Life in the Tax Lane (Canada)

The November edition of "Life in the Tax Lane" is here! This 10-minute video, created specifically for Canadian tax professionals, covers recent developments in Canadian tax with the Video Tax News Team.Topics: Canada Carbon Rebate – Payments Capital Gains Changes – Impact of DelaysCRA's Digital Improvements Tax Tip – Crypto-Assets – Required Records CRA Service Consultation Secondary Suites – Various Implications For sources from this episode, go to https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-november-2024-episode-114Program Recorded: October 25, 2024Life 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.

Happy October!  With a new month comes a new episode of "Life in the Tax Lane." The Video Tax News Team is back with another fast-paced 10-minute video. It's packed with essential updates for Canadian tax professionals.Topics:Canada Business Corporation Act – Public RegistryRegistered Education Savings Plan – Contribution Considerations TFSA Excess Contributions – Decline in ValueShareholder Loan Account – Proper BookkeepingInput Tax Credit – Shareholder Purchasing Asset IRS Collection of Canadian Taxes For sources from this episode, click here. Program recorded: September 18, 2024Life 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.

As we settle into September and the start of fall, it's time for another edition of “Life in the Tax Lane”!  Joe, Cait and Hugh are back for this month's 10-minute podcast covering key updates on draft legislation related to capital gains inclusion rate, trust reporting, alternative minimum tax, and more.Topics discussed:Capital Gains Inclusion Rate Increase – Draft Legislation  Trust Reporting – Draft Legislation Trust Distributions Violating Trust Terms Alternative Minimum Tax – Draft Legislation  Post-Mortem Losses – Draft Legislation  Collection of GST/HST by Accommodation PlatformClick here to view sources.Like what you are watching? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.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.

Capital Gains Inclusion Rate Increase – Draft Legislation | Trust Reporting – Draft Legislation | Trust Distributions Violating Trust Terms | Alternative Minimum Tax – Draft Legislation | Post-Mortem Losses – Draft Legislation | Collection of GST/HST by Accommodation Platform

Bare Trust Issues – Current Events | Canada Disability Benefit – Proposed Regulations | CRA Service Standards | Personal Services Business | Employee Ownership Trusts – Exemption or Deferral?

Capital Gains Inclusion Rate Changes | Non-Resident Sellers of Canadian Real Estate | Use of Corporate Assets by Shareholder | CRA Guidance – Receipts | Bare Trust Reporting Rules | Gross Negligence Penalties

Fees for Services Consultation | Real Estate – CRA Audit Activity | Capital Gains Inclusion Rate – Budget 2024 | CEBA – Collection Process | Spousal Income Attribution | Canada Carbon Rebate for Small Businesses | Canadian Dental Care Plan Update

2024 Federal Budget – Capital Gains | 2024 Federal Budget – Other Items | Home Office Expenses – Multiple Employers and Clients | Accessing CRA Online Portals | Psychotherapy and Counselling Therapy – GST/HST | Avoiding CPP by Paying Dividends

Bare Trusts – Penalty Relief | T2200 – Employer Requirement? | Reliance on CRA's My Account | Canada Carbon Rebate | Short-Term Property Rentals – Denial of Expenses | UHT – CRA Commentary on Excluded Owner Proposals

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

UHT – Assessment Statistics | Clearance Certificate Obtained after Distribution | CPP Survivor – Common-Law Partner | Employee vs. Independent Contractor – Control by Owner-Manager | Short-Term Rental – Denial of Expenses | FHSA – Income Splitting

Pre-Budget Consultations | Canada Dental Care Plan | Electronic Distribution – T-slips | Cryptocurrency and NFTs | Working From Home Expenses – Employees | Expanded Trust Reporting – CRA Guidance

Fall Economic Statement – Short-Term Rentals and Employee Ownership Trusts | Fall Economic Statement – Underused Housing Tax (UHT) | Various Trust Filing Issues | Personal Indexation Amounts for 2024 | Canada Pension Plan | T4/T4A Filing Requirements – Dental Benefits | Overlooked Capital Losses

Mandatory Tips – GST/HST/QST | Expanded Trust Reporting – Bare Trust Arrangements | UHT – Penalties, Interest and Relief | Source of Income | EI Insurable Earnings – Control of Shares | Partial Change in Use – Rental to Personal

Extended CEBA Repayment Deadline | Enhanced GST Rental Rebate | Home Accessibility Tax Credit – Nature of Impairment | Enhanced CCA – Phase-Out After December 31, 2023 | Mileage Allowance – Common Starting Location | Corporate Beneficial Ownership Registry

Surcharge to Accept Payment Via Credit Card – GST/HST? | Revival of a Corporation | Multigenerational Home Renovation Tax Credit – New Dwelling | Identifying Simplified Registrants – New CRA Numbers | Employee vs. Independent Contractor – Differing Legislation | Late Payments to CRA | Replacement Property Rules

First Home Savings Account (FHSA) – Timing of Opening an Account | Mandatory Disclosure Rules | Alternative Minimum Tax – Proposed Changes | Objection Deadline – One-Year Limitation Period | Expanded Trust Reporting Rules

Late Application for CPP Benefit | First Home Savings Account (FHSA) – Tips and Traps | CRB Eligibility – Airbnb Income | Multigenerational Home Renovation Tax Credit | Residential Property – Self-supply Issues | Intergenerational Business Transfer Proposals – Considerations and Challenges

RRSP Vs. TFSA Vs. Tax-Free First Home Savings Account | Donation Planning – Life Insurance Product | CPP Enhancement | Withholdings on Rent to Non-Residents | EI Parental Benefits – Change of Extended Benefits Election | COVID-19 Collections | Employee vs. Independent Contractor – Truck Drivers

Shrinkflation – GST/HST Issues | Mandatory Disclosure Rules | Intergenerational Business Transfers | Underused Housing Tax (UHT) – Various Issues | Alternative Minimum Tax (AMT) – Budget 2023

Relationship Status – Common Law or Not? | Underused Housing Tax – Updates | TFSA – Carrying on a Business | Employment Expenses – Sponsorship | Legislation vs. CRA Interpretation | US FBAR Penalties – $10,000 Per Form or Account?

Underused Housing Tax – Guidance | Unreported Capital Trades Included on a T5008 | Recurring Conversion Between Personal and Income Earning Use | Updates to CRA Online Portals | Foreign Tax Credit Verification (Question 11 of CPA Canada/Provincial Accounting Bodies Questions to CRA – 2022 (released January 12, 2023))

Underused Housing Tax | Statute-Barred Corporate Returns | Wage and Rent Subsidies – Partnership Income and Reviews | Relationship Breakdown – Written Separation Agreement | Canada Child Benefit – Shared-Custody Arrangement

2023 Automobile Limits | Individual Instalment Interest – Unexpected Income | Tax Loss Selling – Corporations | COVID-19 Suspicious/Fraudulent Claims | Tips And Gratuities – GST/HST | EFILE Revocation

Taxable Benefits – Gift Cards | 2022 Fall Economic Statement and Bill C-32 | Extension of Time to Object | Underused Housing Tax | Shared Custody – Redetermined Prior Period Benefits | 2023 Personal Indexation Amounts | CERB/CRB Eligibility – Prior Period Earnings

CEBA Update | Canada Dental Benefit | CRA Representative Online Access | Assisted Compliance Initiative | The Proposed Trust Reporting Rules – Bare Trust Arrangements | Tax Problems Arising From Bookkeeping

Individual Supports – Rent, Dental and GST Credit | CERB Eligibility – Communication Breakdown | Tips Collected Electronically – EI And CPP | Personal Services Business – CRA Education Initiative Update | Revised Capital Dividend Election – T2054 | US FBAR Penalties – Source 1 and Source 2

GST/HST Input Tax Credit – Reasonable Expectation of Profit | Accelerated Investment Incentive Property – Renovations | Capital Cost Allowance – Retroactive Adjustment | Disability Tax Credit – Form and Application Updated | Electronic Filing and Payments – Draft Legislation | Trust Reporting Rules – Draft Legislation

Poker Playing – Hobby or Business? | Required Travel Between Home and Work | Disinheritance of Children | Personal Services Business – CRA Education Initiatives | Director Liability – Relationship Breakdown

Class Action – Credit Card Fee Charge | Immediate Expensing of CCA – Prescribed Form | CERB/CRB Denial for Owner-Manager of a Corporation | Working From Home – Employer Considerations | Taxable Benefits | Source of Income – Foreign Currency Straddles

Ban on Residential Real Estate Purchases by Non-Residents – Source 1 and Source 2 | Underused Housing Tax – Traps | Retrofit Loans For Homeowners | Sale of Home | Late Wage and Rent Subsidy Claims – CRA Discretion | CRA Collections Related to COVID-19 Programs – CEBA | CRB – Not Working Due to COVID-19?

Federal Budget 2022 | Draft Legislation (released subsequent to recording) | Principal Residence Exemption – Multigenerational Home

Recovery of CERB Overpayments | Costs for COVID-19 Protocols | Digital Adoption Program | Money Received from Offshore Accounts | Underused Housing Tax (UHT) – Reporting Obligations | Accessing Former Spouse's Tax Information (link to be released on April 5)

CRA Processing Issues – Changes to Refundable Tax Credits | Principal Residence Exemption Education Letters | Working From Home – Extended Relief | Proposed Changes to CRA Administrative Processes | Trusts – Changes to Reporting Requirements | Immediate Expensing Incentive – Proposed CCA Expansion

CPP Benefit Payment – Impact of COVID-19 | Employment Benefits – COVID-19 | Working from Home – Extended Relief | Worker's Compensation – Accident at Home Office | Prescribed Rate Loans | CRA Processes, Services and Focus Areas | Expanded Trust Reporting Rules

COVID-19 Business Subsidy Update | Post-Assessing Corporate Reviews – Advertising And Promotions | 2021 Economic and Fiscal Update | Valuation of Shares | Parents Assisting Children With a Home Purchase

2022 Indexation for Personal Amounts | COVID-19 - Personal Support | COVID-19 - Business Support | Falsified Employment Records | Rental Property | Disability Tax Credit (DTC) – Fee Restrictions | OAS Clawback Planning

COVID-19 Update - Businesses | COVID-19 Update - Individuals | CPP Disability Benefit | New Disability Tax Credit Form and Application Tool | RESPs – Many Canadians Don't Understand Them

Travel Log | Automobile Benefits - Electric Vehicles | Enhancing the Value of Owner-Managed Business | Salaries to Family Members | Transfer of Property for Less Than Fair Market Value | Unsigned Will – COVID-19

Multiple Consultations Released | Workspace In Home Expenses | Ensuring Audit Requests Are Answered | Medical Travel Expenses | German Pensions | Multiple Children But One RESP Account | Fuel Cards Provided To Independent Contractor Drivers | Wedding Costs – Tax Evasion?

Additional OAS Payment | CRA Collections – Impact On Business | Tax-Driven Bankruptcies | Informal Agreements Between Family Members | Travel Allowances – Limited Distance Covered | Bulk Taxpayer Relief | TFSA – Excess Contributions | EI Consultation | Foreign Buyer Property Transfer Tax

CEWS Audits | CERS Lockdown Support – Restricted Activities | Insurable Employment | Impending US Tax Changes | US Master Limited Partnerships (USMLPS) – Withholding Taxes | Poor Records – Repayment of Shareholder Advances

Estate Planning – Millennials | Reviewing Beneficiary Designations | Proposed Changes to Facilitate Intergenerational Transfers | Mandatory Disclosures – Budget 2021 | Medical Expenses – Leasing Costs Due to COVID-19 | Personal Protective Supplies | CEWS – Eligible remuneration | E-Commerce, Accommodation Sharing & Warehouses

Federal Budget 2021 | New Program – Advisor Error | Social Media Review | Unnamed Persons Requirement (UPR) – Coinsquare | Bank Records Sent to the IRS | New Compilation Engagement Standard – Effect on Tax Work | Disability Tax Credit (DTC) – Fee Restrictions

CERS/CEWS Update | CRA Online Security | Wedding Costs – Business Expense? | Rental Properties – Repair Expense | Income Versus Capital Gains | Taxpayer Relief – Financial Hardship

Special Presentation! Budget Chatter with Tim Cestnick FCPA, FCA, CPA(IL), TEP and Joseph Devaney CPA CA recorded March 23, 2021For detailed COVID-19 information curated for Canadian accountants, go to videotax.com/Covid19Like what you are watching? Join our mailing list at videotax.com/mailing-list to stay in the know with new video releases, products and upcoming promotions.

COVID-19 Benefit Recipients – Individual Interest Relief | CERB Issues | Capital Gains Inclusion Rate Changes – Who is Affected? | Potential U.S. Tax Changes | Registered Disability Savings Plans – Letter Campaign

Education and Training | T4Summary – 10% Temporary Wage Subsidy | Correcting Form PD27 Submissions | Electronic Signatures – T183, T2200, T2200S | Relief Payments from Foreign Governments | U.S. Corporate Beneficial Ownership Disclosure | U.K. Publicly accessible Registers of Beneficial Ownership

CRA Focus on Video Games Streamers and Online Influencers | Canada Emergency Rent Subsidy – Non-Arm's Length Rent | Employees Working From Home During COVID-19 | Residential Property Rebates | Offshore Tax Informant Program Update | Electronic Signatures | Sending CRA Legal Documents – Deceased Individuals | CEWS – Period 1-5 Deadline Issues

Canada Emergency Rent Subsidy | Canada Emergency Wage Subsidy | Employment Benefits – COVID-19 | Passing on the Family Cottage | Capital Cost Allowance – Retroactive Adjustment

Canada Emergency Rent Subsidy | Canada Emergency Wage Subsidy | Canada Emergency Business Account | Interactive Tool for Financial Assistance for Businesses | Working From Home | Travel From Home Office to Employer’s Office | Principal Residence Exemption – Multiple Sales