Tax News

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

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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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 [...]

2023 Changes to Employment Expenses

01/19/2024|Comments Off on 2023 Changes to Employment Expenses

The CRA has decided that home office expenses can only be claimed if the employer requires the employee to work from home more than 50% of his/her work days. The flat rate of $2/day has been discontinued for 2023. For an employee to claim employment expenses the employer must [...]

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