Watch! CRA review trends and reportable transactions update with Ken Sedgewick

Which recent month was the busiest for CRA review activity?

Curious about the most common types of CRA review letters trending across Canada for individual and small to medium-sized businesses?

Learn the answer to these and more in this 12-minute interview with Caitlin Butler and Ken Sedgwick, Business Development Manager at Audit Shield.

Stay tuned as they also discuss updates to the reportable transaction rules, specifically those related to tax return insurance.

Recorded November 10, 2023

This video 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. 2023, All Rights Reserved.

Brief - 2023 Fall Economic Statement

On November 21, the 2023 Fall Economic Statement was released. It included the following proposals:

  • to deny income tax deductions for all expenses incurred to earn short-term rental income (e.g. Airbnb, VRBO), including interest expenses, where operators are not compliant with municipal or provincial restrictions;

  • that bona fide concessional loans with reasonable repayment terms would not be government assistance;

  • to exempt the first $10 million in capital gains realized on the sale of a business to an employee ownership trust from taxation;

  • to introduce new elements to the clean hydrogen, clean technology and clean electricity  investment tax credits;

  • to increase the Canadian journalism labour tax credit;

  • to introduce a new 15-week shareable EI adoption benefit; and

  • to remove GST/HST from psychotherapists’ and counselling therapists’ services.

Consultations on the following matters were also announced:

  • on proposed changes to the Underused Housing Tax (UHT), including a significant expansion of the definition of “excluded owner,” a reduction of the penalties and a reduction of the types of properties subject to the rules; and

  • on proposed GST/HST joint venture election rules.

The government also noted its intention to proceed (subject to modifications due to feedback) with several previously announced tax and related measures, including the following:

  • strengthening the intergenerational business transfer framework;

  • the alternative minimum tax for high-income individuals;

  • updating the general anti-avoidance rule (GAAR);

  • excessive interest and financing expenses limitations (EIFEL); and

  • substantive Canadian-controlled private corporations.

*Updated November 23, 2023

Watch! Explore pre-inheritance gifting with the Canadian group leader of Dentons' Trust, Estates and Wealth Preservation practice, Doris Bonora TEP, KC

Join the Canadian group leader of Dentons' Trust, Estates and Wealth Preservation practice, Doris Bonora TEP, KC, and Joseph Devaney CPA CA, as they discuss the planning opportunities and possible pitfalls of pre-inheritance gifting.

This riveting discussion touches on topics such as loans vs gifts, the importance of a Deed of Gift, joint accounts with children, bare trusts and more.

Recorded September 18, 2023

This video 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. 2023, All Rights Reserved.

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Watch! Life in the Tax Lane - November 2023

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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. 2023, All Rights Reserved.

 
 

Registration is open for Newbies to Ninjas: Personal Tax 2024

A T1 general preparation course for newer preparers
3-hours | Pre-recorded Online | 2-week Access | 2024 Edition

Are you looking for a standardized tool to train your T1 team? Look no further. Join us for the 16th annual Newbies to Ninjas: Personal Tax, a T1 general preparation course.

Focusing on the fundamentals, this course transitions the registrant’s theoretical knowledge into practical skills. Use it in conjunction with a discussion of your firm's administrative procedures, and newer preparers will gain the knowledge and confidence to prepare T1s with increased efficiency, accuracy and the tools to identify planning opportunities.

The end result – a knowledgeable and productive T1 tax preparation team!