February 10, 2025
The Canada Revenue Agency has announced an important update—charitable donations made until February 28, 2025, can now be claimed for the 2024 tax year. This change […]
February 10, 2025
The Department of Finance has announced plans to introduce legislation in Parliament regarding changes to the capital gains inclusion rate, with a new effective date of […]
February 10, 2025
The Canada Carbon Rebate for Small Businesses is a significant initiative aimed at returning $2.5 billion in proceeds from the price on pollution to small- and […]
February 3, 2025
The capital gains inclusion rate has been proposed to increase from 50% to 2/3, effective June 25, 2024, for corporations and most trusts as well as […]
October 21, 2024
In a recent Tax Tip, CRA stated that an acceptable receipt for income tax purposes must contain all of the following: -the date of the purchase;-the […]
October 4, 2024
CRA uses a combination of risk assessment tools, analytics, leads and third-party data to detect non-compliance in the real estate sector. They have identified ten areas […]
September 27, 2024
An August 30, 2023 Technical Interpretation discussed whether an entity could maintain its status as a non-taxable non-profit organization when investing in a subsidiary. NPOs need […]
September 20, 2024
Under the Competition Act, employees posting reviews online about their employer or the competition must disclose their connection to the business, even if the individual provides […]
September 13, 2024
In 2023, CRA issued Shopify an unnamed persons requirement (UPR) that required Shopify to provide information on more than 121,000 Canadian vendors for the past six […]
September 6, 2024
Reasonable motor vehicle allowances received by employees in the course of employment duties are non-taxable. An allowance is not reasonable (and therefore taxable) if any of […]
August 30, 2024
Directors can be personally liable for payroll source deductions (CPP, EI, and income tax withholdings) and GST/HST unless they are duly diligent in preventing the corporation […]
August 22, 2024
In late 2023, the Federal government announced its intention to deny income tax deductions for expenses by non-compliant operators of short-term rental properties (such as Airbnb […]
August 15, 2024
Due to the proposal to deny deducting expenses related to non-compliant short-term rentals, some owners may consider selling their short-term rental property. While it is widely […]
July 31, 2024
For reporting periods that begin in 2024 and onwards, GST/HST registrants (except charities and selected financial institutions) must file all GST/HST returns with CRA electronically. Registrants […]
July 25, 2024
The 2024 Federal Budget proposed to increase the capital gains inclusion rate from 50% to 2/3 of the actual gain, effective for capital gains realized on […]
July 3, 2024
A November 8, 2023 Tax Court of Canada case considered whether a taxpayer’s losses from farming activities deductible against non-farming income were restricted to the $17,500 […]
June 18, 2024
The $2/day flat rate method available to claim expenses for employees working from home was a temporary administrative measure only available from 2020 to 2022; it […]
June 11, 2024
In general, a personal services business (PSB) exists where the individual performing the work would be considered to be an employee of the payer if it […]
June 4, 2024
Various changes and issues have arisen in respect of T-slips to be filed and processed for the 2023 year. Dental benefitsBeginning with the 2023 year, issuers […]
May 27, 2024
Various automobile deductions and taxable benefit rates are limited to amounts prescribed by the Department of Finance annually. On December 18, 2023, the 2024 limits were […]
May 9, 2024
It’s that time of year again!On April 16, 2024, the Federal Government tabled Budget 2024, which proposed various provisions impacting individuals and businesses. Some of the […]
April 2, 2024
On March 28, 2024, the Canada Revenue Agency (CRA) announced changes to the reporting rules for trusts, bare trusts are exempt from trust reporting requirements for […]
March 7, 2024
On December 11, 2023, Health Canada issued details on the Canada dental care plan that would cover a wide variety of dental services for certain Canadian […]
February 8, 2024
Changes requiring more trusts (and estates) to file tax returns and more information to be disclosed, first proposed in the 2018 Federal Budget, were delayed several […]
February 2, 2024
Starting January 1, 2024, the Canada Revenue Agency (CRA) has implemented a new administrative policy regarding the province or territory of employment (POE) for payroll deduction […]
January 25, 2024
New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and estates) file tax returns. These changes will catch […]
January 16, 2024
Certain non-resident vendors are required to register for and collect GST/HST under a new simplified GST/HST registration regime that commenced July 1, 2021. While the rules […]
January 5, 2024
An August 24, 2023 Federal Court of Canada case reviewed whether the taxpayer’s employment had ceased due to misconduct, which would render the taxpayer ineligible for […]
December 22, 2023
A June 12, 2023 Court of King’s Bench of Alberta case reviewed CRA’s application to revive a corporation dissolved in 2020. The former sole shareholder opposed […]
December 5, 2023
Private corporations incorporated under the Ontario Business Corporations Act (OBCA) must keep and maintain a record of individuals holding significant control (ISCs), effective January 1, 2023. […]
December 1, 2023
As of October 2022, merchants could charge an additional fee for accepting payment via credit card. In a March 28, 2023 Technical Interpretation, CRA opined that […]
November 2, 2023
Over the past several years, several incentives permitting enhanced CCA claims in the year property first becomes available for use have been implemented. Claiming the enhanced […]
October 26, 2023
On September 14, 2023, the Department of Finance provided details on a proposal to enhance the existing GST rental rebate. In general, the existing rebate provides […]
October 18, 2023
On September 14, 2023, the Department of Finance provided details on extending the deadline for Canada Emergency Business Account (CEBA) repayments, including the following key elements: […]
October 5, 2023
In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025. Phase 1 occurred from […]
September 7, 2023
The tax-free FHSA was introduced in 2023 to help first-time home buyers save up to $40,000 for a home purchase. Individuals eligible to open an FHSA […]
July 5, 2023
With every passing year, technology continues to redefine the legal profession. As a result, firms are looking for new tools, including free case management software solutions. […]
June 8, 2023
Budget 2023 (A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future) was introduced in the House of Commons on March 28, 2023. The top five […]
February 22, 2023
A July 28, 2022 Tax Court of Canada case considered whether input tax credits (ITCs) in respect of a farming operation’s expenditures were available. The farming […]
January 31, 2023
Individuals may be asked to take on various roles in respect of loved ones, friends, clients or others. One role that is particularly riddled with challenges […]
January 17, 2023
Directors can be personally liable for payroll source deductions (CPP, EI and income tax withholdings) and GST/HST unless they exercise due diligence to prevent the corporation […]
January 3, 2023
One challenge when relying on CRA-provided information online in respect of TFSA contribution room is that the information is not updated on a real-time basis due […]
December 12, 2022
Where tips are “paid” by an employer, they are pensionable and insurable. In such cases, the employer must also withhold income tax and report the amounts […]
November 29, 2022
Legislation has been proposed for trusts (including estates) with years ending on December 31, 2023 and onwards that would significantly expand the reporting rules. More trusts […]
November 15, 2022
Cloud accounting software is an easy solution to small business bookkeeping. From collaboration to secure data storage, learn more about cloud accounting. QuickBooks Online is cloud accounting software […]
October 27, 2022
The 2022 Federal Budget included several proposals that would significantly change the taxation environment when buying and selling a home. Broadly, the government proposed various incentives […]
October 18, 2022
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 […]