Change to First Time Donor’s Super Credit The First-time donor’s super credit (FDSC) supplements the value of the charitable donations tax credit (CDTC) by 25% on donations made after March 20, 2013, by a first-time donor. For the purpose of the FDSC, you will be considered a first-time donor if neither you nor your spouse or common-law partner (if you have one) have claimed […]
Declaration of the Sale of Personal Residence
Old Rules: When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible […]
Tax Payment Plan
If you can’t pay the full amount of tax that you owe, you may be able to make a payment arrangement. If the Canada Revenue Agency determines that you cannot make a full payment, an agent can work with you to develop a plan to help you pay your tax. Even if you cannot pay […]
CRA Audit Letter Campaign
30,000 intent to audit letters going out. If you claim employment expenses or your business is in a loss or you have had losses on a rental property, you could be targeted. January 25, 2016 The CRA’s Annual Office Audit Letter Campaign The Canada Revenue Agency (CRA) will soon be conducting its seventh annual Office […]