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Current CRA website

Increases to Air Travellers Security Charge Rates Effective May 1, 2024

To make a general or technical enquiry on the air travellers security charge or to request a ruling or interpretation related to charge, go to Contact Information Excise and Specialty Tax Directorate. ...
Current CRA website

Newsletter no. 98-2, Treating Excess Member Contributions Under a Registered Pension Plan

This results in excess member contributions of $5,000 [$50,000_ (50 % of $90,000)]. ...
Current CRA website

Changes to the Taxation of Social Security Benefits for Residents of Certain Countries with Which Canada has an Income Tax Convention

This table lists the countries with which Canada has an Income Tax Convention affected by the change in policy and the applicable revised Part XIII tax rates Tax Treaty Country Periodic Pension Payments- CPP and QPP Periodic Pension Payments- OAS Bangladesh 15% 15% Bulgaria 15% 15% Cyprus 1 15% 15% Dominican Republic 18% 18% Senegal 2 15% 15% Tanzania 15% 15% Trinidad & Tobago 15% 15% Note 1 Under the Canada-Cyprus Income Tax Convention, periodic and lump sum pensions (including OAS benefits, periodic CPP/QPP and lump-sum death benefits) paid to a resident of Cyprus may be taxed in Canada but only to the extent that the total pension payments from Canada in the year exceed $10,000 or its equivalent in Cyprus pounds. ...
Current CRA website

Canada-Netherlands Income Tax Convention - Agreement between Competent Authorities

Canada-Netherlands Income Tax Convention- Agreement between Competent Authorities The competent authorities of Canada and the Netherlands have reached the following mutual agreement regarding the application of the Convention between the Government of Canada and the Government of the Kingdom of the Netherlands for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (Canada-Netherlands Convention) to investors in a closed fund for mutual account / besloten fonds voor gemene rekening (hereinafter: “closed FGR”) established in the Netherlands. ...
Current CRA website

How outreach officers can help your community learn about tax and benefits

These tax clinics are hosted by community organizations across Canada through the Community Volunteer Income Tax Program (CVITP) and the Income tax assistance Volunteer Program (ITAVP) in Quebec. ...
Current CRA website

Medical Expense Tax Credit (METC) for Surrogacy and Other Expenses

To learn more about what expenses would otherwise qualify as medical expenses and to learn how to calculate the METC, refer to Lines 33099 and 33199 Eligible medical expenses you can claim on your tax return- Canada.ca. 7. ...
Current CRA website

Tax tips - 2023

Find out how a First Home Savings Account can help 2023-12-21 Home office expenses for employees What you need to know for the 2023 tax-filing season 2023-12-20 Businesses: Here are the top changes this year that will affect business taxes in 2024 2023-12-19 Not today, scammer! ...
Current CRA website

Here’s what you need to know if you’re filing your taxes by paper

Find out about the Community Volunteer Income Tax Program (or the Income Tax Assistance Volunteer Program in the province of Quebec) by going to canada.ca/taxes-help. ...
Current CRA website

Seniors: Tips to help you this tax season!

Get benefits, credits, and claim other expenses As a senior, you may be eligible for benefits and credits when you file your return, such as the: goods and services tax / harmonized sales tax credit related provincial or territorial benefits and credits If you owe money this year, you may be able to claim credits that will lower what you owe at tax time. ...
Current CRA website

Warning: Watch out for TFSA maximizer schemes

The key elements of the scheme are: the promoter operates a special-purpose mortgage investment company (MIC) that “invests” only in mortgage loans to scheme participants the MIC issues two classes of shares one paying dividends at a low rate and the other paying dividends at a much higher rate the participant buys low dividends shares of the MIC in the RRSP or RRIF and high dividend shares in the TFSA the MIC lends the share proceeds back to the participant in the form of a first and a second mortgage loan, secured by the personal residence and the TFSA balance and bearing interest at rates corresponding to the dividend rates on the two classes of MIC shares the participant invests the loan proceeds with the promoter and earns taxable investment income the participant makes annual RRSP or RRIF withdrawals and claims a fully offsetting interest deduction After several years of participating in the scheme, the participant is supposedly able to shift the entire RRSP balance to the TFSA in a way that the promoter claims is “tax-free” and is not subject to the annual TFSA contribution limit. ...

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