March 14, 2025
A September 6, 2024 Tax Court of Canada case reviewed whether a taxpayer’s employment by a corporation owned by her brother was insurable. The taxpayer performed […]
March 7, 2025
There are several reasons an individual might convert part of their home into a rental property. However, this action can have significant income tax implications, including […]
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 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 […]
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 […]
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 […]
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 […]
February 11, 2022
Flexible Planning Possibilities A July 21, 2021 Money Sense article (My three kids chose different educational paths. How do I withdraw RESP funds in a way […]
November 9, 2021
RRSP designations A May 10, 2021 CBC article demonstrated the importance of reviewing RRSP beneficiary designations. The article discussed the unfortunate cascade of events where, in […]
September 28, 2021
As some businesses struggle with cash flow, they may be motivated to prioritize suppliers and other creditors ahead of CRA. A recent court case demonstrates CRA’s […]
April 8, 2021
Under normal circumstances, CRA will be begin charging compound daily interest starting May 1st, 2021 on unpaid taxes owing for the 2020 tax year. However, due […]
March 17, 2021
You need to know how this important subsidy program works for March 14th, 2021 to June 5th, 2021: This is how the revenue declines and the […]
February 11, 2021
For many of us, it seems like yesterday that we just filed our 2019 tax returns due to the extended filing and tax payment deadline last […]
November 20, 2020
What is tax loss selling anyway? Tax loss selling is a strategy to reduce tax by triggering capital losses now and using them against capital gains. […]
September 15, 2020
It’s been said that nothing is as certain as death and taxes. As CPA’s we might add another certainty – tax implications after your death. However, […]
August 25, 2020
Contrary to popular belief, retirement planning should begin as soon as you start working. However, even if you are middle-aged or older, it’s never too late […]
August 19, 2020
As we mentioned in our July blog, the Canadian government recently extended the CEWS subsidy program until December 19, 2020. Along with the extension, they have […]
July 29, 2020
The New Payment Deadline is now September 30, 2020! The CRA initially extended the payment deadlines for individual, corporate and trust income tax returns to September […]
July 22, 2020
The Canadian government has announced an extension to the CEWS subsidy. Eligible employers will now be able to claim this subsidy until December 19, 2020. We […]
July 8, 2020
COVID-19 has resulted in many learning curves for 2020. For example, some of us are working from home for the first time. So, it’s not surprising […]
June 16, 2020
As we outlined in our April 9 blog, a Canadian employer whose business has been affected by COVID-19 may be eligible for the Canadian Emergency Wage […]
June 2, 2020
Most of us are guilty of shoving cash in our pant’s pockets, purses or jackets and then totally forgetting about it. Then, one day we put […]
April 21, 2020
“75%” Canada Emergency Wage Subsidy (CEWS) The Federal government has passed into law the Canada Emergency Wage Subsidy (CEWS) as well as the 10% Temporary Wage […]
April 9, 2020
Canadian Emergency Wage Subsidy (CEWS) On April 1, 2020 the government provided details on the 12-week wage subsidy. The subsidy is 75% of annual employee salary, […]
April 2, 2020
Our understanding of the most important provision of the current relief programs is summarized below. This information is currently as of April 1, 2020 only. Canadian […]
February 11, 2020
Yes, it’s tax season – AGAIN. Navigating the sea of life’s daily stresses can be challenging enough. What can help us cope with the added challenge […]
December 9, 2019
When it comes to investing let’s face it, you win some, you lose some. While capital gains are always the goal, sometimes selling shares incurs a […]