Investment Executive

CRA releases forms to allow for transfers out of FHSAs

The Canada Revenue Agency (CRA) has released forms to allow tax-free first home savings account (FHSA) holders to transfer assets from their accounts to their RRSP, RRIF or to another FHSA. While the ...
Investment Executive

CRA releases revised form for mandatory tax disclosures

The Canada Revenue Agency has released the new form that advisors, tax promoters and taxpayers must use to disclose reportable and notifiable transactions under the federal government’s expanded ...
Advisor

CRA releases death-related FHSA forms

The Canada Revenue Agency published three new forms on Thursday related to the tax-free first home savings account (FHSA). Two of the forms relate to the death of the account holder: RC722 – Transfer ...
Advisor

CRA releases new form for reporting beneficial ownership of trusts

The Canada Revenue Agency (CRA) has released the form with which trustees must begin reporting beneficial ownership information under the expanded reporting regime for trusts. A completed Schedule 15, ...
Opinion

Franco Terrazzano: To fix the CRA, the government must simplify the tax code

The CRA is one of the largest arms of the federal government with 52,499 bureaucrats on its total payroll. For comparison, America’s Internal Revenue Service has 90,516 bureaucrats for a much bigger ...
The Globe and Mail

Despite interest and penalty relief, questions abound for corporations navigating capital gains changes

Incorporated clients and small businesses facing imminent tax-filing deadlines remain in the dark on how to file their tax returns or calculate their taxes owed as the federal government’s proposed ...