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Personal Income Tax -> Life in the Tax Lane

2020 Life in the Tax Lane from Video Tax News

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.

Life in the Tax Lane - April 2020

March 24, 2020

Sources:

COVID-19 – Canada's Economic Response Plan

 - COVID-19 Updates and Resources for Accounting Professionals

 - 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:

 - COVID-19 Resources

 - What Types of Income are not Taxable?

COVID-19 Video Updates

Video 1 - Tax Filing/Payment Relief

 

Video 2 - Small Business Measures

 

Video 3 - Individual Measures

 

Video 4 - More Details Released on Temporary Wage Subsidy

 

Life in the Tax Lane - March 2020

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?

          - Check CRA processing times

    - U.S. – New Disclosure Requirements for Crypto Activities - Form 1040 or 1040-SR Schedule 1

    - Vehicle Logs

          - MileIQ

          - Mileage Tracker

          - MileBug and

          - Odotrack

    - Tenant Relocation Assistance - Technical Interpretation 2019-0825431E5

    - Starting a Business While Collecting Employment Insurance - Stojanovic v. Canada (Attorney General), 2020 FCA 6

    - 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

Life in the Tax Lane - February 2020

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

    - Home Accessibility Tax Credit – Renovation Increasing Value of Property - Patrie v. The Queen 2019 TCC 276

    - 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:

    - Joint Ownership of Assets

    - Wills & Estate Planning

    - GST & HST

    - Home Accessibility Tax Credit

    - Donations Tax Credit

 

Life in the Tax Lane - January 2020

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:

    - Climate Action Incentive

    - Basic and Enhanced Personal Amount Tax Credit

Prior Year Life in the Tax Lane Videos:

    - 2019 Life in the Tax Lane Videos

   - 2018 Life in the Tax Lane Videos

    - 2017 Life in the Tax Lane Videos

    - 2015 & 2016 Life in the Tax Lane Videos

Revised: March 24, 2020

 

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