All proposals are subject to legislative approval. Ontario Trillium Benefit (OTB) The Ontario 2013 Budget proposes to modify the OTB so that, beginning with 2014 benefits, each recipient can choose to receive the benefit either monthly or in a single… {Read more}
Category: News
Focused on Jobs, Growth and Long-Term Prosperity
Jim Flaherty, Minister of Finance, on April 29, 2013 introduced the Economic Action Plan 2013 Act, No. 1. The Act proposes to legislate key elements of Economic Action Plan 2013, including tax relief for investments in new manufacturing machinery and… {Read more}
Tax Debt in Canada
The spring 2013 Auditor General’s (AG) report provides the results of a follow-up review to determine the Canada Revenue Agency’s (CRA) progress against action plan commitments made in response to a 2006 audit of its tax collection program. Overall, the… {Read more}
Canada Pension Plan (CPP) Changes January 2011 to 2016
The following changes will be phased in gradually between 2011 and 2016. The first major change occurred in January 2011 for people retiring after age 65: Your monthly CPP retirement pension amount will increase by a larger percentage if you… {Read more}
Shares in foreign Corporations
Canadian residents who invest in shares which are traded on U.S. stock exchanges are not required to file a U.S. income tax return because of these investments, unless there is some other reason (e.g., U.S. citizen) for filing a U.S…. {Read more}
Filing deadline is April 30th
Ottawa, Ontario, April 19, 2013… The Canada Revenue Agency (CRA) would like to remind Canadians that they have until midnight on April 30, 2013, to file their 2012 income tax and benefit return and to pay any balance owing. If… {Read more}
New Initiatives to Crack Down on International Tax Evasion
Ottawa, Ontario, April 9, 2013… The Honourable Gail Shea, Minister of National Revenue, today highlighted important new initiatives introduced by the Harper Government in Economic Action Plan 2013 to strengthen the capacity of the Canada Revenue Agency (CRA) to crack… {Read more}
No income? File anyway
Did you know? Even if you have no income to report for 2012, you should still file your income tax and benefit return by April 30, 2013 to be eligible for some tax credits and benefits. Important facts Eligibility for… {Read more}
2013 Donation Tax Credit Rates
First $200 Amount over $200 Tax Credit for donation of $1,000 Combined Fed/Prov Tax Credit for donation of $1,000 Empl income required to completely utilize tax credit Combined Fed/Prov Tax Credit for donation of $1,000 Empl income required to completely… {Read more}
Statement from the CRA
The following statement was released by the CRA related to recent media coverage of a list of Canadians with assets offshore. The CRA is consulting other jurisdictions and is working to obtain the information referred to in the media today…. {Read more}