Newsletter - Page 3 of 33 - Akler Browning LLP

June 3, 2025

Regardless of their particular circumstances, Canadians who act as unpaid caregivers for disabled, elderly, or chronically ill relatives carry a heavy physical and emotional burden. The weight of those responsibilities is often made greater by financial stresses, particularly where the situation requires full-time caregiving, to the extent that the caregiver is unable to work outside the home in paid employment. In addition, caring for someone who is disabled or chronically ill often means incurring additional out-of-pocket expenses, whether for medical supplies or equipment, or for making alterations to a home in order to make it possible for the individual being cared for to stay in that home.

by Akmin

May 26, 2025

To win elections, politicians need votes. And to run the election campaigns needed to garner those votes, they need an organization, volunteers, and money – a lot of money. To wage the federal election held last month, the major political parties needed to raise and spend millions of dollars. Their task of raising that money was undoubtedly made somewhat easier by the fact that Canadian taxpayers who donate money to political parties or candidates can obtain some tax benefit from doing so.

by Akmin

May 18, 2025

While no two tax returns filed with the Canada Revenue Agency are identical, all such tax returns have one thing in common. Once those tax returns are filed, the CRA will review the income amounts reported and the tax deduction and credit claims made, and issue a Notice of Assessment (NOA) outlining its conclusions with respect to the taxpayer’s tax situation for the year.

by Akmin

May 10, 2025

At first glance, it might seem that the financial pressures experienced by Canadian families would have eased over the last year or so. The spike in interest rates which started in early 2022 has abated, with the Bank of Canada cutting its benchmark rate several times since mid-2023. As well, the rate of inflation, which had reached 6.8% in late 2022, began moderating during 2023 and now (as of March 2025) stands at 2.3%. It would seem, then, that both the cost of daily life (as reflected in the rate of inflation) and the cost of debt servicing (as reflected in the Bank’s benchmark interest rate) would have both become more manageable in recent months.

by Akmin

May 3, 2025

It’s likely that very few Canadians view completing and filing the annual tax return as anything other than an unpleasant chore to be endured, with a sigh of relief once it’s finally done. The goal, for both the taxpayer and the Canada Revenue Agency (CRA), is for the return to then be “assessed as filed”, meaning that the CRA agrees with the income information provided, the deductions and credits claimed, and the final overall tax result obtained by the taxpayer. And, while the best-case scenario is for the taxpayer to have filed a return that is correct and complete and filed on time, that’s a result which can be derailed in any number of ways.

by Akmin

April 28, 2025

Most Canadians live their lives with only very infrequent contact with the tax authorities and are generally happy to keep it that way. Sometime between mid-February and the end of April 2025 the majority of Canadian taxpayers will file a return for 2024 with the Canada Revenue Agency. Once that return is processed, the CRA will issue a Notice of Assessment. Most taxpayers will then receive a tax refund, usually by direct deposit to their bank account, while in a minority of cases the taxpayer will have to pay a tax amount owing on or before April 30, 2025.

by Akmin

April 21, 2025

When Canadians gather together the information slips, receipts, and other documents needed to prepare and file their annual income tax return, their biggest concern is likely whether completing that return will result in the need to pay a tax amount owing. Taxpayers who are recipients of Old Age Security (OAS) benefits share that concern, of course, but they can face an additional unpleasant result when completing their tax return – finding out that they are subject to the OAS recovery tax, or clawback.

by Akmin

April 7, 2025

Notwithstanding the considerable complexity of the Canadian income tax system, there is one rule which applies to every individual taxpayer living in Canada, regardless of location, income, age, or circumstances. That rule is that income tax owed for a year must be paid, in full, on or before April 30 of the following year. This year, that means that individual income taxes owed for 2024 must be remitted to the Canada Revenue Agency (CRA) on or before Wednesday April 30, 2025. No exceptions and, absent extraordinary circumstances, no extensions.

by Akmin

March 25, 2025

A few decades ago retirement, for most Canadians, was an event which marked the change from full-time work to not working at all. Usually, that transition took place at age 65, following which the new retiree would begin to receive Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, and perhaps monthly payments from an employer-sponsored pension plan.

by Akmin

March 15, 2025

While it’s true that the best year-end tax planning starts on January 1of the tax year, the reality is that most Canadians don’t turn their attention to their tax situation for 2024 until the spring of 2025, when the deadline for filing a tax return for 2024 approaches. And while that means that there is plenty of time to get the return prepared and filed, it also means that the most significant opportunities to reduce or minimize the tax bill for 2024 are no longer available. Almost all such tax-planning or saving strategies, in order to be effective for 2024, must have been implemented by the end of that calendar year.

Newsletter - Page 3 of 33 - Akler Browning LLP

Caregivers – getting help through the tax system

Financing the political process – the political contribution tax credit

When you don’t agree with the CRA – disputing your Notice of Assessment

When keeping up with mortgage payments becomes a problem – where (and where not) to turn for help

Fixing a mistake on your (already filed) tax return

Making sure you don’t fall victim to a tax scam

Planning to avoid the Old Age Security clawback

How, when, and where to pay your taxes for 2024

The CPP post-retirement benefit – deciding whether to continue contributing

Some last-minute tax filing strategies – what (and what not) to claim

Accessing home equity in retirement

Maximizing the medical expense tax credit for 2025

When are home office expenses deductible in 2025?

CRA makes changes to the Voluntary Disclosures Program

Some tax breaks for the upcoming post-secondary school year