Updates to the CRA’s Digital Services This year has brought many updates to the CRA’s Digital Services which include new options for T3 trust returns and T1 adjustments. Over the last few years, there has been an increasing need for digital access to tax information and the COVID-19 pandemic sped that process up significantly.It has […]
Small & Medium Business Audits With the changes to our economy from the COVID-19 pandemic, parties involved with the subsidies that were provided may be susceptible to audits, on top of the regular risk-assessment system from the CRA. The risk-assessment system analyzes tax returns and subsidy claims to judge whether they are at a high […]
What are the Northern Resident Tax Deductions? Northern Resident Tax Deductions involve the following two deductions. There is a residency deduction which applies if you lived in a prescribed zone and a deduction for travel benefits. This refers to whether you are employed in a prescribed zone that is a part of your income. How […]
What are the SR&ED Tax Incentives? The Scientific Research and Experimental Development (SR&ED) tax incentives are the largest program by the Government of Canada to support research and development. It provides more than $3 billion Canadian dollars in tax incentives every year to over 16,000 businesses. This incentive comes in three forms: Non-Refundable Investment Tax […]
The VISA / Mastercard Class Action Settlement In Canada, there were several class actions against a multitude of banks along with Visa and Mastercard. This credit card class action claimed that they conspired in order to set higher interchange fees and imposed rules that restricted merchants’ capacity in adding surcharges or to refuse higher cost […]