Here is an up-to-date summary of the financial support offered by the federal government through Canada’s COVID-19 Economic Response Plan. SUPPORT BENEFITS New Recovery Benefits With Bill C-4 receiving Royal Assent, following the federal government’s Throne Speech commitments, more details have emerged on how new COVID-19 recovery benefits will be implemented. Subsequently, three new temporary recovery benefits have […]
Annual Year-End Planning for 2020
Please see some of our other tax planning blogs posted earlier this year: Tax Planning Ideas During These Challenging Times Whether we may see some tax changes introduced later this fall: Coming Soon – Taxing the Pandemic This includes whether the federal Liberal government will change how capital gains are taxed and whether it makes […]
CRA to Start Review of U.S. Real Estate Transactions by Canadians
This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. On June 25, 2020, the CRA posted a tender notice […]
COVID-19: The CRA Announces an Extension to the Payment Deadline and Offers Interest Relief on Outstanding Tax Debts During the Pandemic
The Canada Revenue Agency (CRA) announced yesterday (July 27 ,2020) that it is extending the due dates for some payments and some returns (previously extended to September 1, 2020) to September 30, 2020. The CRA also announced that it will also waive certain interest charges. CAUTION: To benefit from these extensions and avoid late filing […]
COVID-19: CRA Benefits, Credits and Support Payments
On April 03, 2020, the CRA posted the following information on the Canada Emergency Response Benefit and on the GST tax credit. COVID-19: Canada Emergency Response Benefit (CERB) You can apply for the CERB with CRA online or by phone. April 9 – GST/HST credit payment: The one-time supplementary GST/HST credit payment will be issued starting on April 9, 2020. This […]
COVID-19: Income Tax Filing and Payment Dates
The CRA has published the following table on their website, which summarizes what has changed, and what has not changed for filing and payment deadlines for various types of taxpayers. Income tax filing and payment dates: CRA and COVID-19 Individuals – Due dates Filing date for 2019 tax year June 1, 2020 extended Payment date for […]
COVID-19: CRA’s March 20th Update
On March 20th, the CRA has posted additional information on the Covid-19 relief measures listed below. Important changes to tax-filing and payment deadlines Individuals The deadline to file your income tax and benefit return will be deferred until June 1, 2020. The deadline to pay any balance due for your individual income tax and benefit […]
Why Talking To The CRA Can Give You A Tax Headache
Many taxpayers receive requests for information from the Canada Revenue Agency. Often the requests are for something simple, like supporting documents for your claim for charitable donations or medical expenses. But sometimes, the requests are in the form of a lengthy questionnaire, a request for a meeting, or perhaps a telephone call[1]. You may be […]
New CRA Audit Project: Car Expenses
It appears that the Canadian Revenue Agency (CRA) has a new project: corporate car expenses. This change comes as a surprise as previous correspondence from CRA was proposing to disallow personal car expenses for owner managers. In CRA correspondence that we have seen of late, the focus is on those companies that had an […]
