Financial Statements

Tax implications for a personal services business (part 2)

Leave a Comment / February 22, 2023 / Accounting, Bookkeeping, Calgary, Financial Statements, Payroll, Personal, Tax

Please find the beginning of the article in our previous post. Educational Outreach, helping you comply with your obligations  The CRA launched an educational outreach project to help industries that hire personal service business (PSB) understand and comply with the tax obligations associated with this type of arrangement.  Between June and December 2022, CRA officials …

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Tax implications for a personal services business (part 1)

Leave a Comment / February 22, 2023 / Accounting, Bookkeeping, Calgary, Financial Statements, Payroll, Personal, Tax

Have you been contacted by the CRA?  Between June and December 2022, CRA officials will lead an educational outreach project by contacting Canadian businesses that potentially hire personal service business, to help determine whether or not these companies are fulfilling their tax obligations. Learn more here.  If you have incorporated your business or are considering incorporating …

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GOVERNMENT ANNOUNCES THE 2023 AUTOMOBILE DEDUCTION LIMITS AND EXPENSE BENEFIT RATES FOR BUSINESSES (PART 1)

Leave a Comment / February 15, 2023 / Accounting, Bookkeeping, Calgary, Financial Statements, Payroll, Tax, Vehicles

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 …

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POKER WINNINGS: TAXABLE OR NOT?

Leave a Comment / February 20, 2023 / Accounting, Bookkeeping, Calgary, Financial Statements, Payroll, Tax

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 …

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EMPLOYEE GIFTS AND PARKING: UPDATED CRA POLICIES

Leave a Comment / January 30, 2023 / Accounting, Bookkeeping, Calgary, Financial Statements, Payroll, Tax

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 …

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