When the Federal Government released its Fall Economic Update on November 21, 2018 it primarily focused on changes to the first year of depreciation on most capital assets.
The CPP is beening enhanced. This means that both employees and employers are required to contribute more, but, retirement, survivor, and disability pensions will also increase.
On March 19, 2019 the Honourable Bill Morneau, Minister of Finance, presented the 2019 Federal Budget, Investing in the Middle Class, to the House of Commons. No changes were made to personal or corporate tax rates, nor to the inclusion rate on taxable capital gains.
Recently, the Office of the Privacy Commissioner of Canada, provided details in respect of the new mandatory reporting requirements where breaches of security safeguards have occurred.
CRA highlights relevant tax compliance and planning information if you bought or sold a home.
Although it may be possible to deduct travel amounts against employment income, such amounts are often challenged by CRA.
Upcoming dates to remember: T4 slips, RRSPs, income tax, and T1s.
While it appeared the taxpayer believed she was an independent contractor (evidenced, as an example, by her efforts regarding GST/HST collection), the Tax Court of Canada looked into several factors to find that the individual was an employee.
A September 11, 2018 Tax Court of Canada case examined the eligibility of a number of child care costs with a recreational and educational component. The taxpayer and his spouse worked full time and had two children, aged 10 and 12. The Court acknowledged two separate lines of cases related to eligibility of child care expenses (all informal and, therefore, not binding on CRA). The first set, argues that the definition of a “child care…
The CRA is aware that owner-managers have an incentive to receive benefits deductible by their corporation which are non-taxable to the owner. In essence, this can be perceived as a method to extract profits out of a corporation without paying tax on it. As such, CRA is particularly vigilant to ensure that these benefits comply with the Income Tax Act and do not confer unfair advantages on owners. To start off, it must be established…