Imagine finding out that a simple oversight in your business’s tax planning could lead to hefty penalties, a surprise audit by the Canada Revenue Agency (CRA), or even fines reaching up to $100,000. For many family-owned enterprises in Canada, this…
Clarifying the New GST/HST Exemption for Psychotherapy and Counselling Therapy Services: What Family-Owned Enterprises Need to Know https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/clarifying-new-gsthst-exemption-psychotherapy-counselling-therapy-services.html As of June 20, 2024, a significant change has taken place in the realm of healthcare services in Canada, specifically concerning the…
Understanding CRA's Recent Advisory on Cryptocurrency Risk Indicators J5 issues notices to financial institutions about risk indicators tied to cryptocurrency assets In a significant move to bolster the fight against financial crimes involving cryptocurrencies, the Joint Chiefs of Global Tax…
The recent discussions around a potential home equity tax have sparked significant debate and concern among Canadians. Reports indicate that Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland have been in talks with the government-funded think tank Generation Squeeze…
The recent turmoil surrounding the Canada Revenue Agency's (CRA) bare trust reporting requirement has highlighted significant issues in tax administration and policy implementation. While the CRA's last-minute decision to pause the reporting requirement just days before the deadline has drawn…
Tax Obligations for Ridesharing and Delivery Service Drivers in Canada Revised – Tax obligations for commercial ridesharing and delivery service The Canada Revenue Agency (CRA) has released a revised guide on tax obligations for individuals involved in commercial ridesharing and…
Imagine receiving a letter stating you owe thousands in pandemic benefit repayments, only to find out months later it was a mistake. This is the reality for thousands of Canadians who initially were told they were ineligible for benefits like…
Paying taxes is an essential civic duty that supports the functioning of our society. For many Canadians, taxes are typically paid as a lump sum by April 30th each year. However, if your net tax owing exceeds certain thresholds, you…
Financial literacy is a crucial skill set for individuals and businesses, particularly for family-owned enterprises in Canada. A key aspect of financial literacy is understanding the role and functions of the Canada Revenue Agency (CRA). This blog post will provide…
Supporting Affordable Housing: Apply Now for the GST/HST Rebate for Purpose-Built Rentals Supporting affordable housing: apply now for the GST/HST rebate for purpose-built rentals The Canada Revenue Agency (CRA) has announced a new initiative to support affordable housing across Canada…