News Room

The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

Business News: Changes to Source Deductions and ECP Interesting

Announcements were made related to farming and fishing businesses, CCA for clean energy generation, and a proposal for changes to the rules on Eligible Capital Property.

GST/HST News: Focus on Health Care and Registration Compliance

GST and HST changes were announced related to exemption of certain health care services, nil consideration elections for closely related persons, and registration compliance.

Previously Announced Changes to be Implemented in 2014

Previously announced changes that will be implemented this year affect auto expense deductions, labour-sponsored venture capital coporations, and GST/HST exemptions for hospital parking.

Do You Know What Income is Tax Exempt?

As critical as it is to understand what income is taxable in order to avoid expensive penalties, it is just as important to know what income is tax exempt.

Are Trading Service Subscriptions Deductible?

I pay monthly for an options trading service that gives me options trade ideas that I execute in my non-registered account. Can I put the total annual cost of the service as an investment cost on my tax return?

CRA Seeks Input on RTPP Program

The new Registration of Tax Preparers Program, proposed to come into effect in two years, will keep track of errors associated with a particular registrant in an effort of improve compliance. CRA is seeking input on this change in its relationship with professionals.
 
 
 
Knowledge Bureau Poll Question

Are your clients owed money by CRA? As of March 31, 2025, the CRA holds about 10.2 million uncashed cheques totalling $1.7 billion. In your view, why is this happening?

  • Yes
    12 votes
    60%
  • No
    8 votes
    40%