Mandatory Electronic Payments to CRA

By wilkinson | January 25, 2024 | Comments Off on Mandatory Electronic Payments to CRA

Effective January 1, 2024 the Canada Revenue Agency implemented a mandatory requirement that any payments over $10,000 must now be made electronically.  This includes any payment made related to balances due for personal, corporate and Trust income tax, instalments, HST remittances, payroll remittances and any other payments made to the Receiver General of Canada. Electronic…

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Changes to T4/T4A Reporting

By wilkinson | January 24, 2024 | Comments Off on Changes to T4/T4A Reporting

We are here to inform you of important new filing requirements that will affect all employers that prepare T4 or T4A slips. Requirement to Report Dental Benefits The Canadian Dental Care Plan (CDCP) was introduced in November 2022 and expanded in June 2023 to include more individuals.  Currently only those aged 12 and under are…

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Moving Expenses: Planes, trains, automobiles and… canoes?

By wilkinson | December 11, 2019 | Comments Off on Moving Expenses: Planes, trains, automobiles and… canoes?

Recently a teacher located in Ottawa won his case with the Canada Revenue Agency (CRA) to be able to deduct his moving expenses from Whitby to Ottawa for 2014.  The reason that it took almost 5 years to win his case was because his mode of transportation was a canoe. See the full article here:…

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2019 Year-End Tax Planning

By wilkinson | December 11, 2019 | Comments Off on 2019 Year-End Tax Planning

It is almost the end of the year and the thought of completing your tax return starts to pop up for everyone, whether it be paying extra or expecting a refund. Although most of us realize that paying taxes is part of life and essential to ensure that we continue with our current lifestyles, we…

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Old Age Security

By wilkinson | November 15, 2019 | Comments Off on Old Age Security

For anyone turning 65 in the upcoming year, the information below may help you in enrolling in the Canadian Old Age Security (OAS) pension. Also, below are some tax planning tips that will enable you to take full advantage of the program, including how to decide if deferring the receipt of the OAS will be…

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Rental Properties and Your Home– Unexpected Taxes

By wilkinson | October 10, 2019 | Comments Off on Rental Properties and Your Home– Unexpected Taxes

At one point or another, most people have thought about renting out the extra rooms in their home to earn some additional cash. CRA has specific rules for when tax payers wish to turn their current residential home into a rental home and vice-versa. If not carefully reviewed, there can be unfavorable results for the…

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Tax Free Savings Account

By wilkinson | October 10, 2019 | Comments Off on Tax Free Savings Account

A Tax-Free Savings Account (TFSA) is a registered investment plan that has beneficial tax treatment.  A TFSA differs from an RRSP in that the contributions to the TFSA are not deductible, but all of the income earned by investments in a TFSA is not taxable, including when the investments are withdrawn.  In an RRSP, contributions…

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