Tax Update 2022 - Registration Open!

14 hours of practical tax information 
Delivery options: in-person  | virtual live  | pre-recorded

Get up-to-date and relevant tax planning tips and traps for owner-managed businesses with the 38th annual Video Tax News Tax Update seminar.

Tax specialists Joseph R. Devaney CPA, CA and Caitlin L. Butler CPA, CA lead this fast-paced and comprehensive 14-hour course offering hundreds of practical insights and suggestions in a straightforward manner. Joe and Caitlin will be joined by Hugh Neilson FCPA, FCA, TEP or Dwayne Dueck CPA, CA to provide their insight from decades of providing tax advisory services for individuals and owner-managed private corporations. These highly valued sessions will also feature mini-presentations from top-of-their-field guests on key tax changes, effective strategies and pitfalls.

Year after year, this course receives top ratings. You can rest assured that this session will offer you a strong and effective knowledge base for the upcoming season of tax planning and compliance.

Choose the best format for your learning style. For 2022, virtual live, in-person and pre-recorded sessions will be offered from September through December and tailored to geographic regions across Canada so that we can deliver targeted, practical tax information.

,

Watch! Life in the Tax Lane - June 2022

,

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:

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. 2022, All Rights Reserved.

 
 

Immediate Expensing of CCA - Sharing the Limit within an Associated Group

On May 19, 2022, CPA Canada provided comments received from CRA in respect of the proposed immediate expensing of CCA rules (included in Bill C-19). Now that legislation has been tabled, claims under these rules may be made (although previously submitted returns can not yet be adjusted). When sharing the limit amongst an associated group of CCPCs, a prescribed form must be completed. CRA stated:

The prescribed form that will be used when an immediate expensing limit is to be shared amongst an associated group of CCPCs is the T2 Schedule 8, Capital Cost Allowance. Once the T2 Schedule 8 is updated, it will be published on Canada.ca and further information about immediate expensing, including how to claim it, will be posted on the What’s New for Corporations website.

The legislation for immediate expensing does not require that the prescribed form be filed at the time of filing – only that a person or a partnership has 30 days to submit after receiving notice that it is required:

ITR 1104 (3.4) If any of the eligible persons or partnerships that are associated with each other (within the meaning of section 256 of the Act, as modified by subsection (3.6)) in a taxation year has failed to file with the Minister an agreement described in subsection (3.3) within 30 days after notice in writing by the Minister has been forwarded to any of them that such an agreement is required for the purpose of any assessment of tax under Part I of the Act, the Minister shall, for the purpose of this Part and Schedules II to VI, allocate an amount to one or more of them for the taxation year.

If claims are submitted prior to the revised T2 Schedule 8 being published, the CRA may contact the corporation to submit the information once the new schedule is available. Otherwise, an amended T2 Schedule 8 that includes this information is required with the corporation’s next T2 return.

,

Watch! Life in the Tax Lane - May 2022

,

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:

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. 2022, All Rights Reserved.

 
 

BillC-208: CRA Comments on Affidavits and Valuations

On April 4, 2022, CRA updated its website to include comments on the required affidavits and valuations for intergenerational transfers pursuant to the changes introduced in Bill C-208. It includes:

In the 2022 Federal Budget, a consultation was announced in respect of further changes to these rules.