The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023. The following changes to limits and rates will take effect as of January 1, 2023: – The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will be increased from $34,000 to …
A November 25, 2022 French Tax Court of Canada case considered whether a taxpayer’s poker activity constituted a source of business income and therefore the winnings were taxable, as argued by CRA. The taxpayer argued that his winnings were non-taxable as they were derived from his hobby rather than a business. The taxpayer generated poker winnings each year from 2008 to 2011, ranging …
CRA updated several administrative policies in respect of employment benefits, effective January 1, 2022. Two of the key changes relate to employee gifts and parking. These updates were released in late 2022. GIFTS, AWARDS AND LONG-SERVICE AWARDS Under CRA’s existing gifts and awards administrative policy, the first $500 of annual gifts and awards provided to arm’s length employees is non-taxable. This policy does not apply to cash or near-cash gifts. Historically, CRA had considered all gift cards to …
EMPLOYEE GIFTS AND PARKING: UPDATED CRA POLICIES Read More »
A June 17, 2022 Ontario Superior Court of Justice case considered whether a will had been appropriately witnessed. In 2020, the owner of an insurance agency was diagnosed with terminal cancer and drafted a final will and testament. As it was the height of the COVID-19 pandemic, she chose two of her employees to meet her outside of the agency to sign the …
WITNESSES FOR LEGAL DOCUMENTS: CHOOSE THEM WISELY Read More »