Watch! Life in the Tax Lane - July 2024

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. 

Topics:

• Capital Gains Inclusion Rate Changes – Source 1 and Source 2

• Non-Resident Sellers of Canadian Real Estate – Source 1 and Source 2

• Use of Corporate Assets by Shareholder

• CRA Guidance – Receipts 

• Bare Trust Reporting Rules – Source 1 and Source 2

• Gross Negligence Penalties

Program Recorded: June 27, 2024.

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. 2024, All Rights Reserved.

Watch! Life in the Tax Lane - June 2024

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. 

Topics:

• Fees for Services Consultation

• Real Estate – CRA Audit Activity

• Capital Gains Inclusion Rate – Budget 2024 – Source 1, Source 2 and Source 3

• CEBA – Collection Process – Source 1 and Source 2

• Spousal Income Attribution

• Canada Carbon Rebate for Small Businesses – Source 1 and Source 2

• Canadian Dental Care Plan Update – Source 1 and Source 2

Program Recorded: May 23, 2024.

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. 2024, All Rights Reserved.

Watch! Life in the Tax Lane - May 2024

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. 

Topics:

• 2024 Federal Budget – Capital Gains – Source 1 and Source 2

• 2024 Federal Budget – Other Items – Source 1 and Source 2

• Home Office Expenses – Multiple Employers and Clients

• Accessing CRA Online Portals

• Psychotherapy and Counselling Therapy – GST/HST – Source 1 and Source 2

• Avoiding CPP by Paying Dividends

Program Recorded: April 22, 2024.

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. 2024, All Rights Reserved.

Watch! Life in the Tax Lane - April 2024

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. 

Topics:

* Late Breaking - Bare Trust Reporting Exemption!

On March 28, 2024 (after this episode of Life in the Tax Lane was recorded), CRA announced that bare trusts would be exempt from trust reporting requirements for 2023. CRA stated:

“To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.

In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.”

For more information, see CRA’s Tax Tip .

• Bare Trusts – Penalty Relief *

• T2200 – Employer Requirement?

• Reliance on CRA's My Account 

• Canada Carbon Rebate

• Short-Term Property Rentals – Denial of Expenses – Source 1 and Source 2

• UHT – CRA Commentary on Excluded Owner Proposals – Source 1 and Source 2

Program Recorded: March 21, 2024.

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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. 2024, All Rights Reserved.

Watch! Life in the Tax Lane - March 2024

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. 

Topics:

• T1 Season – What's New – Source 1, Source 2 and Source 3

• Working From Home Expenses

• CCA – Retroactive Adjustment

• GST/HST Electronic Filing Reminder

• Multi-Factor Authentication – Authenticator App

• Cryptocurrency Losses

• FHSA – Constructing a Home

Program Recorded: February 22, 2024.

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. 2024, All Rights Reserved.