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 ...

  Social media influencing has quickly moved from being a casual hobby to a serious source of income. With platforms like YouTube, TikTok, and Instagram offering revenue opportunities, many Canadians are now earning money through ads, sponsorships, affiliate links, and even free products. But with income comes responsibility—especially when it comes to taxes. If you’re an influencer, understanding how the Canada Revenue Agency (CRA) views your earnings is key to staying compliant and avoiding surprises. Tax Implications for Canadian Social Media Influencers So—you’ve built a following on YouTube, TikTok, or Instagram. Maybe brands are sending you free products, or you’re earning ad revenue. The big question is:   Do you need to pay tax on this income in Canada? Let’s explore step by step. 1. Is Your Content Just a Hobby or a Business? Ask yourself: Am I getting paid (ads, sponsorships, affiliate links, promotions)? Do I regularly create conten...

WHO NEEDS TO FILE PERSONAL TAX RETURN IN U .S Are you a green card holder or dual citizen of U.S and Canada or lived in U.S for more than 183 Days in a year ? A green card holder or a  citizen of U.S has to file tax return in U.S A person living in U.S for more than 183days in current year or meeting substantial presence test  will also  be required  to file U.S tax return   If you have lived in U.S and meet substantial presence test , you are required to file U. S tax return. Substantial Presence  works as follows Let us take an example . John was in U.S for 120;days in 2024, 120 days in 2023 and 120 days in 2022.his substantial presence in U.Swill be calculated 120 days -2024; 120/3=40 days in 2023 and 120/6 = 20 days in 2022 total 180 days inn last 3years and therefore, he will not meet e Substantial presence test 

Principal residence is exempt from any capital gains arising on disposing the property. There are conditions to meet for criteria to treat a property as Principal Residence. One of the conditions is that property involved should be a housing unit and it must have been ordinarily inhabited in the year by you , your spouse or common in l aw partner or former spouse or common law partner or your child Tax payers have to designate the property as principal residence on Form T 2091( FormT2091 )if the tax payer is still living or on form  T 1255 if owner is deceased and represented by a legal representative,

Form for Determining Residency status. NR73

Form used to withdraw funds from RRSP for home buying. T1036

This form can help reduce source tax deduction, if one is contributing already to systematic periodic RRSP or has credits to claim at the year end and has  not informed the employers about it. T1213

Here is a link to excellent resource of informations on perosal finance and investment ideas Get Smarter About Money.

Are you  claiming Safety Deposit Box charges and other expenses allowed as carrying and interest expenses if you have Investment income? On line 121 of T1 tax return and under item III. on schedule 4 you can claim these expenses. Many people do have investment income slips (T5) and have a safety deposit with their bank. Rental charges to have a safety deposit box  though not significantly high on yearly basis can still be claimed to claim tax savings.

 While preparing personal tax returns for clients having business income often required me to search for  NAICS (North American Industry Classification System) codes. Here is link which can easily let you identify the right industry and code. NAICS Codes

Canada Revenue Agency  on its website posted frequently asked questions regarding "Change in marital status " One of the requirements for any change in status is  to inform CRA within a month after the month the status has changed. For Separated spouses notice to CRA is required after consecutive 90days of separation. Form RC65 has to be filled up and mailed to CRA or one can inform by calling 1-800-387-1193 Click on link below to know more. http://www.cra-arc.gc.ca/bnfts/mrtl/menu-eng.html

Ontario Health Premium was introduced in 2004 provincial budget which contributes 3billion dollars annually to our Health Care system. Ontario residents whether salaried or otherwise have to pay this tax on every dollar earned over $20,000 in a year. The table of  premium rates is available in the link section under "Health Premium-Ontario"

Self employed professional and small business often dillydally filing their tax returns and eventually end up paying interest and penalties.The article below underscores the importance of not only filing requirements but also issues involving it. Enjoy the read.... Self employed and owe back taxes?| Morningstar

Just found an interersting website for new immigrants. It has all the tools and resources to hire,train new immigrants who need to be trained and can become valuable assets to any business. Hire Immigrants

Here is tax package 2010 from Canada Revenue Agency.

Harmonized Sales Tax What You Need To Know If You Are Buying a Home • The HST does not apply to resale homes • An Enhanced New Housing Rebate means that buyers of new homes receive a rebate of up to $24,000 regardless of the price of the new home • Buyers of homes priced up to $400,000 (about three-quarters of new homes built in Ontario) on average, pay no more – and possibly even less – tax than under the PST system • 93 per cent of all homes sold in Ontario, on average, are not subject to an additional tax amount under the HST • Since December 14, 2007, the Ontario government has extended a land transfer tax refund of up to $2,000 to first time buyers of resale homes • On new homes over $400,000, additional tax only applies to the portion of the price above $400,000. For example, if a new house was priced at $450,000, additional tax would only be applicable on $50,000 read more .... Buying a home in Ontario