expenses and the calculation of taxable benefits related to the use of an automobile which will apply for 2020. Most s...
Revenu Québec has announced the limits and rates for the deduction of automobile expenses and the calculation of taxable benefits related to the use of an automobile which will apply for 2020. Most s...
QC - 2019 federal tax return package for Quebec residents now available online
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide to be used by individuals who were residents of Quebec as of December 31, 2019. That return and guide can be fou...
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide to be used by individuals who were residents of Quebec as of December 31, 2019. That return and guide can be fou...
QC - New app available for calculating source deductions
Revenu Québec has announced that a new app is available to employers in the province to assist with the calculation of employer contributions and employee source deductions. The new app, WebRAS, allo...
Revenu Québec has announced that a new app is available to employers in the province to assist with the calculation of employer contributions and employee source deductions. The new app, WebRAS, allo...
QC - Revenu Québec announces changes to Voluntary Disclosure Program
Revenu Québec provides a program — the Voluntary Disclosure Program (VDP) — under which taxpayers who have previously failed to meet their tax obligations can bring themselves into compliance. Re...
Revenu Québec provides a program — the Voluntary Disclosure Program (VDP) — under which taxpayers who have previously failed to meet their tax obligations can bring themselves into compliance. Re...
QC - Interest Rates - 2020
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Revenu Quebec issues reminder re: filing of RL-31 slips
Revenu Quebec has issued a reminder to residential landlords in the province that every person or partnership that owns rental property and rents out a dwelling for which rent was paid or payable on D...
Revenu Quebec has issued a reminder to residential landlords in the province that every person or partnership that owns rental property and rents out a dwelling for which rent was paid or payable on D...
QC - Revenu Québec issues QPIP rates for 2020
Revenu Québec has announced the Quebec Parental Insurance Plan (QPIP) maximums, thresholds and rates which will apply during 2020. They are as follows. The maximum insurable earnings have been incre...
Revenu Québec has announced the Quebec Parental Insurance Plan (QPIP) maximums, thresholds and rates which will apply during 2020. They are as follows. The maximum insurable earnings have been incre...
QC - Final individual income tax instalment due December 16, 2019
Residents of the province who pay income tax by instalments must make their final instalment payment on or before Monday December 16, 2019. Information on the instalment payment requirement, and how i...
Residents of the province who pay income tax by instalments must make their final instalment payment on or before Monday December 16, 2019. Information on the instalment payment requirement, and how i...
QC - Revenu Québec announces QPP contribution rates for 2020
Revenu Québec has released the Quebec Pension Plan contribution rates and income ceilings which will apply during the 2020 calendar year. For 2020, maximum pensionable earnings will increase to $58,7...
Revenu Québec has released the Quebec Pension Plan contribution rates and income ceilings which will apply during the 2020 calendar year. For 2020, maximum pensionable earnings will increase to $58,7...
QC - Information issued on individual income tax brackets and credit amounts for 2020
The Quebec Ministry of Finance has issued details of the individual income tax brackets and rates and the personal tax credit amounts which will apply for the 2020 tax year. The indexing factor for su...
The Quebec Ministry of Finance has issued details of the individual income tax brackets and rates and the personal tax credit amounts which will apply for the 2020 tax year. The indexing factor for su...
QC - December 1, 2019 application deadline for advance payment of 2020 tax credits
Quebec taxpayers who are eligible to receive certain tax credits, including the tax credit for child care expenses, the work premium, or the adapted work premium can apply to receive payment of such c...
Quebec taxpayers who are eligible to receive certain tax credits, including the tax credit for child care expenses, the work premium, or the adapted work premium can apply to receive payment of such c...
QC - Additional contribution for subsidized educational childcare eliminated
The Quebec Minister of Finance recently announced that the additional contribution for subsidized educational childcare has been eliminated for all families, effective as of the 2019 tax year. Indivi...
The Quebec Minister of Finance recently announced that the additional contribution for subsidized educational childcare has been eliminated for all families, effective as of the 2019 tax year. Indivi...
QC - Revenu Québec issues guide to information slips for 2019 investment income
By the end of February 2020, entities which paid investment income during 2019 will be required to prepare, file, and distribute information slips (RL-3) in respect of such payments made. Revenu Québ...
By the end of February 2020, entities which paid investment income during 2019 will be required to prepare, file, and distribute information slips (RL-3) in respect of such payments made. Revenu Québ...
QC - Upcoming deadline for mandatory registration by digital accommodation platforms
Revenu Québec has issued a reminder to operators of digital accommodation platforms, that, beginning on January 1, 2020, such operators who rent units in an overnight establishment which is subject...
Revenu Québec has issued a reminder to operators of digital accommodation platforms, that, beginning on January 1, 2020, such operators who rent units in an overnight establishment which is subject...
QC - Revenu Québec issues new publications on employment expense deductions
Revenu Québec has issued a series of publications outlining the circumstances in which employees who work in various sectors and who earn different types of income can deduct employment related expen...
Revenu Québec has issued a series of publications outlining the circumstances in which employees who work in various sectors and who earn different types of income can deduct employment related expen...
QC - New registration and reporting requirements for digital accommodation platforms
As announced in this year’s provincial Budget, and beginning on January 1, 2020, operators of digital accommodation platforms in the province may be subject to new registration and reporting require...
As announced in this year’s provincial Budget, and beginning on January 1, 2020, operators of digital accommodation platforms in the province may be subject to new registration and reporting require...
QC - Information Bulletin issued on new print media tax credits
Quebec Finance has issued an Information Bulletin (2019-9) providing details of a new refundable tax credit for print media in the province. The new credit, which is available with respect to qualifyi...
Quebec Finance has issued an Information Bulletin (2019-9) providing details of a new refundable tax credit for print media in the province. The new credit, which is available with respect to qualifyi...
QC - Interest Rates - 2019
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Revenu Québec issues reminder for SRM users
Most operators of restaurant establishments in the province are required to use Sales Recording Modules (SRMs) to produce bills containing required information with respect to each sales transaction e...
Most operators of restaurant establishments in the province are required to use Sales Recording Modules (SRMs) to produce bills containing required information with respect to each sales transaction e...
QC - Updated bulletin issued on Quebec Parental Insurance Plan
The province provides an income replacement plan, the Quebec Parental Insurance Plan (QPIP), which pays benefits to eligible workers who take a maternity, paternity, parental, or adoption leave. Reven...
The province provides an income replacement plan, the Quebec Parental Insurance Plan (QPIP), which pays benefits to eligible workers who take a maternity, paternity, parental, or adoption leave. Reven...
QC - New automated service provided to validate QST registration numbers
Revenu Québec has announced the availability of a new service which will enable taxpayers to automatically validate the QST numbers, effective date of QST registration and the name of their suppliers...
Revenu Québec has announced the availability of a new service which will enable taxpayers to automatically validate the QST numbers, effective date of QST registration and the name of their suppliers...
QC - Individual income tax instalments due September 16
Individual taxpayers who make quarterly instalment payments of tax must make the third such instalment payment for the year on or before September 15. As that date falls on a Sunday this year, payment...
Individual taxpayers who make quarterly instalment payments of tax must make the third such instalment payment for the year on or before September 15. As that date falls on a Sunday this year, payment...
QC - Province to provide deadline relief for employer source deduction remittances
Revenu Québec has announced that employers in the province whose source deduction and employer contribution remittance is done weekly or twice-monthly will be provided with some leeway in that schedu...
Revenu Québec has announced that employers in the province whose source deduction and employer contribution remittance is done weekly or twice-monthly will be provided with some leeway in that schedu...
QC - Change in Revenu Québec administrative policy re employee overpayments
Effective as of January 15, 2019, Revenu Québec has changed its administrative policy with respect to situations in which overpayments are made by employers to employees, and those employees repay th...
Effective as of January 15, 2019, Revenu Québec has changed its administrative policy with respect to situations in which overpayments are made by employers to employees, and those employees repay th...
QC - Revenu Québec issues update on breach of employee information
On July 25, Revenu Québec learned that the personal information of some its current and former employees had been leaked. It has now issued an FAQ document to answer questions about who has been affe...
On July 25, Revenu Québec learned that the personal information of some its current and former employees had been leaked. It has now issued an FAQ document to answer questions about who has been affe...
QC - Third quarterly income tax instalment due September 15
Quebec residents who are required to pay income tax by instalments must make their third quarterly instalment for 2019 on or before September 15, 2019. Most individuals who are subject to the instalme...
Quebec residents who are required to pay income tax by instalments must make their third quarterly instalment for 2019 on or before September 15, 2019. Most individuals who are subject to the instalme...
QC - Changes to be made to Quebec Education Savings Incentive effective September 1, 2019
The federal government provides a savings vehicle, the Registered Education Savings Plan (RESP), which enables parents to save for their children’s education on a tax-advantaged basis. Residents of ...
The federal government provides a savings vehicle, the Registered Education Savings Plan (RESP), which enables parents to save for their children’s education on a tax-advantaged basis. Residents of ...
QC - New form issued for taxpayers requesting reduction in source deductions
Quebec taxpayers who are employed have income tax deducted from their paycheques by their employer and, in some circumstances, the deductions made can exceed the individual’s actual tax owing for th...
Quebec taxpayers who are employed have income tax deducted from their paycheques by their employer and, in some circumstances, the deductions made can exceed the individual’s actual tax owing for th...
QC - Revenu Québec issues warning on phishing attempts
Revenu Québec has issued a reminder to taxpayers on how to identify phishing attempts in telephone calls, e-mails, or texts which purport to be from the Agency. That reminder notes that the following...
Revenu Québec has issued a reminder to taxpayers on how to identify phishing attempts in telephone calls, e-mails, or texts which purport to be from the Agency. That reminder notes that the following...
QC - Claiming a deduction for accessibility renovations
Revenu Québec has posted information on its website with respect to the preferential tax treatment provided for building renovation or alteration costs related to accessibility. Such tax treatment is...
Revenu Québec has posted information on its website with respect to the preferential tax treatment provided for building renovation or alteration costs related to accessibility. Such tax treatment is...
QC - Interest Rates - 2019
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Advance payment of seniors’ home support services tax credit
The province of Quebec provides eligible seniors aged 70 and older with a refundable tax credit to help offset the cost of services needed to enable them to remain in their homes. That tax credit is e...
The province of Quebec provides eligible seniors aged 70 and older with a refundable tax credit to help offset the cost of services needed to enable them to remain in their homes. That tax credit is e...
QC - Payroll tax reduction for employers of older workers
In the 2019-20 Quebec Budget, the provincial government announced that an incentive would be provided to encourage businesses to hire and retain older workers. Businesses which do so will be entitled ...
In the 2019-20 Quebec Budget, the provincial government announced that an incentive would be provided to encourage businesses to hire and retain older workers. Businesses which do so will be entitled ...
QC - Information bulletin issued on changes to financial assistance for handicapped children
In this year’s Budget, the provincial government announced that it had undertaken a review of the financial assistance provided to parents of a handicapped child with exceptional care needs. As a re...
In this year’s Budget, the provincial government announced that it had undertaken a review of the financial assistance provided to parents of a handicapped child with exceptional care needs. As a re...
QC - Individual income tax instalment due June 17
Residents of Quebec who pay provincial income tax by instalments must make their second instalment payment for the year on or before Monday June 17, 2019. More information on the instalment payment sy...
Residents of Quebec who pay provincial income tax by instalments must make their second instalment payment for the year on or before Monday June 17, 2019. More information on the instalment payment sy...
QC - June 17 filing deadline for self-employed taxpayers
The general deadline for filing of provincial income tax returns for 2018 was April 30, 2019. However, self-employed taxpayers (and their spouses) have until Monday, June 17, 2019 to file their income...
The general deadline for filing of provincial income tax returns for 2018 was April 30, 2019. However, self-employed taxpayers (and their spouses) have until Monday, June 17, 2019 to file their income...
QC - Expanded QST registration requirements effective September 1, 2019
Effective as of September 1, 2019, the registration requirements for Quebec sales tax will be expanded. As of that date, suppliers outside of Quebec who are registered for the GST/HST must become regi...
Effective as of September 1, 2019, the registration requirements for Quebec sales tax will be expanded. As of that date, suppliers outside of Quebec who are registered for the GST/HST must become regi...
QC - Revenu Québec announces upgrades to online tax services
Revenu Québec provides taxpayers in the province with a number of online tax services. Those services include My Account, which enables taxpayers to carry out a wide range of tax-related transactions...
Revenu Québec provides taxpayers in the province with a number of online tax services. Those services include My Account, which enables taxpayers to carry out a wide range of tax-related transactions...
QC - Options for correcting a mistake on a filed tax return
Revenu Québec has announced that taxpayers who wish to correct an error made on an already-filed provincial individual income tax return now have the option of doing so using commercial software whic...
Revenu Québec has announced that taxpayers who wish to correct an error made on an already-filed provincial individual income tax return now have the option of doing so using commercial software whic...
QC - Interest and penalty waiver available for Quebec residents
Payments of provincial individual income tax for 2018 were due and payable on or before April 30, 2019 and the filing deadline for individual income returns for that year (excepting returns filed by s...
Payments of provincial individual income tax for 2018 were due and payable on or before April 30, 2019 and the filing deadline for individual income returns for that year (excepting returns filed by s...
QC - 2018 individual provincial income tax balances due on or before Tuesday April 30
All Quebec individual taxpayers are required to pay any balance of income taxes owed for the 2018 tax year on or before Tuesday April 30, 2019, as outlined on the Revenu Québec website at https://www...
All Quebec individual taxpayers are required to pay any balance of income taxes owed for the 2018 tax year on or before Tuesday April 30, 2019, as outlined on the Revenu Québec website at https://www...
QC - Province announces automobile deduction and benefit amounts for 2019
Revenu Québec has announced the dollar figure limits and rates which will apply during 2019 with respect to the deduction of automobile expenses and the calculation of taxable benefits related to the...
Revenu Québec has announced the dollar figure limits and rates which will apply during 2019 with respect to the deduction of automobile expenses and the calculation of taxable benefits related to the...
QC - Provincial minimum wage to increase May 1, 2019
Effective as of May 1, 2019, the general minimum wage payable in Quebec will increase from $12.00 per hour to $12.50 per hour. Different minimum wage calculations apply to workers who receive tips, th...
Effective as of May 1, 2019, the general minimum wage payable in Quebec will increase from $12.00 per hour to $12.50 per hour. Different minimum wage calculations apply to workers who receive tips, th...
QC - Interest Rates - 2019
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Budget expands tax credit for older workers
In its 2019-20 Budget, the provincial government announced an expansion of the existing tax credit provided to older workers. That credit provides workers aged 61 and older with an exemption from tax ...
In its 2019-20 Budget, the provincial government announced an expansion of the existing tax credit provided to older workers. That credit provides workers aged 61 and older with an exemption from tax ...
QC - Provincial minimum wage to increase May 1
Effective as of May 1, 2019, the general provincial minimum wage will increase from $12.00 to $12.50 per hour. The general minimum wage does not apply to employees who earn tips. However, employees wh...
Effective as of May 1, 2019, the general provincial minimum wage will increase from $12.00 to $12.50 per hour. The general minimum wage does not apply to employees who earn tips. However, employees wh...
QC - Revenu Québec issues tax preparers’ guide for 2018 returns
Revenu Québec has issued the guide to be used by tax preparers in preparing and filing individual income tax returns for the 2018 tax year. That guide summarizes the individual tax changes which took...
Revenu Québec has issued the guide to be used by tax preparers in preparing and filing individual income tax returns for the 2018 tax year. That guide summarizes the individual tax changes which took...
QC - Province announces 2019-20 Budget date
The 2019-20 provincial Budget will be brought down by the Quebec Minister of Finance on Thursday March 21, 2019. Once the Budget is released, the budget papers will be posted on the Quebec government ...
The 2019-20 provincial Budget will be brought down by the Quebec Minister of Finance on Thursday March 21, 2019. Once the Budget is released, the budget papers will be posted on the Quebec government ...
QC - Online filing provided for QST suppliers outside Canada
Effective as from January 1, 2019, Quebec Sales Tax (QST) registration is mandatory for businesses and operators of digital platforms outside Canada, where their sales to Quebec residents exceed $30,0...
Effective as from January 1, 2019, Quebec Sales Tax (QST) registration is mandatory for businesses and operators of digital platforms outside Canada, where their sales to Quebec residents exceed $30,0...
QC - NetFile Quebec available for filing of individual tax returns for 2018
Quebec taxpayers can, as of February 18, 2019, file their provincial income tax returns for the 2018 tax year online, through NetFile Quebec. Individual provincial income tax returns which have not ye...
Quebec taxpayers can, as of February 18, 2019, file their provincial income tax returns for the 2018 tax year online, through NetFile Quebec. Individual provincial income tax returns which have not ye...
QC - Application form issued for Advance Payment of Child Care Tax Credit
The provincial government provides a tax credit to help offset the cost of child care expenses, with the tax credit rate based on family income. Taxpayers who are eligible to receive the Child Care Ta...
The provincial government provides a tax credit to help offset the cost of child care expenses, with the tax credit rate based on family income. Taxpayers who are eligible to receive the Child Care Ta...
QC - Province announces 2019 automobile use limits and rates
Quebec Finance has issued an Information Bulletin (2019-2) outlining the limits and rates applying to the deduction of expenses and the calculation of benefits relating to the use of an automobile. Su...
Quebec Finance has issued an Information Bulletin (2019-2) outlining the limits and rates applying to the deduction of expenses and the calculation of benefits relating to the use of an automobile. Su...
QC - Revenu Québec issues 2019 instalment payment calculation form
The first instalment payment deadline for the 2019 tax year is March 15, 2019. Revenu Québec will provide affected taxpayers with instalment reminders setting out instalment payment amounts, but such...
The first instalment payment deadline for the 2019 tax year is March 15, 2019. Revenu Québec will provide affected taxpayers with instalment reminders setting out instalment payment amounts, but such...
QC - New QST registration requirements in 2019
Measures announced in the 2018 provincial Budget create new QST registration requirements for certain suppliers engaged in e-commerce. The new requirements are effective as of January 1, 2019. As of t...
Measures announced in the 2018 provincial Budget create new QST registration requirements for certain suppliers engaged in e-commerce. The new requirements are effective as of January 1, 2019. As of t...
QC - Revenu Québec announces QPP contribution rates for 2019
Revenu Québec has announced the Quebec Pension Plan contribution rates and amounts which will apply for 2019. Maximum pensionable earnings for 2019 are set at $57,400 and the basic exemption is uncha...
Revenu Québec has announced the Quebec Pension Plan contribution rates and amounts which will apply for 2019. Maximum pensionable earnings for 2019 are set at $57,400 and the basic exemption is uncha...
QC - Interest Rates - 2019
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Revenu Quebec issues individual instalment payments guide for 2019
Residents of Quebec are required to pay income tax in instalments if they estimate that their net provincial income tax payable on filing for the current year and either of the two preceding tax years...
Residents of Quebec are required to pay income tax in instalments if they estimate that their net provincial income tax payable on filing for the current year and either of the two preceding tax years...
QC - Revenu Québec issues QPIP rates for 2019
Revenu Québec has announced the Quebec Parental Insurance Plan (QPIP) maximums, thresholds, and rates which will apply during 2019. They are as follows. The maximum insurable earnings have been inc...
Revenu Québec has announced the Quebec Parental Insurance Plan (QPIP) maximums, thresholds, and rates which will apply during 2019. They are as follows. The maximum insurable earnings have been inc...
QC - Province announces new refundable senior assistance tax credit
A new refundable tax credit of $200 per person per year will be provided to Quebec seniors, effective for the 2018 and subsequent tax years. The new credit will be claimable by seniors who are aged 70...
A new refundable tax credit of $200 per person per year will be provided to Quebec seniors, effective for the 2018 and subsequent tax years. The new credit will be claimable by seniors who are aged 70...
QC - Reminder issued on preparation of RL-31 slips by landlords
Landlords in the province must provide their tenants with an RL-31 slip documenting the amount of rent paid during the year. That slip is then used by tenants when claiming provincial tax credits. Rev...
Landlords in the province must provide their tenants with an RL-31 slip documenting the amount of rent paid during the year. That slip is then used by tenants when claiming provincial tax credits. Rev...
QC - New forms issued for appointing or cancelling a representative
Revenu Québec has issued two new forms to be used by Quebec taxpayers when authorizing a representative or cancelling an authorization which was previously granted. The first form, Authorization to C...
Revenu Québec has issued two new forms to be used by Quebec taxpayers when authorizing a representative or cancelling an authorization which was previously granted. The first form, Authorization to C...
QC - Revenu Québec issues reminder on availability of QESI
Since 2007, residents of Quebec have been eligible for the Quebec Education Savings Incentive (QESI) program. Individuals in the province can contribute amounts to a registered education savings plan ...
Since 2007, residents of Quebec have been eligible for the Quebec Education Savings Incentive (QESI) program. Individuals in the province can contribute amounts to a registered education savings plan ...
QC - December 1 deadline for applications for advance payments of tax credits
Eligible Quebec residents can receive a number of refundable tax credits and benefits, including the tax credit for child care expenses and the work premium. Those who are eligible for such credits in...
Eligible Quebec residents can receive a number of refundable tax credits and benefits, including the tax credit for child care expenses and the work premium. Those who are eligible for such credits in...
QC - Revenu Québec releases information on tax software for 2018 returns
Revenu Québec has issued guidelines for residents of the province who will be using commercial tax software for the preparation of their provincial income tax returns for 2018. The Information Notice...
Revenu Québec has issued guidelines for residents of the province who will be using commercial tax software for the preparation of their provincial income tax returns for 2018. The Information Notice...
QC - Changes to reporting requirements for GST/HST and QST
Revenu Québec has issued a reminder to taxpayers that, on June 27, 2018, changes were made to the rules for reporting and paying GST/HST and QST on taxable supplies of carbon emission allowances made...
Revenu Québec has issued a reminder to taxpayers that, on June 27, 2018, changes were made to the rules for reporting and paying GST/HST and QST on taxable supplies of carbon emission allowances made...
QC - Making a payment arrangement with Revenu Québec
Quebec taxpayers who have an outstanding amount owing to Revenu Québec can make a payment agreement to repay that amount in instalments over a period of time. Revenu Québec recently updated and re-i...
Quebec taxpayers who have an outstanding amount owing to Revenu Québec can make a payment agreement to repay that amount in instalments over a period of time. Revenu Québec recently updated and re-i...
QC - Revenu Québec issues updated guide to employment expense deductions
For provincial income tax purposes, employees are entitled to deduct certain types of expenses in calculating taxable income. Revenu Québec has updated and re-issued its guide to the types of expense...
For provincial income tax purposes, employees are entitled to deduct certain types of expenses in calculating taxable income. Revenu Québec has updated and re-issued its guide to the types of expense...
QC - Reno-Vert tax credit claims forms issued for 2018
The province of Quebec provides a refundable tax credit, the RenoVert tax credit, for renovation work done on a residence to improve its energy efficiency. That program was extended to be available fo...
The province of Quebec provides a refundable tax credit, the RenoVert tax credit, for renovation work done on a residence to improve its energy efficiency. That program was extended to be available fo...
QC - Interest Rates - 2018
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - NETFILE service still available for filing of returns for 2017
NetFile Quebec, the online filing service for provincial individual income tax returns, remains available for the filing of such returns for the 2017 tax year. That online filing service will be avail...
NetFile Quebec, the online filing service for provincial individual income tax returns, remains available for the filing of such returns for the 2017 tax year. That online filing service will be avail...
QC - Updated guide issued for medical expense tax credit
The province of Quebec provides a tax credit for eligible medical expenses incurred by a taxpayer and by his or her spouse and dependants. Revenu Québec recently issued an updated guide outlining the...
The province of Quebec provides a tax credit for eligible medical expenses incurred by a taxpayer and by his or her spouse and dependants. Revenu Québec recently issued an updated guide outlining the...
QC - Revenu Québec issues reminder on claiming solidarity tax credit
The province of Quebec provides a solidarity tax credit for eligible residents of the province, and eligibility for the credit is based in part on the taxpayer’s situation as of December 31. However...
The province of Quebec provides a solidarity tax credit for eligible residents of the province, and eligibility for the credit is based in part on the taxpayer’s situation as of December 31. However...
QC - Province announces new reduction in health care services fund contributions
The provincial government has announced that, effective for 2018, the total payroll threshold for the health services fund contribution rate will increase from $5 million to $5.5 million. It will then...
The provincial government has announced that, effective for 2018, the total payroll threshold for the health services fund contribution rate will increase from $5 million to $5.5 million. It will then...
QC - Upcoming deadline for individual income tax instalment payments
The third deadline for payment of instalments of 2018 provincial income tax by individuals resident in the province is September 15, 2018. Taxpayers who pay taxes by instalment should have received an...
The third deadline for payment of instalments of 2018 provincial income tax by individuals resident in the province is September 15, 2018. Taxpayers who pay taxes by instalment should have received an...
QC - Revenu Québec issues updated publication on taxpayers’ rights
Revenu Québec has updated and re-issued its publication ADM-597-V, Charter of Taxpayers’ and Mandataries’ Rights. That publication, which can be found on the Revenu Québec website at https://www...
Revenu Québec has updated and re-issued its publication ADM-597-V, Charter of Taxpayers’ and Mandataries’ Rights. That publication, which can be found on the Revenu Québec website at https://www...
QC - Notifying Revenu Québec of a change in address
Taxpayers in Quebec can notify Revenu Québec of a change in address online, through the Agency’s website. To use the change of address service, which is available at https://www.revenuquebec.ca/e...
Taxpayers in Quebec can notify Revenu Québec of a change in address online, through the Agency’s website. To use the change of address service, which is available at https://www.revenuquebec.ca/e...
QC - Revenu Québec issues reminder re fraud and phishing attempts
Revenu Québec has posted a notice on its website alerting Quebec residents of the need to be aware of individuals who contact taxpayers in the province fraudulently claiming to be from Revenu Quebec....
Revenu Québec has posted a notice on its website alerting Quebec residents of the need to be aware of individuals who contact taxpayers in the province fraudulently claiming to be from Revenu Quebec....
QC - Source deductions for student employees
Revenu Québec has issued a reminder notice for employers who may be employing students, including those under age 18, that special rules may apply to such employees for purposes of source deductions....
Revenu Québec has issued a reminder notice for employers who may be employing students, including those under age 18, that special rules may apply to such employees for purposes of source deductions....
QC - Netfile Québec still available for filing of returns for 2016 and 2017
Revenu Québec has posted a notice on its website reminding taxpayers who have not yet filed their provincial income tax returns for the 2017 or 2016 tax years that they can still file such returns on...
Revenu Québec has posted a notice on its website reminding taxpayers who have not yet filed their provincial income tax returns for the 2017 or 2016 tax years that they can still file such returns on...
QC - Reductions in health services fund contribution rates by SMBs
As part of the province’s 2018-19 Budget, the Minister of Finance announced that the rate for health services fund contributions required of small and medium-sized businesses (SMBs) would be reduced...
As part of the province’s 2018-19 Budget, the Minister of Finance announced that the rate for health services fund contributions required of small and medium-sized businesses (SMBs) would be reduced...
QC - Revenu Québec issues updated guide to taxation of estates
Revenu Québec has updated and re-issued its guide to estate taxation, for use by persons responsible for settling the estate of a deceased individual. The updated guide, which can be found at https:/...
Revenu Québec has updated and re-issued its guide to estate taxation, for use by persons responsible for settling the estate of a deceased individual. The updated guide, which can be found at https:/...
QC - Interest Rates – 2018
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Independent living credit for seniors expanded
The province of Quebec provides eligible seniors with a tax credit to help offset the cost of items which they need to continue living independently. The credit is equal to 20% of the cost of the purc...
The province of Quebec provides eligible seniors with a tax credit to help offset the cost of items which they need to continue living independently. The credit is equal to 20% of the cost of the purc...
QC - Volunteer respite caregiver tax credit enhanced
In this year’s Budget, it was announced that changes would be made to the refundable tax credit provided by the province for volunteer respite services. That refundable tax credit is provided in rel...
In this year’s Budget, it was announced that changes would be made to the refundable tax credit provided by the province for volunteer respite services. That refundable tax credit is provided in rel...
QC - Enhancements to caregiver tax credit for 2018
As announced in this year’s Budget, the province has enhanced the provincial tax credit which may be claimed by caregivers. A new component has been added to the existing credit, in order to provide...
As announced in this year’s Budget, the province has enhanced the provincial tax credit which may be claimed by caregivers. A new component has been added to the existing credit, in order to provide...
QC - June 15 instalment payment deadline
The next deadline for Quebec taxpayers who make instalment payments of provincial income tax is Friday June 15, 2018. Instalment payments of tax are generally required of taxpayers for whom there is a...
The next deadline for Quebec taxpayers who make instalment payments of provincial income tax is Friday June 15, 2018. Instalment payments of tax are generally required of taxpayers for whom there is a...
QC - New refundable training tax credit available to small and medium-sized businesses
As announced in this year’s provincial Budget, the province is providing small and medium-sized Quebec businesses (SMBs) which offer training to their workers with a refundable tax credit. The tax ...
As announced in this year’s provincial Budget, the province is providing small and medium-sized Quebec businesses (SMBs) which offer training to their workers with a refundable tax credit. The tax ...
QC - Limits on child care expenses for refundable credit increased for 2018
As announced in this year’s provincial Budget, two of the three annual limits on childcare expenses eligible for the refundable tax credit for childcare expenses have been increased. Beginning with ...
As announced in this year’s provincial Budget, two of the three annual limits on childcare expenses eligible for the refundable tax credit for childcare expenses have been increased. Beginning with ...
QC - Budget introduces first-time home buyers tax credit
As announced in the 2018-19 provincial Budget, first-time home buyers in the province, as well as disabled individuals who purchase a property which is better suited for their needs, will be eligible ...
As announced in the 2018-19 provincial Budget, first-time home buyers in the province, as well as disabled individuals who purchase a property which is better suited for their needs, will be eligible ...
QC - Province announces increases to small business deduction rate
In this year’s budget, the provincial government announced that the provincial small business deduction rate will be increased over the next four years. The maximum rate will now be as follows: 4.7...
In this year’s budget, the provincial government announced that the provincial small business deduction rate will be increased over the next four years. The maximum rate will now be as follows: 4.7...
QC - Age limit for experienced worker tax credit reduced
In order to encourage experienced workers to stay in the labour force, the province of Quebec provides an experienced worker tax credit. That tax credit is based on a specified amount of eligible work...
In order to encourage experienced workers to stay in the labour force, the province of Quebec provides an experienced worker tax credit. That tax credit is based on a specified amount of eligible work...
QC - April 30 deadline for payment of individual income tax balances for 2017
All provincial income tax amounts payable by individuals for the 2017 tax year must be paid to Revenu Québec on or before Monday April 30, 2018. Interest will be charged on any unpaid amounts beginni...
All provincial income tax amounts payable by individuals for the 2017 tax year must be paid to Revenu Québec on or before Monday April 30, 2018. Interest will be charged on any unpaid amounts beginni...
QC - Renovert tax credit extended for another year
The province provides a refundable tax credit to help offset the cost of eco-friendly home renovations. That credit – the RenoVert tax credit – was scheduled to expire as of March 31, 2018, but ha...
The province provides a refundable tax credit to help offset the cost of eco-friendly home renovations. That credit – the RenoVert tax credit – was scheduled to expire as of March 31, 2018, but ha...
QC - Interest Rates - 2018
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - NETFILE Quebec available for filing of returns for 2016
Revenu Québec has announced that individuals and representatives can now use NETFILE Quebec to file individual provincial income tax returns for the 2016 tax year, as well as for 2017. In addition, i...
Revenu Québec has announced that individuals and representatives can now use NETFILE Quebec to file individual provincial income tax returns for the 2016 tax year, as well as for 2017. In addition, i...
QC - Provinces releases fourth consecutive balanced Budget
On March 27, 2018, the Quebec Minister of Finance brought down the province’s fourth consecutive balanced budget. The Budget papers also project balanced budgets for the province over the next sever...
On March 27, 2018, the Quebec Minister of Finance brought down the province’s fourth consecutive balanced budget. The Budget papers also project balanced budgets for the province over the next sever...
QC - Changes to Voluntary Disclosure Program rules
Revenu Québec provides and administers a Voluntary Disclosure Program for both provincial income tax and consumption taxes. Under that program, taxpayers who are in default of their provincial tax fi...
Revenu Québec provides and administers a Voluntary Disclosure Program for both provincial income tax and consumption taxes. Under that program, taxpayers who are in default of their provincial tax fi...
QC - Revenu Québec clarifies tax credit conversion rate for 2018
Revenu Québec has issued a notice to address any confusion with respect to the conversion rate for personal tax credits to be used during 2018 in calculating both employee source deductions and incom...
Revenu Québec has issued a notice to address any confusion with respect to the conversion rate for personal tax credits to be used during 2018 in calculating both employee source deductions and incom...
QC - RenoVert tax credit to expire March 31, 2018
Revenu Québec has issued a reminder to taxpayers that the RenoVert tax credit program will be available only for qualifying renovation contracts which are entered into prior to April 1, 2018. Payment...
Revenu Québec has issued a reminder to taxpayers that the RenoVert tax credit program will be available only for qualifying renovation contracts which are entered into prior to April 1, 2018. Payment...
QC - Personal tax credit amounts for 2018
For the 2018 tax year, the province will provide the following personal tax credit amounts: Basic amount …………………………………………… $15,012 Amount transferred between spou...
For the 2018 tax year, the province will provide the following personal tax credit amounts: Basic amount …………………………………………… $15,012 Amount transferred between spou...
QC - Filing an individual income tax return by mail
While the majority of Quebec taxpayers will likely use Revenu Québec’s online filing services to file their 2017 individual income tax returns, taxpayers do still have the option of filing such a r...
While the majority of Quebec taxpayers will likely use Revenu Québec’s online filing services to file their 2017 individual income tax returns, taxpayers do still have the option of filing such a r...
QC - Revenu Québec issues tax preparers’ guide for 2017 individual returns
Revenu Québec has released its Tax Preparers’ Guide, Individuals (SW-223-V), containing instructions for using the NetFile Quebec system to file provincial tax returns for the 2017 tax year. The gu...
Revenu Québec has released its Tax Preparers’ Guide, Individuals (SW-223-V), containing instructions for using the NetFile Quebec system to file provincial tax returns for the 2017 tax year. The gu...
QC - Revenu Québec issues updated guide to QST and HST/GST
Revenu Québec has updated and re-issued its general guide to the administration of the goods and services tax (GST), the harmonized sales tax (HST) and the Quebec sales tax (QST) in the province. The...
Revenu Québec has updated and re-issued its general guide to the administration of the goods and services tax (GST), the harmonized sales tax (HST) and the Quebec sales tax (QST) in the province. The...
QC - NETFILE service dates for 2017 individual returns
Revenu Québec has announced that its NETFILE service for 2017 individual provincial income tax returns will be available as of February 26, 2018. Such returns can be filed by NETFILE until mid-Januar...
Revenu Québec has announced that its NETFILE service for 2017 individual provincial income tax returns will be available as of February 26, 2018. Such returns can be filed by NETFILE until mid-Januar...
QC - Online service for preparation of RL-31 slips by landlords
Each person or partnership that, at the end of 2017, owned and leased a residential building for which rent was paid is required to file an RL-31 slip with Revenu Québec and provide a copy of that sl...
Each person or partnership that, at the end of 2017, owned and leased a residential building for which rent was paid is required to file an RL-31 slip with Revenu Québec and provide a copy of that sl...
QC - Revenu Québec releases individual tax return form for 2017
Revenu Québec has issued the provincial income tax return form (Form TP-1.D-V) to be used by individual residents of the province for the 2017 tax year. That form, along with the supporting schedules...
Revenu Québec has issued the provincial income tax return form (Form TP-1.D-V) to be used by individual residents of the province for the 2017 tax year. That form, along with the supporting schedules...
QC - Interest Rates - 2018
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
The province of Quebec levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and pa...
QC - Revenu Quebec issues updated Bulletin on administration of support payments
Revenu Quebec has updated and re-issued its Support Payments Bulletin, which is now current to January 2018. The Bulletin, which can be found on the Revenu Quebec website at http://www.revenuquebec.ca...
Revenu Quebec has updated and re-issued its Support Payments Bulletin, which is now current to January 2018. The Bulletin, which can be found on the Revenu Quebec website at http://www.revenuquebec.ca...
QC - Quebec Pension Plan contribution rates for 2018 announced
Revenu Québec has announced the contribution rates and limits which will apply for the 2018 calendar year, and those are as follows. Maximum contributory earnings for the year are $52,400. The emplo...
Revenu Québec has announced the contribution rates and limits which will apply for the 2018 calendar year, and those are as follows. Maximum contributory earnings for the year are $52,400. The emplo...
QC - Quebec Parental Insurance Plan rates for 2018 announced
Revenu Québec has announced the income limits and contribution rates which will apply for purposes of the Quebec Parental Insurance Plan during 2018, and those are as follows. The maximum insurable...
Revenu Québec has announced the income limits and contribution rates which will apply for purposes of the Quebec Parental Insurance Plan during 2018, and those are as follows. The maximum insurable...
QC - 2018 individual income tax rates and brackets announced
Revenu Québec has released the individual income tax rates and bracket amounts which will apply during the 2018 taxation year. The increased brackets amounts are the result of the indexation of the p...
Revenu Québec has released the individual income tax rates and bracket amounts which will apply during the 2018 taxation year. The increased brackets amounts are the result of the indexation of the p...
QC - Expanded access to Revenu Québec online service for individuals
Users of Revenu Québec’s My Account feature are now able to log in to that online service using the identifier and password which they use to sign into their financial institution’s online servic...
Users of Revenu Québec’s My Account feature are now able to log in to that online service using the identifier and password which they use to sign into their financial institution’s online servic...
QC - Individual tax rate to be reduced for 2017
In the November Update issued by the Minister of Finance on November 21, it was announced that the tax rate which applies to the first bracket of an individual’s income will be reduced, and that suc...
In the November Update issued by the Minister of Finance on November 21, it was announced that the tax rate which applies to the first bracket of an individual’s income will be reduced, and that suc...
QC - Upcoming deadline for applications for advance payment of tax credits
A number of the refundable personal credits provided by the province, including the tax credit for child care expenses, the work premium and adapted work premium, and the tax credit for home-support s...
A number of the refundable personal credits provided by the province, including the tax credit for child care expenses, the work premium and adapted work premium, and the tax credit for home-support s...
QC - Changes to RL-1 slips for 2017 tax year
Employers in the province are required to provide employees with an RL-1 slip for each taxation year, and Revenu Québec has issued a notice outlining the changes which will affect the preparation of ...
Employers in the province are required to provide employees with an RL-1 slip for each taxation year, and Revenu Québec has issued a notice outlining the changes which will affect the preparation of ...
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