|
 Responding to a CRA information request (August 2010)
Earlier this year, Canadians filed nearly 25 million individual tax returns in about a three-month period between March and June, and every one of those returns was processed and assessed by the Canada Revenue Agency (CRA). The CRA’s goal is to have each paper-filed return processed and a Notice of Assessment mailed out to the taxpayer within four to six weeks. For E-filed, net-filed, or tele-filed returns, the Agency’s self-imposed deadline is reduced to two weeks. Working within such time frames, it’s obviously impossible for the CRA to examine every return in minute detail and to verify the accuracy of each and every deduction and credit claimed. And that’s why many Canadians find an unexpected letter from the CRA in the mailbox at this time of year. more...
Post-secondary students and income tax (August 2010)
As the halfway point of summer is reached, students who are about to return to (or start) college or university will be gearing up for the upcoming year. And while students are likely to be preoccupied with choosing courses, majors, and residences, or finding a place to live off-campus, their parents are more likely to be focused on tuition bills, residence costs, and the price of textbooks — and how to pay for it all. more...
New fiscal year starts off with $4.4 billion deficit (August 2010)
While a $4.4 billion deficit doesn’t sound like a very good start to a new fiscal year, it is in fact a $3.1 billion improvement over the $7.5 billion deficit recorded by the federal government for the same April–May period which started the 2009-10 fiscal year. The improvement was accounted for by both increases in revenues from some sources, as well as a decline in total program expenses for the period, on a year-over-year basis. more...
Coming clean with the CRA – the Voluntary Disclosure Program (August 2010)
While it’s obviously preferable, when it comes to taxes, to file on time and to make sure the information provided to the CRA is complete and accurate (as each taxpayer certifies on the last page of his or her return), things don’t always happen that way. Taxpayers who are in financial difficulty and unable to pay their taxes may simply put off filing. More commonly, a taxpayer may discover, after filing a return for the year (or previous years), that an information slip was overlooked and a portion of income consequently not reported. Or, the taxpayer may receive an amended T4 after filing his or her return, necessitating a change in the return filed and, sometimes, an increase in tax payable. The dilemma which arises, of course, is whether to come clean with the tax authorities, or “lie low” and hope the failure to file or error or omission is never discovered. more...
The Government’s Mid-Term Report Card (December 2008)
The end of September marks the mid-point of the federal government’s fiscal year, which runs from April 1 to March 31. September 30, 2008 may seem like a very long time ago from a financial and investment standpoint. However, the state of the federal government’s finances at that time may well provide a “benchmark” as the government moves forward into uncertain financial times. more...
Federal Individual Tax Rates and Brackets for 2009 (January 2009)
The indexing factor for federal tax credits and brackets for 2009 is 2.5%. Consequently, the following federal tax rates and brackets will be in effect for individuals for the 2009 tax year: more...
Federal Individual Tax Credits for 2009 (January 2009)
Dollar amounts on which individual non-refundable federal tax credits for 2009 are based, and the actual tax credit claimable, will be as follows: more...
Federal Corporate Tax Rates for 2009 (January 2009)
The general federal corporate tax rate and the rate applied to income from manufacturing and processing will be reduced from 19.5% to 19%, effective January 1, 2009. more...
Employment Insurance Premium Rates for 2009 (January 2009)
The employment insurance premium rate for 2009 is unchanged from the 2008 rate, but the maximum insurance earnings have increased, as follows: more...
Canada Pension Plan Contributions for 2009 (January 2009)
The Canada Pension Plan contribution rate for 2009 is unchanged, at 4.95% of pensionable earnings for the year. more...
Prescribed Interest Rates for the First Quarter of 2009 (January 2009)
Effective from January 1 to March 31, 2009, the following rates of interest will be levied and paid by the Canada Revenue Agency: more...
|
|
