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In mid-January, the Canada Revenue Agency (CRA) announced the inflation-adjusted tax brackets, and other deduction amounts for 2017. The amounts have been adjusted at a 1.4% inflation rate which is derived from the average monthly Consumer Price Index (CPI) data provided by Statistics Canada. As we look back to 2016 when filing returns, AGT tax...
As the Canada 2017 Tax Filing Season begins, Canadian taxpayers should be aware that in 2016 the Canada Revenue Agency (CRA) introduced several changes to tax benefits, credits and deductions, effective for the 2017 tax season. AGT’s Canadian tax professionals have prepared a brief overview of these major changes that you should be aware of....
This tax-filing season, the Canada Revenue Agency (CRA) has made some important improvements to services for Canadians. The following outlines some of the services available to individuals. Remember that although these applications are securely designed, as a safe practice, individuals should avoid using such applications on public Wi-Fi servers, such as in a restaurant or...
The Canada Revenue Agency (CRA) exempts the entire capital gain or a portion from the sale of a principal residence from taxes, if it qualifies. However, based on the current updated Principal Residence Exemption (PRE) regulations, it is mandatory to file forms, such as: Form T2091, Designation of a Property as a Principal Residence by...
On the 26th of May 2016, the Canada Revenue Agency (CRA) confirmed that it will treat U.S. limited liability limited partnerships (LLLPs) and U.S. limited liability partnerships (LLPs) as corporations for Canadian tax purposes as these structures resemble Canadian corporations. This decision of the CRA is likely going to cost Canadians owning U.S. real estate...
If you are considering working in a new country there are many things you need to learn to avoid unexpected surprises. This can include the work culture, the immigration requirements and the tax system. The Canadian government has several programs which facilitates entry for those individuals who have the skills that Canada is looking for...
A disability situation can make life difficult for the disabled person and their family. The person has additional expenses to support their disability needs. For this reason, the Canada Revenue Agency (CRA) provides a Disability Tax Credit as well as other disability benefits to help minimize their tax burden. However, many times taxpayers are not well-informed about...
Canadian university students qualify for many unique tax credits when they file their annual income tax return. Majority of students avoid filing a tax return. This is because they believe that they do not need to file as they have little or no income. However, students can and should file their tax returns just like any other...
When a Canadian taxpayer misses reporting certain income or has made an error in their tax returns they can rectify that error with the help of Canada Revenue Agency’s (CRA) Voluntary Disclosure Program (VDP). It is important to note that when using the VDP to fix a mistake full disclosure needs to be made. Since...
On July 25th 2016, the British Columbia government introduced an additional 15% property transfer tax on the fair market value (FVM) of residential property transfers to foreign entities (i.e. foreign nationals (not Canadian citizens or permanent residents), foreign corporations (not incorporated in Canada or if incorporated but the majority control is a foreign entity unless listed on...
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