CRA My Account Update | Email Notifications
As of February 7, 2022, individuals using Canada Revenue Agency’s (CRA) My Account system will need to have an email address on file. This will help protect users against fraudulent activity as you will be notified via email when important changes are made to your account and personal information. These changes include: Your address Your […]
2022 Canadian and Albertan Tax Brackets and Rates
What Are Tax Brackets? The Canada Revenue Agency administers federal income taxes through 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. This system […]
Canada Revenue Agency Audits to Resume in September | How to Prepare
Beginning in March 2020, many audits performed by the Canada Revenue Agency (CRA) were paused or suspended as our government adapted to the COVID-19 pandemic and focused energies on supporting Canadians through economic uncertainty. In July 2021, auditors began to communicate that work on these files would resume in September this year. If the audit […]
Understand and Track Your Personal Net Worth
If you’d like a complete view of your personal financial situation, you’re considering a major financial or life decision, or you want help setting and tracking personal financial goals, you’ll benefit from ONSight Advisory’s Understand and Track Your Personal Net Worth service. Having an understanding of your personal financial value is key when planning for […]
How CRA Contacts You
Phone scammers continue to call individuals pretending to be employees of the Canada Revenue Agency (CRA) in order to trick them into making payments. To ensure you don’t fall victim to these types of scams, it is important that you know when and how the CRA might contact you. A common reason the CRA might […]
New Canada Recovery Hiring Program
Employers who continue to be impacted by the COVID-19 pandemic may be eligible to apply for one of two Canada Revenue Agency (CRA) subsidies to cover part of their employee’s wages. Along with the Canada Emergency Wage Subsidy (CEWS) program, the CRA has launched a new Canada Recovery Hiring Program (CRHP), including an online calculator […]
CRA Offers Interest Relief on COVID Benefits
The Canada Revenue Agency (CRA) recently announced that they are offering relief on the interest charged on certain COVID benefits. Who is Eligible? You need to check ALL of the following criteria in order to be eligible: Your total 2020 taxable income was $75,000 or less You received at least one of the following COVID-19 […]
Best Practices for Submitting Documents Electronically
We are encouraging you to send us your personal tax information or corporate records electronically. This guide will assist you through the process while ensuring your data is secure and well managed. File Types: We can accept pretty much any file types (PDF, jpeg, bmp, tiff, png, etc.) Image Quality: Obviously, the better the quality, […]
The CRA may owe you money
Most of us daydream about receiving a surprise notification that we have suddenly received some unexpected money. Although it may not qualify as a windfall, there is a chance that the CRA (Canada Revenue Agency) may owe you some money. There is approximately $1 billion in uncashed refunds from the CRA in Canada. You may […]
Save Money with a Health Services Plan
How can you save $100’s and maybe $1,000’s in taxes in one simple step with a Private Health Services Plan? Are you an employee of your own company and do you have significant medical and dental expenses each year of $2,000 or more not covered by a health plan? Then creating a “Private Health Services […]