The new rules are so complex even tax professionals are struggling to understand them: as a result, the Canada Revenue Agency has waived the penalty for bare trusts for the first year.
The 2024 tax filing season comes with a few key changes for Canadians who work from home, sold a home or are saving to buy their first one. Here are some of the significant changes to tax credits and deductions to be aware of, as well as the key dates to know for individuals and business owners.
The Canada Carbon Rebate (previously known as the Climate Action Incentive Payment) returns fuel charge proceeds to Canadians through direct deposit or cheque, every three months, ensuring most households get more money back, with lower-income households benefiting the most.