OTTAWA – The Taxpayers’ Ombudsperson, François Boileau, is pleased that the Canada Revenue Agency (CRA) has proactively waived the 2024 filing requirement for bare trusts, unless it makes a direct request. In July 2024, the Taxpayers’ Ombudsperson announced that our Office was opening a systemic examination into whether the CRA had respected taxpayers’ rights in its administration of bare trust filing requirements …
2024 Automobile Deduction Limits Expense Benefit announced
Ottawa – The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates for 2024. The following changes to limits and rates will take effect as of January 1, 2024: The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will increase to $37,000 from $36,000, before tax, in respect of new and …