The Senate's version of the One Big Beautiful Bill takes the shine off some of Trump's most popular promises. Here's why.

Tax deductions are subtracted from your taxable income, thereby lowering the amount of tax you owe. You can choose the standard deduction or itemize your deductions on Schedule A of Form 1040 or ...

The standard deduction amounts don’t usually rise as swiftly as they did for 2022, 2023 and 2024, though. That’s because the inflation rate has been unusually high over the past few of years.

Both the Senate and House versions of the massive tax bill include a hefty new tax break for people aged 65 or older: A new ...

Bottom line – you could be the most honest, believable and trustworthy taxpayer, with a perfect record of tax compliance stretching back decades. But, if you are unable to back up your tax deductions ...

The rate the CRA charges on overdue tax, Canada Pension Plan contributions and employment insurance premiums is always four percentage points higher than the prescribed rate. Individual taxpayers ...

The Federal Court has dismissed the Canada Revenue Agency’s request for information about e-commerce company Shopify Inc.’s Canadian merchants, blocking the CRA’s efforts to crack down on ...

Note: When it comes to the proposed car loan interest deduction, most imported vehicles, subject to the new 25% tariff, wouldn’t meet this U.S. assembly requirement and would not be eligible for it.

Powell, who was part of the Raptors’ 2019 championship team, is now appealing the CRA’s decision in the Tax Court of Canada You can save this article by registering for free here. Or sign-in ...

Senior citizens choosing the old tax regime can claim deductions under Section 80C on investments, including the tailor-made SCSS, as also deduction of up to Rs 50,000 on health insurance premiums ...

Trump’s so-called Restoring Gold Standard Science executive order of May 23, 2025, resurrects many features of the EPA’s vacated rule, but it applies them to all federal agencies.