Michael Blank

May 11, 2022

CRA Collections Efforts on CERB CRB CoVid Support

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
April 4, 2022

Check CRA Autofill

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.
April 4, 2022

Capital Gains Offset by Capital Losses

Are you using your Capital Losses properly to offset Capital Gains? Many taxpayers have not used Capital Losses from previous years properly. Contact your tax accountant today.
April 3, 2022

CERB letters

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 service@ottawatax.ca
April 3, 2022

Cellphone Subsidies from Employers

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.
April 3, 2022

Cryptocurrency and Tax

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.
April 3, 2022

Immigrants and Taxes

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2021/new-canada-learn-about-benefit-doing-taxes.html
February 20, 2022

How to Confirm CRA Called You

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.
February 12, 2022

Maximum Home Office Subsidy

The maximum home office equipment subsidy (March 15, 2020 to Dec 31, 2022) is $500. Anything above that is taxable income. See your tax accountant for more
February 12, 2022

Back Up Your Tax Expenses!

If you make claims in your taxes, you’d better back them up. Most claims in taxes require invoices and receipts as backup. Jamie Golombek of the Financial Post had to spend over an hour getting backup (receipts / invoices / evidence) of his home office claims after a CRA audit. Read his Feb 10 article.