The province of Alberta levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The Alberta Minister of Finance brought down the province’s 2018-19 Budget on March 22, 2018. There were no changes to personal or corporate tax rates announced in the Budget, and no changes to ...
The Alberta Tax and Revenue Administration (TRA) provides online tax services to individuals and businesses through its TRACS program. TRA has announced that new online services for a number of diffe...
The Alberta Tax and Revenue Administration (TRA) has issued a Special Notice (Vol. 1, No. 40) with respect to the expiry date of current Tax Exempt Fuel User Numbers. Current numbers are scheduled to...
The 2017-18 Third Quarter Fiscal Update announced by the provincial government at the end of February indicates that the province’s projected deficit for the 2017-18 fiscal year is down signific...
The province of Alberta currently provides a rebate program for businesses which make investments in energy efficiency. The provincial government recently announced that that energy efficiency rebate ...
For the 2018 tax year, individuals resident in the province of Alberta will be able to claim the following non-refundable personal tax credit amounts: Basic personal amount ………&h...
For the 2018 tax year, the province of Alberta will levy personal income tax at the following individual income tax rates and brackets: 10% on taxable income between $18,915 and $128,145; 12% on t...
The provincial government has announced the start of the consultation process leading to the release of the 2018-19 Budget. That process has several components, including an online survey, which will ...
The Alberta Tax and Revenue Administration (TRA) has issued a warning to Alberta taxpayers of a tax scam which is currently operating in the province. That tax scam involves fraudulent text messages ...
The province of Alberta levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The Canada Revenue Agency has released the 2017 T1 Individual Income Tax Return and Benefit form to be used by individuals who were residents of Alberta at the end of that year. The T1 form package (w...
Effective as of January 1 2018, changes have been made to Alberta’s carbon levy program. Those changes include an increase in the carbon levy, from $20 per tonne to $30 per tonne. That change w...
The Canada Revenue Agency (CRA) has issued the payroll deduction tables which Alberta employers will use to determine employee source deductions for federal and provincial income tax, Canada Pension P...
As of December 1, 2017, residential builders in Alberta require a license to build homes and secure warranty coverage. In order to be licensed, builders must provide information about their finances, ...
The Alberta Tax and Revenue Administration has issued a Special Notice advising corporations of upcoming changes to filing requirements for income tax returns. The new requirements are effective for ...
The Canada Revenue Agency has issued the Alberta TD1 Form and Worksheet which will be used by taxpayers resident in the province, and their employers, to determine required provincial income tax sourc...
Alberta’s Tax and Revenue Administration has announced that its offices will be closed from Monday December 25, 2017 to Monday January 1, 2018, inclusive. Offices will reopen at 8:15 a.m. on Tue...
The Alberta Tax and Revenue Administration (TRA) has announced the Carbon Levy Rates which will apply as of January 1, 2018. A listing of those rates can be found at www.finance.alberta.ca/publication...
Alberta corporations which fail to file corporate income tax returns by the required deadline, or which fail to remit corporate income tax amounts owed on time or in full may be subject to penalties a...
The province of Alberta administers its own corporate income tax regime, and corporations which have a permanent establishment in the province are taxable in Alberta. The Alberta Tax and Revenue Admi...
The provincial government has announced that new rules to protect condo purchasers in the province will take effect in 2018. The new or revised rules generally seek to provide such purchasers with gr...
The government of Alberta has announced changes to its incentive programs for Alberta-based film and television productions, to adapt to changes in that industry. The new Screen-Based Production Gran...
Alberta residents will be able, until October 29, 2017, to take advantage of a new energy efficiency rebate program announced by the province. That program will provide rebates on purchases of a wide...
Effective as of October 1, 2017, the Alberta general minimum wage increased from $12.20 to $13.60 per hour. The next scheduled increase, to take effect on October 1, 2018, will raise that rate to $15....
The Alberta Tax and Revenue Administration has released the International Fuel Tax Agreement (IFTA) Rates which will apply for the third quarter (July to September) of 2017. Those rates are used in th...
The Alberta Tax and Revenue Administration has issued a lengthy and detailed FAQ document addressing a number of issues related to the administration of the province’s Carbon Tax Levy. That FAQ...
The provincial government is undertaking a review of Alberta’s consumer protection legislation in a number of areas, and is seeking input from the public. As part of the consultation process, s...
Alberta Finance has released the fiscal figures from the first quarter of the province’s 2017-18 fiscal year. Those figures show that while Alberta has recorded gains in jobs, housing, and expor...
The general minimum wage payable in the province will increase, effective as of October 1, 2017, from $12.20 per hour to $13.60 per hour. At the same time, the minimum wage payable to salespersons wi...
The province of Alberta provides an online service – the TRACS service – through which individual and corporate taxpayers in the province can manage their provincial tax responsibilities. ...
The provincial government has announced that it will be undertaking a review of Alberta’s consumer protection legislation and that such review will include a public consultation process. That p...
The province is undertaking a review of legislation relating to condominium purchases and governance. That review process includes both open houses and an online survey, which will be launched once th...
Earlier this year, the provincial government introduced the Capital Investment Tax Credit (CITC), which provides corporations in the province with a non-refundable tax credit equal to 10% of a corpora...
Alberta Tax and Revenue administration has issued a Special Notice (Vol. 5, No. 46) providing details of two new corporate tax credits. The new credits – the Alberta Investor Tax Credit and the...
Earlier this year, the provincial government announced that it would be providing a rebate program for homeowners, businesses, and non-profit organizations which install solar energy panels. That two...
The province of Alberta levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
Corporations carrying on business in the province of Alberta must file a provincial corporate income tax return, in addition to the federal return. All such companies that have a calendar year end (i...
July 1, 2017 is the start of the 2017-18 benefit year for recipients of the Alberta Child Benefit. As of that date, benefits receivable will increase to the following amounts: $1,114 ($92.83 per mo...
The provincial government has announced that amendments will be made to Alberta’s employment standards legislation. The changes will extend the length of existing leaves (such as maternity and ...
The provincial government has announced that changes will be made to the rules governing receipts of provincial tax credit payments following the death of a family member. The changes will be effectiv...
As announced in this year’s Budget, the province has frozen its education property tax rates for 2017-18. As a result, the residential/ farmland rate will remain at $2.48 per $1,000 of equalized...
The provincial government has announced that the third component of its Energy Efficiency Alberta program is available as of April 28, 2017. That component, the Residential Retail Products Program, al...
Effective as of April 28, 2017, Alberta residents who incur costs for qualifying energy efficient home improvement products will be able to claim a rebate from the province to help offset those costs....
Alberta Tax and Revenue Administration (TRA) has issued an updated notice listing the return filing and remittance due dates under the province’s new carbon levy program.The list of due dates in...
The province provides a tax credit for Albertans who make contributions to political parties, constituency associations, or candidates. The credit is calculated as 75% of the first $200 in donations, ...
The province of Alberta levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
There were no major tax changes and no new taxes announced in the 2017-18 Alberta Budget, which was brought down on March 16, 2017. The Budget papers, which are available at https://www.alberta.ca/bud...
Alberta’s President of the Treasury Board and Minister of Finance has announced that the province’s 2017-18 Budget will be tabled on Thursday, March 16, 2017. The press release announcing ...
The Third Quarter Fiscal Update and Economic Statement which was released on February 23 indicated that the Alberta economy is expected to grow by 2.4% during 2017. The update, which is available on ...
The province’s new carbon levy came into effect as of January 1, 2017, and the Alberta Tax and Revenue Administration (TRA) has published the Carbon Levy Rates which will apply during 2017 and b...
Alberta residents who have not yet retired but are holding pension plan funds in a locked-in retirement account (LIRA) or a Life Income Fund (LIF) can apply once per year to gain access to the funds i...
The province of Alberta imposed a carbon tax effective January 1, 2017, and a dedicated webpage providing information, publications, and forms related to that new tax has been created on the Alberta F...
Alberta will provide the following personal tax credit amounts for the 2017 tax year. Basic personal amount …………………… $18,690 Age amount &helli...
The province of Alberta provides eligible seniors with low-interest loans for the purpose of making home repairs or doing renovations which increase the safety or accessibility of a home. To qualify ...
The personal income tax rates and brackets which will apply for the 2017 tax year in the province of Alberta are as follows: 10% on taxable income between $18,690 and $126,625; 12% on taxable inco...
The province of Alberta levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The province of Alberta levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
As announced in the province’s 2016-17 Budget, the Alberta small business corporate income tax rate will be reduced, effective as of January 1, 2017, from 3% to 2%. The small business rate is le...
The province of Alberta has put in place new regulations with respect to the payday loan industry. The new regulations require payday lenders to provide all loans with installment plans, with no pena...
Alberta will be implementing a carbon levy, effective January 1, 2017, and the province has created a dedicated webpage to provide information about the levy and the transitional rules which will appl...
The Second Quarter Fiscal Update and Economic Statement released recently by the provincial government shows a slight decrease in the anticipated deficit for the current fiscal year. The 2016-17 defi...
The Tax and Revenue Administration (TRA) of Alberta Finance has announced the dates on which its offices will be closed during the upcoming holiday season. All TRA offices will be closed from Monday ...
As previously announced, the provincial government will be reducing the Alberta small business rate, effective January 1, 2017. As of that date, the small business income tax rate will be reduced from...
The Alberta Tax and Revenue Administration provides an online subscription service which will notify subscribers of the release of new or updated provincial tax publications in a number of areas. The...
The provincial government has announced that the freeze on the cost of post-secondary tuition which is already in place will be extended to apply throughout the 2017-18 academic year. During that tim...
Effective January 1, 2017, the province of Alberta will be implementing a carbon levy, and Alberta Tax and Revenue Administration has released an information package providing details of the implement...
As announced earlier this year, the province will be implementing a new Alberta Investor Tax Credit (AITC), and the provincial government has announced that enabling legislation for the credit will be...
The province of Alberta levies and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The rates to be levied and p...
The Alberta government has issued a notice reminding residents of the province that payments under the Carbon Levy Rebate program will begin in January 2017. The notice, which can be found at www.albe...
As announced earlier this year, the Alberta Tax and Revenue Administration (TRA) ceased to accept cash payments of taxes, levies, and fees owed, effective as of September 1, 2016. As of that date, th...
The rules governing Alberta’s fuel tax regime provide that marked fuel vendors are required to ensure that marked fuel (which provides a partial fuel tax exemption of $0.09 per litre) is being s...
The province has released its First Quarter report for the 2016-17 fiscal year, updating the revenue and expenditure projections which were originally announced in the Budget. Those updated projection...
Effective October 1, 2016, two changes will be made to Alberta’s minimum wage structure. As of that date, the current minimum wage of $11.20 per hour will be increased to $12.20 per hour. At the...
The provincial government has announced that legislative changes which are effective as of August 1, 2016 will give Alberta the lowest payday loan rate of all the provinces. As of that date, the maxi...
The new Alberta Child Benefit (ACB) program, which provides direct financial assistance to families with children under the age of 18 that have a family net income of less than $41,220 per year, is be...
The provincial government has announced that two new royalty programs – the Enhanced Hydrocarbon Recovery Program (EHRP) and the Emerging Resources Program (ERP) – will be made available b...
As previously announced, changes will be made to the province’s Family Employment Tax Credit, effective as of July 1, 2016. Those changes will expand the number of families in the province eligi...
The provincial government has announced that Alberta businesses and corporations which were affected by the May wildfire and mandatory evacuation are eligible to have penalties and interest charges as...
The fiscal update for the third quarter of 2015-16 which was recently released by the province indicates that the province will run a deficit of $6.3 billion for 2015-16. Total revenue for that fisca...
For the 2016 tax year, the province will provide the following non-refundable tax credit amounts. Basic personal amount ………………………&hellip...
The tax rates and brackets which will apply to individual taxpayers in Alberta for the 2016 tax year are as follows. $0 to $125,000 – 10% $125,001 to $150,000 – 12% &n...
It is not uncommon for taxpayers to discover an error or omission in an already-filed return, and the usual means by which such error can be corrected is the filing of a T1-Adjustment form. While a co...
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers who receive income from the “sharing economy” that such income is taxable and must be reported on the annual tax return. ...
The Bank of Canada’s regularly scheduled interest rate announcement dates for the remainder of calendar year 2018 are as follows: April 18, 2018; May 30, 2018; July 11, 2018; S...
Proceeds received from the sale of one’s principal residence are, in most circumstances, not taxable, as such sales are eligible for the principal residence exemption. However, as of the 2016 ta...
The most recent release of Statistics Canada’s Consumer Price Index shows a sharp increase in inflation for the month of February. That rate stood at 2.2%, while the rate for January 2018 was 1....
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the CRA for the second quarter of 2018, as well as the rates that will apply for the purpose...
While taxpayers fall victim to tax scams year-round, such scams are more prevalent during and just following tax filing season. During that time, taxpayers expect to hear from the tax authoritie...
In December 2017, the Canada Revenue Agency (CRA) announced that substantive changes would be made to the Agency’s Voluntary Disclosure Program (VDP). That program enables taxpayers who are in d...
The Canada Revenue Agency has issued its Guide RC4018, Electronic Filers Manual for 2017 Income Tax and Benefit Returns. That guide is for use by certified e-filers in filing individual income tax ret...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of February 2018. That rate declined from 5.9% in the mont...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation for the month of January 2018 stood at 1.7%. The rate for the previous month was 1.9%. I...
In its regularly scheduled interest rate announcement made on March 7, the Bank of Canada indicated that no change would be made to current interest rates. Accordingly, the bank rate remains at 1.5%. ...
Budget 2018: No personal tax credits have been repealed, and there are no new personal tax rate changes....
Budget 2018: Foreign-born Status Indians may now be eligible for child benefits, retroactive to 2005....
Budget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....
Budget 2018: Taxpayers will no longer need to apply when filing their return in order to receive the Canada Workers Benefit....
Budget 2018: The Working Income Tax Benefit amounts are enhanced as of 2019, and the credit is renamed the Canada Workers Benefit...
Budget 2018: The non-resident surplus stripping rules are tightened to address the use of partnerships and trusts....
Budget 2018: Where a CRA compliance order or information requirement is contested, a new rule will “stop the clock” to prevent the tax year from being statute barred....
Budget 2018: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....
Budget 2018: A corporation with $100,000 of investment income will have its small business limit reduced to $250,000....
Budget 2018: A corporation’s small business limit will be reduced where the corporation earns investment income exceeding $50,000....
The Canada Revenue Agency (CRA) provides a 1-800 telephone service to provide tax information to Canadian taxpayers. Such information can be general in nature, or can involve the specific tax affairs ...
The Canada Revenue Agency’s NETFILE service for filing of individual income tax returns will be available starting Monday February 26, 2018. Taxpayers do not need to obtain an access code to fi...
The most recent release of Statistics Canada’s Labor Force Survey shows a slight increase in the overall unemployment rate for the month of January. That rate rose by 0.1%, from 5.8% to 5.9%. T...
The Federal Minister of Finance has announced that the 2018-19 federal Budget will be brought down on Tuesday, February 27, 2018. The Budget will be released at around 4 p.m. and the full Budget Pape...
This year, the Canada Revenue Agency (CRA) will be providing taxpayers with hard copies of the 2017 Income Tax and Benefit package through a variety of means, and at various dates. Individuals who pa...
The Canada Revenue Agency (CRA) has announced the date on which NETFILE service for the filing of individual income tax returns for the 2017 tax year will be available. NETFILE service will be availa...
While the majority of Canadians now file their individual income tax returns electronically, there is still a significant minority of tax filers who file using a printed return. The Canada Revenue Ag...
The Canada Revenue Agency (CRA) has posted a notice on its website that an “update” has been made to individual 2017 tax forms. Those forms are to be used by individual Canadians to file t...
For a number of years, taxpayers whose tax situation was relatively straightforward were able to file their return by telephone. That service, which was called TELEFILE, was withdrawn a few years ago....
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2018, as well as the rates that will apply for the purpo...
As widely expected, the Bank of Canada indicated, in its regularly scheduled interest rate announcement made on January 17, that an increase in the bank rate was required. The Bank’s announceme...
Finance Canada has announced that the consultation process leading to the release of the 2018-19 federal Budget will conclude on Friday January 26, 2018. Canadians can provide input by submitting the...
The Canada Revenue Agency has released the T1 Individual Income Tax Return and Benefit form to be used by individual Canadian taxpayers in filing their return for the 2017 tax year. The T1 form is ava...
The most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2017 stood at 5.7%. The last period for which that rate was reco...
As previously announced, the federal small business tax rate is reduced to 10.0%, effective as of January 1, 2018. There is no change in the federal small business limit, which remains at $500,000. T...
Finance Canada has announced the limits and thresholds which will apply for purposes of determining automobile benefits and deductions during 2018. Most such deduction limits and thresholds are uncha...
Planned changes to the federal income tax rules governing the taxation of small incorporated Canadian businesses are to take effect for 2018. One of those changes will include greater restrictions on ...
The Canada Revenue Agency (CRA) provides an administrative program under which taxpayers who have failed to file returns or pay taxes on a timely basis can bring their tax affairs into compliance, usu...
Taxpayers who are turning age 71 during the year and who have available contribution room are entitled to make a final RRSP contribution for that year. Such contributions must be made by the end of t...
Taxpayers who have not yet filed their return for the 2016 tax year will have until January 19, 2018 to file that return using NETFILE. Until that date, returns for the 2013, 2014, 2015, and 2016 tax ...
In its regularly scheduled interest rate announcement made on December 6, the Bank of Canada indicated that, in its view, no change is required to current rates. Accordingly, the bank rate remains at ...
The most recent release of Statistic’s Canada’s Labour Force Survey shows a slight decline in the overall unemployment for the month of November. That rate declined by 0.4%, to 5.9%. The N...
The Canada Revenue Agency has issued the 2018 version of its publication T4127(E), Payroll Deductions Formulas. The guide is intended for use by payroll software providers and by employers which manag...
The Canada Revenue Agency has issued the federal TD1 Form and Worksheet which will be used by taxpayers and their employers to determine required federal income tax source deductions for the upcoming ...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows an inflation rate of 1.4% for the month of October, as measured on a year-over-year basis. The equivalent rate for...
Finance Canada has begun the consultation process leading to the release of the 2018-19 federal Budget. As part of that budget consultation process, the Minister of Finance is holding in-person publi...
Effective as of January 8, 2018, administrators and representatives of qualifying Canadian trusts will be able to file trust income tax and information returns online, through the Canada Revenue Agenc...
The federal government has announced the premium rates and maximum insurable earnings amount which will be in place for the 2018 calendar year. The premium rate for the year for employees has been se...
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts for both employers and employees which will apply for 2018. Maximum pensionable earnings for the year will be $55,900 ...
The most recent release of Statistics Canada’s Labour Force Survey shows a very small increase in the overall unemployment rate for the month of October. That rate was up by 0.1 percentage point...
The federal government provides lower-income working Canadians with a Working income tax benefit, with the amount of that benefit dependent on the taxpayer’s income for the year from all sources...
In its regularly scheduled interest rate announcement made on October 25, the Bank of Canada determined that no change was needed to current rates. Accordingly, the bank rate remains at 1.25%. In the...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of September, as measured on a year-over-year basis, stood at 1.6%. The...
Figures announced by the Minister of Finance in this week’s 2017 Economic and Fiscal Update show an improvement in the federal government’s financial outlook for the current and upcoming f...
Several months ago, the federal government proposed new rules which would significantly affect the taxation of private corporations. Those proposed rules generally sought to limit the ability of owner...
Finance Canada has announced that the federal small business tax rate, which is currently set at 10.5%, will be reduced in two stages. The first reduction will be effective as of January 1, 2018, whe...
Employees who work in the retail sector frequently receive a discount when purchasing goods sold by their employer. Recent press reports have indicated that the Canada Revenue Agency (CRA) had or woul...
The most recent release of Statistics Canada’s Labor Force Survey indicates that, for the month of September, employment across Canada was substantially unchanged. For that month, the unemploym...
Individual Canadians are sometimes required to provide proof of their income, often as part of an application for a mortgage or other form of credit. Such proof of income can be obtained from the Cana...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2017, as well as the rates that will apply for the purpose of calculating emp...
The most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of August. The inflation rate for that month stood at 1.4%, a...
The Minister of Finance has announced that a change will be made to the amount of Employment Insurance premiums to be paid, starting January 1, 2018. The Minister’s announcement, which can be f...
In its 2017-18 Budget, the federal government announced that it would be examining changes to the tax rules governing private corporations. More specifically, those changes would eliminate some of the...
Taxpayers who are receiving employment income and/or Old Age Security payments are entitled to request that tax deductions being made from those payments be reduced. Such requests are made using form...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of August. That rate declined by 0.1%, to 6.2%, which is t...
The Minister of National Revenue is authorized to provide relief to taxpayers from the imposition of penalties or interest in relation to tax amounts owed, under the Taxpayer Relief Program. Such rel...
In its regularly scheduled interest rate announcement made on September 6, the Bank of Canada announced that it was increasing its target for the overnight rate, and that the Bank Rate now stands at 1...
Finance Canada has announced that it has completed the first stage of its consultation with respect to the regulation of the federal financial sector. A consultation paper incorporating the comments ...
The third individual instalment payment of income taxes for 2017 is due and payable on Friday, September 15. Taxpayers who are subject to the instalment requirement will have received an Instalment Re...
Individual and corporate taxpayers can deal with the Canada Revenue Agency (CRA) and carry out most of their tax obligations online, through the CRA’s website. The Agency also provides a great d...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the overall inflation rate for the month of July stood at 1.2%, as measured on a year-over-year basis. The comp...
During the month of August, the Canada Revenue Agency (CRA) will be issuing 2017 Tax Instalment Reminders, and many taxpayers will be receiving such Reminders for the first time. Individuals who need...
Individuals who have not yet filed their tax return for the 2016 tax year can still file that return using the Canada Revenue Agency’s (CRA’s) online filing service NETFILE. The NETFILE se...
The Canada Revenue Agency (CRA) has begun its annual tax return processing review, which seeks to confirm or verify that amounts reported by taxpayers on their 2016 income tax return were accurate and...
The most recent release of Statistics Canada’s Labour Force Survey shows a small decline of 0.2% in the overall unemployment rate for the month of July. That rate stood at 6.3% which was, as not...
As announced in this year’s Budget, the federal government has undertaken a consultation process with respect to tax planning strategies involving private corporations. As part of that consulta...
The Bank of Canada makes eight regularly scheduled interest rate announcements each year, and the Bank recently announced the dates on which those announcements will be made during 2018. Those dates a...
The federal government and many of the provinces provide child and family benefits through a number of programs, most of which are administered by the Canada Revenue Agency (CRA). For many programs, ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June was 1%, while the rate posted for May stood at 1.3%. Both rates...
Owing to security concerns, the Canada Revenue Agency does not transmit personal tax information by e-mail, and most CRA correspondence is therefore sent and received by regular mail.The CRA does, how...
Finance Canada has announced that it will be holding public consultations with respect to planned changes to the tax rules governing private corporations.The planned changes will eliminate tax plannin...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight decline in the overall unemployment rate for the month of June. That rate stood at 6.5%, down by 0.1% from the p...
As expected, in its regularly scheduled interest rate announcement made on July 12, the Bank of Canada increased the bank rate from 0.75% to 1.0%. In the announcement of the rate increase, which can ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation slowed slightly during the month of May. The year-over-year rate for that month stood...
The Canada Revenue Agency (CRA) has announced that, following its consultation with respect to services provided by the Agency to small businesses, a number of new services will be provided. Those new...
As announced in this year’s federal Budget, effective July 1, 2017 self-employed commercial ride-sharing drivers who provide taxable supplies of ride-sharing services will be required ...
The Canada Revenue Agency has introduced a new feature to its existing EFILE service, which will allow EFILE service providers to submit adjustment requests using certified software. Currently, the ne...
As announced in the 2017 federal Budget, the federal tax credit for public transit costs is eliminated after June 2017. Taxpayers should note that the cancellation of the credit is effective for cost...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first three quarters of 2017, as well as the rates that will apply for th...
Canadian taxpayers who are in default of their filing and/or tax payment obligations can voluntarily disclose that default and have any associated penalties or interest charges waived under the federa...
The most recent release of Statistics Canada’s Labour Force Survey shows that, while employment rose by 55,000 during the month of May, the overall unemployment rate increased by 0.1%. That resu...
Determining whether a particular individual is an employee or a self-employed independent contractor can be difficult, and an employer’s responsibilities with respect to each are quite different...
The second instalment payment of individual income taxes for the 2017 tax year is due on or before Thursday June 15, 2017. Individual taxpayers who pay taxes by instalment will have received an instal...
The Canada Revenue Agency (CRA) has issued a reminder to all self-employed taxpayers and their spouses that their individual income tax returns for the 2016 tax year are due on or before Thursday June...
The federal government has announced the creation of a Famine Relief Fund in response to the famine and resulting humanitarian crisis which is occurring in Nigeria, Somalia, South Sudan, and Yemen. A...
In its regularly scheduled interest rate announcement made on May 24, the Bank of Canada indicated that, in its view, no change is need to current interest rates. Accordingly, the bank rate remains at...
The most recent release of Statistics Canada’s Consumer Price Survey shows that there was no change in the overall inflation rate during the month of April 2017. That rate stood at 1.6%, as meas...
Businesses can appoint someone else, often a tax professional, to deal with the Canada Revenue Agency (CRA) on their behalf. In order to have online access to tax information about the business, the r...
The Canada Revenue Agency (CRA) will be holding a webinar for employers on the subject of employee taxable benefits. The webinar will be held on Wednesday May 24, 2017. The webinar is free of charge,...
The Canada Revenue Agency (CRA) has issued a notice reminding Canadian taxpayers who have been affected by this spring’s floods of the availability of relief in relation to their tax filing and ...
The most recent release of Statistics Canada’s Labour Force Survey shows a slight decrease in the overall unemployment rate for the month of April 2017, which dropped from 6.7% to 6.5%. The 6.5%...
Taxpayers who have unpaid tax balances for 2016 are subject to interest charges on those unpaid balances as of May 2, 2017. The current (until June 30, 2017) rate imposed on unpaid tax amounts by the...
This year’s federal Budget repealed and replaced several federal tax credits affecting caregivers of infirm and non-infirm family members. Those changes can in many cases affect the tax payable ...
The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall inflation rate for the month of March 2017. The rate for that month stood at 1.6%, as measured on ...
For all individual Canadian taxpayers, the deadline for payment of tax amounts owed for the 2016 taxation year is midnight on Monday May 1, 2017. Payments which are not made in full by that deadline ...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates which will apply for purposes of the leasing rules during the months of April and May 2017. They are as follows. April &hel...
The Canada Revenue Agency (CRA) has issued a reminder to taxpayers that all tax amounts owed by individuals for the 2016 tax year are due by the end of April 2017. Since April 30 falls on a Sunday thi...
In its regularly scheduled interest rate announcement made on April 12, 2017, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the bank rate remains ...
The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate for the month of March 2017. That rate rose by 0.1%, to 6.7%. Among demographi...
The federal government provides a Working Income Tax Benefit for lower-income Canadians who earn a minimum amount of income from employment or self-employment. The WITB is claimed on the annual tax r...
The Canada Revenue Agency (CRA) provides an Individual Income Tax Enquiries Line (reachable at 1-800-959 8281) for taxpayers who need general information about taxes, or have specific questions about ...
The most recent release of Statistics Canada’s Consumer Price Index indicates that the inflation rate for the month of February stood at 2%, as measured on a year-over-year basis. The comparable...
The federal Budget brought down on March 22, 2017 by Minister of Finance Bill Morneau included projections of a $28.5 billion deficit for the federal government for the current (2017-18) fiscal year. ...
The Budget 2017 documents revealed that the government has been undergoing further reviews of various planning strategies relating to the use of private corporations that reduce personal income taxes ...
Effective July 1, 2017, Budget 2017 proposes to extend the GST/HST on taxi operators to ride-sharing services. Taxi operators are required to collect and remit GST/HST on their fares with no dollar ex...
Generally, taxpayers are required to include the value of their work in progress (“WIP”) in their income whether or not they have actually received payment for performing the work. H...
If a taxpayer receives a loan by virtue of their employment with an interest rate below a prescribed rate, he or she is deemed to have received a taxable benefit. However, taxpayers can claim an offse...
Budget 2017 proposes to expand the medical tax credit to include costs paid for the purpose of conceiving a child regardless of whether the medical procedures involved are not medically indicated due ...
Budget 2017 announced that the public transit tax credit will be repealed as of July 1, 2017. The non-refundable credit provided a 15% tax reduction with respect to eligible public transit passes such...
Budget 2017 proposes to amend the eligibility criteria for the disability tax credit. One of the conditions required for the credit is that a medical practitioner certifies on CRA Form T2201 that the ...
The Canada Revenue Agency (CRA) has announced that a link is now available between its website and that of Service Canada, for users of online services at both sites. Canadian taxpayers can carry out...
The Canada Revenue Agency (CRA) has issued a notice indicating that its online services have been restored, and that taxpayers are once again able to file their 2016 tax returns online, make payments,...
Individual investors in flow-through shares can claim a 15% federal Mineral Exploration Tax Credit. That federal tax credit was scheduled to expire as of March 31, 2017, but Finance Canada has announc...
The Minister of Finance has announced that the 2017-18 federal Budget will be brought down on Wednesday, March 22, 2017. The announcement of the Budget date can be found on the Finance Canada website ...
In its regularly scheduled interest rate announcement made on March 1, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the bank rate remain...
The most recent release of Statistics Canada’s Consumer Price Index shows a sharp increase in the rate of inflation during the month of January. That rate stood at 2.1%, as measured on a year ov...
The Canada Revenue Agency (CRA) has announced that, effective as of February 20, 2017, EFILE service providers will be able to submit T1 adjustments for clients online, using their EFILE software. Th...
The Canada Revenue Agency (CRA) has announced that its online NETFILE service for the filing of individual income tax returns is now available. NETFILE can be used to file individual tax returns for ...
The Canada Revenue Agency (CRA) formerly mailed hard copies of the individual income tax return form and guide to Canadian taxpayers, but that service is no longer provided. Taxpayers can, however, ob...
The most recent release of Statistics Canada’s Labour Force Survey indicates that the overall unemployment rate fell slightly during the month of January 2017. That rate fell by 0.1%, from 6.9% ...
The Canada Revenue Agency (CRA) has announced that its NETFILE service for the filing of individual income tax returns for the 2016 tax year will be available for use beginning on Monday, February 20,...
Recently, the Canada Revenue Agency (CRA) announced that encrypted data containing 2014 income tax information for 28,000 residents of the Yukon had been lost in transit. There is currently, according...
The Canada Revenue Agency (CRA) has released the T2 Corporation Income Tax Return Form to be used by corporations for the 2016 tax year. The federal T2 is used by all federal, provincial, and territo...
The Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will apply for the first quarter of 2017. Those rates are as follows: January ……&hell...
The Canada Revenue Agency has indicated that an indexing factor of 1.4% will apply to federal individual income tax brackets for the 2017 tax year. The personal income tax brackets and rates which wil...
The most recent release of Statistics Canada’s Consumer Price Index (CPI) indicates that the rate of inflation for December 2016 stood at 1.5%, as measured on a year-over-year basis. Inflationa...
Qualifying taxpayers can claim, on their annual returns, the cost of deductible vehicle and meal expenses incurred during the year. Taxpayers have the option of claiming either actual expenses incurre...
In its scheduled interest rate decision made on January 16, the Bank of Canada (BOC) announced that, in its view, no change was needed to current rates. Accordingly, the bank rate remains at 0.75%. &...
The Canada Revenue Agency’s (CRA) NETFILE service will be available for NETFILING of individual income tax returns for the 2013, 2014, and 2015 taxation years until January 20, 2017. After that...
The most recent release of Statistics Canada’s Labour Force Survey indicates that employment rose by 54,000 jobs during the month of December 2016, as the result of gains in full-time work. Des...
The Canada Revenue Agency will be holding a three-part webinar series on the source deduction obligations of employers. The webinars are free of charge, but pre-registration is required.The dates and ...
The Canada Revenue Agency has announced that 2016 General Income Tax and Benefit package for the 2016 taxation year will be available on its website as of Thursday, January 5.The package, once availab...
The Canada Revenue Agency (CRA) has issued a listing of the administrative improvements and changes which will be in place for the upcoming 2017 filing season.Some of the changes include the following...
The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for the first quarter of 2017, as well as the rates that will apply for the purpo...
Many Canadians who do not have income tax deducted from their paycheques at source pay such tax by quarterly instalments, on the 15th day of March, June, September, and December. Individuals who make...
The Canada Revenue Agency (CRA) has announced that it will be conducting a GST/HST compliance letter campaign pilot project over the next 9 months. As part of that project, the Agency will send 250 l...
As expected, the Bank of Canada made no change to current interest rates in its announcement made on December 7. Consequently, the bank rate remains at 0.75%. In its announcement, which can be found ...
The most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined slightly during November, dropping from 7% to 6.8%. During November, employm...
The Canada Revenue Agency (CRA) regularly holds webinars for businesses on how to fulfill their payroll reporting and remittance obligations. The last in the current series of such webinars, which wi...
The Canada Revenue Agency (CRA) has been conducting an online consultation process with respect to the rules governing the political activities of charities. Those rules impose limits on the kinds of ...
The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation stood at 1.5% for the month of October, as measured on a year-over-year basis. The year-over-...
The Canada Revenue Agency (CRA) has issued the 2017 version of its publication T4127, which outlines and summarizes the payroll deductions formulas for computer programs which will be used beginning J...
As of October 2016, changes were made to standard correspondence sent to business owners by the Canada Revenue Agency (CRA). Specifically, the CRA will be providing businesses with two new, simplified...
The federal government has announced the Employment Insurance premium rates which will apply for the 2017 calendar year. Total insurable earnings for the year have been set at $51,300. Employee premi...
The Canada Revenue Agency (CRA) has announced the contribution rates and amounts which will apply for the 2017 calendar year. Maximum pensionable earnings for that year have been set at $55,300, and t...
The most recent release of Statistics Canada’s Labour Force Survey shows that, while employment during the month of October increased by 44,000 jobs, the unemployment rate was unchanged at 7%. ...
In his Fall Economic Statement, the Minister of Finance announced that the federal government will post a deficit of $25.1 billion for the 2016-17 fiscal year. The full Fall Economic Statement can be...
In its most recent announcement, the Bank of Canada indicated that in its view, no change was required to current interest rates. Accordingly, the bank rate remains at 0.75%. In the press release ann...
The most recent release of Statistics Canada’s Consumer Price Index shows an inflation rate of 1.3% for the month of September, as measured on a year-over-year basis. Prices for the month were ...
The federal Minister of Finance has announced that the 2016 Fall Economic and Fiscal Update will be released on Tuesday November 1, 2016. The Fiscal Update papers will be posted on the Finance Canada...
The Canada Revenue Agency (CRA) has announced the launch of public consultations on the rules regarding the involvement of registered charities in political activities. To that end, a consultation pan...
The Canada Revenue Agency (CRA) has announced that it will be holding consultations with small and medium sized businesses, starting this fall, on the delivery of services by the CRA. Those consultati...
Final revenue and expenditure figures for the 2015-16 fiscal year have been released by the Department of Finance. Those figures show that the federal government posted a budgetary deficit of $1 billi...
The Canada Revenue Agency (CRA) has launched a new mobile app — My Benefits CRA — which will enable Canadians to view personalized benefit and credit information on mobile devices. With t...
The Minister of Finance has announced the start of the consultation process for the 2017-18 federal Budget. Interested stakeholders can take part in that consultation process in a number of ways, inc...
The Canada Revenue Agency (CRA) has announced the interest rates that will apply to amounts owed to and by the federal government for 2016, as well as the rates that will apply for the ...
The Canada Revenue Agency (CRA) has issued a reminder to Canadians that those who are receiving benefits and credits (like the Canada Child Benefit or the Harmonized Sales Tax Credit) may be asked by ...
The federal government has announced that employment insurance premiums paid by employers and employees will be reduced for 2017. The change in premiums follows a report by the Office of the Superinte...
Beginning in 2016, teachers and early childhood educators who purchase school supplies for use in their classrooms will be able to claim a 15% refundable federal tax credit on up to $1,000 worth of su...
The federal Department of Finance has announced the launch of the first stage of a consultation process to be carried out with respect to the governance of the federal financial sector. Individuals o...
The Department of Finance has issued the August release of The Fiscal Monitor, which outlines the revenue and expense figures for the federal government for the first quarter of fiscal 2016-17. Durin...
Canadian taxpayers who are required to provide proof of their income can obtain a proof of income statement from the Canada Revenue Agency (CRA), either online or by telephone. Taxpayers who have reg...
As of July 2016, the former Universal Child Care Benefit (UCCB) and the Child Tax Benefit (CTB) were replaced by the new Canada Child Benefit (CCB), a non-taxable, means-tested benefit paid to Canadia...
The benefit year for many federal and provincial tax credit and benefit programs (including the new Canada Child Benefit and the harmonized sales tax/goods and services tax credit) runs from July 2016...
Canadian families that have children under the age of 18 will notice a difference in their federal government child benefit starting in July. As of this month, the existing Canada Child Tax Benefit (C...
A number of tax rate and credit changes, both federal and provincial, will take effect on July 1, 2016. As well, tax changes which were announced this year to take effect as from January 1, 2016 will ...
In its regularly scheduled interest rate announcement made on January 20, the Bank of Canada indicated that no change would be made to current interest rates. Consequently, the bank rate remains at 0....
Dollar amounts on which individual non-refundable federal tax credits for 2016 are based, and the actual tax credit claimable, will be as follows. &n...
Effective January 1, 2016, maximum insurable earnings for purposes of the Employment Insurance program will increase from $49,500 to $50,800. This means that an insured worker will pay EI premiums in ...
Johanson-Witt Professional Corporation is a family owned and operated business that has been providing financial services, personal, and corporate tax preparation in Canada for over 30 years! We have a proud tradition of personalizing our service to meet the specific needs of our clients which has resulted in lasting business relationships - in some cases the clients today are the same ones as 30 years ago!
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