By Liz O'Dowd on November 27, 2015 
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My business Account With My Business Account, you can choose to make your tax payments online directly from your bank using the pre-authorized debit (PAD) service. Stop worrying about forgotten instalment deadlines and being charged for late payments. You choose… {Read more}
By Liz O'Dowd on November 27, 2015 Leave a comment
Stay connected – To receive updates when new information is added to the CRA website, you can: Follow the CRA on Twitter – @CanRevAgency Subscribe to a CRA electronic mailing list Add our RSS feeds to your feed reader You… {Read more}
By Liz O'Dowd on November 27, 2015 Leave a comment
You’ve got online mail … from the Canada Revenue Agency What’s new? CRA has online mail The Canada Revenue Agency (CRA) has created a new service that allows businesses to receive some of their correspondence from the CRA online. It’s… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
Loans to Adult Children Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that the… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
Stop International Tax Evasion Program To combat unreported foreign income, the Federal Government introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
Lifetime Capital Gains Exemption (LCGE) On January 1st, 2015, the LCGE increased to $813,600 of capital gains realized by an individual on qualified property. The LCGE has been indexed to inflation for the years following 2014. The new limits apply… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
Estate Plans Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages of estate plans: Probate fees can be avoided because the funds transfer direct to the beneficiary. The funds are not… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
In a Technical Interpretation, CRA was questioned about door prizes received by all attendees at a company social function. Door Prizes at Company Functions CRA commented that their tax-free $500 gifts and awards policy would apply to all attendees including… {Read more}
By Liz O'Dowd on November 17, 2015 Leave a comment
Canada Revenue Agency announces Maximum pensionable earnings for 2016 The Canada Revenue Agency announced today that the Maximum pensionable earnings under the Canada Pension Plan (CPP) for 2016 will be $54,900—up from $53,600 in 2015. The new ceiling was calculated… {Read more}
By Liz O'Dowd on November 13, 2015 Leave a comment
Tax preparation clinics benefit your community: Learn how you can participate Every year, the Canada Revenue Agency (CRA) supports community organizations across the country as they run free tax preparation clinics. It happens in communities just like yours, through a… {Read more}