Canada Revenue Agency – Investment Executive https://www.investmentexecutive.com Canada's news source for financial professionals Thu, 25 Apr 2024 20:41:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.investmentexecutive.com/wp-content/uploads/sites/3/2018/01/cropped-favicon-1-32x32.png Canada Revenue Agency – Investment Executive https://www.investmentexecutive.com 32 32 Feds to give CRA new powers to compel data from taxpayers https://www.investmentexecutive.com/news/industry-news/feds-to-give-cra-new-powers-to-compel-data-from-taxpayers/ Thu, 25 Apr 2024 20:23:35 +0000 https://www.investmentexecutive.com/?p=484755 The agency could extend reassessment period if a taxpayer is issued a notice of non-compliance

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]]> CRA launches new verification method for online access https://www.investmentexecutive.com/news/industry-news/cra-launches-new-verification-method-for-online-access/ Mon, 15 Apr 2024 18:19:06 +0000 https://www.investmentexecutive.com/?p=483775 The new verification process will be more convenient, but not all taxpayers will benefit

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]]> Underused housing tax not meant to generate extra tax revenue, CRA says https://www.investmentexecutive.com/news/industry-news/underused-housing-tax-not-meant-to-generate-extra-tax-revenue-cra-says/ Fri, 29 Mar 2024 17:13:17 +0000 https://www.investmentexecutive.com/?p=482979 Agency has spent more administering the UHT than it has assessed so far 

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]]> Firms face flood of requests for home office expense forms  https://www.investmentexecutive.com/news/industry-news/firms-face-flood-of-requests-for-home-office-expense-forms/ Wed, 27 Mar 2024 15:36:48 +0000 https://www.investmentexecutive.com/?p=482804 Some firms concerned CRA’s employee expense policy could thwart return-to-office initiatives, EY Canada tax expert says 

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]]> CRA extends relief for bare trust returns as filing deadline looms https://www.investmentexecutive.com/news/industry-news/cra-extends-relief-for-bare-trust-returns-as-filing-deadline-looms/ Wed, 13 Mar 2024 19:42:42 +0000 https://www.investmentexecutive.com/?p=482066 Agency says it won’t apply gross negligence penalties for non-filing of 2023 bare trust returns except in “egregious cases”

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]]> CRA updates UHT guidance even as proposed changes remain unenacted https://www.investmentexecutive.com/news/industry-news/cra-updates-uht-guidance-even-as-proposed-changes-remain-unenacted/ Tue, 12 Mar 2024 14:00:32 +0000 https://www.investmentexecutive.com/?p=481992 Deadline for filing underused housing tax return for 2022 and 2023 is April 30

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]]> Denying tax deductions for illegal short-term rentals could raise $170M: PBO https://www.investmentexecutive.com/news/industry-news/denying-tax-deductions-for-illegal-short-term-rentals-could-raise-170m-pbo/ Tue, 13 Feb 2024 16:23:11 +0000 https://www.investmentexecutive.com/?p=480419 One in 10 Airbnbs in Montreal, Toronto and Vancouver are unlicensed, report found

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]]> Employees working from home by choice can claim expenses, CRA says https://www.investmentexecutive.com/news/from-the-regulators/employees-working-from-home-by-choice-can-claim-expenses-cra-says/ Mon, 05 Feb 2024 17:45:02 +0000 https://www.investmentexecutive.com/?p=479840 Agency releases guidance on home office expenses for 2023

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]]> CRA to charge 10% interest on overdue tax through first half of 2024 https://www.investmentexecutive.com/news/industry-news/cra-to-charge-10-interest-on-overdue-tax-through-first-half-of-2024/ Wed, 31 Jan 2024 13:49:22 +0000 https://www.investmentexecutive.com/?p=478883 Prescribed rate for the second quarter of this year to match first quarter rate

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]]> More employees will be asking companies for home office expense tax forms this year https://www.investmentexecutive.com/news/from-the-regulators/more-employees-will-be-asking-companies-for-home-office-expense-tax-forms-this-year/ Fri, 12 Jan 2024 22:07:31 +0000 https://www.investmentexecutive.com/?p=478603 The CRA is no longer offering the flat-rate method to claim employment expenses for 2023

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