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What's New by Month

February 2023

CPP, OAS and EI Tax Slips Available Online

Official PDF versions of your tax slips for CPP, OAS and EI are available now in your "My Service Canada" account.  The tax slips are also available through your CRA My Account, but not the "official" ones. There are links in your online accounts to make it easy to move from CRA to Service Canada and back again.

January 2023

Life in the Tax Lane February 2023

Topics in this month's 10-minute video for Canadian Tax and Financial Professionals:

bulletUnderused Housing Tax
bulletStatute-Barred Corporate Returns
bulletWage and Rent Subsidies - Partnership Income and Reviews
bulletRelationship Breakdown - Written Separation Agreement
bulletCanada Child Benefit - Shared-Custody Arrangement

Quebec Tax Credit For Childcare Expenses

RL-24 slips MUST be provided to claim childcare expenses for 2022 and later years. This is a change from prior years in which childcare receipts were sufficient.

Canada's Underused Housing Tax (UHT) - Canadians Are Also Affected!

If a Canadian trust, partnership or corporation owns a "housing unit" (doesn't have to be on residentially zoned property) in Canada, then the Underused Housing Tax return will have to be filed by May 1st, even if no tax is payable.  Those who fail to file by May 1, 2023 will pay large penalties (minimum $5,000 for individuals, $10,000 for non-individuals) even if they are exempt from the tax.

More resources are now available to help Canadians, non-resident non-Canadians, and accounting and tax professionals navigate this complicated legislation.

Which is Better - TFSAs or RRSPs?

If you're in the lowest tax bracket, use TFSAs first!  If not, read our article and then make use of the TFSA vs RRSP calculator to help you decide.

Provincial/Territorial 2023-24 Budget Consultations

There's still time for taxpayer input into 2023 budget for many provinces, but the deadline has passed for Alberta, BC and PEI.  AB, NB and SK have set dates for their 2023 budgets.

Prescribed Rate Loans to Spouses or Minor Children

The interest on a prescribed rate loan to spouses/children is always calculated at the rate in effect when the loan is created. The rate increased to 4% Jan 1/23, and will increase to 5% on Apr 1/23.

Shareholder Loans and Their Tax Implications

A shareholder can be deemed to receive taxable benefits related to s/h loans, either if insufficient interest is paid on the loan (even if not outstanding at year-end), or if the loan is not repaid within a certain time.

T1135 Foreign Asset Reporting

Did you own foreign assets (securities, real estate, life insurance policies, etc.) with total cost over $100,000 Cdn at any time in 2022? You must file form T1135, and penalties for not filing are high. Learn what's included, how to find the country code (even for ADRs), how to complete the form.

Making a Spousal RRSP Contribution Online

If you plan to make a spousal RRSP contribution online, BE CAREFUL!  Your spouse probably has to be logged into their RRSP account online to do this, and indicate it is a spousal contribution.  If you're not sure about what you're doing, don't do the contribution online.

Was Your Status as a BC Developing Farm Revoked?

If it was revoked because you didn't follow your development plan or meet your expected harvest date, but you did meet all requirements of the Farm Regulation, then your farm status was revoked in error.  Time to "file a complaint", by Jan 31st.

Alberta Donation Tax Credit Rate

A Private Members' Bill received Royal Assent in December, increasing the tax credit rate for the first $200 of charitable donations from 10% to 60%.  The change to the rate is not yet in effect.

2023 Non-Refundable Personal Tax Credits

We've published the tables of non-refundable tax credits for 2023 for Canada and all provinces and territories.

Historical Returns on Stocks, Bonds, T-Bills

2022 was not a good year for stock markets. However, over the past 5 or more years one would be far ahead by investing in most stock markets rather than T-bills or bonds. See returns for up to 72 years, and growth of $1,000 invested.

Investment Return Calculator

Use our calculator to determine your returns for 2022 or any time period for a particular investment or investment account, or your entire portfolio.

Reporting Foreign Income and Expenses on the Tax Return

All income and expenses must be reported on your tax return in Canadian dollars.  The average US exchange rate for 2022 is 1.3013, which can be used for dividends and proceeds of sale, but not for adjusted cost basis.

 

See also Prior Years:

What's New 2022

What's New 2021

What's New 2020

What's New 2019

What's New 2018

What's New 2017

What's New 2016

What's New 2015

What's New 2014

What's New 2013

What's New 2012

What's New 2011

What's New 2010

What's New 2009

What's New 2008

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Revised: February 01, 2023

 

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