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.

Evelyn Jacks:  Minimize Tax on Severance

Retirement planning may begin for you–quite unexpectedly–with the receipt of a retiring allowance or severance package from your employer.  

Year-End Planning: Verify Charitable Status

Year-end is charitable giving time, but remembering to verify the tax status of any organization that you intend to donate a considerable sum to is very important as not all benevolent oriented organizations will allow a tax credit under the Income Tax Act. Last month, a hopeless appeal was lost in the Tax Court of Canada, for example.  

Tax Free Savings Accounts at Death

If a surviving spouse or common-law partner is designated as a successor holder of the TFSA either in the TFSA contract or in the deceased taxpayer’s will, the successor becomes the owner of the TFSA.

What is a Principal Residence for Tax Purposes?

With the Senate scandal dominating the news, the issue of what is a principal residence for tax purposes seems an appropriate question.

Tax Consequences of Holding a Mortgage

Where a taxpayer has disposed of a capital property and a portion of the proceeds is receivable after the end of the taxation year, the taxpayer may claim a reasonable capital gain reserve for the funds not yet received.

Accelerate Your Designation on the Fast-Track

For the experienced professional, get started on the Fast-Track toward designation by enrolling in November’s Corporate Tax Bootcamp.
 
 
 
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%