Newbies to Ninjas: Corporate Tax | 8th edition now available!

A T2 General Preparation Course for Owner-Managed and Small Businesses 

3-hours | Pre-recorded Online | 1-week Access | 8th Edition | Learn More

This course will help newer tax preparers turn theoretical knowledge into practical skills.

Information gatherers are your first line of defence. Arm your staff with the tools to organize, assemble and report information, as well as identify potential issues and planning opportunities.

Newbies to Ninjas: Corporate Tax is targeted to improve the efficiency and accuracy of newer preparers completing corporate tax returns for owner-managed and small businesses.  This concise pre-recorded online 3-hour topic-by-topic course will have your newer tax preparers preparing corporate tax returns like ninjas!

Personal Services Business - CRA Education Project

On July 21, 2022 CRA sent out a communication in respect of a personal services business (PSB) project that has just commenced, running from June 2022 to December 2022.

The communication notes that CRA officers will be reaching out to businesses from a sample of different industries that hire PSB or incorporated individuals operating as a PSB to help them determine whether or not they are fulfilling their tax obligations. CRA will ask them to provide documentation on the nature of their payer/payee relationship.

Participation is on a voluntary basis. No compliance action will result from the review, but businesses will be advised to ensure errors are corrected and that they comply with the ITC.

Listen! After 40+ years in operation, a new generation at the helm and navigating the COVID-19 pandemic, Video Tax News shares learnings with CPA Alberta Podcast Straight From the CPA's Mouth . Enjoy!

What does it take to keep a family-run business going for more than 40 years? Can you avoid the drama of family dynamics? Video Tax News is a family business that was started over four decades ago by Tom and Linda Devaney, with the second generation taking the reins approximately 10 years ago. The next gen of VTN – siblings and co-owners Caitlin Butler CPA, CA, Joe Devaney CPA, CA, and Sheena Teshima – join us in the studio to talk about their experiences in taking over the family business and how they’ve managed to stay relevant and keep their clients and listeners engaged, especially during the COVID-19 pandemic.

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Watch! Life in the Tax Lane - July 2022

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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.

 
 

Broadened Access to the Disability Tax Credit - Updated T2201

On June 27, 2022, CRA announced updates (see email to stakeholders) to the eligibility criteria for the disability tax credit that would broaden access. These changes were included in Bill C-19, which received Royal Assent on June 23, 2022. CRA noted that the major changes include the following:

  • people with Type 1 diabetes are now deemed to receive life-sustaining therapy;

  • more activities are recognized in determining time spent on life-sustaining therapy;

  • the required frequency of life-sustaining therapy is decreased to two times per week from three times per week; and

  • more criteria is added under the category of mental functions.

 An updated Form T2201, Disability Tax Credit Certificate, was released on June 24, 2022, to reflect these changes. CRA has noted that their digital application tool for medical practitioners will be updated to reflect these changes by the end of summer 2022.