Last June 21st, 2018, the Cannabis Act received Royal Assent. The Cannabis Act aims to keep cannabis out of the hands of children and the profits away from criminals and organized crime. As many of you know already, cannabis for non-medical purposes will become available for legal retail sale in Canada on October 17, 2018. In preparation for this, the Canadian Government has released a set of proposals under Excise Act, 2001 for public consultation. These technical draft regulatory and legislative proposals will provide for the additional excise duty rates for each province or territory that has signed a Coordinated Cannabis...
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The CRA recently released highlights from their Corporate Planning with their commitments to Canadians in respect to tax services. 1. CRA commits to providing timely and accurate information through written correspondence or their telephone services. • By May 2019, the CRA’s goal is to complete improvements to the design, style, clarity and tone of 95% of their written correspondence to Canadians. 2. CRA commits to making it easy to comply with tax obligations. • By December 2018, the CRA plans to allow taxpayers who use GST/HST Internet File Transfer software to register for online mail. • By May 2019, the CRA...
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Canadians are invited to provide their comments regarding a set of draft legislative proposals relating to sales, excise and income tax measures announced in Budget 2018 that have not yet been legislated as well as one other previously announced tax measure. Proposals related to sales and excise taxes would implement measures regarding:- The excise refund in respect of diesel fuel used for certain purposes;- The GST/HST holding corporation rules;- The GST/HST rebate for printed books for qualifying public service bodies;- Reassessment periods – requirements for information and compliance orders; and- The sharing of information relating to criminal matters. The draft income...
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Do you have any unclaimed balances or unclaimed money in a bank, trust company or loan company? Yes, some people really do forget that they have funds deposited in a bank, trust company or loan company. Some also forget to inform these financial institutions on any changes to their address, name due to marriage or divorce or any other personal information relevant to their deposit. So what is considered an unclaimed balance? Unclaimed balances are Canadian-dollar deposits or negotiable instruments issued or held by federally regulated banks or trust companies, which have had no owner activity in respect of the balance...
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Two years ago, the Canadian Government launched the Canada Child Benefit to replace both the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB). The Canada child benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under the age of 18.This benefit is paid over a 12-month period from July of one year to June of next year. The benefit payments are recalculated every July based on the information from you and your spouse’s tax return from previous the previous year. In last year’s Fall Economic Statement,...
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The Assured Income for the Severely Handicapped or AISH is a program of the Government of Alberta that provides financial and health benefits for eligible Albertans with a permanent medical condition that prevents them from earning a living. You are eligible to receive this benefit if:- You have a medical condition that substantially limits your ability to earn a living;- Your medical condition is likely to remain permanent;- There is no medical treatment, therapy, rehabilitation or training available that will help improve your ability to earn a living;- You are at least 18 year old and not eligible to receive an...
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The CRA has recently announced that it is publishing a series of studies on Canada’s tax gap. Tax gap is the term used to describe the difference between the government’s potential tax revenue and the actual taxes collected.To examine the different parts of the gap, the CRA conducted four studies: 1. A conceptual study on tax gap estimation (June 2016)2. An estimate of the tax gap for GST/HST (June 2016)3. A report on domestic personal income tax compliance in Canada (June 2017)4. International Tax Gap and Compliance Results for the Federal Personal Income Tax System (July 2018)The fourth study, the latest...
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The Canadian Government through the Department of Finance recently released a draft technical changes to the Goods and Services Tax / Harmonized Sales Tax (GST/HST) rules for sales of carbon emission allowances, such as those traded in cap and trade systems. Effective as of June 27th, 2018, the purchaser of carbon emission allowances is responsible for self-assessing the tax amount when the GST/HST is payable on such a sale. This change replaces the previous requirement where the seller of the allowance collected the tax from the purchaser and remitted it to the CRA. The Department of Finance notes that this rule...
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On our last blog, we shared a bit of background on the Auditor General’s report stating that the CRA’s call centres did not provide taxpayers with timely access to call centre agents as well as some of the steps taken by the CRA to respond to this report. On this blog, we’ll take a look at the other measures that the CRA has implemented in order to improve the call centre’s service and accessibility. With previous investments from Budget 2016, the CRA has hired more agents to improve its telephone service and accessibility. Last year, the CRA had an average of...
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Last year, the Auditor General released a report with regards to the CRA’s Call Centres (2017 Fall Reports of the Auditor General of Canada). In this report, the Auditor General concluded that the CRA’s call centres did not provide taxpayers with timely access to call centre agents. Prior to the release of this report, the CRA claimed that it met its targets for both access and timelines. The Auditor General report, however, noted that the performance measures used by the CRA were incomplete and its call centres’ results were overstated. Some of the highlights of the Auditor General’s report include:• CRA...
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