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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.
Life in the Tax Lane - December 2021
November 30, 2021
Sources:
2022 Indexation for Personal Amounts
COVID-19 - Personal Support
COVID-19 - Business Support
- Bill C-2 First Reading
- Department of Finance - Types of Business Eligible for the Tourism and Hospitality Recovery Program
- November 24, 2021 Department of Finance News Release
Falsified Employment Records - Nijabat Contracting Inc v. Attorney General of Canada 2021 FC 946
Rental Property - Szablak c. Agence du Revenu du Quebec, 2021 QCCQ 8860 (CanLII)
Disability Tax Credit (DTC) Fee Restrictions
OAS Clawback Planning
- Old Age Security pension recovery tax
- Globe and Mail - Should you move to a retirement community, how an aging population could impact future stock market returns and five lessons from yoga to help build wealth
- TaxTips.ca - Old Age Security Clawback
TaxTips.ca Resources
2021 and 2022 Canadian Tax & RRSP Savings Calculator
2022 and Earlier Basic Tax Calculator
2022 and Earlier Non-refundable Personal Tax Credits - all provinces except Quebec
2022 and Earlier Quebec Tax Credits and Deductions Subject to Automatic Indexation
Property Rental Deductible Expenses
Life in the Tax Lane - November 2021
October 29, 2021
Sources:
COVID-19 Update - Businesses and Individuals
New Disability Tax Credit Form and Application Tool:
RESPs Many Canadians Dont Understand Them
TaxTips.ca Resources
CPP Retirement Pension Calculator
Disability Insurance - Pay Your Own Premiums!
Registered Education Savings Plans (RESP)s
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 - this link from intelligentwork.com no longer works.
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
TaxTips.ca Resources
Keep a Trip Log to Identify the Business Use of Your Vehicle
Selling Capital Property Non-Arm's Length For Less Than Market Value
Life in the Tax Lane - September 2021
August 30, 2021
Sources:
Multiple Consultations Released
 | Tax on unproductive use of housing by non-resident, non-Canadian owners (1% tax) - consultation open until September 17, 2021 |
| Share your thoughts: Help us build a better EI program - consultation open until October 8, 2021 |
| Proposed 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
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
Registered Education Savings Plans (RESPs) - Be Aware, and Beware!
Ontario Non-Resident Speculation Tax (NRST) (Foreign Buyers Tax)
Other Resources
City of Vancouver Empty Homes Tax
Life in the Tax Lane - August 2021
July 27, 2021
Sources:
Tax-Driven Bankruptcies - Sorochan (Re), ,2021 NSSC 200 (CanLII)
Informal Agreements Between Family Members - BC Estate Litigation Blog
TFSA Excess Contributions - Jamie Golombek, CPA, CA, CFP, CLU, TEP
Foreign Buyer Property Transfer Tax - Li v. British Columbia, 2021 BCCA 256 (CanLII)
TaxTips.ca Resources
Old Age Security Pension (OAS)
BC Property Taxes & Property Purchase Taxes
Life in the Tax Lane - July 2021
June 29, 2021
Sources:
CEWS Audits
CERS Lockdown Support Restricted Activities
- TI 2020-0873601I7 CERS - restricted activities of a travel agency
- TI 2021-0880401I7 CERS - Lockdown Support Restricted Activities
Insurable Employment - Kaloti v. Canada (Attorney General) 2021 FCC 334
US Master Limited Partnerships (USMLPS) Withholding Taxes - by John Heinzl
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:
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:
| Bill C-30 Budget Implementation Act, 2021, No. 1 |
| GST/HST for digital economy businesses |
TaxTips.ca Resources
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:
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) CoinsquareNew Compilation Engagement Standard Effect on Tax Work
Disability Tax Credit (DTC) Fee Restrictions:
| Disability Tax Credit Promoters Restrictions Regulations: SOR/2021-55 |
| Questions 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 UpdateCRA Online Security
| Multi-factor authentication to access CRA login services |
| CRA user ID and password have been revoked |
- Spiegel Sohmer Inc. vs. Quebec Revenue Agency 2021 QCCQ69 (CanLII)
- Grunbaum vs. H.M.Q., 91-352(IT)G (pdf)
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
Capital Gains Inclusion Rate Changes Who is Affected?
Registered Disability Savings Plans Letter Campaign
TaxTips.ca Resources
Tax Return and Payment Filing Due Dates
US Estate Tax May be Payable by Canadians
Registered Disability Savings Plans (RDSPs)
Life in the Tax Lane - February 2021
January 28, 2021
Sources:
| Income Tax Folio S1-F2-C2 Tuition Tax Credit |
| Tuition and Canada Training Credit (CTC) |
T4Summary 10% Temporary Wage Subsidy
| Form T4SUM Summary of Remuneration Paid |
| Form PD27 10% Temporary Wage Subsidy Self-identification Form for Employers |
| 10% Temporary Wage Subsidy for Employers |
Correcting Form PD27 Submissions
Electronic Signatures T183, T2200, T2200S
| EFILE news and program updates |
| New Home Office Expense Claim Methods |
Relief Payments from Foreign Governments - TI 2020-0851071I7 Hong Kong Cash Payout Scheme
U.S. Corporate Beneficial Ownership Disclosure
| Bill H.R. 6395: National Defense Authorization Act for Fiscal Year 2021 |
| Norton Rose Fulbright: Who is a "beneficial owner"? |
| National Law Review re New Corporate Transparency Act |
U.K. Publicly accessible Registers of Beneficial Ownership
TaxTips.ca Resources
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:
| CPA 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
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!
Employee Work-Space-in-Home Expenses
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: January 22, 2024