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Ontario Income Tax News

Are you 65 or older? Claim your benefits and credits

Jan 12, 2015

There are several benefits and credits designed for seniors. Age amount – You can claim this amount if you were 65 years of age or older on December 31, 2014, and your net income is less than $80,980. The maximum amount you can claim is $6,916. Pension income amount – You may be able to…

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Harper Government cracks down on international tax evasion

Jan 7, 2015

January 7, 2015 – Ottawa, Ontario – Canada Revenue Agency The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today announced the launch of the Canada Revenue Agency’s (CRA) Electronic Funds Transfer (EFT) initiative, introduced in Economic Action Plan 2013 as one of several new measures to crack down on international tax…

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Remembering business-related tax deadlines just got a lot easier with the CRA’s Business Tax Reminders mobile app

Oct 20, 2014

Remembering business-related tax deadlines just got a lot easier with the CRA’s Business Tax Reminders mobile app Share this page Did you know? While Small Business Week comes only once a year, the Canada Revenue Agency (CRA) recognizes the unique needs of small and medium-sized businesses and continues to find ways to help them do…

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Report your tips: they are taxable income

Aug 5, 2014

The Canada Revenue Agency (CRA) is reminding Canadians who earn tips and gratuities that they represent taxable income and must be reported on annual income tax and benefit returns. Restaurant servers, hairdressers, valets, taxi drivers, and others who earn tips may not have all of their income recorded by their employers, which means that their…

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Reminder – Monday, June 16, 2014, is the deadline for self-employed individuals to file their 2013 income tax and benefit return

Jun 16, 2014

The Canada Revenue Agency (CRA) reminds self-employed individuals and their spouses or common‑law partners that this year’s filing deadline is midnight on Monday, June 16, 2014, because June 15, 2014 falls on a Sunday. However, if you have an outstanding balance for 2013, it has to be paid on or before May 5, 2014, to…

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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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