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Home  ->  Personal Income Tax  ->  Life in the Tax Lane  -> Life in the Tax Lane 2023

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.

Life in the Tax Lane - December 2023

November 30, 2023


Fall Economic Statement – Short-Term Rentals and Employee Ownership Trusts

Fall Economic Statement – Underused Housing Tax (UHT)

  1. 2023 Fall Economic Statement
  2. Legislative and Regulatory Proposals Relating to the Underused Housing Tax Act and Explanatory Notes

Various Trust Filing Issues

  1. CRA - T3 Trust Income Tax Return
  2. TI 2021-0895261E5 Application of subsection 162(7) to a T3 return
  3. 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)
  4. 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 Resources

Fall Economic Statement

  1. Crackdown on Short-Term Rentals
  2. 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

Life in the Tax Lane - November 2023

October 30, 2023


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:

  1. Preston v. The King, 2023 TCC 136
  2. 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 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?

Life in the Tax Lane - October 2023

September 29, 2023


Extended CEBA Repayment Deadline

  1. Department of Finance Canada Backgrounder
  2. CEBA Frequently Asked Questions

Enhanced GST Rental Rebate

  1. Department of Finance Canada Backgrounder
  2. News release September 21, 2023
  3. 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

  1. - Immediate Expensing of Certain Capital Assets for CCPCs
  2. Canada Revenue Agency - Accelerated investment incentive

Mileage Allowance – Common Starting Location - Nicoll v. The King, 2023 TCC 116

Corporate Beneficial Ownership Registry

  1. Investment Executive - Advisors should help business owners prepare for new corporate ownership registry
  2. Osler - Corporate transparency registers: what private companies need to know as requirements get stricter across Canada Resources

Canada Emergency Business Account (CEBA)

Temporary Increase to GST Rental Rebate

Home Accessibility Tax Credit

Tax-Free Vehicle Allowance

Life in the Tax Lane - September 2023

August 29, 2023


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:

  1. Beach Place Ventures Ltd. v. The Queen, 2019 TCC 24
  2. Beach Place Ventures Ltd. v. Employment Standards Tribunal, 2022 BCCA 147

Late Payments to CRA:

  1. Encourage Clients to Settle Outstanding Tax Bills - Advocis
  2. CRA Prescribed interest rates

Replacement Property Rules:

  1. Income Tax Folio S3-F3-C1, Replacement Property
  2. Legislative Proposals - see 5 (1) re Section 13 of the Income Tax Act Resources

Multigenerational Home Renovation Tax Credit

Employee or Self-Employed Independent Contractor?

Late Filing of a Tax Return / Late Filing Penalties and Interest

Life in the Tax Lane - August 2023

July 31, 2023


First Home Savings Account (FHSA) – Timing of Opening an Account

Mandatory Disclosure Rules:

  1. CRA - Mandatory disclosure rules - Guidance
  2. Bill C-47 Budget Implementation Act, 2023, No. 1

Alternative Minimum Tax – Proposed Changes:

  1. Budget 2023
  2. How changes to the alternative minimum tax system could affect Canadians by Jamie Golombek, CPA, CA, CFP, CLU, TEP
  3. 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:

  1. CRA - Reporting Requirements for Trusts
  2. Form T3SCH15 Beneficial Ownership Information of a Trust 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

Life in the Tax Lane - July 2023

June 29, 2023


Late Application for CPP Benefit - Smith v. Canada (Attorney General), 2023 FCA 122

First Home Savings Account (FHSA) – Tips and Traps:

  1. CRA - First Home Savings Account (FHSA)
  2. What are the FHSA qualifying withdrawal rules? by Rudy Mezzetta, Advisor's Edge
  3. 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:

  1. CRA - Multigenerational Home Renovation Tax Credit
  2. Technical Interpretation 2023-0960631E5 MHRTC - Pre-renovation
  3. 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:

  1. CPA Canada - Checklist: new proposed intergenerational transfer options
  2. Intergenerational business transfers - by John Oakey, Baker Tilly Canada
  3. Intergenerational business transfers - estate planners beware - by John Oakey, Baker Tilly Canada
  4. The "GIST" of Genuine Intergenerational Share Transfers: Important Proposed Legislative Changes - by Matthew M. Peyton, Cox & Palmer
  5. Business succession - New tax rules to consider for family business transfers - by Bruce Ball, FCPA, FCA, CFP, CPA Canada
  6. Budget 2023 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

Life in the Tax Lane - June 2023

May 31, 2023


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

  1. Canada (Attorney General) v. Johnson, 2023 FCA 49
  2. Canada (Attorney General) v. Pettinger, 2023 FCA 51
  3. Canada (Attorney General) v. Jeffers, 2023 FCA 52

COVID-19 Collections - CRA holding back refunds

Employee vs. Independent Contractor – Truck Drivers

  1. Transport Ajit inc. c. Agence du revenu du Québec, 2023 QCCQ 1443 (CanLII)
  2. Canadian trucking groups sound alarm over 'tax scam', call on CRA to step in

Featured seminars:

Monthly Tax Update | 12 hours | Pre-recorded 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?

Life in the Tax Lane - May 2023

April 28, 2023


Shrinkflation – GST/HST Issues 

Mandatory Disclosure Rules

  1. Notice of Ways and Means Motion to introduce an Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023
  2. 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 Resources

Federal 2023 Budget - March 28, 2023

Underused Housing Tax

Life in the Tax Lane - April 2023

March 31, 2023


Relationship Status - Common Law or Not? Groulx c. Le Roi, 2023 CCI 21

Underused Housing Tax - Updates

  1. CHBA successful in getting administration-reducing/cost-saving interpretation on the Underused Housing Tax
  2. 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

  1. Re CERB benefits - Bastien c. Canada (Attorney General), 2023 FC 222 (French)
  2. Re medical expenses other eligible dependants - Andrews v. The King, 2023 TCC 19

US FBAR Penalties - $10,000 Per Form or Account?

  1. Supreme Court Rules In Taxpayer's Favor On FBAR Penalties
  2. Supreme Court of the United States Bittner v. United States Resources

Canada's Underused Housing Tax

Tax Free Savings Accounts (TFSAs) - Taxes Payable in a TFSA

Medical Expense Tax Credit

Life in the Tax Lane - March 2023

February 27, 2023


Underused Housing Tax Guidance

  1. Underused housing tax technical information
  2. 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

  1. About My Trust Account
  2. 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) 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

Life in the Tax Lane - February 2023

January 31, 2023


Underused Housing Tax

  1. Underused Housing Tax - Quick Reference Chart from Video Tax News
  2. Underused Housing Tax on

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 Resources

Canada's Underused Housing Tax - This Affects Canadians Also!

Life in the Tax Lane - January 2023

December 29, 2022


2023 Automobile Limits

Individual Instalment Interest – Unexpected Income:

  1. Required tax instalments for individuals
  2. 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 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: May 29, 2024


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