What Kind of Medical Expenses are Tax Deductible in Canada?
While health care in Canada is publicly funded, there are various out-of-pocket medical expenses that taxpayers incur on a daily basis. Examples include...
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Do You Have to Pay Tax on Rental Income?
What is Rental Income? Rental income is any income earned for allowing others the use of a specific space. This includes houses, apartments, individual...
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What is Wage Garnishment?
A wage garnishment is when a creditor seizes some, or all of your earnings to pay off your amount owing. It is often used by the Canada Revenue Agency...
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How do I file Last Years’ Tax Return?
For one reason or another, your last years' tax return was not filed . The longer it remains un-filed, the more penalties and interest that will be charged...
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How to Calculate CRA Penalty and Interest
If you have a balance owing for a tax year, the Canada Revenue Agency begins charging compound daily interest on May 1st of that year. The interest is...
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What is the CRA Reassessment Period?
The CRA Reassessment Period is the amount of time the Canada Revenue Agency is allowed to adjust a personal, corporate, GST/HST, or payroll return. Each of...
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What Can the CRA Require me to Pay?
What Happens if you Owe Money to the CRA? It is important to know that if you are unable to pay the full amount that you owe to the Canada Revenue...
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What are the Penalties for Tax Evasion?
What is CRA Tax Evasion? The Canada Revenue Agency states that an individual or business engages in tax evasion when they intentionally ignore Canada’s...
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