The TFSA annual room limit was indexed to inflation and rounded to the nearest $500. So for 2024 year contribution limit for self-directed TFSA (Tax-Free Savings Account) is $7,000. Plus, any unused contribution room from previous years is carried forward into this year.
Continue reading “Contribution limits for self-directed TFSA”Income tax calculators updated for 2023 tax year
All Canadian income tax calculators are updated for 2023 taxation year.
Most provinces and all territories indexed their tax brackets and basic personal amount by federal or provincial inflation rate.
Continue reading “Income tax calculators updated for 2023 tax year”Tax slips checklist for 2022 tax year
Here are the tax documents you may receive from your bank in Canada or a third-party, depending on the type of accounts and investments you hold.
Continue reading “Tax slips checklist for 2022 tax year”Income tax calculators updated for 2022 tax year
All Canadian income tax calculators are updated for 2022 taxation year.
Most provinces and all territories indexed their tax brackets and basic personal amount by federal or provincial inflation rate.
Continue reading “Income tax calculators updated for 2022 tax year”Netfile software 2022 (for tax year 2021)
Simple tax calculator published on this site can be used to calculate approximate taxes you need to pay, but you must use certified software to file your tax return to Canada Revenue Agency (CRA). NETFILE is an electronic tax-filing service that allows you to send your individual income tax and benefit return directly to the CRA using the Internet and a NETFILE-certified software product.
Canadian Revenue Agency (CRA) published list of certified Netfile software 2022 you need to file tax return for 2021 tax year until 2nd of May, 2022.
Continue reading “Netfile software 2022 (for tax year 2021)”Significant delays for 2019 paper tax returns
Canada Revenue Agency (CRA) says the 10 per cent of Canadians file their income taxes on paper and their should expect “significant delays” because of COVID-19 measures.
CRA is experiencing delays in processing paper income tax and benefit returns and requests to change returns.
Continue reading “Significant delays for 2019 paper tax returns”Netfile software 2020 (for tax year 2019)
Latest Netfile software 2022 for income tax year 2021 can be found here
Simple tax calculator published on this site can be used to calculate approximate taxes you need to pay, but you must use certified software to file your tax return to Canada Revenue Agency (CRA). NETFILE is an electronic tax-filing service that allows you to send your individual income tax and benefit return directly to the CRA using the Internet and a NETFILE-certified software product.
Canadian Revenue Agency (CRA) published list of certified Netfile software 2020 you need to file tax return for 2019 tax year.
Continue reading “Netfile software 2020 (for tax year 2019)”Relief measures for individuals and businesses by Revenu Québec
Québec government follows Federal Government and simplifies the lives of individuals and businesses affected by the exceptional situation stemming from COVID-19.
Government has asked Revenu Québec to apply flexibility measures for individuals and businesses in Québec during income tax filing season.
Continue reading “Relief measures for individuals and businesses by Revenu Québec”CRA deferred the filing due date for the 2019 tax returns of individuals
In order to provide greater flexibility to Canadians during the coronavirus (COVID-19) outbreak, the Canada Revenue Agency (CRA) deferred the deadline for individuals to file income taxes and has been extended it from April 30, 2020 to June 1, 2020 giving people an extra month to file their returns to the Canada Revenue Agency. The deadline to pay any income tax owed to the government will also be extended, allowing Canadians to pay it off without interest or penalties until August 31, 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
Continue reading “CRA deferred the filing due date for the 2019 tax returns of individuals”Key dates for the 2019 tax season
Here are the key dates for 2019 tax season :
Continue reading “Key dates for the 2019 tax season”