The Canada Revenue Agency (CRA) now offers a new document verification service to simplify access to its digital services. Using a government-issued photo ID, such as a passport or driver's licence, users can quickly verify their identity and gain immediate access to their online CRA accounts, including My Account and My Business Account.

This new option eliminates the previous wait time of up to 10 business days for a security code by mail, though the traditional method is still available. To use this service, users need a camera-enabled mobile device and their SIN, date of birth, and recent tax return details.

For more details, visit the CRA website.

Starting from the 2023 tax year, British Columbia introduced a renter's tax credit to support low- and moderate-income residents. Eligible individuals and families with an adjusted income of $60,000 or less can receive up to $400, while those with incomes between $60,000 and $80,000 may receive a reduced amount. To qualify, residents must occupy a rental unit in B.C. for at least six months within the year and meet specific age and residency criteria. The credit is claimed on the T1 Income Tax and Benefit Return using form BC479. Be cautious of potential fraud, as legitimate communication about this credit will not be conducted via text message.

For more details, visit the official B.C. Government website. 

The B.C. Provincial budget for 2024 unveils significant tax changes affecting various sectors. Notable adjustments include the introduction of a new BC home flipping tax on residential real estate sales, an increase in the B.C. family benefit bonus for eligible families, and enhanced benefits for the B.C. climate action tax credit. Additionally, amendments extend tax credits for training and shipbuilding industries while introducing exclusions for animation productions and oil/gas exploration expenses. The employer health tax exemption threshold is raised, and changes are made to sales taxes, property taxes, and exemptions for first-time home buyers and newly built homes.

For more details, visit the official B.C. Government website.