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…

Government Extends Tax Deadline in Response COVID-19 Pandemic

The federal government has announced that Canadians will have extra time to file and pay their taxes this year. In response to the COVID-19 pandemic, the tax filing date has been postponed to June 1 for individuals. The deadline for trusts has been moved to May 1. The Canada Revenue…

Canadians Finding Unclaimed Cheques on Canada Revenue Agency Website

Many Canadians are finding uncashed government cheques worth hundreds – and in some cases thousands – of dollars through a little-known feature on the CRA website. The CRA recently introduced a tool in the My Account portal that allows users to collect and cash in on any unclaimed cheques, dating…

2020 Federal Tax Changes Offer A Measure of Relief

Several tax changes effective this year are aimed at relieving Canadians’ financial burdens, in a development that many citizens will welcome as they prepare their tax statements. Early in January, finance Minister Bill Morneau declared that middle-income households will receive a slight reduction in federal income tax. Canadians had been…

Canada Revenue Agency is Investigating Failed Cryptocurrency Exchange QuadrigaCX

The Canada Revenue Agency is auditing QuadrigaCX’s corporate tax returns, according to the bankruptcy trustee overseeing its case. The CRA sent a letter to bankruptcy trustee Ernst & Young announcing that it will be reviewing QuadrigaCX’s tax corporate tax returns ranging from 2015 to 2018. QuadrigaCX was Canada’s largest cryptocurrency…

Canada to Rethink Tax Policies After Losing Billions in Corporate Tax Revenue

Canada plans to bolster its corporate tax collection effectiveness with increased funds for government auditors and greater corporate transparency enforcement, in the wake of two recent reports detailing how the Canada Revenue Agency (CRA) loses billions in tax revenue every year. Last month, the CRA published the Tax Gap and…

Canada’s Economy Might be in The “Detour” Longer Than Expected

The Canadian economy continues to struggle with its recent slowdown, and signs of recovery remain elusive. GDP fell once again in the fourth quarter of last year, in part due to a slowdown in the energy sector, which cut down on oil production. Other factors include lower household spending and…