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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.


CRA Tax Updates for October 2022

taxupdate

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.

Canada Dental Benefit

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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Friday, 09 December 2022

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