Our Blog

TN CPA Professional Blog

The TN CPA Team is your source for the latest Canadian tax news and updates on changing tax laws.

We are pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.

If you have any questions, simply contact us by email or call 416-318-6789. We will be happy to meet with you for a free, no-obligation consultation.


Tax Deductible Medical Expenses in Canada

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With the end of the year fast approaching, we thought it would be timely to discuss the medical expense deduction on your tax return.

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What happens if I over-contribute to my Registered Retirement Savings Plan (RRSP)?

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Contributions to an RRSP from January 1, 2017, to the first 60 days of 2017 can be deducted from your 2016 income. You must declare your total contributions. The maximum that is tax deductible is your contribution limit per your notice of assessment. Any unused RRSP contribution in excess of $2,000 is subject to penalties by the Canada Revenue Agency (CRA) of 1% per month. 

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CRA Tax Updates for October 2022

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October 31, 2022

Update on electronic notices of assessment

Finance Canada recently proposed legislation that would allow the Minister of National Revenue to provide a notice of assessment (NOA) electronically to an individual who filed their personal income tax return electronically and has authorized that notices or other communications may be made available in this manner. 

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TN CPA Professional
28 Village Centre Pl, Unit 208
Mississauga, ON
L4Z 1V9

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 info@tncpa.ca

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