News Room

Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

News in Farm Taxes: Livestock Tax Deferral Regions

Each year, Agriculture and Agri-Food Canada publishes a list of prescribed regions that have experienced either drought conditions or excess moisture. Farmers in these regions qualify to defer reporting the proceeds from the sale of a portion of their breeding herd if they meet certain conditions.

New Legislative Proposals: Charitable Donation Tax Credits for Trusts

Finance Canada recently released proposals to amend certain sections of the Income Tax Act (the Act) pertaining to the tax treatment of certain trusts, which only came into force on January 1, 2016. To the relief of many tax and legal practitioners, the proposals remedy some undesirable aspects of the amendments,  especially as it relates to charitable giving.

Your Notice of Assessment: Don’t Misplace It

One document you must remember to keep track of after filing your tax return is your Notice of Assessment or Reassessment from the Canada Revenue Agency (CRA).

RRSPs:  Pay Attention to Leap Year & Earn Lucrative Refundable Tax Credits

Many people don’t understand one of the most fundamental reasons to file a tax return: claim lucrative refundable tax credits.  It’s especially important for families that qualify for the Canada  Child Tax Benefit, which is expected to be enhanced this July.

Tax Strategies: A Key Component in Your Clients’ Wealth Plan

Using comprehensive tax reduction strategies as a leading weapon in sustaining family wealth always makes sense, but never more than this year. In an investment climate in which there is very little certainty, it pays to look for winners we can count on: tax-efficient investments, for example.

Tax Tips: Employed Abroad? Your Tax Refund Could Be Bigger

Taxpayers who performed services outside Canada for more than six consecutive months during 2015, for either a qualifying Canadian employer or a Canadian-owned foreign affiliate, will qualify for a special tax credit.
 
 
 
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
    8 votes
    53.33%
  • No
    7 votes
    46.67%