Watch! Life in the Tax Lane - September 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:

• Multiple Consultations Released – Source 1, Source 2, and Source 3

• Workspace In Home Expenses  

• Ensuring Audit Requests Are Answered

• Medical Travel Expenses

• German Pensions

• Multiple Children But One RESP Account

• Fuel Cards Provided To Independent Contractor Drivers

• Wedding Costs – Tax Evasion?

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.

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Tax Update 2021

14 hours of practical tax information | 10 virtual live sessions | Recording available

The world has changed, and the pace of tax change has only accelerated. Get up-to-date and relevant tax planning tips and traps for owner-managed businesses with the 37th annual Tax Update seminar.

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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.

CERS - Ancillary services

On August 5, 2021, CRA provided a definition and explanation of the term “ancillary services” in respect of CERS.

The website states:

Ancillary services facilitate and support the use of the qualifying property.

Some examples of ancillary services could include:

• security

• traffic control

• janitorial or cleaning services

• landscaping

• waste collection, disposal, and recycling

• snow removal

To be an eligible expense, payments for ancillary services must:

• be required to be paid by an eligible entity under a qualifying net lease agreement

• be paid as regular instalments to the lessor

• be for services customarily supplied or rendered in connection with the rental of real property, and

• meet the rest of the criteria for eligible rent expenses

Other considerations for determining if a payment made for ancillary services is an eligible expense are the terms of the net lease, the location and nature of the real property, and the type of business renting the real property.

Whether a specific ancillary service is an eligible expense is determined on a case-by-case basis.

Extensions to Various Business and Personal COVID-19 Programs - CEWS, CERS, LS, CRB, CRCB, CRSB

On July 30, 2021, the Government announced a number of extensions and changes to several COVID-19 benefit programs, including:

• Extending eligibility for the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Rent Subsidy (CERS) and Lockdown Support (LS) until October 23, 2021.  

• Increasing the rate of support for CEWS, CERS and LS during the period between August 29 and September 25, 2021.

• Extending the Canada Recovery Benefit (CRB), the Canada Recovery Caregiving Benefit (CRCB), and the Canada Recovery Sickness Benefit (CRSB) until October 23, 2021.

• Increasing the maximum number of weeks of CRB by 4 weeks to a total of 54 weeks, at a rate of $300 per week. Also, ensuring it is available to those who have exhausted their employment insurance benefits.

• No changes to the Canada Recovery Hiring Program (CRHP) were announced.

 A related Backgrounder provided further details on the CEWS and CERS extensions, including a relieving provision related to the calculation of revenue declines for businesses that commenced after March 1, 2019.

 For more details, see the Release.

CRA/CPA Canada Webinar - Canada Recovery Hiring Program (CRHP)

On July 27, 2021, CPA Canada released a nearly 1-hour webinar presented with CRA focusing on the CRHP. This webinar provides:

• an overview of the program;

• a demonstration of a new online CRHP tool and the application portal; and

• a discussion of questions related to the program (including, for example, what happens if a claim is made under the wrong program (CEWS or CRHP)).

Watch! Life in the Tax Lane - August 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:

• Additional OAS Payment

• CRA Collections – Impact On Business  

• Tax-Driven Bankruptcies   

• Informal Agreements Between Family Members  

• Travel Allowances – Limited Distance Covered

• Bulk Taxpayer Relief

• TFSA – Excess Contributions 

• EI Consultation

• Foreign Buyer Property Transfer Tax

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.

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Tax Update 2021

14 hours of practical tax information | 10 virtual live sessions | Recording available

The world has changed, and the pace of tax change has only accelerated. Get up-to-date and relevant tax planning tips and traps for owner-managed businesses with the 37th annual Tax Update seminar.

---

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.