One is required to register when taxable supplies in four consecutive quarters reaches $30,000. Liable for collection as an ‘agent’ of the government, even if one hasn’t yet registered. Registration must be completed by 30 days after the $30,000 threshold has been reached. If you need help registering or clarifying the rules, contact your tax accountant today.
The CRA is starting to collect and issue more and more notices about overpayments of CERB, CRB and CoVid Support programs. Review the rules carefully, did you truly qualify? If you need help, contact your tax accountant. https://www.canada.ca/en/revenue-agency/news/2022/05/update-on-the-government-of-canada-issuing-debt-notification-to-ineligible-canada-emergency-response-benefit-recipients.html
Make sure to check CRA’s Autofill for your tax return! I have seen many clients miss tax slips from Autofill. RRSP slips are usually late because the RRSP ends so late. T4As for seniors are missing this year, or have errors. Two out of three T3s show up. Even a T4 was missing. Make sure you check every slip this year.
The government of Canada sent CERB payments to over eight million Canadians. Many of those may have received more CERB (Canada Emergency Relief Benefit) than they were entitled to. The government will be mailing out more than 1 million letters to Canadians reviewing their CERB eligibility. If you have any questions, contact firstname.lastname@example.org
Some companies offer cellphone subsidies to their employees. There are tax/receipt issues from these subsidies. If it is an ‘allowance’, it is taxable in the hands of the employee. If it is a ‘subsidy’, it is an expense and the employee has to submit a receipt (i.e. cellphone bill) each month.
Tax on cryptocurrency is rather new. Regulations have changed over the years as the CRA adapted to the new realities. Tax positions may be carefully crafted, based on precedents in other industries. Contact your tax preparer today for more details.
Here is how to confirm if the CRA called you…and not a scammer: Tell the caller you would like to first verify their identity Ask for, and make a note of their: name phone number office location Check that the call you received was legitimate by contacting the CRA at the number that you look up yourself on the CRA website before you provide any information to the caller. Call the CRA employee back to discuss the reason for the call.