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.

Good news for business! Starting January 1, 2015, the new Small Business Job Credit will replace the Hiring Credit for Small Business that was lost to small businesses in 2014 and only available from 2011 to 2013.

The maximum insurable earnings for 2015 will increase from $48,600 to $49,500.

Starting in 2017 the annual EI premium rate will set at a seven year break-even rate.

Year end tax planning has a new bright spot for Ontario farmers, but its real dollar benefit will depend on whether or not the farming enterprise is incorporated.

Income splitting and higher limits to TFSAs could make a big difference in Real Wealth Management™ for Canadians families, reducing tax on income both today and in the future when retirement income is drawn completely tax free. 

Fall is the perfect time to focus on professional development. Take advantage of a number of upcoming live events and earn valuable CE credits with Knowledge Bureau.