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Some CRA Scams Traced to Overseas Origins

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Recent CRA scams have reportedly originated from criminal elements both in Canada and overseas, with multiple suspects identified in recent weeks. One arrest was made in December as part of the RCMP’s Project OCTAVIA, launched in October 2018 to defend Canadians against scammers. Brampton resident Abhinav Bector was charged as…

Wealth Tax Finds Support Among Many Canadians

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The NDP and the Green Party revived their proposition for a wealth tax after a Parliamentary Budget Officer report back in June stated 1% of the country’s highest earners possessed over 25% of the country’s total wealth. Although the Bloc Quebecois, Liberals, and Conservatives objected to the NDP motion for…

Bank of Canada Says Digital Currency May Be Needed Due to Pandemic

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The public’s use of online services has increased during the pandemic, prompting the Bank of Canada to look into ways that a central bank digital product might be distributed and accepted quickly. The Bank of Canada’s Deputy Governor Tim Lane discussed the possible development of a CBDC (central bank digital…

New Westminster Residents Targeted in CRA-Related Scam

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A new CRA scam is on the rise around New Westminster. According to the NWPD, two people have fallen victim to this scam, costing them $23,000 and $1,600. The victims said they received calls from scammers claiming to be from the New Westminster Police Department and the Canada Revenue Agency,…

New Automatic File Tax Return System Promises Speed and Convenience

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The federal government is introducing free automatic tax filing in an effort to help qualified Canadians complete simple tax returns more quickly and easily. Some government benefits are normally paid to those who file their taxes, but many with low or fixed incomes neglect this process – meaning that they…

Hacking to Blame as more than 48,000 CRA Accounts Show Suspicious Activity

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More than 48,000 Canada Revenue Agency (CRA) accounts have been linked with unusual activity, seemingly confirming suspicions of widespread hacking. The spate of cyberattacks included GCKey accounts, potentially leaving several sensitive government departments open to illegal data theft or manipulation. These events led the CRA to shut down its online…

PBO Claims Disability Support Will Cost $792 million

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A COVID-19 related one-off payment for Canadians living with disabilities will cost the federal treasury $792 million, according to the Parliamentary Budget Officer. The initiative expects to deliver up to $600 to 1.67 million people, in an effort to lessen their financial distress as a result of the pandemic. Low-earning…

Tax Payment Deadline Extended by Canada Revenue Agency

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The Canada Revenue Agency (CRA) has postponed the tax payment deadline to September 30th. The extension applies to individuals, corporations, and income tax returns on trusts, including instalment payments. The CRA’s decision to delay its tax deadline is likely to be well received, in light of the current economic downturn. The…

New Tax Deduction Aims to Help Remote Workers

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Canadians may be eligible for a significant tax deduction – if the pandemic has forced them to work from home. This federal tax break, dubbed ‘work-space-in-the-home’, could potentially help hundreds of thousands of Canadians who have been forced by the pandemic to continue their work remotely. The tax category also…

StatCan: Canada’s Economy Took a Record-Breaking Fall

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Canada’s real GDP fell by an historic 11.6% in April following a 7.5% drop in March, according to a recent report from Statistics Canada. As many “non-essential” businesses resumed operations in May, the agency is expecting the economy to have rebounded by 3% that month. StatCan will release the final…