CRA Response Times
I have noticed that it can take 2 hours or more to get through on the CRA’s telephone line (1-800-959-8281). This has been true in the height of tax season (Feb-Apr) as well as other times. The alternative is to agree to have us represent you by signing an authorization form (AUTHREP) that will enable us to access […]
The Canadian Dental Care Plan (CDCP) is helping make the cost of dental care more affordable for eligible Canadian residents aged 65 and over, children under the age of 18 and adults with a valid Disability Tax Credit certificate.
Qualifications
The first time home buyers’ program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
To qualify for an exemption, at the time the property is registered you must:
The Home Buyers’ Plan (HBP) limit has been increased from $35,000 to $60,000 per person … and the repayment has been changed from 15 years to a payment holiday for the first 5 years thereby extending the overall repayment requirement to 20 years. Of course, you can pay it back quicker.
This is attractive because it is an interest free loan. […]
Cryptocurrency is treated as a commodity for tax purposes
Any income from the sale or transfer of such cryptocurrency is treated either as business income or as a capital gain. Similarly, losses are either treated a a business loss or capital loss and can be set off against business profits or capital gains, respectively
Taxable Transactions
Taxable transactions occur in the following situations:
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Filing Considerations for the 2022 Tax Year
There are various deadlines for filing and paying taxes in Canada for the 2022 tax year.
Mar 1, 2023 Last day for 2022 RRSP contributions
Mar 15, 2023 Due date for tax instalments for 2022 (see below)
Feb 28, 2023 Last day for filing T4s for employees, and T5s for dividends paid
Mar 31, 2023 Last day […]