Home Tax

Top Stories in Tax

The Canada Revenue Agency sign outside the National Headquarters at the Connaught Building in Ottawa is seen on Monday, March 1, 2021. CRA Tax

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

portrait of happy asian male shopkeeper

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

income tax owing

CRA can use ‘arbitrary assessments’ to fill a filing void

A Tax Court case offers a warning about missing corporate returns

next steps

Breaking down the ‘executor’s year’

Some beneficiaries are entitled to interest on their inheritance starting one year after death

time is money

Estate planning with TFSAs

Avoid the tax consequences of not distributing a TFSA quickly after the account holder dies

Hard working craftsman working with planer in a workshop for woodwork. Handsome man with tattoo and beard.

What your clients should know about real estate renos and repairs

For the best tax treatment, distinguish between current and capital expenses

Canadian parliament in Ottawa

Luxury vehicle tax, DTC changes included in Budget 2022 implementation bill

Bill C-19 gives people who purchased luxury vehicles in 2021 a break

senior women

Ontario proposes new tax credit for seniors

Tories also propose enhancing existing tax credit for low-income earners

Hands Giving & Receiving Money

Prescribed loan rate to rise July 1

Now is the time to lock in 1% prescribed rate on family loans, achieve income splitting opportunity

Ontario Queen's Park Legislative Building

Ontario Liberals promise to boost provincial top-up to OAS

Eligible seniors would receive up to $1,000 more annually

Closed business coronavirus covid-19 crisis recession unemployment

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

Canadian flag in front of 24 Sussex Drive

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"

Skyline of Winnipeg with Manitoba Legislative Building. Winnipeg , Manitoba, Canada

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

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

Feds raise charities’ disbursement quota to 5%

Proposed change in Budget 2022 would "increase expenditures by charities overall," government said

Budget gives businesses greater access to small business rate

But with no adjustment to the passive income rules, some companies will remain shut out

Finding missing beneficiaries

What executors need to know when a beneficiary can’t be easily identified or found

Ontario’s estate audit rules keep executors honest

While audits are uncommon, rules introduced in 2015 ensure stringent reporting of assets

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