Please read our 2024 Quarter 3 newsletter. Please contact our offices if you have any questions.

Click HERE to read our 2024 Quarter 2 newsletter. Please contact our offices if you have any questions.

In May 2024, the CRA will begin issuing annual “Available Payments Summary” letters to taxpayers who have available payments on their account. Taxpayers who are signed up for e-notifications will receive an email notification of the letter. Taxpayers and their authorized representatives can view these letters through the Agency’s secure portals.

Please find here our 2024 Federal Budget commentary.

Please contact our offices if you have any questions.

As of January 1, 2024, tax preparers filing more than five returns of the same type need to use EFILE. Mandatory electronic filing (MEF) applies to the filing of T1 personal income tax and benefit returns, T2 Corporation income tax returns and T3 trust returns.

This is a new Reporting that is effective for Trusts that have a year ended December 31, 2023 going forward.

Please read our 2024 Quarter 1 newsletter.

Please contact our offices if you have any questions.

Please find our 2023 Quarter 4 newsletter here.

A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter). This is typically a bank or credit union.

Please find our 2023 Quarter 3 newsletter here.

The Canada Revenue Agency (CRA) provides the Disability Tax Credit (DTC) for eligible taxpayers that are affected by a variety of medical conditions and situations that require more time to complete daily functions than on average.

This year there is also now another tax return for some that will need to be filed, called the Underused Housing Tax (UHT). This was originally due for filing on April 30, 2023. However, the Canada Revenue Agency (CRA) has extended the deadline to waive Interest and penalties if filed by October 31, 2023.

Click HERE to read our 2022 Quarter 2 newsletter.

The CRA instalment interest has increased to 8%. This makes it even more important for instalments and taxes owing to be paid on time.

The deadline to file your tax return this year will be May 1, 2023. For our current clients, our offices have sent out more information to you to prepare for the coming tax season. You can also find some useful information under our ‘Resources’ and ‘FAQ’ tabs.

Please click to read our 2023 Quarter 1 newsletter.

Please find our 2022 year end tax planning newsletter here.

Key highlights of the new Canada Dental Benefit program are that families with a household income under $90,000 may be eligible for direct payments from CRA, two payments per eligible child are available, and applications are being accepted as of December 1, 2022.

Quarter 4 Reschke Fritz LLP Newsletter

Tax instalments are payments you make throughout the year to cover the taxes you normally pay in one lump sum on April 30 of the following year. You pay these instalments during the year while you are earning the income, similar to how an employer deducts tax directly from each pay period.