Life in the Tax Lane (Canada)

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.

Like what you are watching? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

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.

Sources:

• 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

Like what you are watching? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

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.

Topics discussed (with sources linked)

• Bare Trust Issues – Current Events – Source 1, Source 2 and Source 3
• Canada Disability Benefit – Proposed Regulations
• CRA Service Standards
• Personal Services Business 
• Employee Ownership Trusts – Exemption or Deferral? – Source 1, Source 2 and Source 3 (third-party paywall)

Like what you are watching? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

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.

Topics discussed (with sources linked):

• Capital Gains Inclusion Rate Changes – Source 1 and Source 2
• Non-Resident Sellers of Canadian Real Estate – Source 1 and Source 2
• Use of Corporate Assets by Shareholder
• CRA Guidance – Receipts  
• Bare Trust Reporting Rules – Source 1 and Source 2
• Gross Negligence Penalties

Like what you are watching? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

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.

Topics discussed (sources linked):

• Fees for Services Consultation
• Real Estate – CRA Audit Activity 
• Capital Gains Inclusion Rate – Budget 2024 – Source 1, Source 2 and Source 3
• CEBA – Collection Process – Source 1 and Source 2
• Spousal Income Attribution 
• Canada Carbon Rebate for Small Businesses – Source 1 and Source 2
• Canadian Dental Care Plan Update – Source 1 and Source 2

Like what you're listening to? Join our mailing list at videotax.com/mailing-list to stay informed about new video releases, products, and upcoming promotions.

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.

Topics discussed (sources linked):

• 2024 Federal Budget – Capital Gains – Source 1 and Source 2
• 2024 Federal Budget – Other Items – Source 1 and Source 2
• Home Office Expenses – Multiple Employers and Clients
• Accessing CRA Online Portals
• Psychotherapy and Counselling Therapy – GST/HST – Source 1 and Source 2
• Avoiding CPP by Paying Dividends

Like what you're listening to? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

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.

Topics discussed (sources linked):

• Bare Trusts – Penalty Relief
• T2200 – Employer Requirement? 
• Reliance on CRA's My Account  
• Canada Carbon Rebate
• Short-Term Property Rentals – Denial of Expenses – Source 1 and Source 2
• UHT – CRA Commentary on Excluded Owner Proposals – Source 1 and Source 2

* Late Breaking - Bare Trust Reporting Exemption!

On March 28, 2024 (after this episode of Life in the Tax Lane was recorded), CRA announced that bare trusts would be exempt from trust reporting requirements for 2023. CRA stated:

“To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.

In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.”

For more information, see CRA’s Tax Tip .

Like what you're listening to? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

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.

Topics discussed (sources linked):

• T1 Season – What's New – Source 1, Source 2 and Source 3
• Working From Home Expenses
• CCA – Retroactive Adjustment 
• GST/HST Electronic Filing Reminder 
• Multi-Factor Authentication – Authenticator App
• Cryptocurrency Losses 
• FHSA – Constructing a Home

Like what you are listening to? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

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.