Watch! Life in the Tax Lane - October 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:

• 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

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.

Watch! Life in the Tax Lane - September 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:

• GST/HST Input Tax Credit – Reasonable Expectation of Profit

• Accelerated Investment Incentive Property – Renovations

• Capital Cost Allowance – Retroactive Adjustment

• Disability Tax Credit – Form and Application Updated – Source 1 and Source 2

• Electronic Filing and Payments – Draft Legislation

• Trust Reporting Rules – Draft Legislation

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.

Watch! Life in the Tax Lane - August 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:

• Poker Playing – Hobby or Business?

• Required Travel Between Home and Work

• Disinheritance of Children – Source 1 and Source 2

• Personal Services Business – CRA Education Initiatives – Source 1 and Source 2

• Director Liability – Relationship Breakdown

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.

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

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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.