Liberal’s Proposed “First Home Savings Account“ The election platform for the Liberal party included a new tax measure called the “First Home Savings Account” (FHSA). Although the Liberal government did not win a majority in the recent election, it is likely they will pursue this new tax measure to help first-time homebuyers save for a […]
Keeping Up with Trust Reporting
New 2021 Trust Reporting Rules to the CRA There are new tax return filing and information reporting requirements for trusts effective for taxation years ending on/after December 31, 2021. Changes include: Requiring a T3 to be filed for certain trusts even if they did not have to before, Requiring reporting of personal information including names […]
CapEx or OpEx?
Classifying Your Investments in Technology In 2020, the COVID-19 pandemic began taking hold around the globe and organizations had to pivot to deal with a new reality. The ways we interact and conduct business have transitioned to a more virtual world. Over the past two years, we’ve seen a technological shift as organizations invest more […]
Everything You Need to Know About Working from Home and Tax Deductions
As an employee, you may be able to claim a deduction on your Canadian T1 personal income tax return for (1) home office expenses (work-space-in-the-home expenses) and (2) office supplies, and (cell) phone expenses you incur in doing your job. Employee Home Office Expenses You may be able to claim a deduction for home office expenses: […]
Transparency in Tax
In the words of the OECD: “Tax transparency is about putting an end to bank secrecy and tax evasion through global tax co-operation”. All us accounting geeks out there know that the CPA profession has publicly stated that it supports transparency of the beneficial ownership of corporations to create a national framework for whistleblowing and […]
Tax Considerations When Purchasing Canadian Real Estate
If you are buying Canadian real estate it is important to know whether the seller is a “resident” of Canada or not. If the seller is a non-resident of Canada, you may be required to make a withholding from the payment of the purchase price to the seller, and to remit the amount withheld to […]
2021 Federal Budget Highlights
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 […]
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 […]
Employee Home Office Expenses: New Rules for 2020
In light of COVID-19 many employees have been required to work from home for a large portion of the 2020 calendar year. As such, new streamlined rules apply for the 2020 taxation year that will allow individuals working from home to claim home office expenses on their personal income tax return. New Temporary Flat Rate […]
