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As a responsible taxpayer, we have to know the current federal tax brackets and which tax rate applies to you. In this way, we will be able to have an idea just how much of our income goes to taxes – which is a lot if you don’t have a tax plan in place (and that’s a topic we will discuss in another blog…).Federal tax rates for 2019:• 15% on the first $47,630 of taxable income• 20.5% on taxable income over $47,630 up to $95,259• 26% on taxable income over $95,259 up to $147,667• 29% on taxable income over $147,667 up...
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Tax season is starting soon and you should expect a rise in scams and other fraudulent activities related to your taxes. Taxpayers should always be vigilant when you receive correspondence either by phone, email or mail that claims to be from CRA especially if it is asking for personal information such as your social insurance number, credit card number, bank account or passport number. Here are a few more tips to keep in mind to avoid being a victim of these scams: • If you are ever asked to pay taxes or fees to the CRA on lottery or sweepstakes winnings,...
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If you have recently received a suspicious letter claiming to be from CRA by mail, you should know the things that CRA will or will never do when sending letters to taxpayers by mail. When sending a letter by mail, the CRA my do any of the following: • Ask for financial information such as the name of your bank and location;• Send you a Notice of Assessment or Reassessment;• Ask you to pay an amount you owe through any of CRA’s payment options (for payment options, please visit: https://www.canada.ca/en/revenue-agency/services/make-a-payment-canada-revenue-agency.html); • Take legal action to recover the amount you owe, if...
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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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