Information Regarding CPP and New Changes for 2024 Canada Pension Plan 101: Answering common questions about these paycheque deductions (msn.com) Canada Revenue Agency announces maximum pensionable earnings and contributions for 2024 – Canada.ca 8 surprising (and bizarre) federal tax deductions you can actually claim on your return – MTL Blog CRA Tax Credits, Deductions & […]
2021 Tax Year
More than 30 potential tax measures are set out in the Liberal Party’s 2021 campaign platform, some already announced, but most of them new. We will keep you updated of any more changes as Tax Time approaches. COVID-19 support and economic recovery Tax measures for businesses Tax measures for individuals COVID-19 Support and Economic Recovery […]
NEW Tax Filing and Payment Due Dates
The due date for filing individual tax returns has been extended to June 1, 2020. Taxpayers will have until September, 2020 to pay any 2019 income tax amounts owed. IF YOU ARE GOING TO OWE ON YOUR TAXES LETS WAIT TILL MAY TO FILE. (HOLD ON TO YOUR MONEY FOR NOW) IF YOU THINK YOU […]
COVID -19 CRA UPDATES FOR BENEFITS, CREDITS & SUPPORT PAYMENTS
FILING YOUR PERSONAL TAXES The Federal government has extended the tax deadline to June 1, 2020. Payment Due Date Aug 31, 2020 Will a delay in filing my taxes effect my benefits? If you are low income (or anyone that relies on their CTB,OTB or GST) You should try to file as early as possible […]
2019 TAX YEAR
Canadian Tax Changes for 2019 Working Income Tax Benefit Renamed and Enhanced The Working Income Tax Benefit is a refundable tax credit that helps give tax relief to low-income individuals and families to encourage them to participate in the workforce. The Working Income Tax Benefit is being renamed the Canada Workers Benefit. But that’s not […]
2018 TAX YEAR
Highlights & Changes for 2018 Taxes I want to talk to you about keeping records! Revenue Canada seems to have set its focus on reviews, request for information and audits. Letters from CRA come calling it different things but what it comes down to is if you don’t have the documentation to back up your […]
2017 TAX YEAR
FEDERAL AND PROVINCIAL CHANGES Things are going from bad to worse with Revenue Canada! Their service is horrific. Wait times are beyond anything acceptable in any industry. When you do finally get to talk to a person, their information is not trust worthy. Now to top off the cake… CRA are eliminating or removing all […]
Small Business Tax Changes 2016
Small Business Tax changes for 2016: The November Federal Budget proposed that small businesses would pay less tax in the future but the actual tax reductions didn’t happen. Eligible small business income will still be taxed at the same Federal rate of 10.5%. Electric vehicle charging stations and energy storage properties now qualify for accelerated […]
Annual Tax Free Savings Account Contribution Limit
Annual Tax Free Savings Account contribution limit for 2016 was reduced to $5,500 from $10,000 in 2015. Please see Tax credits information for other important changes. Let’s see if they effect you and your family.
7 Ways Your Family Can Save at Tax Time
Raising a family can be expensive, but there are many benefits, credits, and deductions that can help your family with costs during the year. They could even lower the amount you owe at tax time! However it is important to file on time if you want your credits. Check out these potential savings: Canada child […]