May 2024 - LIFE IN THE TAX LANE PODCAST (Episode 108)

Sources:

• 2024 Federal Budget – Capital Gains – Source 1 and Source 2

• 2024 Federal Budget – Other Items – Source 1 and Source 2

• Home Office Expenses – Multiple Employers and Clients

• Accessing CRA Online Portals

• Psychotherapy and Counselling Therapy – GST/HST – Source 1 and Source 2

• Avoiding CPP by Paying Dividends

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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.

April 2024 - LIFE IN THE TAX LANE PODCAST (Episode 107)

Sources:

• Bare Trusts – Penalty Relief

• T2200 – Employer Requirement?

• Reliance on CRA's My Account 

• Canada Carbon Rebate

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

• UHT – CRA Commentary on Excluded Owner Proposals – Source 1 and Source 2

* Late Breaking - Bare Trust Reporting Exemption!

On March 28, 2024 (after this episode of Life in the Tax Lane was recorded), CRA announced that bare trusts would be exempt from trust reporting requirements for 2023. CRA stated:

“To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.

In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.”

For more information, see CRA’s Tax Tip .

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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.

March 2024 - LIFE IN THE TAX LANE PODCAST (Episode 106)

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

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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.

February 2024 - LIFE IN THE TAX LANE PODCAST (Episode 105)

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

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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.

January 2024 - LIFE IN THE TAX LANE PODCAST (Episode 104)

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

Like what you are watching? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

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. 2023, All Rights Reserved.

December 2023 - LIFE IN THE TAX LANE PODCAST (Episode 103)

Sources:

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

• Fall Economic Statement – Underused Housing Tax (UHT) – Source 1 and Source 2

• Various Trust Filing Issues – Source 1, Source 2 and Source 3

• Various Trust Filing Issues – Late Breaking Release

• Personal Indexation Amounts for 2024

• Canada Pension Plan

• T4/T4A Filing Requirements – Dental Benefits

• Overlooked Capital Losses

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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. 2023, All Rights Reserved.

November 2023 - LIFE IN THE TAX LANE PODCAST (Episode 102)

Sources:

• Mandatory Tips – GST/HST/QST

• Expanded Trust Reporting – Bare Trust Arrangements 

• UHT – Penalties, Interest and Relief

• Source of Income – Source 1 and Source 2

• EI Insurable Earnings – Control of Shares

• Partial Change in Use – Rental to Personal

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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. 2023, All Rights Reserved.

October 2023 - LIFE IN THE TAX LANE PODCAST (Episode 101)

Sources:

• Extended CEBA Repayment Deadline – Source 1 and Source 2

• Enhanced GST Rental Rebate – Source 1, Source 2 and Source 3

• Home Accessibility Tax Credit – Nature of Impairment

• Enhanced CCA – Phase-Out After December 31, 2023 – Source 1 and Source 2

• Mileage Allowance –  Common Starting Location

• Corporate Beneficial Ownership Registry – Source 1 and Source 2 

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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September 2023 - LIFE IN THE TAX LANE PODCAST (Episode 100)

Sources:

• Surcharge to Accept Payment Via Credit Card – GST/HST?

• Revival of a Corporation

• Multigenerational Home Renovation Tax Credit – New Dwelling

• Identifying Simplified Registrants – New CRA Numbers

• Employee vs. Independent Contractor – Differing Legislation –
  Source 1 and Source 2

• Late Payments to CRA – Source 1 and Source 2

• Replacement Property Rules – Source 1 and Source 2

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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August 2023 - LIFE IN THE TAX LANE PODCAST (Episode 99)

Sources:

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

• Mandatory Disclosure Rules – Source 1 and Source 2

• Alternative Minimum Tax – Proposed Changes – Source 1, Source 2 and Source 3  

• Objection Deadline – One-Year Limitation Period

• Expanded Trust Reporting Rules – Source 1 and Source 2  

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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July 2023 - LIFE IN THE TAX LANE PODCAST (Episode 98)

Sources:

• Late Application for CPP Benefit

• First Home Savings Account (FHSA) – Tips and Traps – Source 1, Source 2 and Source 3

• CRB Eligibility – Airbnb Income

• Multigenerational Home Renovation Tax Credit – Source 1, Source 2 and Source 3

• Residential Property – Self-supply Issues

• Intergenerational Business Transfer Proposals – Considerations and Challenges – Source 1, Source 2, Source 3, Source 4, Source 5 and Source 6

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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June 2023 - LIFE IN THE TAX LANE PODCAST (Episode 97)

Sources:

• RRSP Vs. TFSA Vs. Tax-Free First Home Savings Account 

• Donation Planning – Life Insurance Product

• CPP Enhancement

• Withholdings on Rent to Non-Residents 

• EI Parental Benefits – Change of Extended Benefits Election – Source 1, Source 2 and Source 3

• COVID-19 Collections 

• Employee vs. Independent Contractor – Truck Drivers – Source 1 and Source 2

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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May 2023 - LIFE IN THE TAX LANE PODCAST (Episode 96)

Sources:

• Shrinkflation – GST/HST Issues 

• Mandatory Disclosure Rules – Source 1 and Source 2

• Intergenerational Business Transfers

• Underused Housing Tax (UHT) – Various Issues 

• Alternative Minimum Tax (AMT) – Budget 2023 

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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April 2023 - LIFE IN THE TAX LANE PODCAST (Episode 95)

Sources:

• Relationship Status – Common Law or Not? 

• Underused Housing Tax – Updates – Source 1 and Source 2

• TFSA – Carrying on a Business

• Employment Expenses – Sponsorship 

• Legislation vs. CRA Interpretation – Source 1 and Source 2 

• US FBAR Penalties – $10,000 Per Form or Account? – Source 1 and Source 2

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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March 2023 - LIFE IN THE TAX LANE PODCAST (Episode 94)

Sources:

• Underused Housing Tax – Guidance – Source 1 and Source 2

• Unreported Capital Trades Included on a T5008 

• Recurring Conversion Between Personal and Income Earning Use

• Updates to CRA Online Portals – Source 1 and Source 2

• Foreign Tax Credit Verification (Question 11 of CPA Canada/Provincial Accounting Bodies Questions to CRA – 2022 (released January 12, 2023)) 

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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February 2023 - LIFE IN THE TAX LANE PODCAST (Episode 93)

Sources:

• Underused Housing Tax – Source 1 and Source 2

• Statute-Barred Corporate Returns 

• Wage and Rent Subsidies – Partnership Income and Reviews

• Relationship Breakdown – Written Separation Agreement 

• Canada Child Benefit – Shared-Custody Arrangement

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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January 2023 - LIFE IN THE TAX LANE PODCAST (Episode 92)

Sources:

• 2023 Automobile Limits 

• Individual Instalment Interest – Unexpected Income – Source 1 and Source 2

• Tax Loss Selling – Corporations

• COVID-19 Suspicious/Fraudulent Claims

• Tips And Gratuities – GST/HST

• EFILE Revocation 

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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December 2022 - LIFE IN THE TAX LANE PODCAST (Episode 91)

Sources:

• Taxable Benefits – Gift Cards

• 2022 Fall Economic Statement and Bill C-32 – Source 1 and Source 2

• Extension of Time to Object

• Underused Housing Tax – Source 1, Source 2 and Source 3

• Shared Custody – Redetermined Prior Period Benefits

• 2023 Personal Indexation Amounts

• CERB/CRB Eligibility – Prior Period Earnings – Source 1 and Source 2

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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November 2022 - LIFE IN THE TAX LANE PODCAST (Episode 90)

Sources:

• CEBA Update

• Canada Dental Benefit – Source 1, Source 2 and Source 3

• CRA Representative Online Access

• Assisted Compliance Initiative

• The Proposed Trust Reporting Rules – Bare Trust Arrangements

• Tax Problems Arising From Bookkeeping – Source coming soon

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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October 2022 - LIFE IN THE TAX LANE PODCAST (Episode 89)

Sources:

• Individual Supports – Rent, Dental and GST Credit

• CERB Eligibility – Communication Breakdown

• Tips Collected Electronically – EI And CPP – Source 1 and Source 2

• Personal Services Business – CRA Education Initiative Update – Source 1 and Source 2

• Revised Capital Dividend Election – T2054

• US FBAR Penalties – Source 1 and Source 2

For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19

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