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A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
July 2024 Poll
Starting in July, CRA will provide legal warnings to recover more than $9 billion of overpaid pandemic recovery benefits like CERB. Do you think that is fair?
Do you have to report income from foreign sources?
In some countries, such as the United States, taxation is based on citizenship. In Canada, however, the government levies income taxes based on residency.
Mind Your Fs and Ps
Federal tax returns are required to be filed by all Canadians who have a balance due or file to recover overpaid taxes or refundable tax credits. Provincial taxes for the whole year are based on your province of residence on December 31.
A right once waived is gone
A taxpayer’s failure to have its waiver of appeal set aside reaffirms that validly negotiated settlements between taxpayers and the Canada Revenue Agency (CRA) are not to be questioned by the courts.
Does everyone have the same tax filing due date?
No, in fact, the Tax Filing Due Date can vary.
File by April 30
Even though proprietors and their spouses have until June 15 to file their returns before late filing penalties kick in, it makes sense to file by midnight April 30 with all other taxfilers to avoid interest charges if you have a balance due.
