Tax Tips & Business Matters

11/10/2023

Tax Tips & Traps 143, 2023 4th Quarter

Tax Tidbits

Some quick points to consider…

  • CRA has produced various basic tax education and literacy tools, such as seven learning modules with videos and quizzes.
  • As of January 1, 2024, where more than five information returns of a particular type (such as T4s, T5s, T3s, T4As, NR4s and T5018s) are filed on paper (as opposed to electrically) for a particular filer, a penalty of $125/form will apply. Businesses filing five or fewer forms can still do so on paper without penalty.
  • Renovations to create a safe play and therapy area for a child with a mental

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09/07/2023

Tax Tips & Traps 143, 2023 3rd Quarter

Tax Tidbits

Some quick points to consider…

  • Most CPP retirement, disability, survivor and child benefits can only be paid retroactively for up to   11 months after applying. Make sure to apply on time to avoid losing access to benefits.
  • The Canada Disability Benefit Act, which received Royal Assent on June 23, 2023, is intended to provide financial security to working-age persons with disabilities. Neither eligibility criteria nor benefit amounts have been announced; however, consultations are ongoing.
  • A series of investment tax credits relating to clean economies were announced in the fall of 2022 and spring of 2023. The government is currently conducting a consultation on the design and implementation of these initiatives.

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05/01/2023

Tax Tips & Traps 141, 2023 2nd Quarter

Tax Tidbits

Some quick points to consider…

  • New federal rules have been proposed that would prohibit arrangements designed to restrict competition in the labour markets. These include, for example, wage-fixing arrangements intended to fix, maintain, decrease or control salaries, wages or terms and conditions of employment.
  • Financial institutions began offering tax-free first home savings accounts in April. The plans are a valuable tool for first-time home buyers as contributions (up to $8,000/year and $40,000 over a lifetime) are deductible, while eligible withdrawals (including growth in the account) are not taxable.
  • It is possible to borrow funds from your RRSP for various purposes, such as using the home buyers plan to assist in buying your first home and the lifelong learning plan to fund education and training. 

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01/31/2023

Tax Tips & Traps 141, 2023 1st Quarter

Tax Tidbits

Some quick points to consider…

  • For 2023, the maximum amount that may be deducted for non-taxable allowances paid to an employee using a personal vehicle for business purposes has increased by 7₵ to 68₵/km for the first 5,000 kms driven and to 62₵ for each additional km. For Yukon, the Northwest Territories and Nunavut, the tax-exempt allowance will continue to be 4₵/km higher.
  • Rapid inflation has resulted in a significant increase of 6.3% to personal income tax and benefit amounts for 2023. For example, the income level at which OAS repayments commence is now $86,912 (from $81,761), the capital gains exemption for the sale of certain small businesses is now $971,190 (from $913,630), and the annual TFSA contribution limit has increased to $6,500 (from $6,000).
  • Legislation that requires more trusts to file trust returns and more information to be disclosed has been enacted. The commencement date was recently deferred by a year to apply to fiscal years ending on or after December 31, 2023. These filing requirements include bare trust arrangements, such as in-trust bank accounts that a parent or grandparent may have with their child or grandchild, unless a specific exception applies.

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12/08/2022

Tax Tips & Traps 140, 2022 - Year End - Special Edition.v2

Year-end Tax Planning

December 31, 2022 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation.

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10/01/2022

Business Matters Newsletter Volume 36 Issue 5

An economist explains: What to know about a recession

David-Alexandre Brassard, CPA Canada’s chief economist, breaks down the definition of a recession and how it may affect the Canadian economy.


A recession is often talked about, but not always understood. “You can have a technical recession and barely feel anything,” says David-Alexandre Brassard, chief economist, CPA Canada. “You feel a lot more with high inflation.”

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09/20/2022

Small Business Accounting - GST

We can help you assess your options, file your GST returns for you or teach you how to file your GST returns yourself, and give you information on when your GST returns are due and how to pay for your GST balance owing, if applicable.

If you need/want to register for GST, we assist our clients with process and/or register for them, and/or you can call CRA to complete your registration.

https://www.instagram.com/p/Ciu2sbsLa1D/

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09/01/2022

Tax Tips & Traps Issue No 139

Tax Tidbits

Some quick points to consider...

- On June 19, 2022, individuals suffering from Type 1 diabetes became automatically entilited to the disability tax credit. This change is retoactive to 2021.

- The Tax Gap, which measures the difference between what is actually collected and the taxes that would be paid if all obligations were fully met, is between $18.1 billion and $23.4 billion.

- On June 23, 2022, legislation was passed which would allow the full and immediate expensing of many capital assets purchased on or after April 19, 2021.

- CRA is currently reviewing how and when crypto asset holdings need to be disclosed on form T1135

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09/01/2022

Quarter 3 Planning

September.

A fresh start and a new routine. Time to get some of those items back on the to-do list now that summer is over - like your bookkeeping! We’re entering the end of Q3 and now is a good time to go through your records and see if there is anything that needs to be done that was put to the wayside for the past couple of months.

It might be something that you dread, but sometimes the hardest part is getting started. Don’t think of the whole staircase, just the step in front of you. If you need help climbing, give us a call.

https://www.instagram.com/p/Ch93v0iL25E/

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08/05/2022

Business Matters Volume 36 Issue 4

An economist explains: What is inflation?

David-Alexandre Brassard, CPA Canada's chief economist, explains the cause of rising prices and how you can reduce its impact.

Inflation is something that everybody is talking about and while we all understand its impact on our wallets, it can be hard to understand exactly what it is.

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