That said, this tax credit isn’t a big deal for most people, and in some cases it’s better not to convert an RRSP or LIRA to a RRIF or LIF to qualify for the credit. In 2025, the maximum federal tax savings will be $290 (for my calculations, read on). You can save a little […]
The tax liability still applies, but “in fairness to all, the CRA grants a higher level of relief to those who correct an error before being contacted than to those who correct errors after being prompted by notices from the CRA or other administrative authority.” How to download quality for the VDP There are five […]
You may not qualify for the GST/HST credit if one of the following applies: You will not be considered a resident of Canada You are exempt from paying taxes You must have 90 consecutive days or more in prison or a comparable institution The intended recipient of the credit has passed away Receive free financial […]