Listen! Converting Tax to Philanthropy with Mark Halpern CFP, TEP, MFA-P

Listen! Converting Tax to Philanthropy with Mark Halpern CFP, TEP, MFA-P and Joseph R. Devaney CPA, CA.

Originally presented in the Canadian Tax room on “Clubhouse: drop-in audio chat” on May 19, 2021.

For more information about how to join the Canadian Tax Club on Clubhouse click here.

This audio recording 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. 2022, All Rights Reserved.

Watch! Life in the Tax Lane - June 2021

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:

• Estate Planning – Millennials

• Reviewing Beneficiary Designations

• Proposed Changes to Facilitate Intergenerational Transfers

• Mandatory Disclosures – Budget 2021

• Medical Expenses – Leasing Costs Due to COVID-19

• Personal Protective Supplies

• CEWS – Eligible remuneration

• E-Commerce, Accommodation Sharing & Warehouses – Source 1 and Source 2

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

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. 2021, All Rights Reserved.

CEWS - CRA Comments on Salaries to Owners

In a March 29, 2021 Technical Interpretation (2020-0865791I7, Sylvie Danis), CRA commented on the CEWS implications relating to retroactive wages, wages only reflected by journal entry, and wages received that were re-loaned to the corporation. In particular, CRA states:

“where salary and wages are paid to an eligible employee and returned to the eligible employer with a corresponding increase or credit to a due to shareholder loan account or other shareholder loan account, we consider such salary or wages would not be eligible remuneration for purposes of the CEWS pursuant to paragraph (c) of the definition of that term in subsection 125.7(1).”

CERS Calculator Updated

The CERS Calculator has been updated. CRA notes:

Changes to lockdown support – May 20 2021

The CRA has made changes to the CERS online calculator regarding the calculation of lockdown support.

If a lockdown period is one week or longer, you may qualify for lockdown support even if the minimum lockdown period of one week overlaps two different claim periods.

If you used the CERS calculator on or before May 20, 2021, it may not have accurately calculated your lockdown support if your lockdown period overlapped two or more claim periods.

Find out how this change affects lockdown support eligibility”

Calculator Link

Listen! A discussion with Bruce Ball, VP Tax of CPA Canada

Listen! A discussion with Bruce Ball, VP Tax of CPA Canada, and Joseph R. Devaney CPA, CA.

What's the relationship with CRA and does CPA Canada have any influence?
What about with the Department of Finance?
What was your role in the rollout of all the tax changes and COVID support initiatives over the last year? What went right/wrong?
How can CPAs help make a more efficient and less stressful tax system?

Originally presented in the Canadian Tax room on “Clubhouse: drop-in audio chat” on May 14, 2021.

For more information about how to join the Canadian Tax Club on Clubhouse click here.

This audio recording 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. 2021, All Rights Reserved.