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Top 10 tax stories from 2020

There's a lot of tax news to review heading into a new year

Data Processing as System and Business Informatics

CRA promotes public database to track employers using wage subsidies

For privacy reasons, the public registry does not include sole proprietors

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Ontario exempting certain IPPs from pension legislation

The new rules will reduce the regulatory burden on plans

As anxieties grow over CERB notices, Qualtrough says no requirement to repay now

The CRA has sent more than 441,000 letters asking CERB recipients to verify they met eligibility rules

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Tips for year-end tax planning

Consider Covid-19 benefits, tax-loss selling and more

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CRA provides new rules for claiming home office expenses

There's a temporary flat-rate method for up to $400, and a simplified "detailed" method with a new Form T2200S

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Tax options for pandemic spending

From capital gains to wealth taxes, Jamie Golombek breaks down the Liberals' options

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Tax-loss selling deadline approaches

If clients need their trades to settle in 2020, make sure they know their last chance to sell

  • By: Staff
  • December 7, 2020 November 26, 2020
  • 13:00
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Essential tax numbers: updated for 2021

Use this handy list of tax numbers as a quick reference

  • By: Staff
  • December 2, 2020 December 2, 2020
  • 16:20
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Liberals plan foreign buyers tax in bid to create affordable housing

The fiscal update said the feds plan to tax homeowners who use Canada to passively store wealth in housing

KEN YUEL PHOTOGRAPHY / GETTY IMAGES

Updated: Government moves ahead with relief for RDSP holders who lose DTC eligibility

Changes to take effect Jan. 1, 2021

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Feds to allow up to $400 for home office expenses

A proposal in the fall economic statement aims to provide a simplified claim process

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Employee stock option changes to take effect July 1

CCPCs and employers with annual gross revenues of $500 million or less will be excluded

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How should your clients own real estate properties?

There are benefits and risks to owning property personally, through a trust or through a corporation

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TFSA limit for 2021 released

Find out how much clients can contribute

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How to extract cash from a corporation

Consider these options to avoid unexpected tax results

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Ending RRIF withdrawal rules would cost $1B, PBO says

The Liberals shifted the marker this year, dropping the minimum for each senior by 25%

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Budgeting for 2021 CPP changes — and beyond

Will the pandemic lead to higher future premiums?

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Ontario proposes seniors’ renovation tax credit

Refundable tax credit would offer up to $2,500 for eligible home improvement expenses for 2021

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O’Toole calls for pause on CRA audits for businesses struggling due to Covid-19

The Liberals' latest relief provisions have been met with mixed reactions from business groups

Income and gains on TFSA overcontributions can remain in account, CRA says

There are exceptions for cases of deliberate overcontributions or penalty waivers

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Refinancing prescribed rate loans just became easier

Canada Revenue Agency confirmed a more flexible approach at the Canadian Tax Foundation conference

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Prepare now for tax fallout from Covid-19, says tax expert

An aggressive taxman is on the way, Kim Moody says

Tax planning in a unique year

CERB, combined with lower deductions, is a recipe for potential tax owing

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Potential tax implications of the U.S. election

The impact of tax policy extends north of the border