This guide is aimed at taxpayers starting new small businesses. It explains CRA programs and online services, the obligations and entitlements of business owners, and describes how to plan for taxes, keep records, and make and report payments. The guide…
Ontario released its 2016 budget today. Among other tax measures, the Budget announced updates to the Ontario Income Tax Act to parallel changes in the federal income tax regime, measures to simplify the Personal Income Tax system, and new credits…
The CRA released Information Circular IC98-1R5 concerning the collection policies of the CRA. This information circular cancels and replaces IC98-1R4, dated May 1, 2013, and gives a general overview of many of the collections policies that the CRA has…
On February 23, 2016 the Department of Finance released the 2016 edition of the Report on Federal Tax Expenditures—Concepts, Estimates and Evaluations (http://www.fin.gc.ca/taxexp-depfisc/2016/taxexp-depfisc16-eng.pdf). This report provides estimates of the fiscal cost of federal tax measures.
On February 10, 2016, the Canada Revenue Agency (CRA) released Information Circular IC99-1R1. This circular explains the rules of the Income Tax Act and the CRA’s conditions for registering disability savings plans. It also provides information on the Canada…
British Columbia released its 2016 budget yesterday. Among other tax measures, the Budget terminates the temporary tax rate increase on income over $150,000 and includes significant alterations to the property transfer tax regime. More information on the Budget can be…
On February 17, 2016, the CRA released 2015-0617731E5 “55(2) and creditor proofing”. The CRA was asked (in French) whether the July 31, 2015 legislative proposals to amend 55(2.1)(b)(ii) of the ITA would apply in a situation of creditor proofing…
The CRA Annual Report to Parliament is tabled in Parliament by the Minister of National Revenue, pursuant to the statutory requirements of the Canada Revenue Agency Act. The report contain comprehensive information on the performance of the CRA for the…