Home Tax Tax News

Latest news in Tax News

CRA to tax registered investment fees paid from open accounts

If clients pay registered-account investment fees from open accounts, revisit that practice with them now

Reporting requirements waived for labour unions

Diane Lebouthillier, national revenue minister, has waived reporting requirements for labour organizations and labour trusts for fiscal periods starting in 2017. The requirements arise from…

  • By: Staff
  • December 19, 2016 August 21, 2018
  • 14:03

What’s new for the 2017 tax-filing season?

CRA has posted changes to services for the 2017 tax-filing season. The following are new: Express NOA delivers an instant message regarding a filing, and…

  • By: Staff
  • December 19, 2016 August 21, 2018
  • 13:12

Income tax reductions a holiday present for Quebecers?

Quebec residents are in full holiday shopping mode. But a comparison of rates shows that sales taxes are higher in that province than in most…

  • By: Staff
  • December 15, 2016 August 21, 2018
  • 14:57

Important year-end tax deadlines

In between your last-minute gift shopping and party planning, make time for these 2016 tax deadlines.

  • By: Staff
  • December 13, 2016 August 21, 2018
  • 14:31

Take care when deducting employment expenses

Being too aggressive can send you to Tax Court

Taxes for East Coast Canadians

If your clients fish for a living or own a business in Atlantic Canada or the Gaspé peninsula, the Canada Revenue Agency has special tax…

Year-end tax tips for 2016

It was a whirlwind year for tax changes. Here's more on how to help clients.

Vacation property succession planning: Part 2

If your client’s vacation property forms part of her estate on death, it may be subject to probate fees as part of her will.

CRA in hot seat over buildup of tax assessment disputes

The slow speed of government decisions, which can take months or years, costs Canadians time and money.

Canada losing ground on tax competitiveness

Canada suffers in the eyes of investors for being relatively small, far from large export destinations, cold and vast — thus raising business costs. But…

  • By: Staff
  • November 28, 2016 August 21, 2018
  • 14:52

Trump’s tax plan favours the wealthy: Tax Policy Center

President-elect Donald Trump's proposals would only modestly cut income taxes for most middle-class Americans.

Special issues when calculating capital gains

Learn about special considerations and exceptions.

More insider tax tips

Before year-end, take advantage of these tax tips from Grant Thornton LLP’s year-end tax-planning guide. Read: Make the most of your client’s tax refund Time…

Lesser-known year-end tax tips

You have four weeks to make 2016 your — and your clients’ — most tax-efficient year yet.

  • By: Staff
  • November 24, 2016 August 21, 2018
  • 11:09

Vacation property succession planning: Part 1

Without proper planning, vacation homes can quickly go from enjoyable escape to a source of financial and emotional stress.

Conservative senator proposes tax hike for higher incomes

The chair of the Senate finance committee has proposed changes to the Liberals' so-called middle class tax cut.

  • By: Staff
  • November 22, 2016 August 21, 2018
  • 15:16

What is a capital gain?

Learn the details of how this type of income is taxed.

Magnifying glass highlighting investment stock quotes in business section of newspaper.

Capital Dividend Account changes proceeding

On October 21, 2016, final draft legislation was released and now forms the final measures contained in Bill C-29.

Golombek gives you 4 year-end tax tips

Now is the time to use tax credits only available until Dec. 31, says CIBC tax planner Jamie Golombek.

  • By: Staff
  • November 2, 2016 August 21, 2018
  • 13:30

CRA sets 2017 maximum pensionable earnings

The maximum pensionable earnings under the CPP for 2017 will be $55,300, up from $54,900 in 2016

  • By: Staff
  • November 1, 2016 August 24, 2018
  • 14:30

Determining property value for the PRE

A reader writes: “In 2008, I sold my principal residence and now rent. I own a second residence that I occupy for six months each…

  • By: Staff
  • October 28, 2016 August 21, 2018
  • 10:49

The value of company valuations

Tax and estate implications of this important exercise

How to donate a life insurance policy

Understand fair market value and CRA rules

When an RRSP beneficiary faces a tax liability

Recent case shows the consequences of not seeking advice