Background: (Updated on March 10, 2025) On the issue of recently announced U.S. tariffs, it is well understood that there is currently a high degree of interdependence between the U.S. and Canadian economies. For example: The U.S. imports a lot of electronics,...
General Comments: This post is about recent announcements made by Canada Revenue Agency (CRA). We’ve drawn our news post from a nice CPA Canada Tax Blog on this subject, which you can read in full here. We’ve just chosen to say things in a different way....
General Comments: On February 12, 2025, CRA Issued a Tax Tip entitled Tax Benefits for Northern Residents which applies to 2024 personal tax returns. This deduction from Total Income is calculated on Form T2222 and claimed on Line 25500. Below is a summary of the two...
On December 30, 2024, the Department of Finance announced the Federal Government’s intention to extend the deadline for making 2024 charitable donations. The extension to February 28, 2025, was in response to the one-month postal strike that began on November...
The Tax Court of Canada: The Tax Court of Canada publishes on its website, the full details of each case that it completes. In 2024, the Court completed approximately 100 cases, mostly in respect of the Income Tax Act of Canada. We can learn a lot from these cases,...
In 2024, the Chartered Professional Accountants of Canada (CPAC) asked the CPA Provincial Accounting Bodies for a list of key questions to ask Canada Revenue Agency (CRA). CPAC has gone through the questions submitted and selected the top ones. Below are 22 topics...
In the Tax Court of Canada’s decision, Lewis v The King, 2024 TCC 127, the Court examined whether a taxpayer’s 2012 and 2013 tax returns contained misrepresentations attributable to neglect under 152(4)(a)(i) of the Income Tax Act. (The provision applies...
The Canada Revenue Agency (CRA) announced on October 29, 2024 that it is giving bare trusts an exemption from filing a T3 Income Tax and Information Return, including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2024 tax year, unless the CRA...
