Over the past while there have been numerous reports of individuals (scammers) impersonating CRA collections agents over the phone and demanding payments for alleged tax debts. The calls can be aggressive, intimidating, and may even threaten arrest by the RCMP or other officials. The scammers may also request payment via various means such as regular… Read more »

This new non-refundable credit will provide federal tax relief of 15% on up to $10,000 of eligible expenditures per calendar year, per qualifying individual (a person 65 years of age or older at the end of the particular taxation year or a person eligible for the Disability Tax Credit).  If there is more than one… Read more »

Rate Hub provides an array of calculators and tools at www.ratehub.ca/credit-cards  to help individuals and businesses select the most appropriate credit card for their needs. In particular, the tools quantify the dollar value of benefits (such as sign-up bonuses and annual spend rewards) and costs (such as annual fees). These tools can also factor in an individual or business’ different types of spending (such as groceries,… Read more »

Gratuities or tips received by employees are income earned from employment. However, it must be determined whether these tips are pensionable and/or insurable, that is, whether the employer should be withholding CPP and/or EI. This depends on whether the tips are considered to have been paid by the employer. Administratively, CRA looks at whether the… Read more »

After leaving a job, an individual may incorporate a business, or invest more time in one that they already operate. The individual may then decide to leave all the money in the corporation, taking no wages. Or, perhaps, the business is unable to pay a salary as it is not making sufficient revenues. Since the… Read more »