Income Tax Act s.150 | CRA Auto-Fill My Return CRA’s Auto-Fill My Return feature has improved dramatically. With a few clicks, your software can import: T4 slips T5 investment income RRSP contribution receipts T4A and pension income Some government benefits…
Navigating the intricacies of the Canadian tax system can be a daunting task, especially for families managing family-owned enterprises. It's not only about fulfilling tax obligations but also understanding the rights afforded to you as a taxpayer. The Canada Revenue…
Investing in your corporation can be one of the most rewarding financial decisions you make. It’s a way to grow wealth, secure your future, and take control of your financial journey. But if you’re paying dividends, there’s one critical step…
If your business pays non-residents for services rendered in Canada, compliance with tax laws is not just important—it’s mandatory. Failure to properly report these payments through a T4A-NR slip can result in penalties, audits, and complications for both your business…
Demystifying T4 Filings Imagine this: It’s late February, and you’re scrambling to finalize paperwork for your business. You’ve got employee records, payroll reports, and a deadline staring you in the face. Suddenly, you realize you’ve forgotten to account for a…
Enhancing CRA Services https://www.canada.ca/en/revenue-agency/news/2024/09/the-cra-invites-taxpayers-to-share-ideas-for-service-improvements.html The CRA’s Initiative: A Brief Overview On September 2024, the CRA issued a press release inviting taxpayers, tax professionals, and businesses to share their ideas on improving its services. This initiative underscores the CRA’s commitment to…
Dealing with the Canada Revenue Agency (CRA) and staying abreast of policies from the Department of Finance are critical components of financial management and compliance for individuals and businesses. At Shajani CPA, a firm with 40 years of experience, legal…
Dealing with the tax obligations of a loved one who has passed away can feel overwhelming, but it’s a crucial step in settling their affairs. Filing the final tax return for a deceased person ensures that their financial obligations are…
Enhancing Tax Literacy for Teachers and Parents – Join the Movement https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/teachers-parents-join-movement-enhance-tax-literacy.html What the CRA Said On September 5, 2024, the Canada Revenue Agency (CRA) launched a new initiative to promote tax literacy among students, teachers, and parents. Tax literacy…
As Saskatchewan gears up for its next provincial election on October 26, 2024, tax policy has emerged as a central issue in the campaign. Both the governing Saskatchewan Party, led by Premier Scott Moe, and the opposition, represented by the…