1.COVID-19 benefits

If you received COVID-19 benefits, such as the Canada Recovery Benefit,  you should have received a T4A tax slip from the government. Even though some tax was withheld from those payments, you may still owe additional tax. If you find it difficult to pay this additional tax, you may wish to take advantage of the CRA’s expanded payment arrangements, giving you more time and flexibility to pay the tax owing, based on your financial situation.

As the pandemic continued through 2021 many employees continued to work from home throughout the year. And, similarly to 2020, those workers may be entitled to claim a deduction on their 2021 tax return for home office expenses incurred.

What is a tax scheme?

Tax schemes are special arrangements that promise to reduce the taxes, either through large deductions, or through tax free income as well as other “creative” ways to convince people to pay less than what they owe.

These schemes are usually promoted by individuals or corporations who promote or sell schemes often making false statements.

Cryptocurrency can be described as a medium of exchange of value, a digital asset, any form of currency that exists digitally or virtually and uses cryptography to secure transactions. According to Canada Revenue Agency, cryptocurrency is treated as a commodity for taxation purposes.