During this tax season, it is good for us, taxpayers, to have some knowledge of the overall tax filing scenario. Here are a few tax filing statistics from 2019: • In 2019, over 29 million people filed their tax returns. • Out of the 29 million returns processed, 88% were filed electronically – 30% of them using NETFILE certified software and over 57% were prepared by authorized representatives such as tax preparers and accountants using EFILE. • Approximately 62% of people who filed their returns received refunds. • Last year, the average refund received was $1,740.• In the 2018-2019 benefit year, the...

If you need assistance from the CRA this tax season, you will need to know that the CRA has extended their call centre hours. From February 24 to April 30, 2020, CRA phone agents will be available from Monday to Friday, 9am to 9pm local time and from 9am to 5pm on Saturdays (except Easter weekend). Please also remember to have your personal information ready when you call such as your SIN, date of birth, address and details from a previous assessed return, notice of assessment, reassessment or other tax document. For phone numbers to call, kindly refer to our previous...

Here is a summary of Alberta’s Budget 2020 Tax Plan: o Alberta’s tax advantage: As mentioned in our previous blog on the highlights of Alberta’s Budget 2020, Albertans and Alberta businesses continue to pay less in overall taxes compared to other provinces with low personal and corporate income tax, no sales tax, health premiums or payroll tax. o Job creation tax cut: This includes a low-rate, broad-based approach to business taxation. A low corporate tax rate encourages growth of all Alberta businesses. Alberta’s corporate tax rate has been reduced from 12% to 10% as part of the Job Creation Tax Cut....

The Alberta Government recently announced details of its Budget 2020-2021. Here are the highlights: o Actual 2019 deficit is $1.2 billion lower than projected in Budget 2019.o 2020-21 revenue estimate is at $50 billion. o 2020-21 deficit estimate is at $6.8 billion. o The Alberta Government says it is on track to balance the budget by 2022-23. o Budget 2020 maintains budgets at record levels for health, education and core social services with $20.6 billion allocated for health services, $8.3 billion for education, $3.9 billion for community and social services, $1.6 billion for children’s services and $637 million for seniors benefits...