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...
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 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% ...
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...
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 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 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...
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...
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, 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...
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...
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 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...
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...
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 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...
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 ...
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 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 ...
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...
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 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 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 ...
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...
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 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 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 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 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...
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...
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 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...
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...
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 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...
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 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 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 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 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,...
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 ...
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...
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...
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. ...
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) ...
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...
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 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 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 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 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 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...
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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...
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...
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...
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 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 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...
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...
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...
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 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 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 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...
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...
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...
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...
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...
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 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 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 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 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 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 ...
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...
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 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...
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...
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...
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...
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...
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 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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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 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 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, ...
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...
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 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...
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...
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...
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...
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...
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...
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 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 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 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 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 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 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 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 ...
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...
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 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...
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...
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...
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...
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...
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...
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 ...
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 $...
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 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 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 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 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...
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...
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...
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 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 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...
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...
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 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 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 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...
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...
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 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 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 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...
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%....
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 ...
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...
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...
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”. ...
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...
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...
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...
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...
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...
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...
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, ...
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...
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...
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...
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...
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. ...
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...
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 ...
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...
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 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 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 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 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 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 double the maximum employment deduction for tradespeople’s and apprentice mechanics’ tools from $500 to $1,000, effective for 2023 and subsequent taxation years....
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 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...
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 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 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...
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...
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 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...
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...
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...
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...
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...
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...
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 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 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 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 (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 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...
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 ...
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...
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 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 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...
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 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 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 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 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 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 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...
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...
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...
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...
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...
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...
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...
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 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 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 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 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 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...
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...
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 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 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 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 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 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...
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...
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...
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 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 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 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 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 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 ...
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...
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...
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...
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...
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...
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 ...
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 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 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 ...
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...
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 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...
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...
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 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 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...
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...
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...
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 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...
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...
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 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...
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...
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 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...
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 ...
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...
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....
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 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...
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 ...
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...
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...
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 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 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...
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...
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...
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...
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...
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...
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...
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 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 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 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...
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 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 introduce a Labour Mobility Deduction for Tradespeople to recognize certain travel and relocation expenses of workers in the construction industry....
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 proposes to increase the annual expense limit of the Home Accessibility Tax Credit from $10,000 to $20,000....
This new refundable credit would provide recognition of eligible expenses for a qualifying renovation....
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 create the Tax-Free First Home Savings Account, a new registered account to help individuals save for their first home....
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...
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...
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 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 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...
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...
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 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...
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...
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...
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...
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...
Dollar amounts on which individual non-refundable federal tax credits for 2022 are based, and the actual tax credit claimable, will be as follows: ...
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 ...
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...
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...
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...
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...
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...
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 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...
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 ...
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...
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 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...
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...
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 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 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...
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 ...
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 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...
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...
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 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 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 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 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) 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 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 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 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 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 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...
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...
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 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 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 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 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 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 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...
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...
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...
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...
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 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 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...
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...
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...
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...
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 ...
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...
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 ...
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 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 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...
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...
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 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 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 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...
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...
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 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...
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....
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 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...
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...
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 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...
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...
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...
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...
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 ...
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 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...
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...
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...
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...
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 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...
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...
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 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 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...
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 ...
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 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 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 ...
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...
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 ...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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 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 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 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...
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...
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-...
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 ...
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 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 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...
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. ...
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...
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,...
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 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 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 (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 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 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 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’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 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 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 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 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...
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....
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 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 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 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 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’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. ...
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...
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) 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...
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...
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...
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 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...
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 ...
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 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 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 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 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 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 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 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 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...
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...
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 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...
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...
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 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 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 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 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 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 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...
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...
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 ...
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...
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 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...
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...
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...
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...
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...
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 ...
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 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 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...
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...
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 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...
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...
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...
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 ...
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...
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...
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...
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...
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 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 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 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 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 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 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 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...
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...
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...
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...
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 ...
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...
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 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 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 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...
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...
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 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 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 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 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...
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...
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...
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...
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...
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...
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 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...
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...
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 ...
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 ...
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 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...
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...
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’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 (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 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 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 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...
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...
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) 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 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...
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...
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 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 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 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 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) 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 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...
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...
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...
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...
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...
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...
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 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 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 ...
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...
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 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 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 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 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...
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...
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...
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 ...
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 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 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 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 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 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 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 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) 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 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 ...
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 ...
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...
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...
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 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...
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 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 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 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 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 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 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...
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...
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 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...
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...
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 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 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...
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%. ...
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...
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...
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 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 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...
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...
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...
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...
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 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 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...
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...
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...
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 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 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 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 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 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 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 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 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 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 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...
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...
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 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 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 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 (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 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 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 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 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 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 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 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 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...
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...
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...
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 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 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 ...
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 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 an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, under certain registered plans. An ALDA w...
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 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 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 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...
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 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 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 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 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 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 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...
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...
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...
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 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 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 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 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 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 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...
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...
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 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 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...
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...
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...
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 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...
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...
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 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...
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...
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...
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...
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%....
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...
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,...
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...
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 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 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...
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 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...
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...
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 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 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 (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) (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 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...
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...
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...
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...
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...
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 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 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...
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...
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...
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 ...
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 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 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 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...
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...
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...
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 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 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 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 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 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 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 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 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 publication RC4092(E) on Registered Education Savings Plans. The updated publication incorporates changes, originally announced as part of...
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 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 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...
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...
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...
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 (“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...
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 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 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 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 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 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 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 ...
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...
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...
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...
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 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 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 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 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 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 ...
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...
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 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 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 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...
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....
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...
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 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...
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...
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 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...
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...
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...
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 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 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...
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: No personal tax credits have been repealed, and there are no new personal tax rate changes....
Budget 2018: Foreign-born Status Indians may now be eligible for child benefits, retroactive to 2005....
Budget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....
Budget 2018: Taxpayers will no longer need to apply when filing their return in order to receive 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: The non-resident surplus stripping rules are tightened to address the use of partnerships and trusts....
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: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....
Budget 2018: A corporation with $100,000 of investment income will have its small business limit reduced to $250,000....
Budget 2018: A corporation’s small business limit will be reduced where the corporation earns investment income exceeding $50,000....
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’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 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 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...
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...
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...
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...
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...
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....
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...
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...
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...
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 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...
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...
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...
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 ...
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...
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 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 ...
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 ...
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 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 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 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 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...
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...
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 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 province provides Alberta corporations with the Alberta Innovation Employment Grant (AIEG), a refundable corporate income tax credit. Under the AIEG program, qualifying corporations can claim a cr...
The province of Alberta 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 which will be levi...
The Alberta government has released a Fiscal Update summarizing revenue, expenditure, and surplus projections as of the end of the first quarter (April 1 to June 30) of the province’s 2024-25 fiscal...
Effective as of October 1, 2024, significant changes to the province’s Tourism Levy Program will be implemented, with such changes particularly affecting accommodation booked through online brokers....
The federal and Alberta governments are each matching charitable donations made to the Red Cross for wildfire relief, meaning that each $1.00 donated will result in a total $3.00 donation. The 30-day ...
The Alberta Tax and Revenue Administration (TRA) has announced that partial or full relief from interest and penalty charges under a number of provincial tax programs may be available to residents of ...
The federal and Alberta governments have announced that both levels of government will match all donations made to the Canadian Red Cross 2024 Alberta Wildfires Appeal, meaning that every $1.00 donat...
The Alberta Tax and Revenue Administration (TRA) has issued two updated information circulars outlining upcoming changes to the province’s Tourism Levy Program. Under that Program, a 4% levy is char...
The Alberta Ministry of Finance has released the final revenue, expenditure, and surplus figures for the province’s fiscal year which ended on March 31, 2024. Those figures show that Alberta posted ...
The Alberta Tax and Revenue Administration (TRA), which administers Alberta’s corporate income tax and commodity tax and levy legislation, including the Alberta Corporate Tax Act (ACTA), Fuel Tax Ac...
Under the province’s Fuel Tax Relief Program, fuel tax rates for gasoline and diesel are adjusted quarterly (on January 1, April 1, July 1, and October 1), with adjustments based on the average pric...
Corporations having a permanent establishment in the province are required to file an AT1 provincial corporate income tax return within six months of the corporation’s year-end. Consequently, the fi...
The province of Alberta 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 which will be levi...
Alberta tax legislation provides that corporations having a permanent establishment in the province at any time during the year must file a provincial corporate income tax return within six months of ...
The Alberta Tax and Revenue Administration (TRA) has updated and re-issued Information Circular TTA-2R6, which outlines in detail the administrative requirements and procedures imposed by the province...
Corporations which have a permanent establishment in Alberta are required to file an Alberta corporate income tax return (AT1). Under current rules, all corporations may file such returns using electr...
Corporations having a permanent establishment in Alberta are required to file a provincial corporate income tax return within six months of the corporation’s taxation year end.The Alberta Tax and Re...
In this year’s budget, the Alberta government announced that, as early as January 1, 2025, it will levy a $200 annual tax on all electric vehicles in the province. Hybrid vehicles are to be exempt f...
Effective as of March 1, 2024, the province imposed an increase in tobacco taxes on both cigarettes and smokeless tobacco. As of that date, the tax on cigarettes increased by 2.5 cents to 30 cents per...
In its budget for the current (2024-25) fiscal year, the provincial government announced that it would, starting as early as January 1, 2025, impose a tax on vaping products sold in Alberta.The provin...
The province of Alberta imposes a 4% Tourism Levy on sales of short-term or temporary accommodation in the province. Effective as of October 1, 2024, new registration, reporting, and remittance requir...
Alberta corporations are required to file a provincial income tax return within six months after the end of the corporation’s taxation year. Consequently, calendar year companies must file such a re...
The Alberta Tax and Revenue Administration (TRA) has issued a Special Notice (Vol.1, No. 50) outlining increases in fuel tax rates which will take effect on April 1, 2024. Effective as of that date, A...
In its 2024-25 budget, the provincial government announced that it would be providing a new refundable tax credit for individuals working in eligible occupations who move to Alberta in 2024.In order t...
The province of Alberta 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 which will be levi...
In its budget for the 2024-25 fiscal year, the Alberta government indicated that a tax cut would be provided for Alberta residents having taxable income of less than $60,000 per year. The tax rate cur...
The Alberta Tax and Revenue Administration has issued a new Special Notice (Vol. 1, No. 49) outlining recent changes made to fuel tax inventory declaration filing requirements. Alberta’s fuel tax ra...
Alberta’s budget for the upcoming 2024-25 fiscal year (April 1, 2024 to March 31, 2025) will be released on Thursday February 29, 2024. Once the budget measures are announced, the full budget papers...
During the 2024 taxation year, the province of Alberta will impose personal income tax using the following taxable income brackets and tax rates. Tax Rate Taxable Income Brackets 10% ...
The provincial government has announced that the 2023 Canada-Alberta Drought Livestock Assistance initiative has expanded eligibility to 23 new regions of the province. Livestock producers in eligible...
The Audit Branch of the Alberta Tax and Revenue Administration (TRA) has the responsibility for ensuring taxpayer compliance with provincial tax legislation, and carrying out taxpayer audits is part o...
The province of Alberta will provide the following personal tax credit amounts for 2024: Basic personal amount ……………………………… $21,885 Spouse or equivalent-to-spouse amount … ...
All submissions for the public consultation process leading to the release of Alberta’s 2024-25 budget next month must be made on or before January 19, 2024. The province’s budget consultation pro...
The Alberta Tax and Revenue Administration (TRA) has issued a Special Notice (Vol. 1, No. 48) confirming that the provincial government has resumed collection of fuel tax effective January 1, 2024. As...
The province of Alberta 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 which will be levi...
The provincial government has issued a press release reminding Alberta residents who were affected by floods during 2023 of the availability of disaster financial assistance. Residents and business ow...
In the province’s 2023-24 Mid-Year Fiscal Update and Economic Statement, Alberta’s Minister of Finance was able to announce an improvement in the province’s financial outlook for the current (20...
The Alberta government has initiated the public consultation process for its 2024-25 fiscal year budget, which will be brought down by the end of February 2024. The consultation process has several co...
A retailer located on a reserve in Alberta that sells fuel or tobacco to eligible consumers may register to sell these products exempt from Alberta fuel and tobacco tax under the Alberta Indian Tax Ex...
Effective as of October 30, 2023, applications can be submitted for assistance under the Alberta Drought Livestock Assistance initiative. Under that initiative, farmers in the province who altered the...
The provincial government has announced that small and medium-sized Alberta businesses (those with fewer than 50 or 500 employees, respectively), as well as Indigenous communities and organizations of...
Effective as of October 1, 2023, a number of changes were made to Alberta tobacco tax collection procedures, including new restrictions on who may be appointed as a tobacco tax collector.The Alberta T...
Any company which has a permanent establishment in Alberta at any time during the year must file a provincial corporate income tax return within six months after the end of that company’s fiscal yea...
Effective as of October 1, 2023, changes to the regulations with respect to tobacco tax collection in Alberta will take effect. As of that date, to be eligible for appointment as a tax collector, a wh...
The province of Alberta 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 which will be levi...
The first quarter fiscal report issued by the Alberta government on August 31 indicates that the province is on track to record a surplus of $2.4 billion for the 2023-24 fiscal year. Revenue for 2023-...
The federal Livestock Tax Deferral program allows livestock producers who are forced to sell all or part of their breeding herd due to drought or flooding to defer a portion of their income from such ...
The Alberta Tax and Revenue Administration (TRA) has updated and re-issued two corporate income tax Information Circulars.The first such publication – CT-2R10 – Corporate Income Tax Filing and Pay...
Eligible residents of Alberta 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...
The Alberta Tax and Revenue Administration (TRA) has updated and re-issued its Information Circular (IFTA-1R9) on the International Fuel Tax Agreement (IFTA) program (an agreement among American and C...
The government of Alberta has released its final report on the province’s financial position for the fiscal year ended March 31, 2023. Alberta ended that fiscal year with an $11.6 billion surplus, e...
Alberta imposes a 4% tourism levy which is paid by any person who acquires accommodation in a hotel, motel, apartment building, hostel, lodging house, boarding house, bed and breakfast, or similar pre...
The province of Alberta 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 which will be levi...
The Alberta government has announced that the existing fuel tax holiday, which was scheduled to end on June 30, 2023, has instead been extended. That holiday, under which the fuel tax rate is reduced ...
The Alberta government has announced that both the federal and provincial governments will match donations made to the Canadian Red Cross 2023 Alberta Fires Appeal on a dollar-for-dollar basis. The d...
The provincial government has announced that, as of May 9, any resident of the province who has evacuated for seven or more days under a mandatory order can apply for a one-time emergency evacuation p...
Effective as of October 1, 2023, a number of changes will be made to Alberta’s tobacco tax program. To assist tobacco wholesalers in transitioning to the new rules, the Alberta Tax and Revenue Admin...
The province of Alberta imposes a Tourism Levy of 4% of the purchase price of any accommodation provided in the province, including stays in residential units, and providers of such accommodation are ...
The Alberta government maintains a central registry of property that is unclaimed and has been presumed abandoned by its owner and, once such property has been transferred to the province, a claim can...
Alberta corporations are required to file a provincial corporate income tax return within six months from the end of the corporation’s tax year. Corporations having a December 31, 2022 year end must...
The province of Alberta 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 which will be levi...
In its recent 2023-24 budget, the provincial government introduced a new non-refundable tax credit for investments in the agri-food sector. That new credit is available for investments made on or afte...
In its budget for the 2023-24 fiscal year, the province announced that the amount of expenses claimable for purposes of the Alberta adoption tax credit would be increased, effective as of January 1, 2...
In its budget for the 2023-24 fiscal year, the government of Alberta announced that the provincial tax credit provided for charitable donations would be increased. As of January 1, 2023, the provincia...
The Canada Revenue Agency has issued a News Release summarizing this year’s tax filing and payment deadlines for Alberta residents, together with a listing of changes which Alberta taxpayers will se...
The Alberta Minister of Finance has announced that the province’s budget for the upcoming 2023-24 fiscal year will be brought down on Tuesday February 28. Once the budget measures are announced, the...
The province provides qualified Alberta corporations with a refundable tax credit known as the Alberta Innovation Employment Grant (IEG). The IEG provides such corporations with a deduction from Alber...
The Alberta Tax and Revenue Administration (TRA) has issued a new Fuel Tax and Tobacco Tax Rate Chart, showing the tax rates currently applicable to different products for purposes of provincial fuel ...
Earlier this month, the provincial government announced that the online portal for claiming benefits under its new affordability payments program would open in the third week of January. The Alberta g...
During the 2023 taxation year, the province of Alberta will impose personal income tax using the following taxable income brackets and tax rates. Tax Rate Taxable Incom...
Recently the provincial government announced that new or additional “affordability payments” will be provided to eligible residents of the province to help them cope with increases in the cost of ...
The province of Alberta will provide the following personal tax credit amounts for 2023: Basic personal amount ……………………………… $21,003 Spouse or equivalent to spouse amount ...
The Alberta government has issued a Special Notice (Vol. 1, No.46) announcing that for the first half of 2023 (January 1 to June 30), the provincial fuel tax rate will be reduced to zero. The fuel tax...
In August of this year, the Alberta government announced that the provincial personal income tax system would be indexed to inflation, with retroactive effect from January 1, 2022. Consequently, the b...
The province of Alberta 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 which will be levi...
On November 24, the Alberta Minister of Finance released the province’s 2022-23 Mid-Year Fiscal Update and Economic Statement. The Update showed that the projected surplus for 2022-23 has decreased ...
The Canada Revenue Agency has released the payroll deduction formulas to be used by Alberta employers during the 2023 tax year. The Guide to Payroll Deductions outlines the amounts which Alberta emplo...
The province of Alberta imposes a fuel tax regime in which each recipient in the distribution chain recovers the fuel tax from the party they sell fuel to, continuing until the end consumer pays the t...
The province of Alberta has announced the start of its consultation process with respect to the 2023-24 provincial budget which will be announced in February 2023. There are several elements to the co...
The Alberta Tax and Revenue Administration (TRA) has announced that, effective as of October 3, 2022, it is no longer processing phone or email requests for basic corporate income tax account informat...
Earlier this year, the provincial government announced that, owing to higher than expected revenues, the surplus forecast for the 2022-3 fiscal year had increased to $13.2 billion. At that time, the g...
The provincial government has announced that its natural gas rebate program will run from October 1, 2022 to March 31, 2023. Under that program, the amount of monthly rebate provided to consumers is t...
Earlier this year, the Alberta government announced that, in order to assist Alberta residents dealing with higher living costs, a provincial fuel tax holiday would be provided for a six-month period....
The fiscal update for the first quarter of the 2022-23 fiscal year (April 1 to June 30, 2022) indicates that the province is in a much better financial position than was projected in the 2022-23 budge...
The province of Alberta 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 levied and paid fo...
The Alberta Tax and Revenue Administration has announced that, effective as of October 3, 2022, it will no longer be processing phone or email requests for basic account information on corporate incom...
The Alberta Innovation Employment Grant (IEG) is a refundable tax credit that a qualified corporation may deduct from provincial corporate income tax otherwise payable for the year. Generally, the IEG...
Alberta’s Temporary Rent Assistance Benefit, which provides rent supports for a two-year period to working households with low income, or those between jobs, is being expanded. In order to be eligib...
Earlier this year, the Alberta government announced that eligible residents of the province would be receiving a rebate on their electricity costs. That rebate would be provided by means of a $50 cred...
Earlier this year, the government of Alberta announced that a number of energy cost rebate programs would be provided to residents of the province during 2022. Payments under one of those programs –...
The province has released its financial results for the 2021–22 fiscal year which ended on March 31, 2022, and those results show the province to be in a strong surplus position.Projections issued i...
The Alberta Tax and Revenue Administration has changed its policy with respect to the way a corporation’s address is updated, and, as of June 20, 2022, such updates can no longer be made on the corp...
The province of Alberta 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 levied and paid fo...
The provincial government has announced that the third and final application intake for the Alberta Jobs Now program opened on June 3, 2022. Under that program, eligible employers can hire and train u...
In 2020, Alberta introduced a Film and Television Tax Credit program, which provides a refundable tax credit based on eligible Alberta production and labour costs incurred for films and television ser...
The Alberta government has announced that it will be providing rebates to residents of the province to help offset the costs of electricity and natural gas. The Electricity Rebate Program will help co...
The Alberta Innovation Employment Grant (IEG) is a refundable tax credit that a qualified corporation may deduct from provincial corporate income tax otherwise payable for the year. Generally, the IEG...
Alberta corporations are required to file a provincial corporate income tax return within six months of the corporation’s tax year end. Calendar year corporations will consequently have to file thei...
In its 2022-23 budget brought down earlier this year, the province announced changes to its tobacco tax regime, including changes to the taxation of smokeless (loose) tobacco. The Alberta Tax and Reve...
The federal government has released information on the Climate Action Incentive (CAI) payment amounts for 2022-23. For residents of Alberta, those amounts will be $539 for the first adult in a family,...
The Alberta government recently announced that, in order to provide relief from current high fuel prices, it would be suspending the collection of provincial fuel tax. That measure will take effect as...
The province of Alberta 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 levied and paid fo...
The provincial government has announced that, to address the impact of record high gasoline prices, it will be suspending collection of the provincial fuel tax, effective as of April 1, 2022. That fue...
The 2022-23 provincial Budget released on February 24 contained no changes to personal or corporate tax rates, and no new taxes. Total revenue for the upcoming 2022-23 fiscal year is estimated at $62....
The province of Alberta will provide the following personal tax credit amounts for 2022: Basic personal amount ……………………………… $19,369 Spouse or equivalent to spouse amount … ...
The Alberta government has announced that the province’s Budget for the upcoming 2022-23 fiscal year will be brought down on Thursday February 24, at 3:15 p.m. The Budget speech can be viewed online...
The province had previously announced that the existing tourism levy abatement, which permits eligible tourist sector operators to retain rather than remit tourism levy amounts collected, would be ext...
The Alberta Tax and Revenue Administration (TRA) has announced that, effective for taxation years ending after December 31, 2021, all Insurance Premiums Tax returns must be filed electronically, using...
The Alberta Tax and Revenue Administration (TRA) has announced that, effective as of January 2022, it has resumed all normal compliance activities with respect to filings and collections. Such collect...
The province of Alberta 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 levied and paid fo...
Alberta Finance has announced that, in view of the continuing impact of the pandemic on the tourism sector, eligible businesses in that sector will be provided with an abatement of the provincial Tour...
The Canada Revenue Agency (CRA) has issued the TD1 form to be used by residents of Alberta for the 2022 tax year. On the TD1 form, an employee indicates the provincial personal tax credit amounts for ...
The province has launched the public consultation process leading to the delivery of Alberta’s Budget for the 2022-23 fiscal year. That Budget will be brought down in February 2022. The consultation...
The Alberta Tax and Revenue Administration has announced that existing information circulars relating to the International Fuel Trade Agreement (IFTA) have been revised and consolidated into a single ...
On November 30, the province issued its Mid-Year Fiscal Update and Economic Forecast. Overall, the fiscal news was good, as the current deficit forecast for 2021-22 stands at $5.8 billion. That figure...
The International Fuel Tax Agreement (IFTA) enables uniform collection and distribution of fuel taxes paid by motor carriers traveling in several jurisdictions in Canada and the United States. The Alb...
Eligible employers can again apply for assistance under the Alberta Jobs Now program, as the second intake period for the program opened on November 10, 2021. That intake period applies to eligible ne...
All Alberta corporations are required to file an Alberta Corporate Income Tax Return (AT1 Return) (with all applicable schedules) with the Alberta Tax and Revenue Administration (TRA) within six month...
Between October 2021 and April 2022, the province will implement a number of significant changes to the administration of the IFTA program in Alberta. Those changes will affect the way in which carrie...
The provincial government has announced that a one-time benefit of $2,000 will be made available to small and medium-sized Alberta businesses. That benefit is intended to help offset costs incurred by...
The province of Alberta provides an online system known as TRACS (Tax and Revenue Administration Client Self-Service) through which Alberta businesses can submit tax payments, registrations, applicati...
The Alberta Tax and Revenue Administration (TRA) has announced that changes are being made with respect to access to client tax records by representatives. Effective as of October 1, third party repre...
The province of Alberta 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 levied and paid fo...
In 2020, the provincial government announced the creation of a new program — the Alberta Innovation Employment Grant (IEG) — to be made available to corporations working in the research and develo...
Alberta Finance has released its report on the state of the province’s finances as of the end of the first quarter of the 2021-22 fiscal year. That quarter ended on June 30, 2021, and the province w...
The Alberta Tax and Revenue Administration (TRA) has issued a list of the software packages which are currently certified for use in the preparation and filing of Alberta corporate income tax (AT1) re...
As part of its pandemic relief measures, the province of Alberta introduced a Critical Worker Benefit program. Under the program, individuals in a broad range of sectors and occupations can receive a ...
The 2021-22 federal Budget included measures providing for a current-year deduction of the cost of specified property acquired by a Canadian controlled private corporation after April 19, 2021, to a m...
Businesses in the province which offer temporary accommodation for sale are required to collect the provincial tourism levy and to file a return with respect to such amounts collected, on a monthly or...
Final results for the 2020-21 fiscal year that ended March 31, 2021 show that Alberta ended that year with a deficit of $16.9 billion, $3.2 billion lower than the third-quarter deficit forecast. For t...
The province of Alberta 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 levied and paid fo...
The Alberta Tax and Revenue Administration (TRA) has updated and re-issued two publications relating to the province’s tobacco tax regime. The updated publications can be found on the TRA website at...
Provincial corporate income tax returns are due six months from a corporation’s tax year end. The Alberta Tax and Revenue Administration (TRA) recently updated and re-issued both the AT1 Corporate I...
As part of its pandemic relief measures, the provincial government allowed tourism operators in Alberta to retain all tourism levy amounts which they collected between March 1, 2020 and March 31, 2021...
The Alberta Tax and Revenue Administration has updated and re-released corporate income tax Information Circular CT-2, Filing Requirements. That circular, which provides information on whether a corpo...
Eligible holders of Alberta Indian Tax Exemption (AITE) cards are entitled to purchase fuel, tobacco, and accommodation exempt from tax on Alberta reserves. The Alberta Tax and Revenue Administration ...
Earlier this year, the province announced the creation of a Temporary Rent Assistance Benefit, and the application process for that program opened on May 1, 2021. The Temporary Rent Assistance Benefit...
The provincial government recently announced that the Small and Medium Enterprise Relaunch Grant (SMERG) program would be reopened for a new payment to businesses affected by the April 2021 public hea...
Through the Film and Television Tax Credit (FTTC) program, the province of Alberta provides eligible corporations that produce films, televisions series, and other eligible screen-based productions wi...
In its 2021-22 Budget, the province announced that it would, effective as of April 1, 2021, extend the application of the provincial tourism levy to short-term rentals purchased through online marketp...
The government of Alberta has announced that, effective as of April 1, 2021, its existing Direct to Tenant Rent Supplement program will be replaced. Under the new program — the Rent Assistance Benef...
The provincial government has issued a reminder to eligible Alberta residents that the deadline for applying for the Working Parents Benefit is March 31, 2021. Parents who used childcare from April to...
The province of Alberta 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 levied and paid fo...
Alberta Tax and Revenue Administration has issued a detailed guide to claiming the provincial Innovation Employment Tax Grant. That Grant generally provides eligible corporations with a tax credit equ...
The 2021-22 provincial Budget brought down on February 25 projects that Alberta will be in a deficit position at least until the end of the 2023-24 fiscal year. The Budget projects a deficit of $18.2 ...
The Alberta government has announced that it will be making grants of up to $20,000 available to small and medium-sized businesses in the province which experienced significant revenue loss due to the...
The Alberta Innovation Employment Grant (IEG) program, which provides a refundable tax credit to qualified corporations that incur eligible expenditures in respect of IEG activities carried out in Alb...
During the 2021 taxation year, the province of Alberta will impose personal income tax using the following taxable income brackets and tax rates. Tax Rate ...
The province of Alberta will provide the following personal tax amounts for 2021. Basic personal amount ……………………………… $19,369 Spouse or common law partner amount …… $19,36...
The province of Alberta 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 levied and paid fo...
Effective as of January 1, 2020, the existing Alberta Scientific Research and Experimental Development (SR&ED) Tax Credit was eliminated. However, as of January 1, 2021, businesses in the province...
The province of Alberta levies a tax on purchases of a number of types of fuel, including gasoline, diesel, and aviation fuel. The Alberta Tax and Revenue Administration (TRA) recently updated and re-...
The Alberta government has announced that the Small and Medium Enterprise Relaunch Grant program which was announced earlier this year has been expanded. The existing Program provides financial assist...
On November 24, the provincial Minister of Finance released Alberta’s Mid-Year Fiscal Update, which included some good financial news. Figures contained in the update indicated that the provincial g...
Taxpayers in Alberta can request relief from interest and penalties imposed under a variety of tax statutes and programs, including provincial corporate income tax, fuel tax, tobacco tax, and the tour...
Alberta Tax and Revenue has updated and re-issued three Information Circulars dealing with the Alberta Indian Tax Exemption Program (AITE). Those updated Information Circulars are as follows: AITE-1R...
The Alberta Tax and Revenue Administration (TRA) has issued updated consent forms to be used for purposes of the province’s corporate income tax, fuel tax, tobacco tax, tourism levy, and Internation...
The provincial government has launched the consultation process for Alberta’s 2021-2022 Budget, to be brought down next spring. The consultation process begins with an online survey, which can be fo...
The Alberta Tax and Revenue Administration (TRA) has announced that the filing deadlines with respect to claims for the provincial Scientific Research and Experimental Development (SR&ED) tax cred...
The province of Alberta 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 levied and paid fo...
Alberta Finance has updated and re-issued a number of publications relating to provincial corporate income tax filing and payment obligations, as well as the conduct of audits carried out in relation ...
Earlier this year, the province announced that the payment deadline for certain provincial corporate income tax balances payable would be deferred. Consequently, Alberta businesses with such income ta...
The province has issued a report on its first quarter (April 1 to June 30) results for the 2020-21 fiscal year and the fiscal news is not good. First-quarter projections show a significant increase to...
Alberta Finance has updated and re-issued the tax forms required for filing of provincial corporate income tax returns, as well as the guide to preparing those returns. Those forms and the guide are a...
Alberta Finance has issued an updated notice (Special Notice Vol. 7, No. 10) confirming that temporary accommodation operators in the province are not required to remit tourism levy amounts collected ...
Alberta Finance has issued an updated Corporate Income Tax Special Notice (Vol. 5, No. 59) indicating that Alberta corporations with income tax balances owing on or after March 18, 2020, or installmen...
Earlier this year, the provincial government announced that Alberta businesses with corporate income tax balances that become owing on or after March 18, 2020, or installment payments coming due betwe...
The government of Alberta has announced that eligible small and medium-sized businesses in the province may receive a grant to help offset re-launch costs. The Small and Medium Enterprise Relaunch Gra...
During the current pandemic, the Alberta Tax and Revenue Administration (TRA) has requested that taxpayers pay any amounts due through electronic means. The TRA recently announced that, to further fac...
Earlier this year, in conjunction with the provincial state of emergency, the provincial government temporarily suspended all registration and credential requirements with respect to the International...
The Alberta government released its Recovery Plan on June 29, 2020, which included the announcement of an immediate cut to the provincial general corporate income tax rate. Effective July 1, 2020, tha...
The province of Alberta 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 levied and paid fo...
Effective July 1, 2020, the current Alberta Child Benefit and the Alberta Family Employment Tax Credit will be replaced by a single benefit, the Alberta Child and Family Benefit. The first quarterly p...
The province of Alberta 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 levied and paid fo...
The Alberta government is providing one-time emergency financial assistance for spring flood evacuees to help them with costs while they were evacuated. Adults can receive $1,250, plus $500 for each c...
The province had previously announced that the deadline for income tax returns to be filed by corporations between March 18 and June 1, 2020 would be deferred until June 1, 2020. That deferral announc...
Alberta imposes a tourism levy which must be collected and remitted by operators of tourist accommodations in the province. The provincial government had previously announced that the remittance deadl...
As originally announced in the 2019 provincial Budget, the current Alberta Family Employment Tax Credit and the Alberta Child Benefit will be combined into the new Alberta Child and Family Benefit, ef...
Earlier this year, the province announced that corporate income tax filing and payment deadlines occurring after March 18, 2020 and before June 1, 2020 would be extended. The Alberta Tax and Revenue A...
The provincial government has announced that rent relief will be provided to small businesses in the province through the Canada Emergency Commercial Rent Assistance (CECRA) program. That program will...
The Alberta Tax and Revenue Administration (TRA) has issued a Special Notice (Vol.10, No. 4) indicating that the filing deadline for returns under the International Fuel Tax Agreement (IFTA) has been ...
The Alberta Tax and Revenue Administration has issued a corporate income tax Special Notice (Vol. 5, No. 57) providing that filing deadlines for provincial corporate income tax returns have been exten...
The province of Alberta 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 levied and paid fo...
The provincial government has announced that temporary accommodation providers in Alberta with tourism levy remittances coming due between March 27, 2020 and August 31, 2020 may defer making these pay...
The provincial government has announced that Alberta businesses with corporate income tax balances that become owing on or after March 18, 2020, or instalment payments coming due between March 18, 202...
The province of Alberta imposes a levy of 4% on most types of temporary accommodation rentals in the province. Under current legislation an exemption from that levy is provided for rentals in establis...
The 2020-21 provincial Budget brought down on February 27 included the announcement of further cuts to Alberta’s general corporate income tax rate. That rate was reduced from 11% to 10% effective Ja...
In the 2019-20 Budget, the Alberta government announced that its grant-based program for the province’s film industry would be eliminated and replaced with a tax credit program. That new corporate t...
The Alberta Treasurer has announced that the province’s Budget for the upcoming (2020-21) fiscal year will be released on Thursday February 27, 2020, at approximately 3:15 p.m. The announcement of t...
Alberta Finance has posted on its website the corporate income tax forms to be used by Alberta corporations for fiscal years ending after July 1, 2019. The new forms posted are as follows: AT1 – Alb...
The Canada Revenue Agency (CRA) has released the Individual Income Tax Return and Guide to be used by individuals who were residents of Alberta as of December 31, 2019. That return and guide can be fo...
The province has launched the budget consultation process leading to the release of the 2020-21 provincial Budget this spring. That consultation process will include an online survey and two telephone...
The province of Alberta 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 levied and paid fo...
Alberta will provide the following personal tax credit amounts for 2020:Basic personal amount ……………………………… $19,369Spouse or common law partner amount …… $19,369 l...
During the 2020 taxation year the province of Alberta will levy individual income tax using the following income brackets and tax rates. Tax Rate ...
The province of Alberta has provided a Community Economic Development Corporation (CEDC) tax credit to encourage rural economic development and, under that program, individual or corporate investors i...
The Alberta Investor Tax Credit (AITC) offered a 30% tax credit to investors in the province who provided equity capital to Alberta small businesses doing research, development, or commercialization...
The province has announced that it is carrying out an online consultation process as part of a review of the province’s employment standards laws. That online survey will be available until Thursday...
In the recent provincial Budget, it was announced that the Interactive Digital Media Tax Credit (IDMC) was being eliminated. That program offered a 25% refundable tax credit for labour costs associate...
Alberta's Scientific Research and Experimental Development Tax Credit (SR&ED) program provides a refundable tax credit to corporations for SR&ED expenditures carried out in Alberta by the corp...
In the 2019 Budget released on October 24, the government of Alberta announced that it will be eliminating the existing provincial tuition and education tax credits claimable by post-secondary student...
The Alberta Tax and Revenue Administration (TRA) has posted information on its website on how to renew an International Fuel Tax Agreement (IFTA) licence for 2020. Such renewals can be done online, th...
The Alberta government has announced the rates which will apply for purposes of the International Fuel Tax Agreement during the third quarter (July 1 to September 30) of 2019. IFTA is an agreement am...
The province of Alberta 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 levied and paid fo...
Most corporations having a permanent establishment in the province of Alberta are required to file a provincial corporate income tax return by a specified deadline each year. The Alberta Tax and Reven...
The province provides eligible corporations which carry on scientific research and experimental development (SR&ED) work within Alberta with a refundable tax credit generally equal to 10% of the c...
As part of its general review of the province’s employment standards rules, the Alberta government has made changes to the rules governing the payment of wages for work done on holidays. A summary o...
The Alberta government has announced that it has appointed an expert panel to study and make recommendations with respect to the province’s minimum wage structure. The panel will, in particular, be ...
The general corporate provincial income tax rate imposed by the province was reduced, effective as of July 1, 2019, from 12% to 11%. That change was the first in a multi-step reduction of the provinci...
The Alberta Tax and Revenue Administration has issued a Corporate Income Tax Special Notice (Vol. 5, No. 53) confirming that the province has adopted the measures announced in the 2018 Federal Economi...
The province of Alberta 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...
Alberta motor carriers which operate in multiple jurisdictions and are members of the International Fuel Tax Agreement (IFTA) must file returns quarterly. The next such return is due on June 30, 2019....
The provincial carbon tax was eliminated by the Alberta government, effective as of May 30, 2019. As a consequence of the elimination of the tax, a number of transitional rules are required, and the p...
The government of Alberta has repealed the province’s carbon tax, effective as of May 30, 2019. In order to obtain a refund of carbon tax paid on fuel held in inventory on May 30, fuel sellers must ...
Corporations in the province of Alberta are required to file provincial corporate income tax returns, with such returns due within 6 months after the corporation’s taxation year end. That deadline m...
The government of Alberta has confirmed that it will be introducing legislation to reduce the general business provincial income tax rate. The current rate is 12%. The legislation, once enacted, will ...
The province of Alberta 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 Alberta Tax and Revenue Administration has announced that, effective as of March 18, 2019, most fuel tax returns and claims can be filed through the province’s TRACS (Tax and Revenue Administrat...
Through the Alberta Indian Tax Exemption (AITE), the province of Alberta provides eligible consumers with an exemption from fuel tax and carbon levy, tobacco tax, and the provincial tourism levy. The ...
The third quarter fiscal update issued by the Provincial Treasurer on February 27 shows a decreased deficit for the current (2018-19) fiscal year. The deficit for the current year was forecast to reac...
Residents of Alberta who use fuel for eligible activities may apply for an exemption certificate in order to obtain such fuel exempt from the carbon levy at the time of purchase. Those who were charge...
Taxpayers whose livestock farming operations are affected by adverse weather conditions during a particular taxation year can benefit from a tax deferral program. That Livestock Tax Deferral provision...
The province of Alberta has started the consultation process for the upcoming 2019-20 provincial Budget. A budget consultation webpage on which submissions can be made is available on the Alberta gove...
The province of Alberta 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 Canada Revenue Agency has issued a supplement to the payroll deduction tables to be used for residents of Alberta during the 2019 tax year.The supplement, which can be found on the CRA website at ...
The province of Alberta 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 second quarter update of provincial finances which was recently announced by the Alberta government shows that the province’s deficit for the current (2018-19) fiscal year is now forecast to be ...
The province of Alberta will provide the following personal tax credit amounts for 2019: Basic personal amount ………………………………… $19,369 Spouse or equivalent to spouse amount …...
The Alberta Tax and Revenue Administration has issued a Special Notice (Vol. 5, No. 50) on the province’s Community Economic Development Corporation (CEDC)Tax Credit. The tax credit program is avail...
As previously announced, the province will be making changes to its online tax service (TRACS), and those changes will take effect as of Monday November 19, 2018. On that date, current user IDs and pa...
The provincial government has announced that, as of January 1, 2019, motor carriers will be allowed to carry their IRP cab cards and IFTA licences in electronic format, and that they will have the cho...
The provincial government has announced that applications are now being accepted for the 2018-19 intake period of the Community Economic Development Corporation (CEDC) tax credit program. In order to ...
The Alberta Tax and Revenue Administration has posted information on its website with respect to a possible postal service disruption. The TRA information indicates that all taxpayers will continue to...
As previously announced, the Alberta general minimum wage increased, effective as of October 1, 2018, from $13.60 per hour to $15 per hour. The general minimum wage applies to most employees in the pr...
The province of Alberta 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 Alberta provides individual and corporate residents with the option of carrying out their tax filing and payment obligations online, through the province’s Tax and Revenue Administra...
The Alberta Tax and Revenue Administration (TRA) has updated and re-issued a required form under the International Fuel Tax Agreement (IFTA). The new form, which is required in order to register for I...
The provincial government recently announced the province’s fiscal results for the first quarter (April 1 to June 30) of the 2018-19 fiscal year. Those results show that the 2019 economic forecast h...
As previously announced, the general minimum wage payable in Alberta will increase, effective October 1, 2018, to $15 per hour. The general hourly minimum wage applies to most employees in the provinc...
The province provides a Capital Investment Tax Credit (CITC) to qualifying Alberta companies which make capital investments in qualifying assets, including machinery, equipment, and buildings. The non...
Following an earlier consultation process, the provincial government has drafted new regulations that govern certain rights of condominium owners. Those draft regulations cover such matters as improve...
The province of Alberta 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 Alberta Tax and Revenue Administration (TRA) administers a Voluntary Disclosure Program (VDP) under which the Minister can provide corporate taxpayers with relief from provincial interest and pena...
The province of Alberta provides two tax credits intended to encourage investment by individuals and corporations in the manufacturing and processing, tourism, and new technology sectors. The Alberta ...
Under Alberta’s fuel and carbon tax regimes, no fuel tax or carbon tax is generally payable where fuel sales are for export from the province in bulk. The Alberta Tax and Revenue Administration has ...
Energy Efficiency Alberta administers a number of programs which enable consumers who purchase energy efficient equipment and appliances to qualify for rebates. The Agency has recently posted a warnin...
Earlier this year the provincial government announced the creation of a new Interactive Digital Media (IDM) Tax Credit. The credit is available in respect of eligible labour costs paid after April 1, ...
Last year, the Alberta government announced that residential builders in the province would be required to be licenced, effective as of December 1, 2017. Temporary licences which were obtained on that...
The Alberta Tax and Revenue Administration has updated and re-issued its Tobacco Tax Information Circular (TTA-4R6) which summarizes the licensing, reporting, and remitting requirements imposed by the...
The Alberta Tax and Revenue Administration (TRA) has added additional topics to its FAQ document providing information with respect to a variety of issues which can arise under the province’s carbon...
The Alberta Tax and Revenue Administration has issued updated forms for use by companies in filing their provincial corporate income tax returns. The following new forms have been posted on the TRA we...
The province of Alberta 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 Alberta Minister of Finance brought down the province’s 2018-19 Budget on March 22, 2018. There were no changes to personal or corporate tax rates announced in the Budget, and no changes to the ...
The Alberta Tax and Revenue Administration (TRA) provides online tax services to individuals and businesses through its TRACS program. TRA has announced that new online services for a number of differ...
The Alberta Tax and Revenue Administration (TRA) has issued a Special Notice (Vol. 1, No. 40) with respect to the expiry date of current Tax Exempt Fuel User Numbers. Current numbers are scheduled to ...
The 2017-18 Third Quarter Fiscal Update announced by the provincial government at the end of February indicates that the province’s projected deficit for the 2017-18 fiscal year is down significantl...
The province of Alberta currently provides a rebate program for businesses which make investments in energy efficiency. The provincial government recently announced that that energy efficiency rebate ...
For the 2018 tax year, individuals resident in the province of Alberta will be able to claim the following non-refundable personal tax credit amounts: Basic personal amount ………………….…...
For the 2018 tax year, the province of Alberta will levy personal income tax at the following individual income tax rates and brackets: 10% on taxable income between $18,915 and $128,145; 12% on taxa...
The provincial government has announced the start of the consultation process leading to the release of the 2018-19 Budget. That process has several components, including an online survey, which will ...
The Alberta Tax and Revenue Administration (TRA) has issued a warning to Alberta taxpayers of a tax scam which is currently operating in the province. That tax scam involves fraudulent text messages s...
The province of Alberta 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 Canada Revenue Agency has released the 2017 T1 Individual Income Tax Return and Benefit form to be used by individuals who were residents of Alberta at the end of that year. The T1 form package (w...
Effective as of January 1 2018, changes have been made to Alberta’s carbon levy program. Those changes include an increase in the carbon levy, from $20 per tonne to $30 per tonne. That change will b...
The Canada Revenue Agency (CRA) has issued the payroll deduction tables which Alberta employers will use to determine employee source deductions for federal and provincial income tax, Canada Pension P...
As of December 1, 2017, residential builders in Alberta require a license to build homes and secure warranty coverage. In order to be licensed, builders must provide information about their finances, ...
The Alberta Tax and Revenue Administration has issued a Special Notice advising corporations of upcoming changes to filing requirements for income tax returns. The new requirements are effective for r...
The Canada Revenue Agency has issued the Alberta 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 Alberta Tax and Revenue Administration (TRA) has announced the Carbon Levy Rates which will apply as of January 1, 2018. A listing of those rates can be found at www.finance.alberta.ca/publication...
Alberta corporations which fail to file corporate income tax returns by the required deadline, or which fail to remit corporate income tax amounts owed on time or in full may be subject to penalties a...
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 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 ...
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...
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...
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 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 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...
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...
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 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 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...
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...
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...
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...
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...
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% ...
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...
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 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 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 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 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 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...
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 ...
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 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...
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 ...
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...
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...
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...
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...
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 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...
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...
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 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 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...
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...
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...
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 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...
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...
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 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 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...
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% ...
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 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 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 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 ...
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...
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 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 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 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 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...
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...
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 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 ...
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...
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 ...
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...
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...
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...
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...
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...
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...
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...
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 ...
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 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 ...
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...
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 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...
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...
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 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 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 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...
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 ...
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...
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 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 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 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 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 ...
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 Seniors’ Home Safety Tax Credit would be extended to be available until the end of 2022. That Credit was sc...
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...
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...
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...
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...
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...
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 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...
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...
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 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 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 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 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...
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...
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...
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 ...
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...
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 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 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 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...
During the 2021 taxation year the province of Ontario will levy individual income tax using the following income brackets and tax rates. Tax Rate ...
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 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 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...
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 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 ...
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...
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 ...
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 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...
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 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...
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...
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...
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...
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...
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 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 ...
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...
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...
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...
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 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...
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...
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...
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...
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 ...
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...
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...
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...
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 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 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 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 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 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 will provide the following personal tax credit amounts for 2020: Basic personal amount ……………………………… $10,783 Spouse or common law partner amount ...
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...
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 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...
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 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 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 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 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 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 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 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...
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...
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...
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 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 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 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 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 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 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 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 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 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 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...
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...
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 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...
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...
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 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 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 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 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...
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 ...
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 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 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 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 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 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 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 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...
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...
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 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...
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...
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 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 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 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 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...
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 ...
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 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 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 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 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 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 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 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, ...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 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 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...
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...
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...
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...
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...
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 ...
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 ...
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...
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...
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...
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 ...
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 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 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...
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...
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...
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...
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 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...
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 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 (...
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 ...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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 ...
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 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...
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...
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...
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 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...
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 ...
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...
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 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 ...
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...
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...
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 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 ...
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....
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...
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...
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 ...
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 ...
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...
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...
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...
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....
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 ...
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 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 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 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 ...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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 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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 currently provides an investment and innovation tax credit for qualifying companies which make expenditures for manufacturing or processing equipment, general-purpose electronic data processin...
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 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...
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...
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...
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...
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, ...
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...
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...
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...
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...
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...
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...
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...
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 ...
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 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...
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...
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,...
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...
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, ...
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...
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...
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...
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 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...
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...
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, ...
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...
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 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...
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...
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 ...
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...
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...
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 ...
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...
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...
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...
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 ...
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...
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...
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...
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...
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...
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...
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 ...
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...
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...
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...
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 ...
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 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 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...
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 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...
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...
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...
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...
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 ...
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...
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...
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...
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 ...
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...
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 (...
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 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 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...
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...
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 ...
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...
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 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’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...
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...
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 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 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...
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...
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...
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...
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...
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...
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 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 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 ...
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...
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...
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 ...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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 ...
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...
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...
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...
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...
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 ...
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...
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 ...
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...
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...
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, ...
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...
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...
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 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...
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 ...
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 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...
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 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...
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...
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...
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 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...
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 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...
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...
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 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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 ...
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...
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 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...
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 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...
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 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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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 ...
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...
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...
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 ...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 ...
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...
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 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...
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...
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...
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 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...
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...
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 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 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 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...
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...
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...
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 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 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...
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...
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:/...
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 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...
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...
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...
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...
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, 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 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 ...
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 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...
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...
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 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...
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...
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...
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 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 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...
For the 2018 tax year, the province will provide the following personal tax credit amounts: Basic amount …………………………………………… $15,012 Amount transferred between spou...
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...
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 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 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...
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...
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...
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...
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 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 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 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...
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...
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...
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...
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 ...
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues.
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues.
They can be accessed below.
Corporate:
Personal:
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
While the current state of the Canadian health care system is far from perfect, Canadians are nonetheless fortunate to have a publicly funded health care system, in which most major medical expenses are covered by provincial health care plans. Notwithstanding, there is a large (and growing) number of medical and para-medical costs – including dental care, prescription drugs, physiotherapy, ambulance trips, and many others – which must be paid for on an out-of-pocket basis by the individual. In some cases, such costs are covered by private insurance, usually provided by an employer, but not everyone benefits from private health care coverage. Self-employed individuals, those working on contract, or those whose income comes from several part-time jobs do not usually have access to such private insurance coverage. Fortunately for those individuals, our tax system acts to help cushion the blow by providing a 15% federal non-refundable medical expense tax credit (METC) to help offset out-of-pocket medical and para-medical costs which must be incurred.
While the current state of the Canadian health care system is far from perfect, Canadians are nonetheless fortunate to have a publicly funded health care system, in which most major medical expenses are covered by provincial health care plans. Notwithstanding, there is a large (and growing) number of medical and para-medical costs – including dental care, prescription drugs, physiotherapy, ambulance trips, and many others – which must be paid for on an out-of-pocket basis by the individual. In some cases, such costs are covered by private insurance, usually provided by an employer, but not everyone benefits from private health care coverage. Self-employed individuals, those working on contract, or those whose income comes from several part-time jobs do not usually have access to such private insurance coverage. Fortunately for those individuals, our tax system acts to help cushion the blow by providing a 15% federal non-refundable medical expense tax credit (METC) to help offset out-of-pocket medical and para-medical costs which must be incurred.
The difficulty for such individuals is that while the tax credit claimable is simple in concept, it can be difficult to determine just what kinds of expenses are claimable for purposes of that credit (not all are, and others are claimable only if certain criteria are met), the extent to which expenses can be claimed (only expenses which exceed a certain amount can be claimed, and that amount changes with the income of the taxpayer), and who should claim the expenses (usually, but not always, it makes more sense for the lower-income spouse to claim medical expenses incurred by the entire family).
It's not hard to see why taxpayers can become confused and frustrated when trying to file a claim for medical expenses on the annual return. However, the process of determining the available claim really comes down to answering three questions, as follows.
- Which of my expenses are claimable and are there additional criteria imposed?
- Of my total medical expenses, how much can I claim?
- Should I or my spouse should make the claim for the medical expense tax credit?
Which of my expenses are claimable, and are there additional criteria imposed?
The good news for taxpayers is that there are a great number of different kinds of medical expenses which qualify for the medical expense tax credit, and the Canada Revenue Agency provides a detailed alphabetical (and searchable) listing of those expenses on its website at https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return.html.
While each of the medical expenses listed on the CRA website are eligible to be claimed for purposes of the medical expense tax credit, for each such expense it’s necessary to determine whether there are additional criteria which must be met in order to make that particular expense eligible for the credit.
Probably the most important criterion for most taxpayers is that, in some cases, a particular expense is only claimable if a prescription has been obtained from a medical doctor indicating a need on the part of the taxpayer to incur that expense. However, making a determination of when it’s necessary to obtain a prescription from a medical professional in order to ensure that the planned expenditure will qualify for the credit is far from intuitive. For instance, in order to claim the medical expense tax credit for the cost of a cane or a walker, it is necessary to obtain a prescription for that cane or walker. However, where costs are incurred to purchase a wheelchair, those costs are eligible for the medical expense credit, with no requirement that a prescription of any kind be obtained.
The listing of eligible medical expenses found on the CRA website does indicate the kinds of expenses for which a prescription is required; where the amount of a planned expenditure for a medical expense is significant, it’s well worth consulting the CRA website to ensure that the purchase is done in a way that will make it possible to claim the METC for the cost incurred.
Other types of medical expense costs can be claimed for purposes of the credit only where the person incurring that expenditure qualifies for the federal disability tax credit. Once again, the listing found on the CRA website indicates the types of expenditures to which this requirement applies.
Of my total medical expenses, how much can I claim?
Here again, the basic rule which determines how much a taxpayer can claim in a particular taxation year can be stated simply, but is more complex to apply. The basic rule is that for a taxation year a taxpayer can claim eligible medical expenses which exceed 3% of the taxpayer’s net income, or $2,759, whichever is less.
Put in more practical terms, the rule for 2024 is that any taxpayer whose net income for the year is $91,967 or less will be entitled to claim medical expenses that are greater than 3% of his or her net income for the year. Those having income of more than $91,967 will be limited to claiming qualifying expenses which exceed the $2,759 threshold.
Take, for example, a taxpayer who has $60,000 in net income for 2024 and incurs $3,400 in eligible medical expenses during the year. The computation of the available METC claim for 2024 is as follows. Based on the 3% of net income rule, the taxpayer will be entitled to claim medical expenses incurred which are more than $1,800 (3% of net income for the year). That taxpayer will therefore be able to claim $1,600 ($3,400 minus $1,800) in medical expenses for purposes of the METC.
The other aspect of determining the total expenses which can be claimed for purposes of the medical expense tax credit is that it’s possible to claim medical expenses which were incurred prior to the current tax year but weren’t claimed on the return for the year that the expenditure was made. The actual rule is that the taxpayer can claim qualifying medical expenses incurred during any 12-month period which ends in the current tax year, meaning that each taxpayer must determine which 12-month period ending in 2024 will produce the greatest amount eligible for the credit. That determination will obviously depend on when medical expenses were incurred so there is, unfortunately, no universal rule of thumb which can be used.
Which spouse should make the claim for the medical expense tax credit?
Medical expenses incurred by family members – the taxpayer, their spouse, and children who are under the age of 18 at the end of 2024, as well as certain other dependent relatives – can be added together and claimed by either spouse. In most cases, it’s best to make that claim on the tax return of the lower-income spouse, in order to maximize the amount of claimable expenses (remembering that only expenses greater than 3% of net income can be claimed).
That said, it’s also necessary to ensure that the spouse making the claim has tax payable for the year. The reason for this is that the METC is a non-refundable credit, meaning that it can be used to reduce tax otherwise payable, but cannot create or increase a refund. So, in order to maximize the use of the METC in a year, it should be claimed by the spouse whose tax payable for the year is at least as much as the amount of the METC to be claimed.
As the end of the calendar year approaches, it’s a good idea to add up the medical expenses which have been incurred during 2024, as well as those paid during 2023 and not claimed on the 2023 return. Once those totals are known, it will be easier to determine whether to make a claim for 2024 or to wait and claim 2024 expenses on the return for 2025. And if the decision is to make a claim for 2024, knowing what medical expenses were paid, and when, will enable the taxpayer to determine the optimal 12-month period for that claim.
Finally, it’s a good idea to look into the timing of medical expenses which will have to be paid early in 2025. Where those are significant expenses (for instance, a particularly costly medication which must be taken on an ongoing basis, or some expensive dental work) it may make sense, where possible, to accelerate the payment of those expenses to November or December 2024, where that means they can be included in 2024 totals and claimed on the return for this year.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
The federal government provides a number of non-refundable tax credits and benefits to Canadians under the umbrella term “child and family benefits”, but likely the most widely available and most generous of those programs is the Canada Child Benefit (CCB).
The federal government provides a number of non-refundable tax credits and benefits to Canadians under the umbrella term “child and family benefits”, but likely the most widely available and most generous of those programs is the Canada Child Benefit (CCB).
The CCB is paid as a non-taxable monthly benefit to Canadian residents who have and live with one or more children under the age of 18 for whom they are primarily responsible. The CCB program, which was first introduced in 1993, replaced the former Family Allowance program, and has since gone through a number of iterations and name changes. What follows is a summary of what is available to Canadian families under the CCB program in 2024.
The CCB program has two types of benefits – the basic Canada Child Benefit (CCB) and a Child Disability Benefit (CDB). The first, the basic CCB, is provided to eligible residents of Canada who have one or more children who are under the age of 18 and who live with that child or children. The child disability benefit (CDB) is an additional monthly benefit intended to provide financial assistance to families who are caring for children who have a severe and prolonged impairment in physical or mental functions. Generally, where a child is eligible for the federal disability tax credit, parents who live with that child will be eligible to receive the CDB.
The current benefit year for both the CCB and the CDB runs from July 2024 to June 2025. During this benefit year, maximum benefits payable under the basic CCB are as follows:
- $7,787 per year ($648.91 per month) for each eligible child under the age of 6; and
- $6,570 per year ($547.50 per month) for each eligible child aged 6to 17.
Benefit eligibility under the CCB program is affected by family net income earned during the previous tax year. In other words, the amount of benefit which can be received during the 2024-25 benefit year is determined, in part, by the amount of family net income for 2023. For the 2024-25 benefit year, families having 2023 net income of $36,502 or less will receive the maximum CCB. Where that 2023 net income is greater than $36,502, the amount of benefit receivable is reduced by specified percentages and amounts, which are based on family net income and the number of children in the family. The actual benefit reduction percentages and amounts are as follows.
- For families with one eligible child, benefits are reduced by 7% of family net income between $36,502 and $79,087. Where family net income is more than $79,087, the benefit reduction is $2,981 plus 3.2% of family net income over $79,087.
- For families with twoeligible children, benefits are reduced by 13.5% of family net income between $36,502 and $79,087. Where family net income is more than $79,087, the benefit reduction is $5,749 plus 5.7% of family net income over $79,087.
- For families with three eligible children, benefits are reduced by 19.0% of family net income between $36,502 and $79,087. Where family net income is more than $79,087, the benefit reduction is $8,091 plus 8.0% of family net income over $79,087.
The Canada Disability Benefit provides eligible families with both an additional benefit amount and higher income thresholds which determine eligibility for that additional benefit amount. For the 2024-25 benefit year, the CDB provides up to $3,322 per year ($276.83 per month) for each child eligible for the disability tax credit (DTC). The CDB starts being reduced when family net income is more than $79,087, with the reduction calculated as follows: for families with one child eligible for the DTC, the reduction is 3.2% of the amount of 2023 family net income over $79,087, and for families with two or more children eligible for the DTC, the reduction is 5.7% of the amount of 2023 family net income over $79,087.
The number of variables – age of children, number of children and family net income – can make it difficult to easily calculate the amount of CCB or CDB for which a family is eligible during the current benefit year. To assist in that calculation, the federal government provides an online calculator which will determine that amount, based on information provided by the taxpayer. That online calculator can be found on the federal government website at https://www.canada.ca/en/revenue-agency/services/child-family-benefits/child-family-benefits-calculator.html.
There are two significant ways in which the CCB program differs from other federal tax credit and benefit programs. The first is that the CCB and CDB are paid once per month, throughout the benefit year (most other such credits are paid on a quarterly basis). CCB and CDB are paid around the 20th of each month – a listing of actual payment dates during 2024 can be found on the federal government website at https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-payment-dates.html.
The second difference between the CCB and other programs is more significant – unlike some other programs, CCB amounts are not paid automatically to eligible recipients. In order to receive the CCB and the CDB, it is necessary both to apply for the benefit(s) and to file an annual tax return in order to ensure that benefit payments continue. Information on how to apply is available at https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-apply.html.
The costs of raising children are many and varied, and the financial resources required have never been small. Over the past few years, increases in both interest rates and, especially, the rate of inflation have added to nearly every one of those costs to a significant degree. Receipt of a CCB payment each month can make a substantial contribution toward meeting those costs: a Canadian family which has two children, aged 5 and 7, and whose family net income for 2023 was $50,000 can receive just over $1,000 each month in tax-free benefits during the 2024-25 benefit year.
Finally, many (although not all) Canadian provinces and territories provide a benefit to families with children living in that province or territory, which is additional to any available federal CCB which a family can claim. Detailed information on both the federal and provincial/territorial child and family benefit programs can be found on the federal government website at https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview.html.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
Canada’s tax system is a self-assessing one, meaning that the onus rests on individual taxpayers to file their annual return each spring and to pay any amounts owed. The compliance rate in Canada is high – most Canadian taxpayers comply with those tax obligations, filing returns and making any required payments on a consistent basis. Where such tax obligations aren’t met, however, the Canada Revenue Agency (CRA) has the authority to impose both penalties and interest charges.
Canada’s tax system is a self-assessing one, meaning that the onus rests on individual taxpayers to file their annual return each spring and to pay any amounts owed. The compliance rate in Canada is high – most Canadian taxpayers comply with those tax obligations, filing returns and making any required payments on a consistent basis. Where such tax obligations aren’t met, however, the Canada Revenue Agency (CRA) has the authority to impose both penalties and interest charges.
The types and amounts of penalties which can be assessed vary widely, depending on the nature of the non-compliance and, frequently, whether the taxpayer is a “repeat offender”. However, interest charges levied are always the same where taxes aren’t paid in full and on time, and those interest charges can be very substantial.
By law, the CRA charges interest at a rate which is four percentage points higher than commercial interest rates. For the third quarter of 2024, the CRA charges interest on outstanding tax amounts owed at a rate of 9.0%. More significantly, all such interest charges are compounded daily, meaning that each day the taxpayer is charged interest on both the tax amount owed and on the previous day’s interest charges. In such circumstances, interest charges can accumulate very quickly.
Where a failure to meet one’s tax obligations is simply the result of carelessness or negligence on the part of the taxpayer, it’s really not possible to avoid such charges. Sometimes, however, taxpayers fail to meet their tax obligations for reasons that are entirely outside their control. When that happens, the CRA may be willing to extend relief by forgiving interest and penalty charges, in whole or in part, through the Agency’s Taxpayer Relief Provisions.
It's important to note, at the outset, that while the CRA has issued guidelines on the circumstances in which interest and penalty relief may be provided, the decision to provide such relief is entirely discretionary on the Agency’s part – there is no right to interest and penalty relief. Second, while interest and penalty relief may be available to the taxpayer, no relief is provided with respect to actual tax amounts owed. No matter the circumstances, tax amounts owed must always be paid.
The guidelines issued by the CRA on when interest and penalty relief may be available fall into two general categories. The first addresses taxpayers who are unable to meet their tax obligations as the result of extraordinary circumstances. The first such circumstance is natural or man-made disasters which are, of course, becoming more and more common as each year increasing numbers of Canadians are forced to evacuate due to wildfires and floods. At such times, meeting one’s tax obligations is understandably a very low priority and, in the worst case scenario, the natural disaster which forced the evacuation may also result in the destruction of the taxpayer’s financial and tax records and supporting documentation, making it difficult or impossible to file returns or determine or pay amounts owed.
The other extraordinary circumstances in which the CRA is prepared to provide relief from penalty and interest charges are those which are specific to the taxpayer involved. As outlined on the CRA website, such circumstances generally involve either serious illness or accident, or serious emotional or mental distress, such as would result from a death in the taxpayer’s family.
Finally, the CRA is prepared to consider providing interest relief where the taxpayer is experiencing significant financial hardship. The CRA’s guidelines, as outlined on the Agency’s website, indicate that it would consider providing relief where paying interest amounts owed would make it difficult to provide basic necessities, such as food, medical help, transportation, or shelter, or where interest charges make up the majority of the amount owed and the taxpayer is unable to make a reasonable payment arrangement with the CRA.
In order to receive relief in situations of financial hardship, a taxpayer must be able to provide the CRA with detailed information on their current financial situation. That financial situation is outlined on a prescribed CRA form, which is available at Form RC376, Taxpayer Relief Request – Statement of Income and Expenses and Assets and Liabilities for Individuals. In addition to the information submitted on that form, the taxpayer must also provide supporting documentation, such as current mortgage statement(s), property assessment(s), rental agreement(s), loans and recurring bills, bank and credit card statements for the most recent three months, and current investment statements
Regardless of the reasons or circumstances which have led the taxpayer to submit an application for relief, the process of filing that application is the same. Taxpayers who have registered for the CRA online service My Account can file their application using that service. Those who are not registered for My Account, or would prefer filing a paper application, can find the required form on the CRA website at Form RC4288, Request for Taxpayer Relief – Cancel or Waive Penalties and Interest. The address to which the completed form should be sent can be found on the last page of Form RC4288.
Whatever the method by which an application for relief is filed, the CRA will review the information submitted and make a determination of whether to cancel interest and/or penalty amounts owed, in whole or in part, in order to allow the taxpayer to pay off their tax debt. The factors considered by the Agency in determining whether to grant relief will, of course, depend in part on the circumstances giving rise to the application. In general, however, the Agency will consider the taxpayer’s tax return filing and payment history, whether the taxpayer knowingly let a balance owing exist (resulting in additional interest charges), whether reasonable care was taken in the management of the taxpayer’s tax affairs, and, finally, whether the taxpayer acted quickly to correct any delay or omission.
The CRA’s goal is to make a decision on straightforward applications made under its Taxpayer Relief Provisions within six months (180 days) after the application is received. However, not surprisingly, the Agency is currently receiving a higher-than-usual number of applications, meaning that the timeline for making decisions on those applications is now closer to eight months (or longer, for complex applications).
Where the taxpayer’s request is denied, they can make on online request to have the decision reviewed. If that decision is also negative, the only recourse is to ask a judge to review the CRA’s decision. In the great majority of cases, however, the cost of taking that step is likely to be greater than the amount of interest and penalties at issue.
In all cases, the best course of action for the taxpayer is to be proactive – to contact the CRA as soon as the taxpayer is aware that filing of a required return, or full payment of taxes owed, will not be possible. Taking the initiative and moving quickly to resolve the problem will both minimize the amount of interest which will accrue on unpaid taxes and will count in the taxpayer’s favour when the CRA considers whether to allow an application for waiver of those interest and penalty charges.
Detailed information on the Taxpayer Relief Provisions is available on the CRA website at https://www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/complaints-disputes/taxpayer-relief-provisions.html.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
The past five years have been a tough financial slog for most Canadian families, as they struggled to cope with the pandemic, followed by inflation which tripled from under 2% in mid-2020 to over 6% by the end of 2022, and, finally, interest rate increases which saw the Bank Rate go from less than 1% in April of 2020 to over 5% in April of 2024.
The past five years have been a tough financial slog for most Canadian families, as they struggled to cope with the pandemic, followed by inflation which tripled from under 2% in mid-2020 to over 6% by the end of 2022, and, finally, interest rate increases which saw the Bank Rate go from less than 1% in April of 2020 to over 5% in April of 2024.
While the relentless upward climb in both the rate of inflation and interest rates are finally showing signs of slowing, it’s nonetheless a fact that the cost of two truly non-discretionary components of a family budget – food and shelter – are still much more expensive than they were five years ago, and nearly all Canadian families are feeling the pinch.
While there’s plenty of financial pain to go around, one group of Canadians that is especially likely to be dealing with bad financial news in the near future is those who are renewing a mortgage. Home buyers who purchased a home five years ago and took out a five-year mortgage (as the majority do) likely got that mortgage at an interest rate of around 4% – or even less. Those seeking to renew that mortgage this year are likely facing renewal at a rate of at least 6%. That’s about a 50% increase in the mortgage interest rate, which can be enough to make the difference between a mortgage payment that is affordable, and one that is not.
To see why that’s the case, it helps to understand how mortgage payments are calculated. All mortgage payments are determined by three figures. The first is the size of the mortgage – the “principal amount”, which is the cost of the property purchased minus any downpayment made. The second is the interest rate which is charged on that principal amount. And the third is the length of time over which the principal amount of the mortgage is to be repaid – known as the “amortization period”.
Under Canadian law, anyone purchasing a home must make a down payment, and the amount of that downpayment depends on the purchase price of the property, as follows:
$500,000 or less |
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$500,000 to $999,999 |
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$1 million or more |
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Where any home purchaser makes a down payment of less than 20% of the purchase price of the property, they must obtain mortgage default insurance through the Canada Housing and Mortgage Corporation (CHMC) and must, as well, repay that mortgage within 25 years. In other words, the maximum amortization period on a mortgage principal amount which represents more than 80% of the purchase of the property is 25 years. (Finance Canada recently announced that a 30-year amortization period would be allowed on some insured mortgages; however, that measure applies only as of August 1, 2024 and only to a relatively small group – first-time home buyers purchasing a newly-built property.)
Where the home purchaser makes a down payment of more than 20% (which would likely be the case for those who are already homeowners and are purchasing as part of a move up the “property ladder”), the length of the amortization period – the time frame in which the mortgage must be repaid – is not subject to that 25-year restriction. Rather, the length of that amortization period is something which is determined by agreement between the borrower and the financial institution which provides the mortgage financing.
The impact on monthly mortgage payments of a 2% change in a mortgage interest rate can be seen in the following example.
Assume that in 2019 a property owner sold their first home and, using the proceeds of that sale, is able to put down a $200,000 deposit on a home costing $650,000. The remainder of $450,000 of the purchase price is financed through a five-year mortgage at 4.0%, amortized over 25 years. The monthly mortgage payments are $2,367.
In 2024 that mortgage comes up for renewal, but the interest rate is now 6.0%, and the amortization period is now down to 20 years. Payments made over the previous five years have reduced the mortgage principal amount from $450,000 to $392,000, but the increased interest rate means that monthly payments will now be $2,800 – an increase of almost $450 per month, or $5,400 per year.
It's important to remember, as well, that mortgage payments are made out of after-tax income. In other words, in order to come up with the $5,400 per year needed to meet the increased mortgage payment obligations, a homeowner will either have to reallocate that $5,400 from the payment of other household expenditures, or will have to generate additional pre-tax income of almost $8,000 annually, which is $5,600 in after-tax income, assuming a marginal tax rate of 30%. Neither is a realistic scenario for most Canadian households right now.
Homeowners facing a mortgage renewal which will result in monthly mortgage payment obligations which cannot be met out of current household resources are between the proverbial rock and a hard place. Realistically, the only component of a mortgage over which a homeowner who is renewing that mortgage has any element of choice is the amortization period. The principal amount of the mortgage is the amount which was originally borrowed, less any principal repayments made, and can only be reduced by making additional payments. The interest rates in effect at the time of renewal are set by the lender and, while subject to negotiation, are not likely to be significantly less than the lender’s posted rates. Where a homeowner is facing an increase in monthly mortgage payments which simply aren’t manageable, the options are limited. The first is a sale of the home and the purchase of a smaller, less expensive property, but that’s rarely a situation which any homeowner wants to be forced into. The second option (with the agreement of the lender) is to extend the amortization period of the mortgage, in order to reduce monthly mortgage payments.
Extending the amortization period of a mortgage can have a dramatic effect on the amount of monthly mortgage payments, but it’s a choice that also comes with a cost, in the form of increased total interest payments over the life of the mortgage.
Continuing with the above example, assume that the homeowner who is renewing the mortgage at 6.0% for a five-year term chooses to extend the amortization period on that mortgage from the current 20 years to 30 years. (Although there is no legal limit on an amortization period for an uninsured mortgage, most major Canadian lending institutions do not provide amortizations of more than 30 years.)
The change in the amortization period from 20 years to 30 years will result in a monthly mortgage payment of $2,332 on a principal amount of $392,000 at 6% interest, meaning that the new mortgage payment amount will be slightly less than it was over the previous five years since the home was purchased, making it a manageable amount for the homeowner.
The cost of making this choice lies in the amount of interest which is paid on the mortgage over that amortization period, and that cost can be very substantial. If the homeowner had renewed their mortgage based on a 20-year amortization and a monthly mortgage payment of $2,800, the amount of interest which would be paid over that 20-year period would be $278,000. If the amortization period is changed to 30 years, reducing the monthly mortgage payment to $2,332, the amount of interest that would be paid over that 30-year period will be $447,000. Choosing to extend an amortization is a very consequential financial decision.
As is almost always the case in financial planning, there isn’t a “right” answer – the right course of action depends almost entirely on the individual circumstances involved. For homeowners who are faced with a choice between extending an amortization period or being forced into either defaulting on the mortgage or selling the house, the decision to extend an amortization period may well be justified in the circumstances. However, where the choice made is to extend an amortization period, it’s important to treat that decision as a short-term measure taken solely to gain some temporary financial relief. A homeowner who extends the amortization period on a mortgage for the upcoming mortgage term can (and should, if at all possible) plan to reduce that mortgage amortization period at the next mortgage renewal date. As well, if and when household finances improve over the next five years, any available funds should be used to make additional payments on the mortgage or, where such additional payments aren’t allowed, to set such funds aside to make a lump-sum payment at the time of the next renewal. Both measures will work to reduce the amount of interest which must be paid over the life of the mortgage.
Being unable to afford one’s mortgage payments and facing the prospect of going into default on the mortgage is a situation that most homeowners would do almost anything to avoid. Those are undeniably stressful circumstances, but in most cases solutions are possible. The federal government, through the Financial Consumer Agency of Canada, provides an extremely useful webpage (at https://www.canada.ca/en/financial-consumer-agency/services/mortgages.html) which contains a wealth of information on mortgages and mortgage financing. That webpage includes a Mortgage Calculator (found at https://itools-ioutils.fcac-acfc.gc.ca/MC-CH/MC-CH-eng.aspx) which can be used to calculate the effect that different interest rates and amortization periods will have on both the amount of monthly mortgage payments and total interest costs which will be paid over the life of the mortgage. Taking the time to do so will enable a homeowner facing a mortgage renewal to make the most informed choice in their particular circumstances.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
Members of the baby boom generation who were born between 1946 and 1965 are now between 59 and 78 years of age, and make up about a quarter of the Canadian population. Many, if not most, are now retired, and the older members of that generation are likely experiencing the changes to physical health, strength, and agility that come with age. The process of aging is an extremely variable one – some individuals are healthier and more active at age 80 than others are at 60, but the physical changes that accompany aging come, inevitably, to everyone. And when those changes take place, it’s necessary to make some hard decisions about a number of things.
Members of the baby boom generation who were born between 1946 and 1965 are now between 59 and 78 years of age, and make up about a quarter of the Canadian population. Many, if not most, are now retired, and the older members of that generation are likely experiencing the changes to physical health, strength, and agility that come with age. The process of aging is an extremely variable one – some individuals are healthier and more active at age 80 than others are at 60, but the physical changes that accompany aging come, inevitably, to everyone. And when those changes take place, it’s necessary to make some hard decisions about a number of things.
One of the most consequential decisions to be made when age-related physical changes become a factor in decision-making is whether one’s current living arrangements are still suitable. The overwhelming choice of older Canadians is to “age in place” – that is, to remain in the homes they already occupy, living independently in a familiar community and close to family and friends. While that’s the ideal, existing living arrangements can, in some cases, no longer meet the needs of the individual, or can even be unsafe.
Almost always, changes can be made to an existing home to make it both more convenient and safer to live in for an older resident. Those changes can range from something as small as the installation of a grab bar in a shower or bath to something as extensive as renovations which will allow for one-floor living. All such changes, however, come with a price tag. Fortunately, the federal government (and some provincial governments) offer programs to help mitigate that cost.
The federal program – the Home Accessibility Tax Credit (HATC) – allows individuals who own and live in their own homes to claim a non-refundable tax credit equal to 15% of the cost of making permanent changes to their home which will make it more accessible or safer for them to live in.
The HATC is in many ways an unusually flexible and generous tax credit. First, the criteria which determine whether a particular expenditure does or does not qualify for the credit are extremely broad, covering both safety and convenience. Specifically, changes made which meet either of the following criteria can qualify for the HATC. Changes made must:
- allow the individual to gain access to, or be mobile or functional within, the dwelling; or
- reduce the risk of harm to the individual within the dwelling or in gaining access to the dwelling.
Second, there is no requirement for any kind of assessment or certification by a medical professional that a particular kind of change to the home is needed, or is justified by the homeowner’s state of physical ability or disability – such determination is made solely by the owner/resident of the home. Where a homeowner decides that the installation of a railing along a hallway in their home, or a change to a non-slip floor in the bathroom, are necessary for their mobility or safety within the home, then the cost of making those changes can qualify for the credit.
Third, expenses incurred for purposes of the HATC can also be claimed as medical expenses for purposes of the medical expense tax credit. In other words, two different tax credits can be claimed for the same expenditure.
Finally, the credit can be claimed by all “qualifying individuals” meaning anyone who is age 65 or older by the end of the year in which the expenditure is made, or who is eligible for the disability tax credit. There are no income thresholds imposed – the full credit is claimable by any qualifying individual who incurs an eligible expenditure, regardless of their income.
While the eligibility criteria for expenditures under the HATC are very broad, the credit is intended to assist with the cost of changes which become a permanent part of the dwelling, and not those that represent regular maintenance costs or charges for household services. The following types of expenses are specifically not eligible for the HATC:
- amounts paid to acquire a property that can be used independently of the qualifying renovation;
- the cost of annual, recurring, or routine repairs or maintenance;
- amounts paid to buy household appliances;
- amounts paid to buy electronic home-entertainment devices;
- the cost of housekeeping, security monitoring, gardening, outdoor maintenance, or similar services;
- financing costs for the qualifying renovation; or
- the cost of renovation incurred mainly to increase or maintain the value of the dwelling.
In order to qualify for the credit, eligible expenditures must be made to a “housing unit” which is owned and occupied by the person making the claim. That housing unit could be a detached or semi-detached or row house, or a condominium or co-op unit.
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