Tag: Tax System

Online Services Taxes Being Underestimated According To PBO

Blog
Parliamentary budget officer (PBO), Yves Giroux’s office, has released a report that indicates that the government could be underestimating the amount of revenue that may be collected from online service providers. Nicknamed by some the “Netflix Tax”, it is targeted at foreign-based providers that sell goods or services in Canada.…

Wealth Tax Finds Support Among Many Canadians

Blog
The NDP and the Green Party revived their proposition for a wealth tax after a Parliamentary Budget Officer report back in June stated 1% of the country’s highest earners possessed over 25% of the country’s total wealth. Although the Bloc Quebecois, Liberals, and Conservatives objected to the NDP motion for…

New Automatic File Tax Return System Promises Speed and Convenience

Blog
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…

PBO Claims Disability Support Will Cost $792 million

Blog
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

Blog
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

Blog
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…

CRA Changes Deadlines for Trust and Corporate Filing

Blog
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…

Government Extends Tax Deadline in Response COVID-19 Pandemic

Blog
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…

2020 Federal Tax Changes Offer A Measure of Relief

Blog
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…