CRA clarifies tax treatment of settlement payments related to RRSPs, other plans
In an income tax folio, the Canada Revenue Agency clarified its position on settlement amounts and registered plans
Top Stories in Tax
Ontario, Quebec yet to match feds’ proposed small business tax break
The federal budget proposed increasing the level of taxable capital at which a business can still access the small business rate
- By: Rudy Mezzetta
- May 13, 2022 May 13, 2022
- 16:38
CRA can use ‘arbitrary assessments’ to fill a filing void
A Tax Court case offers a warning about missing corporate returns
- By: Jamie Golombek
- May 9, 2022 May 5, 2022
- 10:00
Breaking down the ‘executor’s year’
Some beneficiaries are entitled to interest on their inheritance starting one year after death
- By: Rudy Mezzetta
- May 9, 2022 May 2, 2022
- 10:00
Estate planning with TFSAs
Avoid the tax consequences of not distributing a TFSA quickly after the account holder dies
- By: Curtis Davis
- May 9, 2022 May 5, 2022
- 10:00
What your clients should know about real estate renos and repairs
For the best tax treatment, distinguish between current and capital expenses
- By: Vivek Bansal
- May 2, 2022 May 2, 2022
- 15:04
Luxury vehicle tax, DTC changes included in Budget 2022 implementation bill
Bill C-19 gives people who purchased luxury vehicles in 2021 a break
- By: Melissa Shin
- April 29, 2022 April 29, 2022
- 15:45
Ontario proposes new tax credit for seniors
Tories also propose enhancing existing tax credit for low-income earners
- By: Rudy Mezzetta
- April 28, 2022 April 28, 2022
- 16:07
Prescribed loan rate to rise July 1
Now is the time to lock in 1% prescribed rate on family loans, achieve income splitting opportunity
- By: Melissa Shin, Rudy Mezzetta
- April 27, 2022 April 27, 2022
- 13:25
Ontario Liberals promise to boost provincial top-up to OAS
Eligible seniors would receive up to $1,000 more annually
- By: The Canadian Press
- April 25, 2022 April 25, 2022
- 11:51
Government data suggests First Nations hit more often with CERB repayment letters
‘CRA took my teeth, my rent, my food,’ says Winnipeg residential school survivor
- By: Jordan Press, Kelly Geraldine Malone and Stephanie Taylor, The Canadian Press
- April 22, 2022 April 22, 2022
- 14:53
REIT reform not off the table in federal housing review
The federal budget said the government will proceed with a review of “housing as an asset class"
- By: Rudy Mezzetta
- April 20, 2022 April 20, 2022
- 09:40
How Manitoba is changing residential & farm property tax
The province will raise the rebate, on the education tax on residential and farm property, to 37.5% this year and 50% next year
- By: Steve Lambert, The Canadian Press
- April 13, 2022 April 13, 2022
- 12:06
What advisors are saying about the proposed FHSA
Advisors are still relatively positive about the tax-free first home savings account, despite not being able to use it alongside the Home Buyers’ Plan
- By: Daniel Calabretta
- April 11, 2022 April 11, 2022
- 15:49
Feds raise charities’ disbursement quota to 5%
Proposed change in Budget 2022 would "increase expenditures by charities overall," government said
- By: Rudy Mezzetta
- April 8, 2022 April 14, 2022
- 13:03
Budget gives businesses greater access to small business rate
But with no adjustment to the passive income rules, some companies will remain shut out
- By: Michelle Schriver
- April 7, 2022 April 7, 2022
- 20:49
Finding missing beneficiaries
What executors need to know when a beneficiary can’t be easily identified or found
- By: Rudy Mezzetta
- March 14, 2022 March 10, 2022
- 10:00
Ontario’s estate audit rules keep executors honest
While audits are uncommon, rules introduced in 2015 ensure stringent reporting of assets
- By: Rudy Mezzetta
- February 4, 2022 February 3, 2022
- 15:00
CRA won’t administer proposed new trust reporting rules
Expanded trust reporting requirements announced four years ago were set to be effective, but feds still haven’t passed legislation to enable them
- By: Rudy Mezzetta
- January 14, 2022 January 17, 2022
- 15:41