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2024 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 - April 2024

March 28, 2024

Sources:

Bare Trusts – New reporting requirements for trusts: T3 returns filed for tax years ending after December 30, 2023

T2200 – Employer Requirement?

Reliance on CRA's My Account - Brand v. Canada (Attorney General), 2024 FC 159

Canada Carbon Rebate

Short-Term Property Rentals – Denial of Expenses

1. CPA Canada - Legislative proposal to crack down on non-compliant short-term rentals
2. CPA Canada - Feds slap punitive tax measure on non-compliant short-term rentals

UHT – CRA Commentary on Excluded Owner Proposals

1. UHTN16 Proposed Amendments to the Underused Housing Tax
2. UHT-2900 Underused Housing Tax Return and Election Form

TaxTips.ca Resources

Bare Trusts

Employee Work-Space-in-Home Expenses

Underused Housing Tax

Life in the Tax Lane - March 2024

February 29, 2024

Sources:

T1 Season – What's New:

1. CRA: What you need to know for the 2024 tax-filing season
2. Tax season starts February 19, and here's what you need to know
3. Government announces Canada Carbon Rebate amounts for 2024-25

Working From Home Expenses

CCA – Retroactive Adjustment - TI 2023-0982881C6 Revision of Capital Cost Allowance Claims

GST/HST Electronic Filing Reminder

Multi-Factor Authentication – Authenticator App

Cryptocurrency Losses - TI 2023-0982931C6

FHSA – Constructing a Home - TI 2023-0978631C6

TaxTips.ca Resources

Canada Carbon Rebate (CCR) - formerly Climate Action Incentive (CAI) Quarterly Payments

Employee Work-Space-in-Home Expenses

Capital Cost Allowance

Barter and Cryptocurrency Transactions

First Home Savings Account

Life in the Tax Lane - February 2024

January 30, 2024

Sources:

UHT – Assessment Statistics

TI 2019-0798021I7 Clearance Certificate Obtained after Distribution

CPP Survivor – Common-Law Partner - Pentesco v. Fraser, 2023 FCA 239

Employee vs. Independent Contractor – Control by Owner-Manager - IBI Behavioural Services Inc. v. M.N.R., 2023 TCC 159

Short-Term Rental – Denial of Expenses

1. 2023 Fall Economic Statement
2. December 2023 Legislative Proposals and Explanatory Notes

FHSA – Income Splitting

1. Tax-Free First Home Savings Account: Estate Implications And Income Splitting Opportunities
2. Alternative ways to fund and use an FHSA

Video Tax News Seminars, including Expanded T3 Reporting Rules: Changes and Traps

TaxTips.ca Resources

Employee or Self-Employed Independent Contractor?

Proposal to Crack Down on Non-Compliant Short-Term Rentals

First Home Savings Accounts (FHSAs)

Life in the Tax Lane - January 2024

December 29, 2023

Sources:

Pre-Budget Consultations

Canada Dental Care Plan

Electronic Distribution – T-slips

Cryptocurrency and NFTs

Working From Home Expenses – Employees

Expanded Trust Reporting – CRA Guidance

TaxTips.ca Resources

Attention Employers - Additional T4 and T4A Slip Reporting

Barter and Cryptocurrency Transactions

Informal Trust Accounts and New Reporting Requirements

Prior Year Life in the Tax Lane Videos:

2023 Life in the Tax Lane

2022 Life in the Tax Lane

2021 Life in the Tax Lane

2020 Life in the Tax Lane

2019 Life in the Tax Lane

2018 Life in the Tax Lane

2017 Life in the Tax Lane

2015 & 2016 Life in the Tax Lane

 

Revised: March 28, 2024

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