Money Received from Abroad: CRA Reviews
Money Received from Abroad: CRA Reviews As of 2015, financial institutions must report electronic fund transfers (EFT) into Canada of $10,000 or more not only to FINTRAC but also to CRA. Where two or more EFTs of less than $10,000 each are made within 24 consecutive hours by or on behalf of the same individual…
ANDY
Principal Residence Exemption: CRA Project
Principal Residence Exemption: CRA Project In early 2022, CRA began to send out education letters in respect of individuals claiming the principal residence exemption (PRE) in the British Columbia region. Often, regional projects such as this are used as pilots for subsequent national projects. As CRA has indicated that they have a larger overall focus…
Falsified Employment Records: The Penalties Can be Large
Falsified Employment Records: The Penalties Can be Large With numerous COVID-19 benefits being based on employment and remuneration levels, the federal government has likely become increasingly concerned with falsified employment records. However, this is not a new issue. In particular, the government already has experience dealing with false records used to increase access to employment…
Small Business Air Quality Improvement Tax Credit
Small Business Air Quality Improvement Tax Credit : Could Your Business Benefit? The December 14, 2021 Economic and Fiscal Update proposed a temporary refundable small businesses air quality improvement tax credit of 25% on eligible air quality improvement expenses incurred by small businesses to make ventilation and air filtration systems safer and healthier. The credit…
TFSA Annual Limit, Climate Action Incentive
TFSA Limit, Work from Home, First time home buyers, Climate Action Incentive Some quick points to consider… The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program’s inception in 2009, up to $81,500 can be contributed. Employees working from home in…
Pay Your Personal Tax Via Online Banking
You can use Online Banking to Pay Taxes to the Canada Revenue Agency (CRA). One can do this by selecting Canada Revenue Agency (CRA) in the list of payees in combination with your Social Insurance Number and entering tax year of which you want to pay the tax. Step-by-Step Procedure to Pay Individual Tax Online:…
Balbir Saini
Tax tips for Post-Secondary Students
Government has tax credits, deductions, and benefits to help students. All you have to do is file your income tax and benefit return and claim them. Here is list of what you can claim: Eligible tuition fees – An eligible tuition fee is a fee you paid to attend your post-secondary educational institution for the…
What to expect after filing your Personal Tax Return
Tax Filing is always stressful. After you have filed your tax return, you may be wondering what to expect next, especially, if you are first time filer. We have compiled list of some items as follows: Notice of Assessment : Make sure you check your mail and get Notice of Assessment. If you have not…