When and how to dispute your Notice of Assessment Between February and May of 2026, just over 30 million individual income tax returns for the 2025 tax year were filed with the Canada Revenue Agency (CRA). And, while each one of those returns was different with respect to income reported and deduction and credit claims made, […]
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Upcoming changes to federal tax benefit and credit programs While the view of many Canadians, especially at tax return filing time, is that our tax system exists solely to take money out of their pockets, the reality is far more nuanced. It is certainly true that Canadian tax laws cast a very wide net, in
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When help is available under the CRA’s Taxpayer Relief Provisions The Canadian tax system is what is termed a self-assessing system, in which taxpayers take the initiative to complete and file a tax return each year. In that tax return they provide information on income earned during the previous year, claim any tax deductions and
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Tax planning for year-end charitable donations Canadians have a well-deserved reputation for supporting charitable causes, through donations of both money and goods. Our tax system supports that generosity by providing a tax credit for qualifying donations made and, in all cases, in order to claim a credit for a donation in a particular tax year,
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Tax deadlines and limits for the 2024 tax year Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and changes for individual taxpayers for 2024 are listed below. Registered Retirement
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Getting help from the Taxpayer Relief Program While most taxpayers pay their annual income tax bill in full and by the tax payment deadline of April 30, there are many circumstances that could result in an individual’s being unable to meet their tax payment obligations in full or on time. Individuals who earn income from
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Figuring out whether you can afford to retire now (December 2023) While almost everyone looks forward to retirement and an end to the day-to-day demands of working life, there’s also no question but that the decision to give up a regular paycheque is a stressful one. Particularly when the cost of life’s necessities – groceries,
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Potential tax consequences of holiday gifts and celebrations During the month of December, it’s customary for employers to provide something “extra” for their employees, whether it’s a compensation bonus, a gift, or an employer-sponsored social event – or all three. And, given the current labour shortages in many sectors, employers may be particularly motivated this
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Changes to the Canada Pension Plan starting January 1, 2024 Everyone in Canada who earns a salary or wages is familiar with the deduction taken from each paycheque for contributions to the Canada Pension Plan (CPP). The CPP is one of the two major government-sponsored retirement income programs in Canada – the other being the
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Planning for home office expense claims for 2023 When the pandemic struck in March of 2020 and public health lockdowns were imposed, virtually all Canadian employees were required to work from home, most for the first time. In the nearly four years since then, the work landscape has shifted, as many employees continue to work
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