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Mortgage signing

CRA offers no relief on stiff penalties for late-filing UHT returns

Tax agency releases underused housing tax self-assessment tool

Edmonton downtown, James Macdonald Bridge and the Saskatchewan River at night

Alberta downplaying pension plan proposal risk, experts say

Broad estimates and generous assumptions may mean the APP is less viable than it seems

Judge makes ruling

Lawyers temporarily exempted from CRA’s mandatory disclosure requirements

The Federation of Law Societies of Canada argued that the new regime violates the Charter of Rights and Freedoms

Red For Rent sign closeup against brick building

Ottawa to remove GST on new rental housing, extends CEBA loan deadline

The federal government also is calling on grocers to stabilize prices

Sunrise at Parliament Hill stock photo

Does the underused housing tax apply to 24 Sussex Drive?

The Canada Revenue Agency's extended deadline to file a UHT return and pay any tax is approaching

Calculator paper tape rolled up

Updated tax-avoidance proposals include new penalty

Tax lawyers express concerns about overreach as Ottawa proposes to revamp the general anti-avoidance rule

Exterior of CRA headquarters building

CRA announces prescribed rate for Q4

Interest rate Canadians must pay on overdue tax will remain 9%

CRA signage

CRA offers minor relief on reportable transactions

The 90-day deadline for the first mandatory disclosures under the new law is Sept. 20

Canadian tax form

New alternative minimum tax regime to raise $2.6B: PBO

Canadians making above $300,000 to contribute 98% of total AMT

Tax collection

IRS plans crackdown on 1,600 millionaires to collect back taxes

Artificial intelligence is playing a big role in identifying wealthy tax dodgers

Senior couple doing the income tax declaration online

Help clients address an underfunded pension

Don’t let outdated pension rules threaten your client’s retirement plans

CRA signage

Review finds at least 120 CRA employees claimed Covid benefits while employed

The CRA said in July that it had let 20 employees go as a result of its CERB investigation

Businessman has no money. Unemployed and bankrupt man looks into his empty wallet. Stress crisis, unemployed businessmen waiting for new job, recession situation and hopelessness (Businessman has no money. Unemployed and bankrupt man looks into his em

Ongoing cost of living crisis should trigger another housing benefit payment: Singh

The first $500 top-up was rolled out just before Christmas and distributed $402 million

Cash under umbrella

Why high earners and business owners may not have fully funded pensions

Current regulations are outdated and artificially cap contributions

CRA signage

CRA releases death-related FHSA forms

The agency will also be releasing a consolidated T4 slip for FHSA account holders

Parliament buildings with Canada flag flying in front

Feds release draft legislation on alternative minimum tax, intergenerational business transfers

Proposals from the 2023 budget are out for consultation until Sept. 8

  • By: Staff
  • August 4, 2023 August 4, 2023
  • 17:10
Inspecting documents

Advisors should help business owners prepare for new corporate ownership registry

Bill C-42 would bring public access to private corporations’ beneficial ownership info

Houses

Bare trusts: Is your client prepared for increased tax filings?

Failure to comply with new tax rules could result in penalties

tax season

CRA releases revised form for mandatory tax disclosures

Expanded reporting regime is intended to help the CRA fight aggressive tax planning

CRA signage

Prescribed rate to stay at 5% in Q4

The CRA's interest rate on overdue tax will remain the same for a third consecutive quarter

illustration of magnifying glass and tax forms

Canadians still underusing TFSAs

Accountholders' unused TFSA contribution room exceeded the market value of their plans at almost all income levels

Chairs on dock

Budget watchdog reviewing underused housing tax again

U.S. critics continue to push for relief for Americans who own seasonal properties in Canada

CRA signage

Updated GAAR guidance could boost reporting under expanded mandatory disclosure rules

Advisors will need to consider whether to report transactions even if they're not required to

retirement planning

Why clients with large RRSPs and RRIFs might benefit from earlier withdrawals

Strategic withdrawals allow clients to smooth out their income levels over retirement

Canadian parliament in Ottawa

Liberal tax promise tracker, summer 2023 edition

Here’s the status of tax proposals that matter to your clients