Canadian tax news
Your source for the latest Canadian tax news and updates on changing tax laws. Working collaboratively with the Canada Revenue Agency (CRA) we aim to bring clarity on pressing tax questions and tax updates.
Please visit our archive page for content from 2020. There are no posts on this page older than 2020.
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Clarification: CRA Q&A session on new COVID-19 support measures
January 17, 2022
It has come to our attention that during the CRA Q&A session on January 13, there was an issue with an answer provided in respect of T4 reporting, and, in particular, whether amounts are required to be reported for T4 codes 57 to 60 for 2021 T4s. The CRA has confirmed that this additional reporting requirement applied only for the 2020 calendar year and therefore, no additional reporting is required for 2021.
Further update on proposed trust reporting rules
January 14, 2022
The CRA has updated their webpage on the proposed trust reporting rules with the following message:
The legislation to support this proposed measure is pending. The CRA will administer the new reporting and filing requirements once there is supporting legislation that receives Royal Assent. The CRA will continue to administer the existing rules for trusts, under enacted legislation. The proposed beneficial ownership reporting requirements will not be part of the published 2021 T3 income tax return. This note will be updated when more information is available. You should not delay filing your 2021 T3 tax return.
January 13, 2022
Further to our update on December 20 (see “Update on trust reporting proposals”), there have been some developments on this issue.
January 12, 2022
Today, the government announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.
January 11, 2022
Yesterday afternoon, CRA sent an email notifying key stakeholders that the CRA is hosting interactive question and answer sessions on the Canada Recovery Hiring Program, the Tourism and Hospitality Recovery Program, and the Hardest-Hit Business Recovery Program.
January 6, 2022
The CRA recently provided an important update to its My Account (MyA) services. Starting in February 2022, the CRA will require taxpayers to provide their email address to use MyA as an additional security measure to protect taxpayers’ personal information.
January 5, 2022
On December 30, the CRA launched the application site for the expanded Canada Worker Lockdown Benefit (CWLB), which includes its list of eligible lockdown regions.
January 4, 2022
As you may recall, the CRA announced a number of administrative rules to provide relief on employment benefits due to the pandemic for 2020. The CRA has now provided an update on how these rules will apply for 2021.