New Trust Reporting Rules
Bare trusts and in-trust (ITF) accounts may need to file a T3 income tax return.
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January 31, 2024
2020 Q2 Tax Tips & Traps Newsletter
I am pleased to announce that Tax Tips and traps is back! In this quarterly edition: Tax ticklers - Some points to considerStarting a business and not getting paid - Can I collect EI?Tips- Reporting IssuesReal estate sales- Taxable or not?Contributions of goods and services to an NPO- Tax ImplicationsHome accessibility renovation credit - Increase in Home Value?Working from home…
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May 16, 2020
Newsletter – Financial Relief For Canadians
This newsletter has been prepared to provide an overview of the tax measures and assistance available to businesses and families in the midst of the Covid-19 pandemic. A copy of this newsletter can be downloaded here. It is a concise summary of the measures announced up to and included Wednesday April 9, 2020. Discussed in the newsletter: Filing deadline and…
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April 9, 2020
The 75% Canada Emergency Wage Subsidy and 10% Temporary Wage Subsidy
The Government of Canada has announced the Canada Emergency Wage Subsidy (CEWS) that will provide a subsidy of up to 75% of wages paid to a maximum benefit of $847 per week per employee.
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April 4, 2020
Taxing Day Traders TFSA’s
If the CRA can latch on to something, they will. For most of us, the investment income we earn inside our TFSA’s are 100% tax free. However, if you are day trading inside your TFSA, the Canada Revenue Agency may come knocking. You see, under the Income Tax Act, there is a subtle but highly important distinction between a business…
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July 16, 2015
Toy car on white background
Recordkeeping Automobile Expenses
If you use a car for business or your company provides a vehicle, the driving must be allocated between personal and business . This allocation is based on the total number of kilometers driven and the kilometers driven for business and the CRA requires that a log be kept. Why Track Kilometers? When we file a tax return, we must…
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June 22, 2015