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Personal Income Tax  ->  Life in the Tax Lane  -> Life in the Tax Lane 2021

2021 Life in the Tax Lane from Video Tax News (VTN)

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.

Video Tax News COVID-19 Updates and Resources for Accounting Professionals

Video Tax News has been diligent in keeping accounting professionals up to date on COVID-19 resources, including many videos.

For more COVID-19 information see our COVID-19 Financial Relief for Canadians page.

Life in the Tax Lane - October 2021

September 29, 2021

Sources:

Travel Log - Cossette v. Quebec Revenue Agency, 2021 QCCQ 6923 (CanLII)

Automobile Benefits - Electric Vehicles - TI 2017-0696041E5

Enhancing the Value of Owner-Managed Business

Salaries to Family Members - Prunoiu v. Quebec Revenue Agency, 2021 QCCQ 7555 (CanLII)

Transfer of Property for Less Than Fair Market Value - TI 2020-0865201E5

Unsigned Will – COVID-19 - Bishop Estate v. Sheardown, 2021 BCSC 1571

Video Tax News Tax Update 2021 - Learn more or register

TaxTips.ca Resources

Keep a Trip Log to Identify the Business Use of Your Vehicle

Automobile Taxable Benefits

Selling Capital Property Non-Arm's Length For Less Than Market Value

Wills and Estate Planning

Life in the Tax Lane - September 2021

August 30, 2021

Sources:

Multiple Consultations Released

bulletTax on unproductive use of housing by non-resident, non-Canadian owners (1% tax) - consultation open until September 17, 2021
bulletShare your thoughts: Help us build a better EI program - consultation open until October 8, 2021
bulletProposed luxury tax (cars, aircraft, boats) - consultation open until September 30, 2021

Workspace In Home Expenses - What you need to know if the CRA reviews your home office expense claims by Jamie Golombek, CPA, CA, CFP, CLU, TEP.

Ensuring Audit Requests Are Answered - Amdocs Canadian Managed Services Inc. v. Canada (National Revenue), 2021 FC 707

Medical Travel Expenses - 2021-0879911E5 METC - COVID-19 tests & hotel quarantine

German Pensions

Multiple Children But One RESP Account - from MoneySense

Fuel Cards Provided To Independent Contractor Drivers -Daville Transport Inc. v. The Queen - 2021 TCC 47

Wedding Costs – Tax Evasion? - R. v. Mariani, 2021 ONSC 4731 (CanLII)

TaxTips.ca Resources

BC Speculation and Vacancy Tax

BC Foreign Buyer Tax (Additional Property Transfer Tax)

Employee Work-Space-in-Home Expenses

Eligible Medical Expenses

Registered Education Savings Plans (RESPs) - Be Aware, and Beware!

Other Resources

City of Vancouver Empty Homes Tax

Ontario Non-Resident Speculation Tax (NRST) (Additional Property Purchase Tax)

Life in the Tax Lane - August 2021

July 27, 2021

Sources:

Additional OAS Payment

CRA Collections – Impact On Business - Signal Hill Manufacturing Inc v Canada Revenue Agency, 021 ABQB 460 (CanLII)

Tax-Driven Bankruptcies - Sorochan (Re), ,2021 NSSC 200 (CanLII)

Informal Agreements Between Family Members - BC Estate Litigation Blog

Travel Allowances – Limited Distance Covered - TI 2017-0713041E5 Allowance for the use of a motor vehicle (French)

Bulk Taxpayer Relief

TFSA – Excess Contributions - Jamie Golombek, CPA, CA, CFP, CLU, TEP

EI Consultation

Foreign Buyer Property Transfer Tax - Li v. British Columbia, 2021 BCCA 256 (CanLII)

TaxTips.ca Resources

Old Age Security Pension (OAS)

Wills & Estate Planning

TFSA Excess Contributions

BC Property Taxes & Property Purchase Taxes

Life in the Tax Lane - July 2021

June 29, 2021

Sources:

CEWS Audits

  1. CEWS Audits Paper & Chart - Blachford Tax Law
  2. Businesses: Watch out for CEWS tax schemes - CRA

CERS Lockdown Support – Restricted Activities

  1. TI 2020-0873601I7 CERS - restricted activities of a travel agency
  2. TI 2021-0880401I7 CERS - Lockdown Support Restricted Activities

Insurable Employment - Kaloti v. Canada (Attorney General) 2021 FCC 334

Impending US Tax Changes

US Master Limited Partnerships (USMLPS) – Withholding Taxes - by John Heinzl

Poor Records – Repayment of Shareholder Advances - Gendron v. Quebec Revenue Agency, 2021 QCCQ 3575 (CanLII)

TaxTips.ca Resources

Canada Emergency Wage Subsidy (CEWS)

Canada Emergency Rent Subsidy (CERS)

Investing Tax Issues, Tax Treatment of Different Types of Investments

Shareholder Loans and Their Tax Implications

Life in the Tax Lane - June 2021

May 28, 2021

Sources:

Estate Planning – Millennials

Reviewing Beneficiary Designations

Proposed Changes to Facilitate Intergenerational Transfers - Bill C-208

Mandatory Disclosures – Budget 2021

Medical Expenses – Leasing Costs Due to COVID-19 - TI 2020-0866561E5 METC -A

Personal Protective Supplies - TI 2020-0867061I7 Employment expenses

CEWS – Eligible remuneration - TI 2020-0865791I7

E-Commerce, Accommodation Sharing & Warehouses:

bulletBill C-30 Budget Implementation Act, 2021, No. 1
bulletGST/HST for digital economy businesses

TaxTips.ca Resources

Wills and Estate Planning

Lifetime Capital Gains Exemption (LCGE)

Employment Expenses Line 22900

Canada Emergency Wage Subsidy (CEWS) for Employers

Life in the Tax Lane - May 2021

April 29, 2021

Sources:

Federal Budget 2021

New Program – Advisor Error - Tellini v. Bell Alliance, 2021 BCSC 549

Social Media Review - CRA looking for unreported income from influencers

Unnamed Persons Requirement (UPR) – Coinsquare

Bank Records Sent to the IRS

New Compilation Engagement Standard – Effect on Tax Work

Disability Tax Credit (DTC) – Fee Restrictions:

bulletDisability Tax Credit Promoters Restrictions Regulations: SOR/2021-55
bulletQuestions and answers to the proposed Disability Tax Credit Promoters Restrictions Regulations

TaxTips.ca Resources

2021 Federal Budget - April 19, 2021

BC Foreign Buyer Tax (Additional Property Transfer Tax

Barter and Cryptocurrency Transactions Can Result in Taxable Income, Sales Taxes Payable 

Disability Tax Credit Promoters Restrictions Act

Life in the Tax Lane - April 2021

March 30, 2021

Sources:

CERS/CEWS Update

CRA Online Security

bulletMulti-factor authentication to access CRA login services
bulletCRA user ID and password have been revoked
Wedding Costs – Business Expense?
  1. Spiegel Sohmer Inc. vs. Quebec Revenue Agency 2021 QCCQ69 (CanLII)
  2. Grunbaum vs. H.M.Q., 91-352(IT)G (pdf)
Rental Properties – Repair Expense - DiCaita v. The Queen, 2021 TCC 5

Income Versus Capital Gains - Vern Krishna: Stock Traders Beware of Tax Traps: The Taxman Cometh

Taxpayer Relief – Financial Hardship - Shea v. Canada (Attorney General), 2021 FC 54

TaxTips.ca Resources

Canada Emergency Wage Subsidy (CEWS)

Canada Emergency Rent Subsidy (CERS)

T4A Tax Slip Errors re COVID Benefits

Capital or Expense - re rental property, business assets

Are Your Investment Gains and Losses Capital or Income?

Taxpayer Relief Provisions (Fairness Provisions)

Life in the Tax Lane - March 2021

February 26, 2021

Sources:

COVID-19 Benefit Recipients – Individual Interest Relief

CERB Issues

Capital Gains Inclusion Rate Changes – Who is Affected?

bulletRaising the capital gains tax would soak more than the rich - Jamie Golombek
bulletCorrecting Common Misunderstandings about Capital Gains Taxes - Fraser Institute
bulletGetting the facts straight on capital gains tax - Rhys Kesselman

Potential U.S. Tax Changes

Registered Disability Savings Plans – Letter Campaign

TaxTips.ca Resources

Filing Your Tax Return

Tax Return and Payment Filing Due Dates

Capital Gains and Losses

US Estate Tax May be Payable by Canadians

Registered Disability Savings Plans (RDSPs)

Life in the Tax Lane - February 2021

January 28, 2021

Sources:

Education and Training

bulletIncome Tax Folio S1-F2-C2 Tuition Tax Credit
bulletTuition and Canada Training Credit (CTC)

T4Summary – 10% Temporary Wage Subsidy

bulletForm T4SUM Summary of Remuneration Paid
bulletForm PD27 10% Temporary Wage Subsidy Self-identification Form for Employers
bullet10% Temporary Wage Subsidy for Employers

Correcting Form PD27 Submissions

Electronic Signatures – T183, T2200, T2200S

bulletEFILE news and program updates
bulletNew Home Office Expense Claim Methods

Relief Payments from Foreign Governments - TI 2020-0851071I7 Hong Kong Cash Payout Scheme

U.S. Corporate Beneficial Ownership Disclosure

bulletBill H.R. 6395: National Defense Authorization Act for Fiscal Year 2021
bulletNorton Rose Fulbright:  Who is a "beneficial owner"? 
bulletNational Law Review re New Corporate Transparency Act

U.K. Publicly accessible Registers of Beneficial Ownership

TaxTips.ca Resources

T4 Requirements and Filing

Life in the Tax Lane - January 2021

December 29, 2020

Sources:

CRA Focus on Video Games Streamers and Online Influencers

Canada Emergency Rent Subsidy (CERS) – Non-Arm's Length Rent:

bulletCRA - CERS Expenses you can claim
bulletCPA Canada - CRA webinar on CERS

Employees Working From Home During COVID-19

Residential Property Rebates - 1089391 Ontario Inc. v. The Queen 2020 TCC 129

Offshore Tax Informant Program Update - TI 2020-0839921C6 STEP 2020

Electronic Signatures

Sending CRA Legal Documents – Deceased Individuals

CEWS – Period 1-5 Deadline Issues

TaxTips.ca Resources

Information for Business Owners - video game streamers and online influences may need this!

Canada Emergency Rent Subsidy

Employee Work-Space-in-Home Expenses

Canada Emergency Wage Subsidy

Prior Year Life in the Tax Lane Videos:

2020 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: October 24, 2021

 

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