2023 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.
November 30, 2023
Sources :
Fall Economic Statement – Short-Term Rentals and Employee Ownership Trusts
Fall Economic Statement – Underused Housing Tax (UHT)
2023
Fall Economic Statement Legislative
and Regulatory Proposals Relating to the Underused Housing Tax Act and
Explanatory Notes
Various Trust Filing Issues
CRA
- T3 Trust Income Tax Return
TI
2021-0895261E5 Application of subsection 162(7) to a T3 return
Charities
and Giving - What's New: New trust reporting requirements for tax years ending
on or after December 31, 2023 (scroll down to 2023-11-10)
Late
Breaking Release - See FAQ 3.5 regarding administrative relief on
penalties for bare trusts for the 2023 year.
Personal Indexation Amounts for 2024
Canada Pension Plan
T4/T4A Filing Requirements – Dental Benefits
Overlooked Capital Losses - TI 2023-0961311C6 STEP 2023 - Question 2 - Worthless
Property
TaxTips.ca Resources
Fall Economic Statement
Crackdown
on Short-Term Rentals Underused Housing Tax
Informal Trust
Accounts
2024 Tables of
Provincial/Territorial and Federal Personal Income Tax Rates
2024 Non-Refundable Tax
Credits
CPP and QPP
Contribution Rates
2024
Canadian Income Tax Calculators
TFSA Contribution Rules
and Limits
Additional
T4 and T4A Slip Fields 2023
October 30, 2023
Sources :
Mandatory Tips –
GST/HST/QST - 2328-3526 Québec inc. (Café Cléopâtre) c. Agence du revenu du Québec, 2023 QCCS 272
(CanLII)
Expanded Trust Reporting – Bare Trust Arrangements
UHT – Penalties, Interest and Relief
Source of Income:
Preston v. The King, 2023 TCC 136 Tweneboah v. The King, 2023 TCC 121
EI Insurable Earnings – Control of Shares - Bull v. M.N.R., 2023 TCC 133
Partial Change in Use – Rental to Personal - TI2017-0706851E5
TaxTips.ca Resources Tips and Gratuities - GST/HST, CPP & EI
Canada's Underused
Housing Tax - Returns Due Oct 31, 2023 !
Employment Insurance
(EI) Premiums are not Payable on Some Wages
What happens if I move into my rental property, or start renting out my home?
September 29, 2023
Sources :
Extended CEBA Repayment Deadline
Department
of Finance Canada Backgrounder CEBA Frequently
Asked Questions
Enhanced GST Rental Rebate
Department
of Finance Canada Backgrounder News
release September 21, 2023 Bill
C-56 An Act to amend the Excise Tax Act and the Competition Act
Home Accessibility Tax Credit – Nature of Impairment - TI 2023-0965631E5
Mental functions & home accessibility tax credit
Enhanced CCA – Phase-Out After December 31, 2023
TaxTips.ca
- Immediate Expensing of Certain Capital Assets for CCPCs Canada
Revenue Agency - Accelerated investment incentive
Mileage Allowance – Common Starting Location - Nicoll v. The King, 2023 TCC 116
Corporate Beneficial Ownership Registry
Investment
Executive - Advisors should help business owners prepare for new corporate ownership registry Osler
- Corporate transparency registers: what private companies need to know as requirements get stricter across Canada
TaxTips.ca Resources Canada
Emergency Business Account (CEBA)
Temporary
Increase to GST Rental Rebate
Home Accessibility Tax
Credit
Tax-Free Vehicle
Allowance
August 29, 2023
Sources :
Surcharge to Accept Payment Via Credit Card –
GST/HST?
Revival of a Corporation
- Canada (Attorney General) v 18335898 Alberta Ltd (Whitecap Energy Inc), 2023 ABKB 357
(CanLII)
Multigenerational Home Renovation Tax Credit – New Dwelling
- 2023-0965171E5 MGHRTC - Newly constructed housing unit
Identifying Simplified Registrants – New CRA Numbers
- CPA Canada August 22, 2023
Employee vs. Independent Contractor – Differing Legislation:
Beach Place Ventures Ltd. v. The Queen, 2019 TCC 24 Beach Place Ventures Ltd. v. Employment Standards Tribunal, 2022 BCCA 147
Late Payments to CRA:
Encourage
Clients to Settle Outstanding Tax Bills - Advocis CRA
Prescribed interest rates
Replacement Property Rules:
Income
Tax Folio S3-F3-C1, Replacement Property Legislative
Proposals - see 5 (1) re Section 13 of the Income Tax Act
TaxTips.ca Resources Multigenerational
Home Renovation Tax Credit
Employee
or Self-Employed Independent Contractor?
Late Filing of a Tax Return / Late Filing
Penalties and Interest
July 31, 2023
Sources :
First Home Savings Account
(FHSA) – Timing of Opening an Account
Mandatory Disclosure Rules:
CRA
- Mandatory disclosure rules - Guidance Bill
C-47 Budget Implementation Act, 2023, No. 1
Alternative Minimum Tax – Proposed Changes:
Budget
2023 How
changes to the alternative minimum tax system could affect Canadians by
Jamie Golombek, CPA, CA, CFP, CLU, TEP Proposed
Alternative Minimum Tax (AMT) Rules by Mark Halpern, CFP, TEP, MFA-P
Objection Deadline – One-Year Limitation Period
- Adams v. The King, 2023 TCC 86
Expanded Trust Reporting Rules:
CRA
- Reporting Requirements for Trusts Form
T3SCH15 Beneficial Ownership Information of a Trust
TaxTips.ca Resources Should
I Open a First Home Savings Account?
Budget
2023 - Alternative Minimum Tax
Don't agree with your income tax assessment? - Filing a notice of objection
June 29, 2023
Sources :
Late Application for CPP Benefit
- Smith v. Canada (Attorney General), 2023 FCA 122
First Home Savings Account (FHSA) – Tips and Traps:
CRA
- First Home Savings Account (FHSA) What
are the FHSA qualifying withdrawal rules? by Rudy Mezzetta, Advisor's Edge FHSA
questions abound as industry rolls out account - by Melissa Shin, Investment
Executive
CRB Eligibility – Airbnb Income
- Morin v. Canada (Attorney General), 2023 FC 751
Multigenerational Home Renovation Tax Credit:
CRA
- Multigenerational Home Renovation Tax Credit Technical
Interpretation 2023-0960631E5 MHRTC - Pre-renovation Technical
Interpretation 2023-0960671E5 Carriage house & multigenerational home
renos
Residential Property – Self-supply Issues
- Residential rental property developers and GST/HST obligations by Melinda
Fleming, Baker Tilly Canada
Intergenerational Business Transfer Proposals – Considerations and Challenges:
CPA
Canada - Checklist: new proposed intergenerational transfer options Intergenerational
business transfers - by John Oakey, Baker Tilly Canada Intergenerational
business transfers - estate planners beware - by John Oakey, Baker Tilly
Canada The
"GIST" of Genuine Intergenerational Share Transfers: Important
Proposed Legislative Changes - by Matthew M. Peyton, Cox & Palmer Business
succession - New tax rules to consider for family business transfers - by
Bruce Ball, FCPA, FCA, CFP, CPA Canada Budget
2023
TaxTips.ca Resources CPP Disability Benefits
CPP Survivor Benefits
First Home Savings Account (FHSA)
Multigenerational
Home Renovation Tax Credit
Lifetime
Capital Gains Exemption for qualified SBC shares, farming/fishing property
May 31, 2023
Sources :
RRSP
vs. TFSA vs. Tax-Free First Home Savings Account
Donation Planning – Life Insurance Product
CPP Enhancement
Withholdings on Rent to Non-Residents
- 3792391 Canada Inc. v. The King
EI Parental Benefits – Change of Extended Benefits Election
Canada (Attorney General) v. Johnson, 2023 FCA 49 Canada (Attorney General) v.
Pettinger, 2023 FCA 51 Canada (Attorney General) v. Jeffers, 2023 FCA 52
COVID-19 Collections
- CRA holding back refunds
Employee vs. Independent Contractor – Truck Drivers
Transport Ajit inc. c. Agence du revenu du Québec, 2023 QCCQ 1443
(CanLII) Canadian
trucking groups sound alarm over 'tax scam', call on CRA to step in
Featured seminars:
Monthly Tax Update | 12 hours | Pre-recorded
TaxTips.ca Resources Which is Better - TFSA or
RRSP - or FHSA?
Enhanced
CPP and Enhanced
QPP
Buying
Real Estate From a Non-Resident
Employment Insurance (EI)
for the Self-Employed
Employee or Self-Employed Independent Contractor?
April 28, 2023
Sources :
Shrinkflation –
GST/HST Issues
Mandatory Disclosure Rules
Notice of Ways and Means Motion to introduce an Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 Bill
C-47, Budget Implementation Act, 2023, No. 1
Intergenerational Business Transfers
Underused Housing Tax
(UHT) – Various Issues
Alternative Minimum Tax (AMT) – Budget 2023
Featured seminars:
Monthly Tax Update | 12 hours | Pre-recorded
TaxTips.ca Resources Federal 2023 Budget - March 28,
2023
Underused Housing
Tax
March 31, 2023
Sources :
Relationship
Status - Common Law or Not? Groulx c. Le Roi, 2023 CCI 21
Underused Housing Tax - Updates
CHBA
successful in getting administration-reducing/cost-saving interpretation on
the Underused Housing Tax Letter
from CRA to CHBA - Interpretation
TFSA
- Carrying on a Business - Canadian Western Trust Company v. The King 2023 TCC
17
Employment
Expenses - Sponsorship - Silber c. Agence du revenu du Québec, 2023 QCCQ 127 (CanLII)
(French)
Legislation vs. CRA Interpretation
Re
CERB benefits - Bastien c. Canada (Attorney General), 2023 FC 222
(French)Re
medical expenses other eligible dependants - Andrews v. The King, 2023 TCC 19
US FBAR Penalties - $10,000 Per Form or Account?
Supreme
Court Rules In Taxpayer's Favor On FBAR Penalties Supreme
Court of the United States Bittner v. United States
TaxTips.ca Resources Canada's Underused
Housing Tax
Tax
Free Savings Accounts (TFSAs) - Taxes Payable in a TFSA
Medical Expense Tax Credit
February 27, 2023
Sources :
Underused Housing Tax Guidance
Underused housing tax technical information Underused Housing Tax – Quick Reference Chart
Unreported Capital Trades Included on a T5008
- Roy v. Canada (National Revenue), 2022 FC 1704 (CanLII) (French)
Recurring Conversion Between Personal and Income Earning Use
- TI 2022-0942161C6 Special rules on changes of use (French)
Updates to CRA Online Portals
About
My Trust Account Confirm
my representative's authorization request
Foreign Tax Credit Verification (Question 11 of CPA Canada/Provincial Accounting Bodies Questions to CRA – 2022 (released January 12, 2023))
(pdf)
TaxTips.ca Resources Canada's Underused Housing Tax
(UHT)
Reporting Foreign
Transactions on Your Tax Return
Change in Use of Real
Estate
T5008:
No In Kind Transfers, Proceeds Not Correct
January 31, 2023
Sources :
Underused Housing Tax
Underused
Housing Tax - Quick Reference Chart from Video Tax NewsUnderused
Housing Tax on Canada.ca
Statute-Barred
Corporate Tax Returns - TI 2019-0810061I7
Wage and Rent Subsidies – Partnership Income and Reviews
- TI 2021-0878941E5
Relationship Breakdown – Written Separation Agreement
- Vohra v. The King - 2022 TCC 165
Canada Child Benefit – Shared-Custody Arrangement
- Scott v. The King, 2022 TCC 131
TaxTips.ca Resources Canada's
Underused Housing Tax - This Affects Canadians Also!
December 29, 2022
Sources :
2023 Automobile Limits
Individual Instalment Interest – Unexpected Income:
Required
tax instalments for individuals Gagnon
v. The King 2022 TCC 139
Tax Loss Selling – Corporations
by Dave Gautier, Crowe MacKay LLP
COVID-19 Suspicious/Fraudulent Claims
- Office of the Auditor General of Canada Report 10
Tips And Gratuities –
GST/HST - 1410109 Ontario Ltd. v. The King, 2022 TCC 141
EFILE Revocation
- Virgen v. Canada (Attorney General) 2022 FC 1544
TaxTips.ca Resources Passenger Vehicle
Expense Limitations - loan interest, lease cost, capital cost maximums
Tax-Free Motor
Vehicle Allowances
Automobile
Operating Cost Benefit
Automobile Sales
People Operating Cost Benefit
Prior Year Life in the Tax Lane Videos: 2022 Life in the Tax Lane Videos
2021 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: March 04, 2024
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