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In response to the tariffs, the federal government has announced several measures to support businesses and individuals. In accordance with a March 21, 2025 Release from the Prime Minister, CRA will implement the following measures: deferring GST/HST remittances
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A director of a corporation, non-profit organization or other entity can be personally liable for payroll source deductions and GST/HST that the entity fails to remit to CRA, unless the director exercised due diligence to prevent failure to
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Have you received a call claiming to be from CRA but are unsure if it is legitimate? CRA has launched a webpage – https://www.canada.ca/en/revenue-agency/corporate/scams-fraud/verify-cra-contact.html to assist taxpayers in determining whether the call is actually from CRA. Taxpayers can
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For the December 14, 2024 to February 15, 2025 period, certain items normally subject to GST-HST Tax should not have GST-HST Tax applied at the point of sale. Businesses selling these goods can still claim input tax credits
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There are several reasons an individual might convert part of their home into a rental property. However, this action can have significant income tax implications, including potentially limiting access to the principal residence exemption, which can be easily
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The Capital Gain Inclusion Rate has been proposed to increase from 50% to 2/3, effective June 25, 2024, for corporations and most trusts as well as for the portion of capital gains realized in the year that exceeds
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In the Spring of 2025, CRA will change the default method of correspondence for most businesses to online only. This means that most businesses will receive their notices of assessment, letters, forms, statements and other documents from CRA
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December 31, 2024 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. 1) NEW! As of June 25,
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An August 20, 2024 Tax Court of Canada case reviewed whether a corporation could claim ITCs of $8,874 related to the purchase of two vehicles that were used by the corporation. One vehicle was purchased by the shareholder
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Where borrowers cannot repay their CEBA loan in full when it becomes due, the loan may be assigned from the taxpayer’s financial institution to the CEBA program for collection. CRA is assisting with the collection of loans that
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