Couple relaxed at home discussing moving as a tax deduction

October tax news: Moving as a tax expense, having CRA penalties waived–and more

MOVING EXPENSES—AN OVERLOOKED TAX EXPENSE? Moving expenses can generate a vast array of deductible items that one can use to offset against new employment location income. People often will neglect a portion of moving expense claims, simply because they are unaware of the long list that constitutes possible moving expenses. This is a very useful […]

credit card debts

September tax news: Why you can be liable for a family member’s tax debts–and much more

YOU CAN BE LIABLE FOR A FAMILY MEMBER’S TAX DEBTS! There Beware of getting money, gifts or transfers of property from a family member, including your spouse, if that person owes (or might possibly owe) any money to the Canada Revenue Agency (CRA), for either income tax or GST/HST. The CRA has the ability to […]

Canada Revenue Agency forms, Canadian currency, prescribed rate

Canada Revenue Agency prescribed rate holds steady for Q4 2023

The Canada Revenue Agency prescribed rate will remain unchanged at 5 per cent for the fourth quarter of 2023 (for the period from October 1st through December 31st). After increasing steadily in the wake of the COVID-19 pandemic, the rate has remained static for several consecutive quarters. The prescribed rate is based on the three-month […]

shareholder remuneration

August tax news: Shareholder remuneration, mandatory disclosure rules–and more

SHAREHOLDER REMUNERATION: AN OVERVIEW There are many ways a corporation can get corporate funds into a shareholder’s hands. The inevitable question is what is the most tax-efficient way of achieving this? The answer to this question will differ from corporation to corporation, depending on the source of the corporate funds, the relationship of the shareholder […]

Aggressive tax planning dominoes

June tax news: Aggressive tax planning gets more risky, UHT deadline extended–and more

AGGRESSIVE TAX PLANNING GETS MORE RISKY   The government has been taking more and more measures in recent years to go after “aggressive tax planning” — that is, the use of tax shelters and other schemes to avoid tax in ways not intended by the designers of the tax system. New rules will make it […]

Canada Revenue Agency bare trusts reporting

Canada Revenue Agency prescribed rate remains unchanged for Q3 2023

The Canada Revenue Agency has announced that the prescribed rate for the third quarter of 2023 will hold steady for the first time in a year. The prescribed rate hovered at 1 per cent throughout most of the COVID-19 pandemic, then increased by a percentage point each quarter beginning in the third quarter of 2022. The […]

Ottawa announces prescribed rate loan increase

Canada Revenue Agency prescribed rate increases for Q2 2023

For the fourth consecutive quarter, the Canada Revenue Agency  prescribed rate has increased by a percentage point. The rate used to calculate taxable benefits for shareholders and employees from interest-free and low-interest loans is now 5 per cent—up from 4 per cent in the first quarter of the year—for the period ending June 30th, 2023. The […]

House subject to Underused Housing Tax

Underused Housing Tax Update: Filing deadline extended until Oct. 31, 2023

The confusion swirling around the implementation and scope of the federal government’s new Underused Housing Tax has resulted in a temporary reprieve from Ottawa, providing taxpayers with extra time to fully understand their compliance obligations under the new law. The Canada Revenue Agency announced this week that the while the deadline for affected owners to […]