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As tax season fast approaches, navigating this time of year is certainly no easy feat and with a slew of new changes outlined by the Canada Revenue Agency, you may not be totally up to date ahead of filing your 2023 income taxes. ....
It's time to calculate taxes in Canada. As taxpayers begin to navigate the tricky web of tax information out there, they'll have multiple factors to consider to ensure their tax return is complete and that they're maximizing their deductions and opportunities to earn those sweet refundable tax credits. It's even trickier for Quebecers, who, unlike most Canadians, have to file two separate returns. Here's a guide to tax season in Canada, including how much income tax you can expect to pay at the federal and provincial levels, some of the biggest credits and benefits available to you, the filing deadline and the penalties for missing it. ....
The idea of taxes alone can be taxing, especially if you have multiple returns to submit, but it's when you're tired, or avoidant, that scam artists can do the most damage. This year, the Canada Revenue Agency (CRA) is warning of phone-based cons promising refunds and online swindles stealing personal and bank account info. You may think you're impervious to those tricks, but some can be surprisingly convincing. Plus, you should probably brush up on them to warn the older, less tech-savvy people in your life. Here are the most common tax scams and how to recognize to them, according to the CRA. ....