The CRA mileage rate is the highest per business kilometer rate at which you can reimburse your employees while still being able to receive a tax deduction. Employers typically stick to this prescribed rate for practical reasons, as it allows them to compensate their employees fairly wh...
The Honeymoon Is over for Canadian Couples: CRA Expected to Announce Prescribed Interest Rate IncreaseKorenblum, Henry
This option is useful if your 2022 income will be significantly less than 2021. But it’s also the riskiest method because if you’re wrong, you can end up being charged instalment interest, compounded daily at the prescribed interest rate (currently, seven per cent for overdue taxes), and ...
But the CRA in June 2022 issued a Notice of Reassessment that included the omitted income from the RBC T5 slips. The agency also charged him more than $70,000 in arrears interest on the amount reassessed. (No penalty was imposed because it was the taxpayer’s first income omission in the...
However, please note that each individual's tax situation is unique and dependent on a variety of factors. Before proceeding with any tax planning, a tax professional should always beconsulted. For further information, please contact your Scotiabank representative or wealthadvisor.Kevin Tran...