The June edition of Life in the Tax Lane is here! In this month’s episode, the Video Tax News team covers key updates following the federal election, including proposed tax changes, CRA enforcement, automatic individual tax filing and a review of the corporate tax system. Learn what the drop in the lowest personal tax rate means for payroll and credits.

We also address CRA’s incorrect capital gains exemption assessments and how to protect objection rights.

Plus, CRA is rolling out mandatory online mail for most business accounts—GST, payroll and corporate tax included. We explain how this impacts representatives and why keeping client info current is critical.

Topics: New Government – Tax Changes? | Personal Tax Rate Reduction | Capital Gains Exemption – 2024 Assessment Errors | CRA Online Mail for Businesses | Represent a Client – Employer Responsibility

Late Breaking: CPA Canada has reported that CRA is aware of incorrect assessments related to the lifetime capital gains exemption and will take corrective action. No action is required by affected taxpayers.

Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-june-2025-episode-121

 Don’t miss our 25% off Ethics Course Bundle and more resources at videotax.com.

Program recorded: May 22, 2025

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2025, All Rights Reserved.

The May 2025 edition of Life in the Tax Lane is now available — packed with timely updates every Canadian accountant needs to know.

In this fast-paced 10-minute episode, the Video Tax News team covers:

• CRA’s tax slip upload delays — T1 season is not done yet!
• Repeated failure to report income — how missing slips can lead to big penalties
• CRA updates on trust and bare trust reporting — and what to fix from last year
• A real-world T1135 case — foreign assets, missed filings and steep consequences
• CRA’s shift to online-only mail for businesses — prepare and protect your clients
• Canadian Dental Care Plan expansion — and why a timely return matters 

Topics: Delayed Tax Slips | Repeated Failure to Report Income – Returns Filed Concurrently | Trust Reporting – CRA Guidance Update | Form T1135 – Multiple Penalties | Transition to CRA Digital Mail for Businesses | Canadian Dental Care Plan

Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-may-2025-episode-120

Register or learn more about "Demystifying AI for Accountants: Risks, Rewards and Ethics" go to https://members.videotax.com/courses/demystifying-ai-for-accountants-risks-rewards-and-ethics

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2025, All Rights Reserved.

April's Life in the Tax Lane is Now Available!

Just when Canadians thought spring had arrived, Mother Nature threw us a curveball with late-season snow, ice storms, and enough potholes to keep our suspension shops busy across the country. As we shovel out (again!), dodge those springtime craters, and gear up for a busy tax season, set aside 10 minutes to catch the latest edition of Life in the Tax Lane! This free, fast-paced video, designed for Canadian tax professionals, delivers insightful updates on key tax developments from the past month.

What’s in store this month?

April’s edition of Life in the Tax Lane dives into several pressing topics for Canadian tax professionals.

Gig Workers
A new H&R Block survey revealed that 30% of gig workers don’t plan to fully report their income for 2024, but with new disclosure requirements for platforms like Airbnb and Uber, 71% are reconsidering.

Federal Carbon Tax
Prime Minister Mark Carney’s directive eliminated the federal carbon tax, but questions remain about small business carbon rebates, which CRA still considers taxable due to pending legislative changes.

Taxpayer Relief – Capital Gains Inclusion Rate
Delayed forms, inconsistent communication, and ongoing uncertainty surrounding the capital gains inclusion rate have left many taxpayers in limbo—although late-breaking news on March 21, 2025, brought some relief as Carney announced the cancellation of the proposed increase.

Ombudsperson's Report on Bare Trust Rules
The Office of the Taxpayers’ Ombudsperson also weighed in on last year’s bare trust filing confusion, tasking CRA with improving processes to minimize future compliance burdens.

Topics: Gig Workers| Federal Carbon Tax | Taxpayer Relief – Capital Gains Inclusion Rate* | Ombudsperson's Report on Bare Trust Rules

*Late Breaking News: On March 21, 2025 – Prime Minister Mark Carney announced the cancellation of the proposed increase to the capital gains inclusion rate. 

Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-april-2025-episode-119

Program recorded March 20, 2025

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2025, All Rights Reserved.

As the personal tax season kicks off—and with March weather keeping Canadians guessing—there’s no better time to catch the latest edition of Life in the Tax Lane! This free, fast-paced 10-minute video for Canadian tax professionals delivers insightful discussions on key tax developments from the past month.

This month, the Video Tax News Team dives into the busy personal tax season, exploring the surge in working-from-home expense claims, new disclosure requirements for online digital platform operators like Airbnb, Uber, and Etsy, and the impact of delayed reporting to the CRA. They also discuss the CRA’s penalty relief for T-slip filing, the latest on capital gains inclusion rate changes, charitable contribution extension and updates on proposed expanded eligibility for the Canada Carbon Rebate .

Topics: Personal Tax Filing Statistics | Reporting Rules For Digital Platform Operators | Delayed Filings | Capital Gains | Charitable Contribution Extension | Individual Canada Carbon Rebate – Rural Supplement

Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-march-2025-episode-118

Program recorded Feb 21, 2025

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2025, All Rights Reserved.

February's Life in the Tax Lane is here! A new month brings new tax developments! As we move further into 2025, stay ahead with the latest edition of Life in the Tax Lane. This free, fast-paced 10-minute video for Canadian tax professionals delivers insightful discussions on key updates shaping the world of Canadian tax.

This month, the Video Tax News Team discusses the uncertainty surrounding unlegislated tax proposals, including the capital gains inclusion rate increase and CRA’s evolving approach to administering unenacted rules. Stay informed on selected 2024 and 2025 developments affecting trusts, short-term rentals, and CPP contributions and more. The discussion also covers important timing considerations for filing objections, CRA’s potential move toward automatic tax filing for certain taxpayers, the tax treatment of pre-marriage charitable donations by a spouse, and that losses from personal scams are non-deductible in most cases.

Topics: Uncertain and Unlegislated Proposals | Select 2024 and 2025 Developments | Late Objections | Automatic Tax Filing? | Donation by Spouse Prior to Marriage | Losses from Personal Scams

Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-february-2025-episode-117

Program Recorded: January 28, 2025

NOTE: This episode was recorded prior to the capital gains inclusion rate change deferral. For information on that change, see:
Finance release - https://www.canada.ca/en/department-finance/news/2025/01/government-of-canada-announces-deferral-in-implementation-of-change-to-capital-gains-inclusion-rate.html
CRA release - https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2025/update-cra-administration-proposed-capital-gains-taxation-changes.html

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2025, All Rights Reserved.

Kick off 2025 with the latest edition of Life in the Tax Lane! This free 10-minute podcast for Canadian tax professionals delivers a fast-paced discussion of recent updates in the world of Canadian tax.

Topics: 

• GST/HST Temporary Holiday 
• 2024 Fall Economic Statement – Select Issues 
• T-slip Update   
• CEWS Reviews 
• Underused Housing Tax – Select Issues 

Sources: https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-january-2025-episode-116

Program Recorded: December 19, 2024.

Stay informed and prepared as the new year begins. Listen to this month’s episode now!

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2024, All Rights Reserved.

The December edition of Life in the Tax Lane is here to wrap up the year! This free 10-minute presentation for Canadian tax professionals delivers a rapid-fire discussion of recent developments in the wonderful world of Canadian tax.

Topics:

• GST/HST Relief on "Grocery and Holiday" Essentials  
• Working Canadians Rebate 
• Capital Gains Inclusion Rate Increase – Taxpayer Relief
• CRA Online Services – Transfer of Individual Payments Online
• My Business Account – Electronic Communication

Sources - https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-december-2024-episode-115

Program Recorded: November 27, 2024.

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2024, All Rights Reserved.

The November edition of "Life in the Tax Lane" is here! This 10-minute video, created specifically for Canadian tax professionals, covers recent developments in Canadian tax with the Video Tax News Team.

Topics: 

• Canada Carbon Rebate – Payments 
• Capital Gains Changes – Impact of Delays
• CRA’s Digital Improvements 
• Tax Tip – Crypto-Assets – Required Records 
• CRA Service Consultation 
• Secondary Suites – Various Implications 

For sources from this episode, go to https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-november-2024-episode-114

Program Recorded: October 25, 2024

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2024, All Rights Reserved.

Happy October!  With a new month comes a new episode of "Life in the Tax Lane." The Video Tax News Team is back with another fast-paced 10-minute video. It’s packed with essential updates for Canadian tax professionals.

Topics:

• Canada Business Corporation Act – Public Registry
• Registered Education Savings Plan – Contribution Considerations 
• TFSA Excess Contributions – Decline in Value
• Shareholder Loan Account – Proper Bookkeeping
• Input Tax Credit – Shareholder Purchasing Asset 
• IRS Collection of Canadian Taxes 

For sources from this episode, click here.

Program recorded: September 18, 2024

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2024, All Rights Reserved.

As we settle into September and the start of fall, it's time for another edition of “Life in the Tax Lane”!  Joe, Cait and Hugh are back for this month’s 10-minute podcast covering key updates on draft legislation related to capital gains inclusion rate, trust reporting, alternative minimum tax, and more.

Topics discussed:

• Capital Gains Inclusion Rate Increase – Draft Legislation  
• Trust Reporting – Draft Legislation 
• Trust Distributions Violating Trust Terms 
• Alternative Minimum Tax – Draft Legislation  
• Post-Mortem Losses – Draft Legislation  
• Collection of GST/HST by Accommodation Platform

Click here to view sources.

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Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2024, All Rights Reserved.