TAX TIPS AND TRAPS

Written By Firas Jundi

This publication is a high-level summary of the most recent tax developments applicable to business owners, investors, and high-net-worth individuals.

Tax Tidbits

  • The interest rate on overdue taxes for the fourth quarter of 2022 (October 1 – December 31, 2022) has increased by 1% to 7%. Make sure to get those payments in to CRA on time!

  • No input tax credit (ITC) can be claimed if the vendor does not have a valid GST/HST number at the time of the transaction. You can check the validity of an entity’s GST/HST business number at CRA’s online “GST/HST registry.”

  • There are approximately $1.4 billion in uncashed cheques in CRA’s bank accounts. Even cheques that are over a decade old can be reissued. Call CRA or visit your CRA “My Account” online to check whether you have an uncashed cheque.

Please see the linked commentary for more details on these items.

Firas Jundi
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