Apr
22

Taxes and your Marital Status

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Changes in your marital status may affect your benefit and credit payments which is why it is very important to update the CRA regarding this information. When filing your tax return, you are required to fill in the information regarding your marital status. • Married means you have a spouse. Note that this applies only to a person to whom you are legally married. • Living common-law means that you are living with a person who is not your spouse but with whom you have a conjugal relationship and to whom at least one of the following situations applies:    ...
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Apr
17

MyCRA: How to get started on CRA’s mobile app

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MyCRA is CRA’s mobile app that can be very convenient for individual taxpayers to use. From this mobile app, you can access key portions of your tax information and you can also pay for your balance owing. So how do you get started? To get started, you need a CRA user ID and password. If you have not registered for one, you will need to register on the login page. Note that you will be asked personal tax information when registering for the app. So be ready with your social insurance number, birth date, your current postal code and the amount...
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Apr
15

Did you know CRA has a mobile web app?

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Yes, CRA has a mobile web app that you can use to securely to access your tax information among other things. CRA’s mobile web app is called MyCRA and can be accessed from any mobile device. MyCRA can be used to securely access key portions of your tax information and pay your balance owing. So what key portions of your tax information can you view using MyCRA? Using MyCRA, you can view: - Your account balance - Mail from the CRA - Your notice of assessment - Your return status - Your benefits and credits - Your TFSA and RRSP contribution...
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Apr
10

Budget 2019: Business Income Tax Measures, Part 2

Budget 2019:  Business Income Tax Measures, Part 2
In part 1 of our blog series on Business income tax measures included in Budget 2019, we provided details on the tax measures related to the Government’s support for Canadian journalism, business investment in zero-emission vehicles and small business deductions for farming and fishing businesses. Here are the rest of the Business Income Tax Measures included in Budget 2019: 1. Scientific Research and Experimental Development Program (SR&ED): Budget 2019 proposes to repeal the use of taxable income as a factor in determining a CCPC’s (Canadian-controlled Private Corporation) annual expenditure limit for the purpose of the enhanced SR&ED tax credit. 2. Canadian-Belgian...
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