Aug
19

What you need to know about the recent CRA cyberattacks

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Recently, the Federal Government announced incidents of “credential stuffing” attacks on the GCkey service and CRA accounts. These attacks allowed hackers to take advantage of the fact that many people reuse passwords and usernames across multiple accounts. The GCkey is used to access several services such as Employment and Social Development Canada’s My Service Canada Account or their Immigration, Refugees and Citizenship Canada account. 9,041 users from about 12 million active GCkey accounts were fraudently used to access government services. The Federal Government said that it has cancelled the affected GC Key accounts as soon as the threat was discovered. Affected...
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Aug
16

Government Measures to Help us Manage our Finances through the Pandemic

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The Federal Government has offered several support measures to help Canadians manage their finances during this difficult time.  Here is a quick reference list of what is/was available:  Tax:  The CRA deferred the filing of tax returns and have also extended the payment deadline to September 30, 2020.  Benefits:  In May 2020, the Canada Child Benefit was increased to an extra $300 per child.  Special one-time payment for Seniors was also given in July 2020. Loss of income:  The Federal Government introduced the Canada Emergency Response Benefit for individuals who lost their jobs due to COVID and the Canada Emergency Student Benefit for...
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Jul
29

Canada Emergency Wage Subsidy (CEWS) Extension and Other Updates

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October 9, 2020 Update:   The CEWS is extended until June 2021.  Note that the subsidy will remain at the current subsidy rate of up to a maximum of 65% of eligible wages until December 19, 2020.   Canada’s Finance Minister recently announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) including the extension of the program until December 2020. Please note that there are significant changes to this program because of these announced proposals, effective July 5, 2020. The following are the legislative proposals for the CEWS: Extension of the CEWS until December 19, 2020 including redesigned program details until November...
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Jul
28

COVID-19 & Taxes: Interest Waived on Existing Tax Debt

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Aside from the payment deadline extension that CRA announced recently, the CRA also announced that it will waive arrears interest on the following existing tax debts:existing debts related to individual, corporation and trust income tax returns from April 1, 2020 to September 30, 2020 andexisting tax debts related to the goods and services tax/harmonized sales tax (GST/HST) returns from April 1, 2020 to June 30, 2020.Please note that this will not cancel penalties and interest already assessed on a taxpayer's account prior to this period. This measure will only ensure that a taxpayer's existing debt will not grow through interest during...
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