The Canada Revenue Agency (CRA) routinely reviews or audits tax filings, including personal, trust, corporate, and HST returns. The most common types of reviews that focus on personal tax returns include, but are not limited to, Pre-Assessment Reviews, Processing Reviews, and the Matching Program. This year there is a new focus: the Multigenerational Home Renovation Tax Credit introduced to help families better care for their elders. But claiming it, like other tax benefits, comes with a tax snare. Read on to learn more.
TFSA holders can withdraw any amount they want from their TFSAs at any time, but as close to 55,000 people found out in warning packages from CRA recently, putting the money back can create a 1% per month penalty if it’s done at the wrong time.
