We're pleased to be able to share these informative videos from Video Tax News. They are not too long, cover a wide range of topics, and are quite entertaining! Once you view them, you can search our site for information on these or other topics - see the search box at the top of any page on our site. The links under each video provide the sources for the information in the video.
The videos are 10-minute rapid-fire discussions of select recent developments in the wonderful world of Canadian tax by the Video Tax News Team, for Canadian tax professionals.
November 30, 2017
Sources:
Tax-Free Savings Account (TFSA) Audit Project - Technical Interpretation 2017-0693341C6 2017 STEP
Employee Discounts on Merchandise
Employer Provided Parking: Toronto Sun: CRA taxes first responders for parking at work
Tax Changes – Year-End Dividends
TCPC – Passive Investment Income
CRA Enquiries Service – Auditor General 2017 Fall Report
TaxTips.ca Article:
October 30, 2017
Sources:
- CPP Survivor Benefits - Advisor.ca
- Management Fees - McLeod v. The Queen, 2017 TCC 192
- Investment Management Fees - Technical Interpretation 2017-0722391E5
- Facebook – what happens when you pass away? Naming a legacy contact.
- U.S. Tax Changes - no longer available
TaxTips.ca Articles:
- Interest Expense on Money Borrowed to Purchase Investments - Can I Write it Off?
September 29, 2017
Sources:
1. Tax Consultation on Private Corporations
i. July 18, 2017 News Release by Department of Finance
ii. Video Tax News commentary on the proposed changes to private corporate tax planning
iii. Petition to extend consultation period for proposed changes to private corporation taxation
TaxTips.ca Article:
- July 18 2017 Proposed Tax Changes for Private Corporations
August 30, 2017
Sources:
1. Tax Consultation on Private Corporations
i. July 18, 2017 News Release by Department of Finance
ii. Video Tax News commentary on the proposed changes to private corporate tax planning
iii. Petition to extend consultation period for proposed changes to private corporation taxation
2. Taxi and Commercial Ride-Sharing Services
i. Excise and GST/HST News No. 102 - Taxi and ride-sharing servicices
ii. GI-196 GST/HST and Commercial Ride-sharing Services
3. CRA Collects U.S. Disclosures Penalties
4. IRS Looking at Canadian Companies?
5. Business Loss or Personal Venture - Renaud v. The Queen, 2017 TCC 88
6. Indirect Verification of Income (IVI) - no longer available
TaxTips.ca Articles:
- GST/HST Small Supplier - Mandatory Registrations
July 27, 2017
Sources:
1. Federal, Provincial and Territorial Finance Ministers Meeting
2. Proposed Tax Changes for Private Corporations:
- Video Tax News commentary on proposed changes
- July 18, 2017 News Release by Department of Finance
3. Third Party Requests for Information - Rona Inc. c. Canada (Revenu National), 2017 CAF 118
4. Distributions of Non-Taxable Amounts to a Non-Resident:
- Technical Interpretation 2017-0691141C6IFA2017 Q.8: NR4 Reporting for non-taxable amount
- Technical Interpretation 2015-0608201E5 Capital distribution from trust & NR4
5. TFSA – Survivor Payments - Technical Interpretation 2016-0679751E5 TFSA - Exempt Contribution
6. Managing Affairs Upon Intestate Death - CRA Forms RC549 - RC561
7. Reconciling Shareholder Draws - Thompson v. The Queen, 2017 TCC 15
TaxTips.ca Articles:
- TFSAs - Death of the TFSA Holder
- What Happens if You Die Intestate (Without a Will)?
- Shareholder Loans and Their Tax Implications
June 26, 2017
Sources:
- Registration of Tax Preparers Program - STEP Canada CRA Roundtable, June 13, 2017
- Feedback on CRA Audits - Have Your Say - no longer available
- Lost Book of Clients - Martin v. Canada, 2015 FCA 204
- Voluntary Disclosure Program – Proposed Changes - Consulting With Canadians - Comment by August 8, 2017
- Small Business Deduction - Canadian Tax Foundation Joint Committee Submission June 2017
TaxTips.ca Articles:
- Voluntary Disclosures Program
May 30, 2017
Sources:
- Taxable Benefit — Parking Pass - Smith v. The Queen 2017 TCC 62
- Income vs. Capital - Foote v. The Queen 2017 TCC 61
- Distributions To Non-Resident Beneficiary — PART XII.2 TAX - T4013 T3 - Trust Guide 2016
- Disposition Of Farm Property By A Non-Resident
- Billed-Basis Accounting — Budget 2017 FAQ
- Small Business Deduction — Farmers And Fishers
TaxTips.ca Articles:
- Employee Parking Provided by Employer- Are Your Gains and Losses Capital or Income?
April 27, 2017
Sources:
1. Automobile Allowances- Technical Interpretation 2016-0674811C6 Automobile Allowances and Expenses
- Technical Interpretation 2016-0674801C6 Allowance and Expenses of an Automobile
2. CRA Project – Third-Party Information Request
3. CRA Tax Tip – The Sharing Economy
4. Renouncing U.S. Citizenship - Moodys™
5. Panama Papers – Bank Accounts in Canada Being Closed - Devry Smith Frank LLP
6. Gifted Home – Home Buyers' Tax Credit - Technical Interpretation 0674851C6
7. Retiring Partner Payments – Pensionable Earnings - Freitas v. The Queen, 2017 TCC 46
TaxTips.ca Articles:
- Tax-Free Motor Vehicle Allowances- Employee Motor Vehicle Travel Expenses
- First Time Home Buyers' Tax Credit
March 30, 2017
Sources:
1. 2017 Federal Budget2. Underground Economy - Renovating or rebuilding your home? Protect yourself by getting it in writing.
3. CRA's New Fingerprinting Policy - could create travel problems for accused tax evaders.
TaxTips.ca Articles:
- Federal 2017 BudgetFebruary 28, 2017
Sources:
Mutual Fund Taxation - RC4169 Tax Treatment of Mutual Funds for Individuals
Eservices at the CRA - EFILE news and program updates
TaxTips.ca Articles:
- Principal Residence Exemption
- Tax Issues re Investing, and Tax Treatment of Different Types of Investments
January 25, 2017
Sources:
U.S. – Trump Proposals re income tax and estate tax - web page no longer available
Defacto Director: Koskocan v. The Queen, 2016 CCI 277 (French)
Employment Expenses – Cell Phone And Data Plan: Technical Interpretation 2015-0603631I7 Employment expense - deductibility cell service plan
Online Services – What's New For Tax Preparers for the 2017 Tax-Filing Season?
TaxTips.ca Articles:
US Estate Tax May be Payable by Canadians
December 28, 2016
Sources:
Taxable Benefit – Family Ski Pass
Filing a T4a
Qualified Disability Trusts (QDTs)
Technical Interpretation 2016-0651751C6 Recover Tax of Qualified Disability Trust (French)
Above, translated to English by Google Translate
Technical Interpretation 2016-0651741C6 Named beneficiary (French)
Above, translated to English by Google Translate
CRA: Graduated Rate Taxation of Trusts and Estates and Related Rules (Archived)
Eligible Dependent Credit – What is a Support Amount? - Leinweber v. The Queen - 2016 TCC 253
TaxTips.ca Articles:
Are Gifts and Inheritances Taxable? Includes gifts from employers.Rollover of RRSP, RRIF or RPP to a Registered Disability Savings Plan (RDSP)