Bank of Canada Says Digital Currency May Be Needed Due to Pandemic

The public’s use of online services has increased during the pandemic, prompting the Bank of Canada to look into ways that a central bank digital product might be distributed and accepted quickly. The Bank of Canada’s Deputy Governor Tim Lane discussed the possible development of a CBDC (central bank digital…

New Westminster Residents Targeted in CRA-Related Scam

A new CRA scam is on the rise around New Westminster. According to the NWPD, two people have fallen victim to this scam, costing them $23,000 and $1,600. The victims said they received calls from scammers claiming to be from the New Westminster Police Department and the Canada Revenue Agency,…

New Automatic File Tax Return System Promises Speed and Convenience

The federal government is introducing free automatic tax filing in an effort to help qualified Canadians complete simple tax returns more quickly and easily. Some government benefits are normally paid to those who file their taxes, but many with low or fixed incomes neglect this process – meaning that they…

Hacking to Blame as more than 48,000 CRA Accounts Show Suspicious Activity

More than 48,000 Canada Revenue Agency (CRA) accounts have been linked with unusual activity, seemingly confirming suspicions of widespread hacking. The spate of cyberattacks included GCKey accounts, potentially leaving several sensitive government departments open to illegal data theft or manipulation. These events led the CRA to shut down its online…

PBO Claims Disability Support Will Cost $792 million

A COVID-19 related one-off payment for Canadians living with disabilities will cost the federal treasury $792 million, according to the Parliamentary Budget Officer. The initiative expects to deliver up to $600 to 1.67 million people, in an effort to lessen their financial distress as a result of the pandemic. Low-earning…

Tax Payment Deadline Extended by Canada Revenue Agency

The Canada Revenue Agency (CRA) has postponed the tax payment deadline to September 30th. The extension applies to individuals, corporations, and income tax returns on trusts, including instalment payments. The CRA’s decision to delay its tax deadline is likely to be well received, in light of the current economic downturn. The…

New Tax Deduction Aims to Help Remote Workers

Canadians may be eligible for a significant tax deduction – if the pandemic has forced them to work from home. This federal tax break, dubbed ‘work-space-in-the-home’, could potentially help hundreds of thousands of Canadians who have been forced by the pandemic to continue their work remotely. The tax category also…

StatCan: Canada’s Economy Took a Record-Breaking Fall

Canada’s real GDP fell by an historic 11.6% in April following a 7.5% drop in March, according to a recent report from Statistics Canada. As many “non-essential” businesses resumed operations in May, the agency is expecting the economy to have rebounded by 3% that month. StatCan will release the final…

CRA Changes Deadlines for Trust and Corporate Filing

The Canada Revenue Agency has extend the deadlines for some corporate and trust filings. The move is intended to assist businesses and tax professionals who have been affected by the COVID-19 pandemic. Businesses are now permitted to defer their T2 corporation income tax returns to September 1st, 2020. Any income…

COVID-19 Tax Scammers Targeting Canadians

The Canada Revenue Agency is warning of a rise in scams that take advantage of the confusion related to COVID-19 relief measures. “With the launch of (Emergency Response Benefit – CERB), we have seen scammers seek to prey on Canadians’ anxieties during this time of crisis,” said CRA spokesperson Etienne…