Tips/News

Canada Revenue Agency sitting on $1 billion in uncashed cheques

The Canada Revenue Agency’s goal is to find the rightful recipient of every one of the 7.6 million cheques forgotten in government coffers during the last 20 years. For more information, please visit the following website:

https://nationalpost.com/news/canada/canada-revenue-agency-1-billion-uncashed-cheques.html

Climate action incentive

The climate action incentive (CAI) payment consists of a basic amount and a 10% supplement for residents of small and rural communities. This payment may reduce your amount payable or increase your refund when you file your income tax and benefit return. For more information, please visit the following website:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-45110-climate-action-incentive.html

Sale of your principal residence

Since 2016, the Canada Revenue Agency has required that you disclose the sale of your principal residence on your personal income tax return.   Failure to report the sale may result in a penalty.   For more information on this requirement, please visit the following website:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/principal-residence-other-real-estate/sale-your-principal-residence.html

The Canada caregiver credit

If you support a spouse or common-law partner, or a dependent with a physical or mental impairment, then the Canada caregiver credit (CCC), a non-refundable tax credit,  may be available to you.   For more information on this credit, please visit the following website:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/canada-caregiver-amount.html

Teacher and Early Childhood Educator School Supply Tax Credit

If you work as a teacher or ECE, you may be eligible to claim a 15% refundable tax credit based on an amount of up to $1,000 of purchases of eligible teaching supplies.   For more information on this credit, please visit the following website:

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2016-growing-middle-class/teacher-early-childhood-educator-school-supply-tax-credit.html

Direct deposit

If you receive at least one of the following payments from the CRA, you can sign up for direct deposit:

-income tax refund

-goods and services tax/harmonized sales tax credit and any similar provincial and territorial payments

-Canada child benefit and any similar provincial and territorial payments

-working income tax benefit

-deemed overpayment of tax

For more information how to sign up for direct deposit, please visit the following website:

https://www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/direct-deposit.html

Protect yourself against fraud

If you receive a phone call, email or text that is suspicious, please read the following information before disclosing any personal information.   In some cases, it may be a scam from an individual or organization posing as the Canada Revenue Agency.

https://www.canada.ca/en/revenue-agency/corporate/security/protect-yourself-against-fraud.html