New Mail from the Canada Revenue Agency | How to Access CRA Mail
Canada Revenue Agency (CRA) encourages individuals to sign up for a My Account and business owners to sign up for a My Business Account. You can use these to view and interact with important updates to your information, notices of assessment, and more. If your correspondence preferences are set to “Electronic mail,” you will receive […]
Canada’s Underused Housing Tax (UHT) | FAQs
Important Update – November 1, 2023 On October 31, 2023, the Canada Revenue Agency announced a new extended deadline for filing UHT returns. The application of penalties and interest under the UHTA for the 2022 calendar year will be waived for any late-filed underused housing tax (UHT) return and for any late-paid UHT payable, provided […]
2023 Tax Changes and Updates for Canadians
Based on the relatively high inflation that Canada experienced in 2022, many significant tax figures, rates, and rules have been updated for 2023. Find changes to federal and Albertan tax brackets and rates, and updates to basic personal amounts, the CPP contribution rate, and Canada Child Benefit here. 2023 Updates to TFSA Limit The 2023 […]
Understanding and Increasing Your Personal Net Worth | Advice for Physicians
What is Personal Net Worth Your personal net worth is based on the value of all your assets minus the value of your liabilities. What would you have left after selling everything you own and then paying off your debts? That is your personal net worth, or PNW. Your assets may include cash and anything […]
2023 Canadian Federal and Alberta Tax Brackets and Rates
What Are Tax Brackets? The Canada Revenue Agency collects federal income taxes using a marginal tax rate system. A different tax rate is applicable to each level of income, and these levels are called tax brackets. Tax brackets are structured so that low-income Canadians pay a lower percentage in taxes than high-income Canadians. Changes are […]
How to Determine Your Personal Net Worth
When you determine what your personal net worth is, you can make strategic choices to plan for the future and improve that value. Understanding your personal net worth will help guide how you approach personal investment decisions, the potential sale of your business, retirement planning, or major purchases. You should consider obtaining a PNW statement […]
The Top 3 Things You Need to Know from the 2022 Federal Budget in Canada
Summary of the 2022 Federal Budget Canada released the 2022 federal budget on April 7, 2022. As in past years, the focus of this year’s budget is on building a stronger, more resilient economy leading to long-term fiscal sustainability, and to reduce the federal debt-to-GDP ratio to pre-pandemic levels. The 2022 federal budget also aims […]
RRSPs vs. TFSAs | How Should You Invest Your Money?
Updated February 20, 2024 What Are RRSPs Registered Retirement Savings Plans (RRSPs) are retirement savings plans that are registered with the Canada Revenue Agency and that you and/or your spouse or common-law partner can contribute to. When you contribute money to your RRSP, that money can grow over time through investments. Contribution room is based […]
Post-Pandemic Family Budgeting | Preparing for a Return to Pre-Pandemic Rhythms
For many people who were able to maintain steady income throughout the duration of the ongoing pandemic, there have been many cost saving opportunities with restrictions and lockdowns interfering with our regular activities and transactions. With fewer outings, classes, courses, commutes, etc., many of us were able to increase our savings. As restrictions have been […]
What Are CRA’s Processing Times?
The Canada Revenue Agency has shared an online tool that will offer you a general idea of standard processing times for tax returns and various tax-related submissions such as clearance certificates, CPP submissions, T1 adjustments, payroll related items, and more. This can be a helpful resource when you are awaiting the processing of your files […]