A June 7, 2023 CryptoTaxLawyer.com article (Binance Bids Canada Bye-Bye! Canadian Tax Implications for Cryptocurrency Investors and Traders) reminded Canadians about the importance of maintaining an offline record of transactions as exchanges, such as Binance, shut down in Canada. On May 12, 2023, Binance announced that Canadian users will be required to close any open …
Cryptocurrency Exchange Cessation: Recordkeeping Read More »
The multigenerational home renovation tax credit is a refundable tax credit applicable to the costs of constructing a secondary suite for an eligible person (generally a relative either age 65 or over, or eligible for the disability tax credit) to live with a qualifying relation. The tax credit is available on up to $50,000 of eligible expenditures incurred after 2022 at a rate …
Multigenerational Home Renovation Tax Credit: More Housing Support (part 1) Read More »
Please see the first part of the article here The reference number will remain on My Account until the medical certification (Part B) is completed. Representatives cannot currently complete the non-medical portion (Part A) through their Represent a Client account. To use this new option, the patient (person applying for the DTC) must register for …
Disability Tax Credit (DTC): Electronic Applications (part 2) Read More »
The DTC is a non-refundable tax credit that provides tax relief for individuals (or those that support those individuals) who have a severe and prolonged impairment in physical or mental functions. To access the DTC, eligible individuals must apply for it by completing Form T2201, Disability Tax Certificate. Recently, CRA updated their services so that …
Disability Tax Credit (DTC): Electronic Applications (part 1) Read More »
Please see the beginning of the article here The Court then noted that the withholding requirement exists regardless of whether or not the taxpayer knows that the landlord is non-resident. Further, there is no due diligence defence in respect of the tax withholding. As such, the taxpayer was liable for the tax not withheld. The …
Paying Rent to Non-Residents: Withholdings Required (part 2) Read More »
In a March 30, 2023 Tax Court of Canada case, the taxpayer was assessed for failing to withhold taxes on rent paid on Canadian real estate to a non-resident. Penalties and interest were also assessed. The information known to the taxpayer was limited to an Italian telephone number on the lease document (with a Canadian number), …
Paying Rent to Non-Residents: Withholdings Required (part 1) Read More »
Please see the first part of the article here If the charity’s disbursement to the municipality was not a qualifying disbursement, the charity could have its status revoked. A qualifying disbursement includes a gift to a qualified donee. A qualified donee includes a municipality in Canada that is registered by the Minister. It is a …
Gifts Directed to Other Donees: Loss of Charitable Status (part 2) Read More »
In some situations, a registered charity may be asked to receive donations on behalf of another organization or cause. While this may seem like a good way to generate funds and reward donors with charitable contribution receipts, it can have serious implications for the charity. A February 1, 2023 Technical Interpretation considered a charity that …
Gifts Directed to Other Donees: Loss of Charitable Status (part 1) Read More »
Please read the first part of the article here Employee ownership trusts (EOTs) – Rules were proposed to better facilitate employees buying their employer through a trust. Proposed to be effective in 2024, these rules would provide business owners with an additional exit strategy, where for example, a third-party buyer or transition to a family …
Budget 2023: Top Five Items for Owner-Managers (part 2) Read More »
Budget 2023 (A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future) was introduced in the House of Commons on March 28, 2023. The top five changes that may impact individuals and owner-managed businesses are as follows: Dental plan – The Canadian Dental Care Plan would be introduced to provide coverage for all uninsured Canadians …
Budget 2023: Top Five Items for Owner-Managers (part 1) Read More »