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CRA email scams are, sadly, very common things nowadays. But what is even sadder is that a lot of people still fall for them! It will be tax season in a few weeks and expect to get a few of these email scams. Just to be sure that you know what is and what is not from the CRA, here are the things you need to know when you have received a CRA email. The CRA generally only sends out an email to a taxpayer when: • The taxpayer is being sent a notification that they have a new message or...
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Have you received salary overpayments due to a system, administrative or clerical error including the errors made through the Phoenix Pay System? This year, the Government is proposing new measures to support employees who must reimburse a salary overpayment to their employers due to errors. Under current rules, any employee who received an overpayment in a previous year is required to pay back the gross amount of this overpayment to their employer. The employee must recover the excess income tax from CRA, CPP contributions and EI premiums that were deducted by their employer when the overpayment was made. Obviously, this has...
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Here are the other tax changes that have taken effect this year:• Canada Pension Plan contribution rates will rise over seven years starting January 2019. Please read our blog series about this change here: CPP Enhancement Starting 2019 Part 1, CPP Enhancement Starting 2019 Part 2• The Federal government will levy a tax on fossil fuels of $20 per tonne of greenhouse gas emissions starting in 2019 and rising by $10 each year to $50 a tonne by 2022 in provinces that don’t have carbon pricing mechanisms of their own. In provinces where this will be imposed, the cost of a...
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In our last blog, we mentioned the following tax changes to expect in 2019. • Further reduction of the Small Business Tax Rate from 10% to 9. • Replacement of the Working Income Tax Benefit with the Canada Workers Benefit. In this blog, we would like to focus on the key tax measures that took effect this 2019 for businesses. • As mentioned, the Small Business Tax Rate has been reduced to 9% this year. Note that the new Alberta Small Business Rate (up to $500,000) is now 11%. • The taxation of non-eligible dividends (generally distributed from corporate income taxed...
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