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 near 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 presented by the Video Tax News Team, for Canadian Tax and Financial Professionals.
November 30, 2020
Sources:
Canada Emergency Rent Subsidy (CERS)
- Canada Emergency Rent Subsidy - CRA - no longer available
Canada Emergency Wage Subsidy
- CRA Frequently Asked Questions (FAQ)
- CRA FAQ 17-5 re Bonuses Paid to Eligible Employee
Employment Benefits – COVID-19
- CRA/CPA Canada Roundtable Follow-up
- CEWS CRA Webinar - re Employment Benefits
TaxTips.ca Articles:
Employee Work-Space-in-Home Expenses
October 26, 2020
Sources:
New Rent Subsidy, Expanded CEBA, Extended CEWS
Canada Emergency Business Account - Personal Bank Account Update
Interactive Tool for Financial Assistance for Businesses
Working From Home Denis c. Quebec Revenue Agency, 220 QCQQ 2427 (CANLII)
Travel From Home Office to Employer’s Office - Gardner v. The Queen, 2020 TCC 108
Principal Residence Exemption – Multiple Sales - Hansen v. The Queen 2020 TCC 102
TaxTips.ca Articles:
Canada Emergency Wage Subsidy (CEWS)
Canada Emergency Rent Subsidy (CERS)
Canada Emergency Business Account (CEBA)
Forgivable Loans - Tax and Accounting Treatment
Employee Work-Space-in-Home Expenses
Working From Home Travel Expenses
September 29, 2020
Sources:
Canada Emergency Wage Subsidy (CEWS):
- Speech from the Throne - Summary
Section 160 – Paying Dividends - Valovic v. The Queen, 2020 TCC 101
Document Loans And Dispute Resolutions - dispute re estate of Pierre Péladeau, founder of Quebecor Inc. - cmlawyers.ca article no longer available, but see the Quebec Court of Appeal case Péladeau Investments Inc. vs. Péladeau, 2020 QCCA 869 (CanLII)
Schedule 50 Letter Campaign re Shareholder Information - scroll down to this information
TaxTips.ca Articles:
Recovery Benefits - Bill C-2, CERB Replacements
Employee Meals and Lodging Expenses
August 18, 2020
Sources:
CPP – When to Apply:
- Society of Actuaries: The CPP Take-Up Decision (pdf)
- Benefits Canada: Most Canadians don't understand CPP, OAS deferral options: survey
Sophisticated Taxpayer – Gross Negligence Penalties: Hilderman v. The Queen, 2020 TCC 58
Canada Emergency Wage Subsidy (CEWS):
- Canada Emergency Wage Subsidy 2.0 Estimator
Real Estate Commissions: Zhang v. The Queen, 2020 TCC 49
TaxTips.ca Articles:
COVID-19 Financial Relief Resources
July 28, 2020
Sources:
Loans for Value – Income Splitting Tool
CRA Project on U.S. Real Estate Coming?
Voluntary Departure - Stavropoulos v. Canada 2020 FCA 109
TaxTips.ca Articles:
COVID-19 Resources, Financial Support - CERB, CEWS, CESB, CECRA, CEBA, OAS/GIS, etc.
Tax Issues re Investing, and Tax Treatment of Different Types of Investments
Disability Tax Credit, and $600 one-time tax-free payment
Lend Money to Your Spouse or Child
Foreign Asset Reporting - Form T1135 Foreign Income Verification Statement
June 30, 2020
Sources:
CERB, CEWS, and CESB Enforcement
- CRA National COVID-19 Business Continuity Plan - no longer available
- CRA Resuming Business Activities - no longer available
- Toronto Police File CERB Fraud Charges
Managing Your Business During COVID-19 - no longer available
Buyers and Sellers of PPE - no longer available
CEWS Adjustment Requests - no longer available
Bill C-17 (CERB, CEWS, Disability Payment)
TaxTips.ca Articles:
COVID-19 Resources, Financial Support - CERB, CEWS, CESB, CECRA, CEBA, OAS/GIS, etc.
CECRA and CEBA Forgivable Loans are Taxable
June 2, 2020
Sources:
Telecommuting Allowances and Reimbursements
- TI 2020-0845431C6 Taxable benefit - telework / Taxable benefit (French)
- TaxTips.ca Employee Work-Space-in-Home Expenses
10% Temporary Wage Election - CRA FAQ 14: Do I need to report anything to the CRA?
Supplementary Unemployment Benefit Plans
- Employment Insurance - Supplemental Unemployment Benefit Program
- Supplemental Unemployment Benefit Program
Director Liability – Challenging the Corporate Assessment - Duque v. Canada, 2020 FCA 73
TaxTips.ca Articles:
Donations - tax credits, rates, capital property, year of death donations, etc.
10% Temporary Wage Subsidy and 75% Canada Emergency Wage Subsidy (CEWS) for Employers - includes link to a consultation re CEWS which closes June 5th.
April 28, 2020
Sources:
Working From Home:
- Tim Cestnick - Working from home during this pandemic could provide tax savings
- RSM Canada - Can home office expenses be deducted during COVID-19?
Director Liability – No GST/HST Received - HazloLaw re CRA's Collection Powers
Employment Insurance (EI) – Voluntary Departure - Kean v. Canada 2020 FC 423
Backdating of Documents - Gordon v. Canada 2013 FC 597
Childcare Costs - Chernyshea c. Agence du revenu du Quebec, 2020 QCCQ 236 (CanLII)
TaxTips.ca Articles:
COVID-19 Financial Relief for Canadians
Employee Work-Space-in-Home Expenses
GST/HST on Forgiven or Deferred Commercial Rents
March 24, 2020
Sources:
COVID-19 – Canada's Economic Response Plan
- Canada's COVID-19 Economic Response Plan,
- Tax Filing/Payment Relief (COVID-19 – Video #1),
- Small Business Measures (COVID-19 – Video #2),
- Individual Measures (COVID-19 – Video #3) and
- Temporary Wage Subsidy (COVID-19 – Video #4)
Employment Insurance – Delay in Disability Benefit Application - Mora v. Canada 2020 FC 140
Director Liability – Due Diligence - MacDonald v. The Queen 2019 TCC 256
Tips – Gross Negligence Penalties - Xia v. Canada 2020 FCA 35
Is It a Business? – Start-Ups and Wind-Ups –
- Callaghan v. The Queen, 2020 TCC 28 and
- Hurwitz v. The Queen 2020 TCC 31
CRA My Account – Uncashed Cheques
TaxTips.ca Articles:
- What Types of Income are not Taxable?
February 27, 2020
Sources:
- T1 Season – What’s New
- Correction: Direct Deposit input not available on paper submissions, but can still be made electronically.
- CRA - What's new for tax professionals and tax preparers for the 2020 tax-filing season?
- U.S. – New Disclosure Requirements for Crypto Activities - Form 1040 or 1040-SR Schedule 1
- MileIQ
- MileBug and
- Odotrack
- Tenant Relocation Assistance - Technical Interpretation 2019-0825431E5
- Late Appeal – Miscommunications - Dutka v. The Queen, 2020 TCC 21
- In-Kind Contributions to an NPO - Technical Interpretation 2019-0800941E5
*NOTE: Revised video updated March 4, 2020. The original version indicated that accountants could no longer update direct deposit information. While the ability has been removed on paper-filed returns, the newly released Efile guide (February 24, 2020) indicates that direct deposit fields are still being submitted to CRA.
TaxTips.ca Articles:
- Keep a Trip Log to Identify Business Use of Your Vehicle
- Employee Motor Vehicle Travel Expenses
- Tax-free Motor Vehicle Allowances
- Should You Start Your Own Business, Buy Shares or Assets, or Forget It?
- Barter and BitCoin Transactions
January 29, 2020
Sources:
- Joint Tenancy - Cautions - Miller Thomson re Petrick (Trustee) v Petrick
- Executor Personal Liability - Muth Estte, 2019 ABQB 922 (CanLII)
- Condo Pre-Sale – GST/HST Issues - Younis v. The Queen 2019 TCC 198
- Tax Promoter Schemes:
- CPA Canada - More CRA scrutiny on tax schemes
- CRA - Beware of tax schemes that promise to reduce your taxes
- Negligence – Erroneous Donation Claims - Smith v. The Queen 2019 TCC 274
TaxTips.ca Articles:
- Home Accessibility Tax Credit
December 27, 2019
Sources:
- Climate Action Incentive:
- Department of Finance Climate Action Incentive Payment Amounts for 2020
- Federal Fuel Charge (Carbon Tax) in Alberta
- Enhanced Basic Personal Amount
- Contribution to Employee’s Crowdfunding Campaign – Employment Benefit - TI 2018-0779191E5
- Gross Negligence Penalties – Magnitude of Unreported Income - Fry v. The Queen 2019 TCC 236
- New Process for Authorizing Representatives CRA Access / Summary of revised processes
- TOSI: Excluded Business – Holidays, Vacation and Sick Days - TI 2019-0792001E5
TaxTips.ca Articles:
- Basic and Enhanced Personal Amount Tax Credit
2019 Life in the Tax Lane Videos
2018 Life in the Tax Lane Videos