Watch! Life in the Tax Lane - March 2024

This FREE 10-minute video for Canadian Tax Professionals includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. 

Sources:

• T1 Season – What's New – Source 1, Source 2 and Source 3

• Working From Home Expenses

• CCA – Retroactive Adjustment

• GST/HST Electronic Filing Reminder

• Multi-Factor Authentication – Authenticator App

• Cryptocurrency Losses

• FHSA – Constructing a Home

Program Recorded: February 22, 2024.

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2024, All Rights Reserved.

T2200 - Declaration of Conditions of Employment

February 2, 2024 Update - See *

In late January , Video Tax News noticed that a 2023 version of the T2200 Declaration of Conditions of Employment was on the CRA website at the URL that one would expect the 2023 version to be posted to. However, it doesn’t appear that CRA’s usual processes for an official form release were followed. The reference to the 2023 version was not included in CRA’s listing of published forms. The T2200 landing page continued to link to the 2022 version and indicated that the 2023 version would be available at the end of January (which ends today). It is uncertain whether the form on the website is the finalized official version, so it is possible this form would not be accepted by CRA .

In the uploaded 2023 version, the content was largely unchanged from the 2022 version, but the questions on the form were reorganized to address conditions applicable to situations where only working from home expenses are relevant. The instructions allow the employer to leave later questions blank if the employee was not required to incur other expenses.

*The official T2200 landing page was updated to link to the URL mentioned above.

Watch! Life in the Tax Lane - February 2024

This FREE 10-minute video for Canadian Tax Professionals includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. 

Sources:

• UHT – Assessment Statistics

• Clearance Certificate Obtained after Distribution

• CPP Survivor – Common-Law Partner

• Employee vs. Independent Contractor – Control by Owner-Manager

• Short-Term Rental – Denial of Expenses – Source 1 and Source 2

• FHSA – Income Splitting – Source 1 and Source 2

Program Recorded: January 22, 2024.

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2024, All Rights Reserved.

New T3 webinar including a brandable client letter! Expanded T3 Reporting Rules: Changes and Traps

Gain insights and practical tips to integrate these changes into your practice.

Join Caitlin Butler CPA, CA, Hugh Neilson FCPA, FCA, TEP and guest speaker tax lawyer Anna Malazhavaya for a dynamic 1.5-hour pre-recorded webinar as they unravel the intricacies of the expanded trust reporting rules.

Discover the trusts affected, navigate information disclosures, and master legislative and administrative nuances to ensure compliance without falling into traps.

Bare trust arrangements will also be demystified with several real-world examples.

Bonus! A brandable letter for distribution to your clients is included with this course. The letter communicates the trust reporting changes with a focus on bare trust arrangements.

These valuable sessions are pre-recorded, and the videos can be viewed at any time during your selected session dates. Enjoy the flexibility to break up the sessions as desired as well as to pause, rewind or skip ahead. You can view these videos as often as required during the session.

CEBA loans that did not qualify for the extension

On January 2, 2023, the CEBA website was updated to provide the following comment:

Loan Holders that did not qualify for the new extended term were required to repay the outstanding amount of their CEBA Loan(s), in full, by December 31, 2023. This deadline has now passed, Loan Holders with outstanding balances as of January 1, 2024, will be contacted by their financial institution to request a lump sum repayment of the outstanding debt. If, at that point, they do not fully repay their CEBA loan to their financial institution, the financial institution will likely be required to assign their loan to the government’s CEBA Program for collection efforts.

The following question and answer was also provided:

What happens if I was deemed ineligible for the CEBA loan I received and informed that I am required to repay my loan in full by December 31, 2023, but I cannot repay by that date?

If you are unable to repay by December 31, 2023, your loan may be assigned to the government’s CEBA Program for collection efforts in spring of 2024. If your loan is assigned to the CEBA Program, you will be offered appropriate leniency on your repayment schedule. The CEBA Program will conduct a case-by-case review and could offer repayment flexibilities based on your ability to repay, such as an up to two-year repayment arrangement.