All Tax Articles

Tax Tips & Traps December 2024 - Year End Tax Planning

Tax Tips & Traps: 2024 Q4

Tax Tips and Traps 2024 Q3

Changes to Capital Gains Rates Announced in the April 2024 Federal Budget

Tax Tips & Traps: 2024 Q2

TFSA LIFETIME LIMIT

ESTATE PLANNING AND ESTATE FREEZING

DEADLINE PENDING! MUST YOU FILE A TRUST RETURN?

WHEN CAN THE CRA NO LONGER REASSESS YOU? – ADDENDUM

WHY IS TAX SO COMPLICATED!?

TAXATION OF CRYPTOCURRENCY

TAX CONSIDERATIONS FOR EXECUTORS

LAST CALL FOR 2023 TAX PLANNING – RRSP CONTRIBUTIONS

THE BENEFITS OF ESTABLISHING A FAMILY TRUST

AROUND THE COURTS – BEWARE OF EMPLOYER / CONTRACTOR STATUS

ASSETS OUTSIDE OF CANADA? CHECK IF YOU NEED TO REPORT

SHOULD YOU PAY TAX IF YOU HAVEN’T FILED A RETURN?

CLAIMING YOUR CAPITAL GAINS EXEMPTION ON THE SALE OF SHARES

AROUND THE COURTS

GST/HST — RISKS OF DEALING WITH A SHADY SUPPLIER

BUYING A TRUCK FOR YOUR BUSINESS NEAR YEAR-END?

CAPITAL GAINS OR INCOME?

UNDERUSED HOUSING TAX — DEADLINE EXTENDED AGAIN

2023 REMUNERATION

YEAR-END TAX PLANNING

Recent Federal Government Loan Program Announcements

Securing Small Business Rebate

CHANGE TO CORPORATE PAPER FILING LIMIT

EXTENSION OF DEADLINES FOR CEBA LOAN REPAYMENT

UNDERUSED HOUSING TAX PENALTIES NOW APPLICABLE

RRSP/TFSA Considerations

SOME END-OF-YEAR TAX CONSIDERATIONS

AROUND THE COURTS

CRA TERMINATING 120 EMPLOYEES FOR CERB VIOLATIONS – AGENCY EMPLOYEES DO MAKE MISTAKES, OPTIONS EXIST, IF AGGRIEVED, DO CONSULT

GETTING CRA TO WAIVE OR CANCEL PENALTIES AND INTEREST ‍

MOVING EXPENSES – OVERLOOKED TAX EXPENSE?

AROUND THE COURTS

SHOULD YOU FILE IF YOU CAN’T PAY?

A TAX TIP WHEN YOU MAKE INVESTMENTS

BARE TRUST AND NOMINEE AGREEMENTS

A TIP IF YOU HAVE A CORPORATION AND NO EMPLOYMENT INCOME

YOU CAN BE LIABLE FOR A FAMILY MEMBER’S TAX DEBTS!

AROUND THE COURTS

MANDATORY REPORTING RULES NOW IN EFFECT

SHAREHOLDER REMUNERATION: AN OVERVIEW

AROUND THE COURTS

TAXABLE BENEFIT UPDATES, INCLUDING NEW POLICIES FOR VIRTUAL SOCIAL EVENTS

CAN YOU BORROW FROM YOUR RRSP WITHOUT PAYING TAX ON THE WITHDRAWAL?

THE FAMILY BUSINESS AND THE CAPITAL GAINS EXEMPTION

ERRATUM

AROUND THE COURTS

FOREIGN TAX CREDIT — MAKE SURE THE FOREIGN TAX IS MANDATORY

ARE YOU A DIRECTOR OF A CORPORATION? BEWARE!

UNDERUSED HOUSING TAX — FIRST DEADLINE EXTENDED

AGGRESSIVE TAX PLANNING GETS MORE RISKY

TAX FREE FIRST HOME SAVINGS ACCOUNT – $40K LIMIT − OPEN FHSA ACCOUNT FROM APRIL 1, 2023

BUDGET 2023 – INTERESTING PROPOSALS AND POTENTIAL TAX INCREASES

LIANG V. THE QUEEN IS A CRUCIAL CASE TO UNDERSTAND LIMITATIONS OF TAX SHELTERS

TAX SHELTERS RELATED ISSUES – SALIENT POINTS TO LOOK OUT FOR

AROUND THE COURTS

WATCH OUT FOR SHORT TAXATION YEARS

SIMPLIFIED INSTALMENTS IF YOU HAVE THE CASH

HST QUIZ — IS YOUR BUSINESS CHARGING IT PROPERLY?

BARE TRUST DANGERS

RESIDENTIAL PROPERTY WARNING — HUGE PENALTIES!!

THE HIDDEN BENEFITS OF LIFE INSURANCE

PHILANTHROPIC NEW YEAR’S RESOLUTIONS

DON’T DO TOO MUCH TRADING IN YOUR TFSA!

WHAT IF YOU DISAGREE WITH THE CRA?

SHAREHOLDER AGREEMENTS

AROUND THE COURTS

SELF-EMPLOYED? YOU PAY DOUBLE CPP or QPP PREMIUMS

TRUSTS: ALLOCATING INCOME TO BENEFICIARIES BUT TAXED TO TRUST

ELECTION FOR DIVIDENDS WITH YOUR SPOUSE

CAPITAL DIVIDENDS

DONATIONS UNDER YOUR WILL OR BY YOUR ESTATE

HOW ARE OPTIONS TAXED?

ELECTION FOR CAPITAL GAINS TREATMENT FOR CANADIAN SECURITIES

TAXATION OF AN ESTATE

DEATH AND TAXES

AROUND THE COURTS

MAKE MONEY VOLUNTEERING FOR A CHARITY

DO YOU HAVE A BANK ACCOUNT IN ANOTHER COUNTRY?

STARTING A HOME BUSINESS

WORKING ON COMMISSION? YOU CAN GET MORE DEDUCTIONS THAN OTHER EMPLOYEES

THE GENERAL ANTI-AVOIDANCE RULE

THE SMALL BUSINESS DEDUCTION

EMPLOYEE STOCK OPTIONS

SHAREHOLDER LOANS

UNEARNED RECEIPTS IN YOUR BUSINESS

TAXATION OF ACCOUNTS RECEIVABLE

AIR QUALITY IMPROVEMENT TAX CREDIT

FUEL CHARGE CREDIT FOR FARMING BUSINESSES

AROUND THE COURTS

COURT CASES — WHY ARE THEY IMPORTANT?

GST OR HST BETWEEN RELATED CORPORATIONS

MUST YOU DISCLOSE YOUR TAX PLANNING TO THE CRA?

CRA GETTING MORE INFORMATION FROM TRUSTS — INCLUDING BARE TRUSTS

COMPUTATION OF BUSINESS PROFIT

LOW OR NO-INTEREST EMPLOYEE LOANS

FEDERAL BUDGET HIGHLIGHTS

FLAT RATE HOME OFFICE EXPENSES EXTENDED

GAINS AND LOSSES ON PERSONAL-USE PROPERTY

THE CAPITAL GAIN RESERVE 

RRSP VS. TFSA – WHICH IS BETTER?

NO TAX ON INVESTMENT INCOME — ARE YOU MAXING OUT YOUR TFSA?

COMPUTER CONSULTANTS

CONVENTION EXPENSES

SHOULD YOU FILE IF YOU CAN’T PAY

CHILD CARE EXPENSES

AROUND THE COURTS

PARTNERSHIP INFORMATION RETURNS

REVERSIONARY / REVOCABLE TRUSTS

AROUND THE COURTS

STANDBY CHARGE FOR USE OF EMPLOYER’S CAR

LOANS TO YOUR ADULT CHILDREN

ASSOCIATED CORPORATIONS

AROUND THE COURTS

PLANNING TIP ON SELLING A DECEASED TAXPAYER’S HOME

MEAL AND ENTERTAINMENT EXPENSES

THE GST/HST “QUICK METHOD”

OTHER TAX CHANGES WE MIGHT SEE SOON

PROPOSED VACANT/UNDERUSED HOUSING TAX

PROPOSED LUXURY TAX ON EXPENSIVE CARS, BOATS AND PLANES

AROUND THE COURTS

SELF-EMPLOYED? YOU PAY DOUBLE CPP or QPP PREMIUMS

TRUSTS: ALLOCATING INCOME TO BENEFICIARIES BUT TAXED TO TRUST

ELECTION FOR DIVIDENDS WITH YOUR SPOUSE

CAPITAL DIVIDENDS

DONATIONS UNDER YOUR WILL OR BY YOUR ESTATE

HOW ARE OPTIONS TAXED?

ELECTION FOR CAPITAL GAINS TREATMENT FOR CANADIAN SECURITIES

TAXATION OF AN ESTATE

DEATH AND TAXES

AROUND THE COURTS

CHARITABLE DONATION RECEIPTS: STRINGENT REQUIREMENTS

GST/HST ON SETTLING A BUSINESS DISPUTE

REQUEST A DETERMINATION IF YOU HAVE A LOSS

TRANSFERRING SHARES TO YOUR RRSP

AROUND THE COURTS

DEDUCTIONS AND CONTINGENT AMOUNTS

TAX-FREE TRANSFERS TO YOUR CORPORATION

AMENDMENTS FOR NON-ARM’S LENGTH TRANSFERS OF PRIVATE CORPORATE SHARES

ADVANCED LIFE DEFERRED ANNUITIES

MEDICAL EXPENSE CREDIT

STOCK DIVIDENDS

SUPERFICIAL LOSSES

NON-ARM’S LENGTH TRANSFERS

AROUND THE COURTS

DO YOU HAVE TO CHARGE GST/HST IF YOU HAVE ONLY A LITTLE BUSINESS INCOME?

GST/HST NEW HOUSING REBATE — TECHNICAL FIX IN THE APRIL 19 FEDERAL BUDGET

PAYING NON-RESIDENTS — WATCH OUT FOR WITHHOLDING TAX!

BUYING PROPERTY FROM A NON-RESIDENT

AROUND THE COURTS

UNEARNED AMOUNTS RECEIVED IN BUSINESS

SPOUSAL AND CHILD SUPPORT PAYMENTS

DEDUCTING INTEREST EXPENSE

CARRYBACK OF ESTATE CAPITAL LOSSES

FEDERAL BUDGET DELAYED

DONATIONS MADE BY SPOUSAL TRUSTS AFTER DEATH OF BENEFICIARY SPOUSE

CHARITABLE DONATIONS ON DEATH FOR PUBLICLY-TRADED SECURITIES

CHARITABLE DONATIONS ON DEATH

LIFE INSURANCE AS COLLATERAL − PREMIUMS MAY BE DEDUCTIBLE

SPLITTING PENSION INCOME WITH YOUR SPOUSE

2021 Federal Budget Commentary

AROUND THE COURTS

CHARGING MANAGEMENT FEES

CHARITY DONATION RECEIPTS

DANGERS OF FILING A CORPORATE TAX RETURN LATE

NETFLIX TAX IS COMING — AIRBNB TAX TOO

TEN COMMON TAX MISTAKES

CAR EXPENSE LIMITS FOR 2021

PRINCIPAL-RESIDENCE EXEMPTION

EMPLOYEE HOME OFFICE EXPENSES: FLAT RATE METHOD DURING COVID

EXTRA DEDUCTIONS FOR COMMISSIONED SALESPERSONS

INCOME SPLITTING AND ATTRIBUTION RULES

AROUND THE COURTS

PATRONAGE DIVIDENDS OF AGRICULTURAL COOPERATIVES

FOREIGN EXCHANGE GAINS AND LOSSES

TAXATION OF SHAREHOLDER LOANS

TAXATION OF EMPLOYEE STOCK OPTIONS AND UPCOMING CHANGES

AROUND THE COURTS

EMIGRATION FROM CANADA

BUSINESSES CLAIMING GST — HOW TO GUARANTEE AN AUDIT

TAX SHELTER DANGERS

RRSP DEDUCTION LIMITS

AROUND THE COURTS

CHANGE IN USE RULES

DEDUCTION OF INVESTMENT FEES

PERSONAL-USE PROPERTY GAINS AND LOSSES

THE CAPITAL GAINS EXEMPTION

CAPITAL GAIN RESERVE

AROUND THE COURTS

TAX LOSS? YOU NEED A SOURCE OF INCOME

EMPLOYEE LOANS

“ZERO COUPON” DEBT INSTRUMENTS

ACQUISITION OF CONTROL OF CORPORATION OR TRUST

TAXABLE COVID-19 BENEFITS

AROUND THE COURTS

TAX BREAKS FOR PERSONS WITH DISABILITIES