An RRSP over-contribution is one of those mistakes that feels small but can become expensive fast – because the CRA’s penalty tax runs monthly and can keep running until the excess is eliminated.
This guide walks you through:
What the CRA considers an “excess contribution”
How the 1% per month tax is calculated and when it stops
The exact forms that usually matter
A practical, step-by-step plan to fix the issue and minimize total cost
The mos…
If you still think cryptocurrency is “invisible” to the Canada Revenue Agency (CRA), you’re operating on an outdated assumption. Between (1) exchange KYC data, (2) court-ordered disclosure powers, (3) banking and payment trails, (4) international information sharing, and (5) increasingly sophisticated blockchain analytics, the CRA has multiple practical paths to identify Canadians whose crypto activity doesn’t match their tax filings. The CRA is actively using thes…
Have you ever “borrowed” money from your own company or paid a personal expense out of the corporate account? It might seem harmless, but the Canada Revenue Agency (CRA) has a special rule to catch this activity: subsection 15(2) of the Income Tax Act (Canada). This rule can turn those shareholder loans or benefits into taxable income. In this article, we’ll break down what subsection 15(2) is, why the CRA uses it so often, examples of how it can be triggered, how…
Tax disputes in Canada are governed by strict deadlines under the Income Tax Act (Canada) (ITA) and the Excise Tax Act (Canada) (ETA). Missing these time limits for objections, appeals, or relief requests can forfeit a taxpayer’s rights. Below is a comprehensive list of certain key deadlines (and applicable extensions) for tax objections, appeals, taxpayer relief, and collections.
Objection Deadlines and Extensions
When a taxpayer disagrees with an assessment…