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Ontario Income Tax News

Protect yourself! As Canadians get busy filing their taxes, the Canada Revenue Agency (CRA) reminds everyone to be cautious of fraudulent tax filing.

May 28, 2014

As Canadians get busy filing their taxes, the Canada Revenue Agency (CRA) reminds everyone to be cautious of fraudulent tax filing. If you are approached by a tax preparer offering larger refunds than other preparers, don’t be fooled! While the vast majority of preparers provide excellent service to tax filers, there are unscrupulous ones who…

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File your return now, and pay tax owing later

Mar 3, 2014

Important facts The PAD service allows taxpayers registered in My Account to authorize the CRA to withdraw from their Canadian financial institution a pre-determined amount on a pre-determined date. If you are already a My Account user, go to your account on the CRA website. Setting up a PAD agreement will be offered as an…

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Children’s fitness and arts tax credits

Mar 3, 2014

Did you know? The children’s arts tax credit and the children’s fitness tax credit allow you to claim a 15% non-refundable tax credit on an amount up to $500 per child per credit on the fees you’ve paid in 2013 to register a child in a prescribed program   Important facts Eligible activities for the…

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It’s tax time and we have valuable information for you

Mar 3, 2014

Did you know? The Canada Revenue Agency (CRA) is here to help you during tax season. Here’s some information you should know about your taxes, including ways to save money at tax time. For individuals 1. Plan ahead – Register for My Account and sign up for direct deposit, so you’ll be ready when you…

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Life events: What you need to know when your marital status changes

Feb 7, 2014

Getting married Change your marital status – You can change your marital status online by using the Change my marital status service through My Account, or by calling 1-800-387-1193, or send us a completed Form RC65, Marital Status Change. Change of name – If you changed your name, let us know as soon as possible.…

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Life events: Death

Feb 7, 2014

Important facts Here are a few things to keep in mind when dealing with someone’s taxes after they have passed away. File a final return – A final return must always be filed after a death. The legal representative of the deceased must report all of the deceased’s income from January 1 of the year…

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2014 indexation adjustment for personal income tax, benefit amounts, and the annual dollar limit for Tax-Free Savings Accounts (TFSAs)

Dec 3, 2013

2014 indexation adjustment for personal income tax, benefit amounts, and the annual dollar limit for Tax-Free Savings Accounts (TFSAs) Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. Increases to tax bracket thresholds, amounts relating to non refundable credits, and…

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Harper Government announces new requirements for Canadians with offshore property and income

Jul 3, 2013

Toronto, Ontario, June 25, 2013 … The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, today announced the launch of a strengthened Foreign Income Verification Statement (Form T1135), one of the Economic Action Plan 2013 measures to crack down on international tax evasion and aggressive tax avoidance. Minister…

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Canadians are filing online in greater numbers this year

Jul 3, 2013

Income tax return electronically this year, an increase of 17 per cent over last year. As of June 20, 2013, 20 million Canadians took advantage of our electronic filing services, which is up from 17 million this time last year. Electronic filing is quickly increasing in popularity as tax filers discover how convenient, easy, and…

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Harper Government announces new requirements for Canadians with offshore property and income

Jul 3, 2013

Toronto, Ontario, June 25, 2013 … The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, today announced the launch of a strengthened Foreign Income Verification Statement (Form T1135), one of the Economic Action Plan 2013 measures to crack down on international tax evasion and aggressive tax avoidance. Minister…

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Harper Government launches new right to ensure Canadian taxpayers are treated fairly

Jul 3, 2013

Harper Government launches new right to ensure Canadian taxpayers are treated fairly Scarborough, Ontario, June 26, 2013… The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, Mr. J. Paul Dubé, the Taxpayers’ Ombudsman, and Roxanne James, Member of Parliament for Scarborough Centre, today announced the addition of a…

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Harper Government’s Low-Tax Plan Provides Record Tax Relief for Canadian Families

Jul 3, 2013

The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, today highlighted that the Children’s Fitness Tax Credit is on track to provide an estimated $120 million in tax relief to Canadian families in 2012. “Our Government is committed to keeping taxes low for hardworking Canadian families,” said Minister…

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