These are some of the applicable deadlines: March 3, 2025 – deadline for RRSP contributions for 2024. February 28, 2025 – T4 and T5 slips have to be issued March 15, 2025 – deadline for first Canadian tax instalments for 2025. March 31, 2025 – deadline for trust returns March 31, 2025 – T3 slips…
Author: Bert Mulder
Prescribed interest rates
2025 First calendar quarter 2024 Fourth calendar quarter2024 Third calendar quarter2024 Second calendar quarter2024 First calendar quarter2024 2023 Fourth calendar quarter Third calendar quarter Second calendar quarter2023 First calendar quarter2023 2022 Fourth calendar quarter2022 Third calendar quarter2022 Second calendar quarter2022 First calendar quarter2022 2021 Fourth calendar quarter2021 Third calendar quarter2021 Second calendar quarter2021 First calendar…
EFILE news and program updates
T1 EFILE The Canada Revenue Agency’s EFILE, ReFILE and T1135 web services are now closed for the electronic filing of your clients’ initial and amended (T1) personal income tax and benefit returns and T1135 forms for T1. These services will re-open on Monday, February 24, 2025 at 8:30 a.m. (Eastern Time). The Canada Revenue Agency’s T3 EFILE and T1135…
2025 tax filing season starts as IRS begins accepting tax returns today; taxpayers have many options for help
IR-2025-18, Jan. 27, 2025 WASHINGTON — The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns. During today’s early morning opening, IRS systems have already received millions of tax returns from across the nation for processing. The IRS expects more than 140 million…
Update on the Canada Revenue Agency's administration of the proposed capital gains taxation changes
January 31, 2025 Ottawa, Ontario Canada Revenue Agency The Department of Finance announced today that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026. The announcement confirms the government’s intention that, effective for dispositions that occur on or after January 1, 2026, the inclusion rate will…
Don’t miss out on tax benefits for northern residents
February 12, 2025 Ottawa, Ontario Canada Revenue Agency If you lived in a northern or remote area for six months or more in 2024, you may qualify for the northern residents deductions. These deductions recognize the unique challenges northern residents face, such as higher living costs and limited access to services. Find out if you…
Changes to rules for eligible deductions from short-term rental income
What’s new Changes to the income tax rules now deny income tax deductions related to non-compliant short-term rentals after 2023. If you rented out a residential property for short periods, these changes may affect you. What is a short-term rental A short-term rental is a residential property that is rented or offered for rent for a period of less than 90 consecutive…
IRS releases guidance on tax deadline postponement
By Michael CohnMarch 25, 2020, 10:52 a.m. EDT The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic. The Treasury Department announced the postponement of the tax deadline last Friday in response to growing calls to delay the April…
IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts
Received this notice from ‘THE BRUNTON, STRACHAN & KHAN CPA FIRM, CHARTERED, 4710 NW BOCA RATON BLVD., SUITE #101, BOCA RATON, FL 33431’U.S. citizens and residents1 are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts2. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from,…
I am moving and joining Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants
I am pleased to announce that I will be joining the firm of Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants, effective February 1, 2020, at Suite 102, 150 Chippewa Road. https://www.holtzmanllp.com/contact_us.html Most importantly, I want to assure you that you will continue to receive reliable and timely accounting services in the years ahead. I am not…