Tag: Money

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…

COVID-19 Tax Scammers Targeting Canadians

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The Canada Revenue Agency is warning of a rise in scams that take advantage of the confusion related to COVID-19 relief measures. “With the launch of (Emergency Response Benefit – CERB), we have seen scammers seek to prey on Canadians’ anxieties during this time of crisis,” said CRA spokesperson Etienne…

Canadians Finding Unclaimed Cheques on Canada Revenue Agency Website

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Many Canadians are finding uncashed government cheques worth hundreds – and in some cases thousands – of dollars through a little-known feature on the CRA website. The CRA recently introduced a tool in the My Account portal that allows users to collect and cash in on any unclaimed cheques, dating…

2020 Federal Tax Changes Offer A Measure of Relief

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Several tax changes effective this year are aimed at relieving Canadians’ financial burdens, in a development that many citizens will welcome as they prepare their tax statements. Early in January, finance Minister Bill Morneau declared that middle-income households will receive a slight reduction in federal income tax. Canadians had been…

Canada Revenue Agency is Investigating Failed Cryptocurrency Exchange QuadrigaCX

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The Canada Revenue Agency is auditing QuadrigaCX’s corporate tax returns, according to the bankruptcy trustee overseeing its case. The CRA sent a letter to bankruptcy trustee Ernst & Young announcing that it will be reviewing QuadrigaCX’s tax corporate tax returns ranging from 2015 to 2018. QuadrigaCX was Canada’s largest cryptocurrency…

Canada to Rethink Tax Policies After Losing Billions in Corporate Tax Revenue

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Canada plans to bolster its corporate tax collection effectiveness with increased funds for government auditors and greater corporate transparency enforcement, in the wake of two recent reports detailing how the Canada Revenue Agency (CRA) loses billions in tax revenue every year. Last month, the CRA published the Tax Gap and…

Saving Money Means Forming the Right Habits and Priorities

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Monthly bills like car payments, rent, groceries, mortgages, and credit cards debt can leave very little left over for savings and investment. Even for Canadians with relatively high incomes, it can seem like there are always new expenses popping up that make planning and saving for the future nearly impossible.…