Tips to Avoid CRA Adjustments


Here are some tips from the Canada Revenue Agency’s review programs. Following these tips should help reduce the number of adjustments the CRA needs to make to returns each year. No reply received If you do not provide the information requested within the timeframe indicated on the letter, the CRA

Tips to Avoid CRA Adjustments2018-07-18T15:28:21+00:00

Why Have Your Benefit and Credit Payments Changed?


Each summer, following the tax filing season, the Canada Revenue Agency (CRA) uses information from an individual’s income tax and benefit return, along with the return of their spouse or common-law partner, to calculate benefit and credit payments for the upcoming year. Starting in July, eligible benefit and credit recipients

Why Have Your Benefit and Credit Payments Changed?2018-07-04T15:10:30+00:00

Income Tax Being Reviewed? Do Not Worry.


An income tax review is easier than you think!  Since Canada's tax system is based on self-assessment, these reviews help confirm that income amounts, deductions, and credits are reported correctly, and can be properly supported. It is OK. If you receive a letter from the Canada Revenue Agency (CRA) telling you that your income tax return

Income Tax Being Reviewed? Do Not Worry.2018-06-28T12:04:45+00:00

What is Commonly Deducted from Your Paycheque?


Depending on your employment situation, you may receive payments in addition to your regular pay. Similarly, you may be employed in a special employment situation. Canada Pension Plan (CPP) contributions If you are 18 years old or older, but younger than 65, you are employed in pensionable employment, and you do not receive a CPP

What is Commonly Deducted from Your Paycheque?2018-02-28T15:36:02+00:00

Getting Ready for Your 2017 Income Tax Return


As we approach the tax time, here are some answers to questions you may have.  1. Do you need to do your taxes? Doing your taxes is part of your responsibilities as a taxpayer. Doing your taxes means you have to fill out various forms, including the ones in the income tax packages. They

Getting Ready for Your 2017 Income Tax Return2018-01-24T16:09:53+00:00

Tax Credits, Benefits and Deductions for Seniors to Enjoy


  The Canada Revenue Agency (CRA) wants seniors to get the tax credits, deductions, and benefits they are eligible for. Here are 11 of the most common credits and benefits for seniors. Pension income splitting – If you receive a pension, you may be eligible to split up to 50{cae2521f64dcff784c511b644c6cc8c98f9594c79acdd41ba953a724385391e5} of your eligible pension income with

Tax Credits, Benefits and Deductions for Seniors to Enjoy2017-07-19T14:45:58+00:00

Reduce Your Tax Bill by Increasing Your Tax Deducted at Source


Did you know? If you owe tax at filing time each year, you can take steps to reduce your amount owing. You can do this by having tax or more tax deducted at source from certain types of income. Important facts You can ask to have tax, or more tax, deducted at source

Reduce Your Tax Bill by Increasing Your Tax Deducted at Source2017-07-05T15:43:14+00:00

6 Mistakes to Avoid at Tax Time


Here are some tax tips that can save you time and money! At tax time, avoid the following six things: 1. Not doing your taxes Even if you have not received income for 2016, you should still file your income tax and benefit return. You may be eligible for a refund, credits and benefits such

6 Mistakes to Avoid at Tax Time2017-04-26T15:40:24+00:00

Carrying Charges Can Save You Money


There are a number of deductions, called Carrying Charges and Interest Expenses, available to taxpayers to claim on their personal income tax returns. The Canada Revenue Agency states that if you incur costs during the course of earning income from your investments, you may claim those expenses as tax deductions.  Eligible carrying charges for the

Carrying Charges Can Save You Money2017-01-25T14:41:07+00:00