The Canada Revenue Agency (CRA) is extending the payment due date for current-year individual, corporate and trust income tax returns — including instalment payments — from Sept. 1 to Sept. 30.
The CRA said Monday that it will not charge penalties and interest if payments are made by the extended deadline of Sept. 30. This includes the late-filing penalty as long as the return is filed by Sept. 30. Read more
The federal government is giving seniors a one-time, tax-free top-up payment to help manage extra costs associated with Covid-19. Read more
Half of Canadians say they don’t have a Will… Having a Will and POA documents are of utmost importance. Also once you have a Will look at it periodically and as your life changes do the necessary updates. It’s not that difficult to be prepared and will spare others a lot of unnecessary grief and undue burden…read more
One of an executor’s most important jobs is to obtain the clearance certificate: written confirmation from the Canada Revenue Agency that the deceased (and the deceased’s estate) has paid all taxes and associated interest and penalties up to the date the certificate is issued. How does an executor obtain one and why is it so important? …Read more
The approval of the Trans Mountain pipeline expansion has sharpened divisions between Canada’s indigenous communities, with some fiercely opposing the line and others seeking to own it….Read more
Auditing Tax-Free Savings Accounts
Tax-free savings accounts were introduced in 2009. These accounts allow you to save money, without paying any tax on the interest you earn or when the money is withdrawn. However, if your TFSA carries on a business, according to subsection 146.2(6) of Canada’s Income Tax Act, the income earned is taxable. Read more…
For 2017 tax filing, here are changes you can share with clients, courtesy of the CRA…Read more
For the fourth quarter, Wells Fargo says its earnings rose 17% from a year ago. One of the main reasons, according to the banking giant, is it benefited from the recently passed GOP tax bill…Read more
When couples separate or divorce, they often don’t know if family gifts or inheritances stay separate or become communal property.
While a thorough review of each case’s circumstances is always required, in general, Ontario law regarding gifts and inheritances is based on timing…Read more
First-time home buyers in Ontario may now claim a higher Land Transfer Tax refund.
The government says more than half of the first-time eligible home buyers in the province will now be able to avoid paying any Land Transfer Tax…Read more