Deputy Prime Minister and Finance Minister Chrystia Freeland released the Federal Government’s first Pandemic Budget (“Budget 2021”) on April 19th 2021. Budget 2021 focuses on spending for COVID recovery including: extension of some key Covid-19 support programs to September 25th 2021 such as the Canadian Emergency Wage Subsidy (CEWS) Program, the Canada Emergency Rental Subsidy […]
Changes to Trust Reporting Rules
New Filing RequirementsIn order “to improve the collection of beneficial ownership information with respect to trusts and to help the Canada Revenue Agency (the “CRA”) assess the tax liability for trusts and its beneficiaries” the CRA has come out with Draft legislation for new reporting rules for Trusts. The new rules are effective for year […]
Some GST and HST Quirks You Might Need to Know (Part 1)
Here is part one of a dozen unusual GST and HST rules from the Excise Tax Act (ETA) — some less well-known than others — that might affect your business. Note that while the GST and HST are administered by the CRA across Canada, they are administered in Quebec by Revenu Québec (RQ). Medical and […]
When It Comes to the Debt Forgiveness Rules, Is All Really Forgiven?
Our Tax Partner Steve Youn, CPA, CA has shared some of his expertise on debt-related topics with the Chartered Professional Accountants of British Columbia (CPABC) for publication in their CPABC InFocus magazine, March/April 2021 edition. Read below an excerpt of the article: “The recent economic downturn may bring forth unexpected tax issues. As creditors become […]
