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.Disclaimer:
The content provided in this blog is for general informational purposes only and is not intended as professional accounting, tax, or financial advice. While efforts are made to ensure the accuracy and timeliness of the content, errors or omissions may occur. The content does not constitute a client-advisor relationship. Readers should consult with a Chartered Professional Accountants or other financial professional for advice tailored to their specific needs. We are not liable for any actions one might take based on the information provided in this blog.
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CRA Tax Updates for October 2022
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.
From a recent discussion with the Canada Revenue Agency (CRA), it is our understanding that there will be no changes in the process for issuing personal NOAs until at least 2024. We will keep you posted as we get additional information.
October 25, 2022
Further details released on the Canada Emergency Benefit Account (CEBA) repayment extension
The CEBA website has been updated to reiterate that the December 31, 2022, forgiveness repayment deadline will be extended to December 31, 2023, for eligible CEBA loan holders in good standing. If CEBA participants are in good standing and qualify for the new extended term, they will be contacted by their financial institution with details regarding the new repayment date. The website also provides more guidance on repayment and forgiveness terms in the FAQ section.
October 20, 2022
The additional one-time GST credit payment will be issued to eligible individuals and families starting November 4th. Sign up for direct deposit to get your payment straight to your account!
Direct deposit - Canada Revenue Agency
October 19, 2022
The Government of Canada has proposed the Canada Dental Benefit to support middle/low-income Canadians who earn less than $90,000 per year and who are unable to access dental care due to the associated costs, and who do not have access to private dental insurance.
October 6, 2022
If you received a letter about a Covid-19 benefit debt and are worried about paying in full now, you can talk to CRA about a payment arrangement based on your ability to pay.
CRA issued COVID-19 benefits for individuals
SOURCE:
CANADA REVENUE AGENCY
CPA ONTARIO
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