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Current News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Department of Finance Canada News

Deputy Prime Minister and Minister of Finance to meet with provincial and territorial counterparts

Thu, Jan 21, 2021

Tomorrow, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, joined by the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, will virtually convene the semi-annual Finance Ministers’ meeting with provincial and territorial colleagues. The Deputy Prime Minister and Finance Ministers will be joined by the Governor of the ...

Government Publishes Draft Legislative Proposals to Adjust Certain Deductions for Employment Insurance and COVID-19 Benefits

Tue, Jan 19, 2021

Under the current tax rules, EI and CERB income are treated differently when determining tax relief under the Child Care Expense Deduction and the Disability Supports Deduction. ...

Government Announces the 2021 Automobile Deduction Limits and Expense Benefit Rates for Businesses and Temporary Adjustments to the Automobile Standby Charge due to COVID-19

Mon, Dec 21, 2020

Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2021....

Government of Canada appoints Chairperson of the Canadian International Trade Tribunal 

Fri, Dec 18, 2020

Today, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, announced that Frédéric Seppey will be appointed Chairperson of the Canadian International Trade Tribunal (CITT) for a term beginning January 4, 2021. Mr. Seppey will replace Jean Bédard. This appointment was made via an open, transparent, and merit-based process....

Government announces wage subsidy rate increase to 75 per cent

Fri, Dec 18, 2020

Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced that the government has concluded the necessary regulatory changes to raise the maximum wage subsidy rate to 75 per cent for the period beginning Sunday, December 20, 2020, until March 13, 2021. This support will be there for workers and businesses through the tough months ahead as we face the ...

Federal government announces major transfer amounts for 2021-22

Thu, Dec 17, 2020

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the Government of Canada will provide a record $83.9 billion in transfer funding for provinces and territories in 2021-22. ...

Government Announces Climate Action Incentive Payments for 2021

Wed, Jan 06, 2021

Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced the 2021 Climate Action Incentive payment amounts for people who live in provinces that do not have a pollution pricing system of their own (Ontario, Manitoba, Saskatchewan and Alberta)....

Government Publishes Draft Legislative Proposals Supporting Jobs and Safe Operations at Junior Mining Companies

Wed, Dec 16, 2020

Today, the Department of Finance published draft legislative proposals to protect jobs and safe operations at junior mining exploration and other flow-through share issuers, by extending the timelines for spending the capital they raise via flow-through shares....

Government Publishes Draft Legislative Proposals Expanding Support to Businesses Using Zero-Emission Vehicles

Tue, Dec 15, 2020

To help Canadian businesses upgrade to low-carbon alternatives and keep Canadian industries competitive, the Prime Minister announced on March 2, 2020, the government’s intention to provide a full tax write-off for business investments in zero-emission automotive equipment and vehicles. ...

Minister Fortier highlights new supports in Fall Economic Statement during virtual townhall with Waterloo Region Economic Development Corporation

Tue, Dec 08, 2020

Today, the Honourable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance, joined by the Honourable Bardish Chagger, Minister of Diversity and Inclusion and Youth and Member of Parliament for Waterloo, as well as Members of Parliament Tim Louis (Kitchener—Conestoga), Bryan May (Cambridge), and Raj Saini (Kitchener Centre), spoke with members of the Waterloo Regio...

CRA Newsroom

Students: Put more money in your pocket with benefits and credits!

Thu, Jan 21, 2021

The Canada Revenue Agency (CRA) understands that many students have been struggling with financial hardship during the COVID-19 pandemic. ...

Seniors: Tips to help you this tax season!

Thu, Jan 14, 2021

The Canada Revenue Agency (CRA) understands that the COVID-19 pandemic may have affected the usual ways seniors manage their taxes. ...

Taxpayer relief deadline is December 31, 2020, for requests related to 2010

Wed, Dec 09, 2020

The Canada Revenue Agency (CRA) would like to remind taxpayers and registrants that they have until December 31, 2020, to make a taxpayer relief request related to the 2010 tax year. ...

Important changes for representatives – what you need to know

Tue, Dec 08, 2020

As of October 19, 2020, our online Represent a Client (RAC) service allows you to submit legal documents, such as a will or a power of attorney, to identify you as a legal representative. ...

Do you file your taxes on paper? Due to COVID-19, paper filing may delay your assessment

Tue, Dec 08, 2020

No matter how you file your return, the Canada Revenue Agency (CRA) strives to ensure we process your tax return in a timely manner and get your refund to you quickly. ...

What you should know during times of financial uncertainty

Fri, Nov 27, 2020

Did you know? November is Financial Literacy Month in Canada. Financial literacy means having the knowledge, skills and confidence to make responsible financial decisions at any stage of your life. ...

Canada Revenue Agency announces maximum pensionable earnings for 2021

Tue, Nov 03, 2020

The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2021 will be $61,600—up from $58,700 in 2020. ...

Own a small business? During Small Business Week and throughout the year, the CRA is here to help!

Tue, Oct 20, 2020

Across Canada, employers are working hard to navigate through these uncertain times. ...

Warning: Watch out for bad-debt tax schemes!

Tue, Sep 29, 2020

The Canada Revenue Agency (CRA) is warning Canadians about getting involved in tax schemes where promoters, including some tax representatives and tax preparers, are claiming that individuals can get a tax write-off by claiming a bad-debt deduction. ...

Interest rates for the fourth calendar quarter

Fri, Sep 25, 2020

The Canada Revenue Agency (CRA) announced today the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. ...

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