Article Published on: October 1, 2022
Tax Tidbits
Some quick points to consider…
- 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.
Disclaimer: The information is effective as on the date of publication only and is applicable to Ashani Lakhotia CPA Clients. Please consult Ashani Lakhotia CPA if you have any questions.