We provide tax tips on available benefits, CRA policies, and more.
CRA Collections: Potential Impact on Business
- A recent court case demonstrates CRA’s power to collect tax arrears and the impact of CRA.
Travel Allowances: Limited Distance Covered
- CRA commented on whether a travel allowance paid to employees on a per kilometer basis, but only up to a limited number of kilometers, could be a non-taxable allowance.
Covid-19 Medical Expenses: Tax Treatment
- Medical expenses eligible for a personal tax credit are limited to those specifically provided for by the Income Tax Act.
TFSA: Excess Contributions
- Individuals who contribute excess amounts into their TFSA are subject to a penalty tax of 1%/month on the excess amount for each month that the TFSA is overcontributed.
Will and Beneficiary Designations: Are they current?
- Ensure to review wills and beneficiary designations when major life events or changes in the family occur.
CRA or Scammer: Who is it?
- CRA released a Tax Tip which discussed why a taxpayer might be contacted by CRA, when to be suspicious, and how to report potential scams.