The bank’s latest report warns that the mortgage renewal “payment shock” will peak in 2026. This will occur when a wave of homeowners from the low-interest pandemic years face significantly higher borrowing costs. Overall household credit quality remains strong. Insolvency…
The review found that only a small fraction of people seeking help from CRA call centres received the correct answers to their tax-related questions, while many others faced long wait times and inconsistent guidance. For many Canadians, the CRA is…
This initiative, part of the federal government’s cost-of-living support plan, is designed to help low- and middle-income households cope with rising grocery prices and persistent inflation that continue to stretch family budgets. The CRA has confirmed that payments will begin…
The issue stems from new tax rules introduced in 2022 that required certain trusts, including so-called “bare trusts,” to be reported to the Canada Revenue Agency (CRA). These rules were intended to tackle tax avoidance, money laundering, and other illicit…
In response to mounting frustration, the CRA has introduced a 100-day Service Improvement Plan running from September 2 to December 11, 2025. This initiative is designed to tackle delays and make it easier for taxpayers to access the help they…
Mistakes happen. Even with the best intentions, it’s easy to overlook income, forget a detail, or make an error when filing your taxes. The Canada Revenue Agency (CRA) understands this, which is why it offers the Voluntary Disclosures Program (VDP).…
But with this added income comes a tax responsibility. How the Canada Revenue Agency (CRA) classifies that income can have major implications for deductions, benefits, and compliance. Income earned from short-term rentals can be considered rental income or business income,…
The measure is being discussed as a way to support households facing ongoing cost-of-living pressures. While the idea has generated excitement, it is important to understand what has been confirmed, who may be eligible, and what steps to take. The…
Many people contribute too much to their TFSA and it isn’t always something you do on purpose. It can happen if you’ve set up automatic deposits and forget to adjust them, or if you’ve got TFSAs at more than one…
The exemption allows homeowners to sell their primary residence without paying tax on any capital gains. However, the Canada Revenue Agency (CRA) has become increasingly vigilant about enforcing reporting rules, as highlighted in a recent Tax Court decision. Since 2016,…