Akonstax

  Postal service delays may result in late receipt of cheque refunds and benefit payments issued by the Canada Revenue Agency (CRA), including: Canada Child Benefit (CCB) GST/HST Credit Income tax refunds and other CRA payments To avoid these delays, direct deposit is strongly recommended. Direct deposit is faster, more secure, and ensures timely access to your funds. How to Set Up or Update Direct Deposit with CRA You can enrol in or update direct deposit with CRA using any one of the following methods: Option 1: Through  My CRA Account  (Online) If you have access to My CRA Account, follow these steps: Log in to My CRA Account Select Profile Scroll down to Direct Deposit Select Edit Enter or update your banking details: Financial institution number Transit (branch) number Account number Important: You must have a valid phone number on file to complete multi-factor authentication (MFA). If your phone number has changed, update it first within y...

  Reporting Worldwide Income in the Year You Immigrate to Canada If you become a new immigrant to Canada, the Canada Revenue Agency (CRA) requires you to report your worldwide income for the entire calendar year in which you become a Canadian resident for tax purposes. The primary reason for reporting worldwide income is to determine whether you meet the 90% rule, which affects your eligibility to claim full or partial federal and provincial non-refundable tax credits. The 90% Rule Explained Under the 90% rule, you may claim full Canadian tax credits in the year of immigration only if at least 90% of your worldwide income for the year was earned while you were a Canadian resident (i.e., after your date of arrival). Example 1: Eligible for Full Tax Credits Date of arrival in Canada: May 1, 20XX Total worldwide income for the year: $70,000 Foreign income earned before arrival: $7,000 Income earned after becoming a Canadian resident: $63,000 Since 90% of the indi...

2026 Canadian Personal Tax Checklist (For 2025 Tax Year Filing) 1. Personal Information ✔️ SIN (Social Insurance Number) ✔️ Date of birth ✔️ Marital status as of Dec 31, 2025 ✔️ Spouse/partner’s income information (if applicable) ✔️ Address changes in 2025 ✔️ Direct deposit banking info (if changed) 2. Income Slips (Most Important) Collect all slips that apply. CRA often already has them online on MyAccount. Employment & Pension ✔️ T4 – Employment income ✔️ T4A – Pension, retirement, commissions ✔️ T4OAS – Old Age Security (if applicable) ✔️ T4A(P) – CPP benefits ✔️ T4RSP – RRSP income withdrawals ✔️ T4RIF – RRIF income (if applicable) Investment Income ✔️ T5 – Interest & dividends ✔️ T3 – Trust income / mutual funds ✔️ T5008 – Investment trades (capital gains/losses) ✔️ Crypto income reports (exchanges, transaction logs) Other Income ✔️ T4E – Employment Insurance ✔️ T5018 – Subcontractor payments (construction) ✔️ T5013 – P...

  Canadian Tax Changes for the 2026 Tax Season: What Individuals and Businesses Need to Know The 2026 Canadian tax season brings a new set of adjustments designed to address inflation, enhance retirement savings, modernize compliance rules, and support affordability initiatives for families. Whether you are an individual taxpayer, a self-employed professional, or a small business owner, understanding these updates can help you file confidently and optimize your tax position this year. Filing Deadlines for 2026 ·    Personal income tax filing deadline: April 30, 2026 ·   Self-employed filing deadline: June 15, 2026 ·   Payment deadline (all taxpayers): April 30, 2026 Regardless of your filing status, all taxes owed must be paid by April 30 to avoid interest. Higher Basic Personal Amount (BPA) The Basic Personal Amount continues its annual inflation-indexed increase. ·   The federal BPA for 2026 is projected to rise to approximately $17,200 ...