Canadians are tuning out real tax agents because of CRA phone scammers
Telephone scamming has become so frequent in Canada that it has become difficult for real tax agents to contact citizens. The Canada Revenue Agency (CRA) says that fraudsters pretend to be tax enforcers when they call Canadians with threats related to owed taxes and further penalties. These calls have become so commonplace that real CRA […]
Read MoreCanada’s income tax rates have become uncompetitive, and the economy will pay the price
A new report by the Fraser Insitute shows that Canada’s personal income tax rate is significantly higher than those of the U.S. in addition to other countries. In 2017, Canada’s top marginal income tax rates were the seventh highest top tax rate out of 34 industrialized countries. When people with higher incomes are taxed more, […]
Read MoreWhat to expect when the Canada Revenue Agency (CRA) contacts you
Canadian citizens know who the Canada Revenue Agency (CRA) is, so if you’re contacted, be sure that you’re communicating with the real CRA. Scammers impersonating CRA agents are rising in numbers, and for this reason it is critical that Canadians know what a CRA agent would ask and would not ask. For instance, on a […]
Read MoreMoney in the bank: Ottawa looks for new ways to tax dormant accounts
Canada’s Department of Finance is looking at reforms to reduce or eliminate interest paid on unclaimed dormant bank accounts and terminated pension plans. It is estimated that it amounts to $742 million as of Dec. 31, 2017. It is proposing that balances that stand stagnant in bank accounts, and balances with less than $100 will […]
Read More5 Common Tax Mistakes Canadians Make Every Year
If you haven’t filed your taxes yet, you might want to avoid these common mistakes that could end up costing you more money. Here are five areas where Canadian commonly make mistakes. Filing late can lead to interest and penalties. Not all medical expenses are deductible, especially alternative healers. Tuition as well as student-loan interest […]
Read MoreMany Canadian SMEs face taxing problems
Many small businesses can find themselves the subject of a CRA audit, especially if they are in certain industries or take a lot of payments in cash. Even companies that are the most compliant will lose time and money because of an audit. Because of the possibility of an audit, businesses such as restaurants that […]
Read MoreDid you donate to a charity? You may be able to claim a charitable donation tax credit
If you donated to a registered charity, then hopefully you kept the receipt they gave you a proof of donation, because it is good for a tax credit. Donations include any property including land, cash and goods. There are several ways to determine if the charity qualifies, but the easiest method is to call them […]
Read More12 things you might have missed in budget 2019
The Federal government released their latest budget, and BNN Bloomberg highlights 12 items in the 2019 budget. There’s help for students; new excise duties imposed on edibles, extracts and topicals which increase with higher quantities of tetrahydrocannabinol (THC); high-speed Internet accessibility for those living in remote and northern communities; increased investment in cyber security; improved […]
Read MoreWhat you need to know about the tax consequences of employee stock options
Employee stock options are a popular tool companies use to reward existing staff and attract new employees. However, these options have major tax implications. The options – when exercised carry with them taxes. Usually, this is half the amount of shares optioned which goes to the tax authority. In the event of stock decline from […]
Read MoreEverything you need to know about the enhanced CPP — from how much you’ll pay to how much you’ll get
Generations of young workers will benefit from new reforms to the Canadian Pension Plan. These changes will happen in two phases with a rise in contribution rates being seen in each phase. The reformations should be fully in place by 2065. Employers will be affected differently with varying contributions depending on if they are in […]
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