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Canadians voice frustrations with CRA over delays accessing benefits, refunds
Canadians voice frustrations with CRA over delays accessing benefits, refunds

CTV News

time21 hours ago

  • Business
  • CTV News

Canadians voice frustrations with CRA over delays accessing benefits, refunds

Canada Revenue Agency (CRA) national headquarters is seen in Ottawa on Friday, June 28, 2024. THE CANADIAN PRESS/Sean Kilpatrick Chris Ellis has been trying to access his tax refund for four months. He's just one of dozens of Canadians who tell CTV News the significant wait times and other challenges contacting the Canada Revenue Agency (CRA) are preventing them from accessing certain benefits. From getting locked out of accounts for extended periods to getting stuck in a loop on the automated voice messaging system, many are expressing frustration with the agency's communication. In response to a CTV News article encouraging Canadians to reach out about their experiences with the CRA, several people shared that they have been waiting months to have their issues resolved. Ellis, for his part, was notified he'd been locked out of his CRA account after his bank, HSBC, was bought out by RBC, changing his direct deposit information and triggering a security alert. But Ellis says he didn't learn he'd been locked out until more than a month after he filed his taxes. 'I called CRA, and after listening to useless advice and options, I finally realized that I was in a loop: there was no way to reach an actual agent, and there was no option to select one,' Ellis wrote. 'This went on for about three weeks, with me calling in, going through the useless messages that took about six minutes, only to find out there were no agents available.' 'Super frustrating given that my account was locked out,' he added. Ellis then had to submit documentation through a portal — more than once — to prove his identity, but he still hasn't received his tax refund. 'So here I am, almost four months after submitting my tax return, and I am still in limbo,' he said. Ellis adds that CRA employees, once they can be reached, are 'very sharp' and 'very helpful,' but that the issue lies with the online and phone services. Delays causing 'extreme stress' 'I have been unable to reach a human at the CRA for weeks,' wrote Eric Enright in an email to CTV News. 'I have called periodically, maybe 10-15 times, and every time it just says all agents are busy and pushes me to an automated system that can't help. It is very frustrating.' 'I have no problem waiting hours, as I can just leave my phone beside me while I work,' Enright added. 'It's ridiculous, in my opinion, to not even give people the option of waiting.' Paul Medhurst said his tax return was filed mid-April but also has still not been processed. 'This failure of CRA is causing me extreme stress, worry and I'm losing a lot of sleep,' Medhurst said. '(I) worry of being broke and having my income held.' He added the delay in processing his tax return is preventing him from accessing monthly disability benefits. Sarah Kienitz wrote that it's taken months to receive the Canada Child Benefit, for which she's been approved. 'I attempted to contact the CRA three times to find out what the hold up was and to get clarity about why my taxes had been processed, but this was taking much longer,' she wrote. 'Each time I received a message that agents were busy and there was no option to even remain on hold, or any other way to contact them, except the chatbot that inevitably told me to call an agent with my queries.' 'I find it incredibly frustrating that I have tax deadlines and can be penalized for not completing on time, but the CRA can drag their heels almost four months before even telling me what my benefit entitlements are,' Kienitz also wrote. Others complained that CRA delays and communication challenges are preventing them from distributing estates for which they are the executor. Government departments tasked with finding savings Prime Minister Mark Carney, meanwhile, has pledged billions in new spending while promising to balance its operating budget. That will likely mean significant cuts to the size of the federal public service, according to the parliamentary budget officer. Ahead of a planned fall budget, government departments are being asked to find their own internal savings by the end of August, CTV News has confirmed. The Globe and Mail reported Friday the CRA is among the departments in the early stages of determining where to make cuts, as the union representing CRA employees is warning the cuts could 'disproportionately' affect call centres. Complaints about CRA wait times are not new. A 2017 report by the Auditor General found that the agency gave 'very limited access to its call centre services,' and that it blocked more than half the calls it received because it couldn't handle the volume. Also a 2023 report by the taxpayers' ombudsperson found the agency failed to properly communicate about the problem when thousands of people were locked out of their account two years prior. That report acknowledged specific challenges at the time, namely an overwhelming number of requests with the CRA while it distributed COVID-19-era relief benefits. 'This examination has highlighted a recurring issue at the CRA, where it communicates reactively rather than proactively,' the report concluded. In an email statement to CTV News, CRA spokesperson Charles Drouin said the agency is encouraging people to use online self-service tools — such as CRA My Account and the AI chatbot — before calling, because an estimated quarter of reported issues can be solved without an agent. 'We regret the inconvenience this situation may cause and are actively working to continuously improve both our phone and digital services,' Drouin wrote. 'By expanding self-service options, we aim to make it easier for Canadians to get the help they need quickly, securely, and without needing to speak to an agent.' Drouin added the CRA understands wait times can be frustrating, and that it values 'providing timely, high-quality service.' 'At times, demand for phone support can exceed our capacity and as a result, some callers are being redirected to automated self-service options,' Drouin wrote. Efforts to streamline certain processes are underway, including by changing some of its authorization requirements for individuals representing a client, according to a press release from the CRA this week. With files from CTV News' Stephanie Ha

KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2025-HE1 (GSMBS 2025-HE1)
KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2025-HE1 (GSMBS 2025-HE1)

Business Wire

timea day ago

  • Business
  • Business Wire

KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2025-HE1 (GSMBS 2025-HE1)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 6 classes of mortgage-backed notes from GS Mortgage-Backed Securities Trust 2025-HE1 (GSMBS 2025-HE1), a $282.0 million RMBS transaction sponsored by Goldman Sachs Mortgage Company. GSMBS 2025-HE1 consists of first lien (7.1%) and second lien (92.9%) home equity line of credit (HELOC) loans. The underlying pool is seasoned approximately seven months and comprises 2,904 loans, with United Wholesale Mortgage, LLC (54.5%) as the largest contributing originator. The HELOCs are interest-only (IO) adjustable-rate mortgages, with initial draw windows of three (50.9%), five (18.7%) or ten (30.4%) years. Most loans feature 10-year or 20-year amortization terms after the IO period. IO periods range from 3 to 10 years and loan maturity terms range from 10 to 30 years. As of the June 30, 2025 cut-off date, the borrowers in the pool have drawn $282.0 million from a combined credit limit of $318.0 million for an aggregate utilization rate of 88.7%. KBRA's rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction's payment structure, reviews of key transaction parties and an assessment of the transaction's legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010465

Trump's cane sugar push for Coke triggers backlash from key industry
Trump's cane sugar push for Coke triggers backlash from key industry

The Independent

time3 days ago

  • Business
  • The Independent

Trump's cane sugar push for Coke triggers backlash from key industry

Donald Trump suggested Coca-Cola change its U.S. recipe from high-fructose corn syrup to sugar cane, stating it would be a "very good move". The Corn Refiners Association (CRA) opposed the proposal, warning it would cost thousands of American food manufacturing jobs and depress farm income. The CRA added that replacing high-fructose corn syrup would boost imports of foreign sugar and offer no nutritional benefit, contradicting Trump's stated support for American manufacturing. While Coca-Cola typically uses high-fructose corn syrup in the U.S., the company already uses cane sugar in its products in other countries, such as Mexico. Coca-Cola acknowledged Trump's enthusiasm for the brand but did not confirm a full shift to sugar cane, instead mentioning that details on new innovative offerings would be shared soon.

Tax Tip - Important changes to how tax preparers obtain access to an individual's account Français
Tax Tip - Important changes to how tax preparers obtain access to an individual's account Français

Cision Canada

time3 days ago

  • Business
  • Cision Canada

Tax Tip - Important changes to how tax preparers obtain access to an individual's account Français

OTTAWA, ON, July 17, 2025 /CNW/ - The Canada Revenue Agency (CRA) is enhancing and changing its authorization service for individuals. Here is what you need to know. Improvements to the Authorization Request service in Represent a Client As part of the CRA's ongoing efforts to improve service delivery, the Authorization Request service for individuals in Represent a Client has been enhanced to make the process faster, easier, and more secure. The Alternative process for individuals no longer includes a five-day processing time. With this enhancement, representatives can now gain instant access to their clients' account. To use this process, you must: Be the representative seeking authorization; Use the Authorization request service in Represent a Client; and Obtain information from your client's notice of assessment that was issued at least six months ago. Note: Authorization requests cannot be submitted on behalf of other representatives. However, administrators of GroupIDs or Business Numbers (BNs) registered in Represent a Client can continue to manage authorization requests for their group, office, or organization. Changes to EFILE's Authorize a Representative service for Individuals Effective July 15, 2025, the Authorize a Representative service within EFILE software is no longer available for individual clients. Going forward, representatives must use Represent a Client to obtain access. Note: This change does not affect authorization requests submitted through EFILE for business clients. We all play an important role in protecting information and mitigating risks by staying up-to-date and vigilant on security best practices. This change, coupled with the measures you have in place to validate the identity of your clients, increases the confidence that taxpayer information is fully protected. Please work with your clients to ensure they have the necessary access or documentation for you to obtain authorized access to their tax information. How clients can give you instant access Your clients can authorize you instantly if they: have access to My Account to add you as a representative or confirm your authorization request submitted from Represent a Client; OR can provide you with previously assessed tax information to include in your authorization request in Represent a Client. For more information, go to Alternative process for individuals. Note: How to give authorization provides instructions to clients regarding authorization requests. Need to register for a CRA account? If you or your client do not have a CRA account, go to Register for a CRA account. To gain full and immediate access to your CRA account, use the document verification service to verify your identity without waiting for a CRA security code in the mail. Step-by-Step guides For Representatives: Need to submit an authorization request? Follow these steps to gain online access to your clients' information. For taxpayers: Need to authorize your representative? Clients can follow these steps for how to authorize a representative. Contacts Media Relations Canada Revenue Agency 613-948-8366 [email protected] Stay connected Follow the CRA on Facebook Follow the CRA on X – @ CanRevAgency Follow the CRA on LinkedIn Follow the CRA on Instagram Subscribe to a CRA electronic mailing list Add our RSS feeds to your feed reader. Watch our tax-related videos on YouTube Listen to our Taxology podcast SOURCE Canada Revenue Agency

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