Peter Corry from Alberta says he recently paid $700 for an accountant to file his bare trust tax returns, out of fear of a penalty for missing the April 2 deadline. However, following the Canada Revenue Agency’s (CRA) announcement last week that it is retracting the reporting requirement, Corry says he feels the money was
The recent demise of Lynx Air leaves Flair Airlines alone holding the banner for ultra-low-cost carriers in the Canadian airspace. Heading into the busy summer travel season when airlines make much of their money, some experts say travellers booking tickets across Canada will have to weigh cheap airfare against the reputational and financial uncertainty dogging
Descrease article font size Increase article font size Canadians with bare trust arrangements, such as a co-signed mortgage or joint bank account, are now exempt from filing a return this tax season. The Canada Revenue Agency (CRA) said in an announcement Thursday that bare trusts no longer have to file a T3 Income Tax and
Descrease article font size Increase article font size After a search that spanned throughout the course of nearly one year, a crab fisherman from New Brunswick has claimed the largest lottery prize ever won in Atlantic Canada — $64-million dollars — just 19 days before the ticket was set to expire. Merel Chiasson of Bas-Caraquet
Some Canadians who opened a first home savings account (FHSA) in 2023 have faced delays getting their tax return processed by the Canada Revenue Agency, a government spokesperson confirmed to Motorcycle accident toronto today. Multiple users posting on Reddit earlier this week reported delays of three weeks or more in getting their notices of assessment from the
If you’re part of a joint bank account or have co-signed a mortgage, you might be part of something called a “bare trust” agreement that many Canadians will have to file a tax return for in the coming weeks. Bare trusts aren’t new, but this year is the first time the arrangements must be filed
A long-promised revolution in banking is headed to Canada, but you might not notice when it arrives. Change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, including who they share it with, in what’s known as open banking.The federal government has promised framework legislation in next
Nearly a third of Canadians are considering buying a home with others, renting out a secondary unit and other “non-traditional” paths to ownership amid ongoing affordability barriers in the housing market, a new poll released Tuesday suggests. Re/Max Canada published the results of a poll conducted by Leger in late 2023 that surveyed Canadians on
Higher interest rates and resilient home prices mean most Canadians are getting less for their homes at the $1-million benchmark, according to a new Royal LePage report. The analysis comes as would-be homebuyers continue to struggle with housing affordability, which market watchers say worsened again at the end of last year.Royal LePage released a study
With the contribution deadline for the registered retirement savings plan (RRSP) approaching, Canadians have more choices than ever for where they want to sock away their savings to get a lift on their tax returns. While prospective homeowners may be weighing the pros and cons of an RRSP over tax-deductible contributions to the relatively new