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.

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The first section of this calculator will give you a quick answer to how much tax saving are available by making an RRSP contribution. Use the second section to determine the costs of a proposed RRSP loan and compare the loan costs to the earnings within the RRSP during the loan repayment period.

The income gap between Canada’s top 1% of taxfilers and the other 99% is still substantial. But, so too is the gap between the amount of taxes paid by the two groups. In 2010, the “rich” accounted for a disproportionate share.

On Jan. 14, Gary William Mechar of Kamloops, B.C., was sentenced to four years in prison and ordered to pay $276,655 in restitution to two financial institutions.

The unstable global economy tops the list of “urgent” issues to address in 2013, says the World Economic Forum (WEF).

It’s no secret that governments are awash in debt. But, where is the money to pay down federal and provincial deficits and accumulated debt going to come from?