Introduction – The Canada Emergency Wage Subsidy Many Canadian businesses have been impacted by the ongoing COVID-19 pandemic. While many businesses are experiencing financial hardship, some of them are unable to pay their employee’s wages. In response, the Government of Canada introduced the Canada Emergency Wage Subsidy (CEWS) in...
RRSP and TFSA Over-Contribution Tax Each year individuals have a certain amount they can contribute to their Registered Retirement Savings Plan (“RRSP”) and Tax Free Savings Plans (“TFSA”) for the year known as “contribution room”. If an individual contributes an amount to his or her RRSP or TFSA which...
This article describes the Canadian Voluntary Disclosures Program as it operated before October 1, 2025. For the current rules under Information Circular IC00-1R7, see our guide to the new Voluntary Disclosures Program rules. Introduction: The CRA’s Voluntary Disclosures Program The Voluntary Disclosures Program (VDP), also known as tax amnesty,...