Taxing Rental Income in Canada | Complete Guide

Rental income is taxable in Canada and must generally be reported to the CRA each year. However, you are only taxed on your net rental income, not the total rent you collect. This means you can deduct eligible rental expenses before calculating the amount subject to tax.  Item Tax Treatment Rent collected from tenants Taxable […]

CRA Tax Code 150 Explained Simply

If you’ve checked your CRA account and noticed Code 150, don’t panic. In most cases, CRA Code 150 is simply an indication that the CRA has processed your tax return and calculated your tax assessment. It does not automatically mean you owe money, nor does it mean there is a problem with your return.  Quick […]

Rental Property Deductions Every Owner Should Know

Deductible Rental Expenses in Canada Explained Expense Type Usually Deductible? Property taxes Yes Mortgage interest Yes Insurance Yes Property management fees Yes Advertising for tenants Yes Utilities paid by landlord Yes Repairs and maintenance Usually yes Accounting and bookkeeping fees Yes Mortgage principal payments No Capital improvements Not immediately Understanding the difference between deductible expenses […]

What Does Code 152 Mean From CRA?

If you’ve checked your CRA account and noticed Code 152, you’re probably wondering whether it’s good news or a sign that something is wrong with your tax return. In most cases, CRA Code 152 indicates that your return is being processed or reviewed through the normal assessment system. It is generally not considered a negative […]

Late Corporate Tax Return | CRA Penalties Guide

Missing a corporate tax filing deadline can lead to penalties, interest charges, and additional attention from the CRA, much like what happens with late tax filing in Canada. Even if your corporation made little money or owes no tax, you are generally still required to file a corporate tax return each year. The sooner you […]

Code 960 CRA Meaning Guide

If you’ve noticed CRA Code 960 on your tax account, it’s natural to wonder whether it affects your refund or indicates a problem with your return. In most cases, CRA account codes are internal processing indicators used by the agency during the assessment shown by Code 150, review, or administration of tax accounts. The meaning […]

Failing to Report Income to CRA | What Now?

Forgetting to report income on your tax return is more common than many people think. Whether it’s a missing T4, freelance and self-employed income, investment or crypto earnings, or side-business revenue, the CRA may eventually identify the discrepancy through its matching systems. The good news is that an honest mistake can often be corrected before […]

Code 826 CRA Meaning and Implications

If you see CRA code 826 on your Notice of Assessment or in your CRA account, it usually means the Canada Revenue Agency redirected some or all of your tax refund to pay an outstanding debt. This does not automatically mean there is a problem with your tax return. In most cases, the CRA has […]

Why Is My Tax Refund Taking So Long? 

Waiting for a tax refund can be frustrating, especially when you’re expecting the money for bills, savings, or other financial goals. In many cases, a CRA refund delay is caused by processing reviews, missing information, filing errors, or outstanding balances with the government. While some delays are resolved quickly, others may require additional action from […]

Code 898 CRA Meaning Guide

If you’ve noticed CRA code 898 on your CRA account or Notice of Assessment, it usually means the Canada Revenue Agency has redirected some or all of a payment that would have been issued to you and applied it toward an outstanding balance. This often relates to government debts, tax balances, or benefit overpayments, much […]