Money Received from Abroad: CRA Reviews
Money Received from Abroad: CRA Reviews As of 2015, financial institutions must report electronic fund transfers (EFT) into Canada of $10,000 or more not only to FINTRAC but also to CRA. Where two or more EFTs of less than $10,000 each are made within 24 consecutive hours by or on behalf of the same individual…
ANDY
Estimated Sales by CRA
Estimated Sales by CRA: Audit File Selection & Assessment In an attempt to identify unreported revenue, CRA and Revenue Québec may compare a business’ reported revenue to what would be expected given the business’ level of purchases. The analysis is based on industry-specific profit and revenue ratios. In a January 31, 2022 French Court of…
Auditing Old Tax Returns
Auditing Old Tax Returns: CRA Abilities and Limitations CRA may reassess the tax returns for CCPCs and individuals within three years from the sending of the notice of assessment. Returns for which this three-year period have expired are commonly referred to as being “statute-barred.” However, CRA may reassess a return beyond this period in certain…
Principal Residence Exemption: CRA Project
Principal Residence Exemption: CRA Project In early 2022, CRA began to send out education letters in respect of individuals claiming the principal residence exemption (PRE) in the British Columbia region. Often, regional projects such as this are used as pilots for subsequent national projects. As CRA has indicated that they have a larger overall focus…
Old Age Security (OAS): Clawback Planning
Old Age Security (OAS): Clawback Planning Individuals who normally receive OAS are occasionally surprised when some OAS is subject to a special tax (commonly referred to as a “clawback”) with their T1 tax filings due to high earnings. In particular, OAS is clawed back at a rate of 15% of adjusted income (AI) received in…
Expanded Access to Tax Credit for teachers
Teachers & Early Childhood Educators: Expanded Access to Tax Credit The eligible educator school supply tax credit is a refundable tax credit that allows teachers and early childhood educators to claim up to $1,000 for amounts expended (for which no allowance or reimbursement was provided) for supplies and some durable goods used to teach or facilitate…
Small Business Air Quality Improvement Tax Credit
Small Business Air Quality Improvement Tax Credit : Could Your Business Benefit? The December 14, 2021 Economic and Fiscal Update proposed a temporary refundable small businesses air quality improvement tax credit of 25% on eligible air quality improvement expenses incurred by small businesses to make ventilation and air filtration systems safer and healthier. The credit…
TFSA Annual Limit, Climate Action Incentive
TFSA Limit, Work from Home, First time home buyers, Climate Action Incentive Some quick points to consider… The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program’s inception in 2009, up to $81,500 can be contributed. Employees working from home in…
Incorporating Your Business
Startups, Sole Proprietors or Partnerships benefit immensely from Incorporating their Businesses. The benefits Businesses gain from Incorporating their Businesses outweighs so called downsides in terms of cost or time consumption in Incorporating the Businesses. Read our simple 5 point benefits of Incorporating a Business as follows for further clarification on the topic. 1. Security: Drawing…
Balbir Saini
Pay Your Personal Tax Via Online Banking
You can use Online Banking to Pay Taxes to the Canada Revenue Agency (CRA). One can do this by selecting Canada Revenue Agency (CRA) in the list of payees in combination with your Social Insurance Number and entering tax year of which you want to pay the tax. Step-by-Step Procedure to Pay Individual Tax Online:…
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