Tax News

Tax News2022-12-31T14:51:19-08:00

CRA Changes for 2020

The CRA has made some changes for 2020, in light of the special circumstances during the COVID 19 pandemic

COVID-19 federal and provincial benefits

These appear on a T4A slip in boxes 197 to 204 and are reported on line 13000 as taxable income.

The Canada Recovery Benefit (T4A box 202) is subject to a social benefits repayment (line […]

You should digitize your tax documents

Why Digitize?

While paper documents were preferred by the CRA for many years, they have since opened up the opportunity to submit documents through their website, which means they will accept digital copies. Please refer to the following CRA article

We recommend digitizing all tax documents:

a.   they can be stored more easily on your computer hard drive […]

1.   Pre-Processing and Post Processing Reviews

The Canada Revenue Agency (“CRA”) may ask for supporting documents after you have submitted your personal and/or business tax returns. These requests may come in the form of a Pre-Processing Review or a Post Processing Review. These requests typically tell you what they need to see, but only in a very general way; there is […]

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205 – 50 Lonsdale Ave Office 2087, North Vancouver, BC V7M 2E6

PO Box 350 6437 Lynx Road, Forest Grove, BC V0K 1M0

We work virtually through the internet so that we can serve more clients. Learn more

Office Hours: 

Monday – Friday:  8:30 am – 5 pm

During Tax Season (Feb – Apr 30th)

7 days a week, 8:00 am – 8:00 pm

CRA Announces Changes in 2023

01/30/2024|Comments Off on CRA Announces Changes in 2023

The Canada Revenue Agency ("CRA") has announced the following changes to the Income Tax Act for 2023. Advanced Canada workers benefit (ACWB) Advance payments of the Canada workers benefit ("CWB") are now issued automatically under the ACWB to those who received the benefit in the previous tax year. As a [...]

BC Renter’s Tax Credit

01/24/2024|Comments Off on BC Renter’s Tax Credit

Budget 2023 introduced an annual income-tested renter’s tax credit that will give $400 to low- and moderate-income renter individuals and families with an adjusted income of $60,000 or less. Individuals and families with an adjusted income greater than $60,000 and less than $80,000 may receive a reduced amount. You can start claiming [...]

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