Category Archives: Tax Updates

EMAIL SCAM ALERT: Fraudulent Email Money Transfers

Written By on July 11, 2017

There has been a major increase in the number of fraudulent email money transfers being reported to us. Just in the last week alone we have had almost a dozen reports of people receiving fraudulent email money transfers from a sender claiming to be the Canada Revenue Agency. There are two things to look for to confirm fraudulent email money transfers: 1) THE CANADA REVENUE AGENCY NEVER SENDS MONEY BY EMAIL. The Canada Revenue Agency will send a physical cheque […]

TEACHERS: A school supplies tax credit just for you!

Written By on October 24, 2016

The Eligible Educator School Supply Tax Credit, worth 15% on up to $1,000 of eligible school supplies, has now become law. To mark the occasion, CRA has published a Question and Answer providing commentary on this new refundable tax credit available in 2016 and subsequent years. The credit is also referred to as the Teacher and Early Childhood Educator School Supply Tax Credit; or, simply, the School Supplies Tax Credit. Who Qualifies? The new tax credit can only be claimed by an eligible teacher or early childhood […]

CRA Instalment Payments: Do I have to pay them?

Written By on September 13, 2016

When tax returns for 2015 were filed, some individuals would have been required to make a substantial tax payment in April of 2016 since their 2015 tax withholdings and instalment payments (or lack of) were not sufficient to cover the additional income. In general, if that April payment upon filing was greater than $3,000, CRA will request those individuals to make instalment payments during the 2016 year. Instalment reminders are sent out by CRA (usually in August) and may ask […]

WORKING BUT NOT PAYING YOURSELF: Employment Insurance Issues

Written By on June 20, 2016

After leaving a job, an individual may incorporate a business, or invest more time in one that they already operate. The individual may then decide to leave all the money in the corporation, taking no wages. Or, perhaps, the business is unable to pay a salary as it is not making sufficient revenues. Since the individual does not receive any personal wages, they may be motivated to apply for EI unemployment benefits. It sounds simple right? Wrong. In a February […]

Tips and Gratuities: Employer’s Responsibilities

Written By on May 25, 2016

Gratuities or tips received by employees are income earned from employment. However, it must be determined whether these tips are pensionable and/or insurable, that is, whether the employer should be withholding CPP and/or EI. This depends on whether the tips are considered to have been paid by the employer. Administratively, CRA looks at whether the tips are controlled by the employer or are considered to have been paid by the customer (a direct tip). A December 16, 2015 Tax Court […]

KEEPING CONTACT INFO CURRENT: Denied Objection Extension Request

Written By on February 23, 2016

In an August 26, 2015 Tax Court of Canada case, the taxpayer wished to object to a CRA Notice of Assessment (NOA) but missed the deadline for filing the Notice of Objection. The NOA was received by the taxpayer’s wife, however, the taxpayer and his wife were going through divorce proceedings at the time of receipt and the mail was not forwarded to the taxpayer. Presumably, as the taxpayer did not see the NOA in time, he was unable to […]

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