Seniors Targeted? The Tax Audits Begin

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.

The Income Tax Estimator is a simple calculator that will help quickly and accurately determine the total income, net income, taxable income, non-refundable credits, and taxes payable for either a single taxpayer or a couple. Federal GST/HST Credits and Child Tax Benefit amounts are also estimated.

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CRA reveals that Social Insurance Number data for 900 taxpayers was accessed through its systems due to the Heartbleed bug.

The 2014 Nova Scotia provincial budget was tabled on April 3, 2014. The budget contained no new taxes or credits, but it did contain several adjustments.

The Newfoundland and Labrador provincial budget was presented on March 27. The budget contained a number of tax changes.

The Quebec provincial budget was delivered on February 20. The budget introduced provincial changes that match the recently-announced federal changes.