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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! ...

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. ...

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. ...

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. ...

Go to When you owe money – collections at the CRA for more information. ...

Activities underway as part of this strategy include: Refining our understanding of Canada’s underground economy — where, when and how it occurs; Reducing the social acceptability of participation in the underground economy; and Reducing participation in the underground economy through a range of initiatives, including education, outreach and compliance actions like audit and enforcement. ...

This strategy will: Refine our understanding of Canada’s underground economy — where, when and how it occurs; Reduce the social acceptability of participation in the underground economy; and Reduce participation in the underground economy through a range of initiatives, including education, outreach and compliance actions like audit and enforcement. ...

Once again – I’m Charlie the Chatbot, and you can find me on the Canada.ca/CRA webpage, ready to answer your tax-related questions. ...

You will need to report the following amounts on your tax return: Box 200, Provincial / Territorial COVID-19 financial assistance payments Box 201, Repayment of COVID-19 financial assistance (The amount in this box can be claimed as a deduction on the return for either 2021 or for the year in which the benefit was received.) ...

For more information, visit Submit documents online – Canada.ca What does a CRA auditor examine during an audit? ...