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Tax Bytes - Monthly Newsletter & Training
Welcome & Newsletter Outline
Tax Bytes Video Newsletter - Outline of What It's All About (7:16)
January 2021
Introduction to the January 2021 newletter and what'we'll be covering this month (7:58)
New T2 Case Studies Project - What is in store for 2021 and future years for subscribers (7:58)
New T2 Case Studies Project - How to use the course and get the most (3:18)
2020 T1 Preparation Update - Section I - Overview, rates, credits and what's new (23:55)
2020 T1 Preparation Update - Section II - A look at what's in store for T1 preparation with the COVID measures for 2020 (27:23)
2020 T1 Preparation Update - Section III - Employment income reporting and COVID measures for 2020 (19:08)
2020 T1 Preparation Update - Section IV - Business income reporting in 2020 including tax implications of CEBA loans and wage subsidies (14:56)
2020 T1 Preparation Update - Section V - Other areas of tax and information for 2020 T1 returns (18:22)
T2 CASE-01 - Introduction to Buzz Shift Marketing Inc. and it's owner Sylvia Maxwell (7:38)
T2 CASE-02 - Year-end opening meeting with management and year end information (5:04)
T2 CAS-03 - Review of the trial balance provided by the bookkeeper and additional questions (9:44)
T2 CASE-04 - Dealing with the payroll remittances and amounts withdrawn by Sylvia (12:25)
T2 CASE-05 - Recording the journal entries on BSM's accounting file to bring it up to date (7:31)
T2 CASE-06 - What do we do about the vehicle purchase - options and discussions (6:37)
T2 CASE-07 - How do we handle the monthly vehicle allowance that is being posted (8:51)
T2 CASE-08 - Dealing with the business expenses on personal credit cards (13:06)
T2 CASE-09 - Discussion with Syvlia regarding the clothing reimbursements on credit cards (3:45)
T2 CASE-10 - Deciding what to do with the shareholder draw account - bonus or dividend (7:59)
T2 CASE-11 - Final journal entries and final T2 with adjusting entry discussion and process (13:54)
T2 CASE-12 - Preparing the T4 and T5 slips for Sylvia as part of our engagment and year end process (7:52)
December 2020
Introduction to the December 2020 newsletter and what we'll be covering (3:30)
NEW RENT SUBSIDY - New Canada Emergency Wage Subsidy - Overview (3:57)
NEW RENT SUBSIDY -Review of the eligiblility criteria and details of the program (14:59)
NEW RENT SUBSIDY - UPDATE - Need to apply or open the CRA ZA number for CERS (3:38)
COVID UPDATE - UPDATE - New CERB repayment letters in the mail (7:52)
NEW RENT SUBSIDY - Example of calculator and how to fill it out (9:15)
FEDERAL FISCAL UPDATE - Summary of fall update by Finance Minister Chrystia Freeland (7:11)
COVID MEASURES - Advising business struggling in pandemic (7:04)
TAXABLE BENEFITS - Would clothing reimbursements by employer be a taxable benefit? (5:09)
TAXABLE BENEFITS - Moving expense reimbursements by employer (4:33)
TAXABLE BENEFITS - Employer contributions to employee crowd funding campaign (5:37)
COMPILATIONS 1 - New Compilation Standards P2 - Third Parties and Basis of Accounting (1:54)
COMPILATIONS 2 - Standards to be followed before accepting or continuing an engagement (4:47)
COMPILATIONS 3 - A discussion on third parties and what practitioners need to know (8:29)
COMPILATIONS 4 - Is the CRA considered a third party for Compilation purposes? (5:58)
COMPILATIONS 5 - Overview of the basis of accounting standard (5:38)
COMPILATIONS 6 - An overview of the possible accounting basis alternatives (10:01)
COMPILATIONS 7 - The engagement letter as documentation and acknowledgement (6:09)
November 2020
Introduction to the November 2020 newsletter and what we'll be covering (4:07)
CPP RATES - Legislated increases to come into effect in 2021 - significant increases (6:38)
TELEWORKING - Employers not having a fixed place of business - Issues (6:28)
COURT CASE - Travel to and from work when paid a kilometre allowance - 2003 Case (6:12)
COURT CASE - Travel to and from work with vehicle expenses on T777 - Recent Case (5:03)
COURT CASE - A geologist trying to claim business losses with no income (8:08)
COMMENTARY - Claiming business expenses when there is no source of income (8:10)
COVID-19 MEASURES - Update on CEWS and review of CRA spreadsheet (6:30)
COVID-19 MEASURES - Update on the new commercial rent subsidy program CERS (7:12)
COVID-19 MEASURES - Useful government website tool to help businesses navigate the measures available (4:18)
COMPILATIONS 1 - New Compilation Standards -Part I - Overview and New Compilation Engagement Report (3:28)
COMPILATIONS 2 - The new compilation standard for Notice to Reader Engagements (7:52)
COMPILATIONS 3 - A brief history including why and how we got here (8:13)
COMPILATIONS 4 - Exceptions to the new compilation engagement standards (7:02)
COMPILATIONS 5 - Indpendance assesment - Review of prohibitions and threats (7:59)
COMPILATIONS 6 - How to solve the independence problems under new Standard (5:24)
COMPILATIONS 7 - An overview of the new compilation engagement report (5:02)
COMPILATIONS 8 - Date of the Compilation Engagement Report (CER) (3:34)
COMPILATIONS 9 - Responsibilities after the CER date and decision to amend (5:54)
October 2020
Introduction to the October 2020 newsletter and what we'll be covering (3:38)
CEWS UPDATE - Extension of CEWS into the Summer of 2020 and audit letters (5:10)
RESPONSE BENEFIT - CERB is now going to be a part of the EI Program (6:26)
COMPENSATION - Does the CRA audit large fluctuations of either salary or dividends year to year? (5:05)
COVID COMPENSATION - Be extra careful with amending T-slips for the 2020 Covid (3:59)
CPP - The decision on wheither to take CPP early or delay taking the pension (5:20)
COURT CASE - Section 160 - Can dividends be considered compensation for services rendered by CRA? (7:56)
COVID & SECTION 160 - Are the shareholders providing a personal guarantee in the Covid era? (4:48)
INCOME SPLITTING - Legitimate income splitting through cash damning (4:41)
T1 MASTERCLASS 1 - The different options available for adjusting T1 returns (1:53)
T1 MASTERCLASS 2 - The difference between re-file and T1ADJ (4:24)
T1 MASTERCLASS 3 - Example of the T1 ReFILE process and what happens (7:00)
T1 MASTERCLASS 4 - Online T1 Adjustments using the Represent A Client or My Account function (4:32)
T1 MASTERCLASS 5 - What you can and cannot adjust or ReFile on personal tax returns (5:08)
T1 MASTERCLASS 6 - Make sure you examine the ramifications of the adjusted returns (5:44)
T1 MASTERCLASS 7 - Quick tip on filing for the Disability Tax Credit certificate to speed up the process (3:20)
September 2020
Introduction to the September 2020 newsletter and what we'll be covering (3:31)
COVID NEWS - Payroll and T4 reporting for the upcoming T4 season (3:24)
COVID NEWS - CEWS frequently asked questions update provided by CRA (3:42)
COVID NEWS - Update on extenstions to SRED filing deadlines (4:58)
COVID NEWS - Filing T1 returns deadlines to avoid issues with other benefit programs (2:36)
CRA NEWS - Extension to electronic signature measures (2:12)
CRA NEWS - Flat rate increase for meal allowances (2:37)
TAX SCHEME - A new tax scheme to be aware of - Offshore disability plans (4:22)
T1 MASTERCLASS 1 - Review of the attribution rules and why spousal loans are effective (5:17)
T1 MASTERCLASS 2 - Case example and tax liability where there is no income splitting (4:38)
T1 MASTERCLASS 3 - Case example where a spousal loan was implemented in the past (5:09)
T1 MASTERCLASS 4 - Running various case scenarios through software (5:43)
T1 MASTERCLASS 5 - Implementing the plan in practice to avoid problems with the CRA (8:26)
T1 MASTERCLASS 6 - Caution if you are planning to change the rate when rates change (5:59)
August 2020
Introduction to the August 2020 newsletter and what we'll be covering (3:18)
COVID-19 - CRA news and extensions recently announced regarding taxes and payments (4:42)
NEW WAGE SUBSIDY - CEWS 2.0 - Summary of the new program and outline of changes (8:08)
CEWS 2.0 - Base subsidy formula and how it works (7:38)
CEWS 2.0 - Top Up Amount eligibility and calculation (7:20)
CEWS 2.0 - Some additional aspects and points to consider for wage subsidy (8:28)
CEWS 2.0 - Arm's length and Non Arm's length employees and other formulas (7:41)
CEWS 2.0 - Notice of Determination and appeals (2:11)
Trading of securities - is it income or capital - business income (6:36)
Trading of securities -What about trading within a corporation (4:16)
PERSONAL TAX - TIPS & TRAPS - P4 - Investment Income and Foreign Income Reporting (22:34)
PERSONAL TAX - TIPS & TRAPS - P5 - Rental Income and Principal Residence Exemption (48:49)
PERSONAL TAX - TIPS & TRAPS - P6 - Seniors and Students and Conclusion (17:56)
July 2020
Introduction to the July 2020 newsletter and what we'll be covering (4:06)
Update on extension of the emergency measures programs past the initial legislated period (6:43)
Can you claim home expense deductions as an employee during COVID crisis? (3:57)
Allowances and reimbursements for various purchases necessary for employees to be able to work from home (4:27)
Issues with remitting GST-HST with the current crisis - Cash flow problems and director liability (5:35)
Backdating salaries or accruing bonuses for owner-managers to be eligible for the CEWS (5:16)
New legislation that deals with the confusion around the 10% wage subsidy and interaction with the CEWS (4:55)
CRA releases answers to a common concern regarding additional CERB income (2:20)
CEBA eligibility now expanded to include small business that were left out of the loop (2:37)
Web site to provide clients with regarding government programs and benefits (3:02)
National Business Resumption Plan issued by the Government of Canada - Service Timelines (2:41)
PERSONAL TAX - TIPS & TRAPS - P1 - Introduction to the course and round-up of recent changes to be aware of (17:26)
PERSONAL TAX - TIPS & TRAPS - P2 - Business income and Tax On Split Income (TOSI) (51:43)
PERSONAL TAX - TIPS & TRAPS - P3 - Employment income and deductions with other expenses - return examples (45:38)
June 2020
Introduction to the June 2020 newsletter and what we'll be covering (3:33)
Disability Tax Credit certificate and electronic filing (3:20)
COVID INFO - The new Canada Student Emergency Benefit - Eligibility (5:26)
COVID INFO - The new Canada Student Emergency Benefit - Monthly Attestation (4:25)
COVID INFO - The new Canada Student Emergency Benefit - Payments and Periods (5:42)
COVID INFO - Snitch line for those who are abusing the government programs (3:38)
COVID INFO - Accountants role in the COVID programs when dealing with clients (7:27)
COVID INFO - CRA returning to a full line of audit work (4:27)
Corporate Tax - Update Tips & Traps - Part 1 - Overview of the course and roundup of changes in corporate tax (39:07)
Corporate Tax - Update Tips & Traps - Part 2 - New investment income rules (38:08)
Corporate Tax - Update Tips & Traps - Part 3 - T2 Corporate Tax Return Preparation Tips and Traps (18:43)
Corporate Tax - Update Tips & Traps - Part 4 - CRA initiatives (47:29)
Corporate Tax - Update Tips & Traps - Part 5 - Owner Manager comp and TOSI (34:20)
May 2020
Introduction to the May 2020 newsletter (2:56)
Update and what is happening with EI benefits and the CERA (8:35)
Update and opening of the application process for the Canada Emergency Wage Subsidy (7:11)
Example of the application process and filling on the CRA spreadsheet (12:40)
Digging into some of the finer details and nuances with the CEWS application and rules (9:30)
Illustration of the relief that is available to businesses and their employees (5:46)
Challenges faced by the self-employed and small business community with measures (10:39)
The new Canada Emergency Commercial Rent Assistance Program (6:14)
Frequently asked questions document for your review from CPA seminar (1:53)
UPDATE - Additional information released on dividends and CEWS (2:19)
UPDATE - More intricasies with the interaction between the 75 and 10 subsidy (3:12)
T1 MASTERCLASS 1 - Interest deductions - Additional compexities (1:43)
T1 MASTERCLASS 2 - Court Case - Return of capital on mutual funds and personal use (9:16)
T1 MASTERCLASS 3 - Restructuring borrowings to make interest on loans tax deductible (6:01)
T1 MASTERCLASS 4 - Investing in common shares of a corporation - some nuances (5:42)
T1 MASTERCLASS 5 - Lending money to a wholly-owned corporation - interest free loans (3:16)
T1 MASTERCLASS 6 - Interest on credit cards used to pay business expenses (5:38)
April 2020
Introduction to the April 2020 newsletter and what we'll be discussing (3:18)
Covid-19 Webinar 1 - An overview of the COVID 19 crisis and what we will be covering (5:06)
Covid-19 Webinar 2 - Employment Insurance measures for Individuals and the new CERB (9:56)
Covid-19 Webinar 3 - Tax deferrals and measures for individuals (4:27)
Covid-19 Webinar 4 - Wage subsidy programs for businesses (8:02)
COVID-19 -Webinar 5 Tax deferrals and measures for business (6:05)
COVID-19 Webinar 6 - Loans and financing measures for business (7:23)
COVID-19 Webinar 7 - Work Sharing Programs for business and individuals (10:22)
TFSA - Danger on gains from trading activity in a TFSA if deemed business income (4:58)
TFSA - Handy chart for people who turned 18 recently (4:01)
TFSA - Remember the rules for withdrawing money from TFSA especially in Covid crisis (4:01)
COURT CASE - Common situation on home office expenses addressed by courts (3:54)
T1 MASTERCLASS 1 - Interest deductions on personal tax returns (1:47)
T1 MASTERCLASS 2 - Overview of the rules on interest deductibility on various accounts (4:59)
T1 MASTERCLASS 3 - The legal obligation to pay interest (4:12)
T1 MASTERCLASS 4 - Reasonableness on interest expense and non-arm's length borrowing (4:32)
T1 MASTERCLASS 5 - Funds must be directly used to earn income - record keeping (5:31)
T1 MASTERCLASS 6 - Intricasies with the property and the ability of property to earn income (5:47)
March 2020
Introduction to the March 2020 newsletter and what we'll be discussing (3:27)
CRA AUDITS - Employment expenses for owner managers - CRA issues new guidance on this matter (7:15)
CRA UPDATE - Email from CRA E-file desk warning of deceased taxpayers and date reporting error (2:48)
CRA NEWS - Almost $1 billion of uncashed cheques with CRA and how to find out if any are for you or clients (3:23)
CRA NEWS - Be careful when requesting ruling request for employees - may trigger and audit (4:37)
CRA AUDITS - An overview of the approaches used by CRA in the area of small business audits (6:47)
PERSONAL and CORPORATE TAX - Common errors or oversights on the T1135 foreign income reporting form (9:37)
T1 MASTERCLASS 1- Understanding the principal residence exemption on the T1 return - various scenarios (4:26)
T1 MASTERCLASS 2 - Overview of the principal residence exemption formula and the bonus year (6:15)
T1 MASTERCLASS 3 - A common example of where the bonus can play a role in selling a property (5:31)
T1 MASTERCLASS 4 - Scenario where the principal residence exemption was claimed on another property (8:05)
T1 MASTERCLASS 5 - Understanding the change in use rules and what it means for the PRE (5:08)
T1 MASTERCLASS 6 - Rules and example examples of principal residence converted to a rental property (6:58)
T1 MASTERCLASS 7 - Rules and example examples of a rental property converted to principal residence (6:40)
T1 MASTERCLASS 8 - Every situation should be taken on a client by client basis - no cookie cutter approach (5:48)
February 2020
Introduction to the February 2020 newsletter (4:02)
Tax update 2019 tax returns and upcoming 2020 tax returns (38:18)
Summary of new rules that recently took effect for investment income (5:43)
Corporate Tax update - Review of GRIP balances and what makes up GRIP (7:12)
Investment income rules - The new RDTOH and ERDTOH pools and rules for dividends (12:13)
Example illustrating the ERDTOH and NERDTOH balances and flow through the actual Schedules (12:37)
Passive income rules for income over 50k and the grind down of the small business deduction (6:08)
Example of a common small business deduction grind for a medical practice (6:41)
BUSINESS INCOME T2125 - Can you claim prior year expenses on the current year tax returns (6:05)
T1 MASTERCLASS 1 - How to research tax questions on your own using resources and software (2:46)
T1 MASTERCLASS 2 - Research methodology and outline of research system (11:14)
T1 MASTERCLASS 3 - Example of researching the dependant credit and applying the methodology (6:31)
T1 MASTERCLASS 4 - Example - sorting through all the caregiver and dependant credits (8:45)
T1 MASTERCLASS 5 - Example - researching a question on lower income spouse claiming child care (10:58)
January 2020
Introduction to the January 2020 newsletter and what we'll be discussing (4:09)
PERSONAL TAX - Summary of personal tax return changes and the authorization process - details next month (6:20)
Payroll number roundup for the 2019 tax year and the upcoming 2020 calendar year (7:15)
RRSP and TFSA numbers for the 2019 season and the upcoming 2020 calendar year (5:28)
Summary of vehicle expense tax numbers for 2019 year ends and upcoming year 2020 resource (6:03)
CORPORATE TAX - CRA reviews of vehicle expenses - practitioner survey and guidance (4:38)
CORPORATE TAX - Example of review letter for vehicle expenses and what they typically ask for (3:55)
CORPORATE TAX - CRA reviews of repairs and maintenance - practitioner survey and what we've been seeing (3:27)
PRINCIPAL RESIDENCE - Roundup of what's happening and issues practitioners are likely to face (6:39)
PERSONAL TAX - Challenges faced by practitioners when dealing with income subject to TOSI (6:04)
PERSONAL TAX - Dealing with TOSI when you don't know - what I do when I know it might apply (5:21)
DREAM PRACTICE 1 - Add a multiplier effect to your business building - my personal example of a referral machine (8:33)
DREAM PRACTICE 2 - Lawyers - real estate, corporate, divorce lawyers (6:56)
DREAM PRACTICE 3 - Focus on tax lawyers for high income work and invaluable expertise (6:22)
DREAM PRACTICE 4 - Investment advisors - especially for personal tax (6:58)
DREAM PRACTICE 5 - Higher fee work with a focus on real estate and business brokers (5:19)
DREAM PRACTICE 6 - Relationships with bookkeepers - beware of the double edged sword (5:41)
DREAM PRACTICE 7 - Focus on building a motivated sales team rather than social media (4:06)
December 2019
Introduction to the December 2019 newsletter and what we'll be covering (3:48)
CORPORATE TAX - The grey area with specified investment businesses (4:52)
CORPORATE TAX - Specified Investment Business versus active business (6:58)
CRA AUDITS - Auditor's behaviour is irrelevant during the CRA audit process (6:51)
The little known area of judicial review and how it can help your clients (7:03)
REAL ESTATE - Track the ACB of principal residence regardless of whether it will be exempt (4:51)
REAL ESTATE - Extensions beyond the normal reassessment period (4:21)
NEWSLETTER NEWS - Easier to access course content - Two courses added to your dashboard (2:26)
T1 MASTERCLASS 1 - Running property in commercial manner and deducting losses (2:55)
T1 MASTERCLASS 2 - Rental income or is it really a cost-sharing arrangement? (5:02)
T1 MASTERCLASS 3 - Rentals below fair market value and rentals to non-arm's length individuals (5:41)
T1 MASTERCLASS 4 - Losses on properties that are being run in a sufficiently commercial manner (4:17)
T1 MASTERCLASS 5 - Court Case - Case with two properties where losses were denied by the courts (6:27)
T1 MASTERCLASS 6 - Court Case - Case with limited rental income but large losses (5:47)
DREAM PRACTICE 1 - Documenting and dealing with clients in your business (7:52)
DREAM PRACTICE 2 - Keeping a daily log of calls and discussions (5:16)
DREAM PRACTICE 3 - Example of a daily log and how to itemize and code notes (8:47)
DREAM PRACTICE 4 - Creating action points and deadlines on your calendar (8:16)
DREAM PRACTICE 5 - Migrating notes on conversations to client file (7:17)
DREAM PRACTICE 6 - Creating memo to files on important decisions or action points (5:39)
November 2019
Introduction to the November 2019 newsletter and what we'll be discussing (4:15)
OAS rules and the ability to start taking it late - planning considerations (6:04)
WCB & PERSONAL LIABILITY - Personal director liability issue with WSIB and a recent nasty court case (4:24)
TFSA RULES - TFSA overcontribution penalties and recent CRA guidance on avoiding penalty tax (4:16)
CORPORATE TAX - Non-deductible interest and penalties and other add backs - frequent question (3:52)
CRA AUDITS - CRA targeting Home Depot customers to fight underground economy (3:16)
T1 MASTERCLASS 1 - Overview of the issues with Personal Use Property (3:45)
T1 MASTERCLASS 2 - Personal Use and Listed Personal Property Rules (4:20)
T1 MASTERCLASS 3 - Listed Personal Property and how it differs from PUP (2:50)
T1 MASTERCLASS 4 - Examples showing how to calculate Personal Use Property Gains (3:35)
T1 MASTERCLASS 5 - Where the CRA can look into PUP rules and how them come up in an audit (5:43)
DREAM PRACTICE 1 - Introduction - Corporate Tax Survival Guide II - Client Tax Matters (2:49)
DREAM PRACTICE 2 - Tip 1 - Reviewing bank statements and revenue – particularly for trial balance clients (6:15)
DREAM PRACTICE 3 - Tip 2 - Deal with owner-manager compensation before the start of the year (7:52)
DREAM PRACTICE 4 - Tip 3 - Review the client’s payroll and benefits for both owner-managers & employees (6:12)
DREAM PRACTICE 5 - Tip 4 -Related to previous two tips – focus on taxable benefits and withdrawals by owners (9:22)
DREAM PRACTICE 6 - Tip 5 -Review shareholder transactions and account balances in detail & formulate plan (8:19)
DREAM PRACTICE 7 - Tip 6 -Have a system for maintenance on clients’ CRA accounts – Keep clients current (7:41)
DREAM PRACTICE 8 - Tip 7 -Review the G/L in detail and focus on large amounts and items that stick out (7:27)
DREAM PRACTICE 9 - Tip 8 -Get help in areas that you are not familiar with or have no experience/expertise (5:47)
October 2019
Introduction to the October 2019 newsletter and what we'll be discussing (3:41)
SKILL SNACK 1 - Investment income in a corporation - Reporting & bookkeeping (4:10)
SKILL SNACK 2 - Overview of investment income concepts and types of investment income (8:27)
SKILL SNACK 3 - Understanding what is happening with a coporation's investments (9:19)
SKILL SNACK 4 - Simple examples of transaction to solidify understanding of fundamentals (10:50)
SKILL SNACK 5 - Two approaches to recording transaction in the corporation's records (6:59)
SKILL SNACK 6 - Approach 1 - Working paper and single entry transactions (12:06)
SKILL SNACK 7 - Approach 2 - Entering journal entries directly from T-slips (9:07)
SKILL SNACK 8 - Entering transactions on the T2 schedules (17:55)
SKILL SNACK 9 - Dealing with non calendar fiscal year end for corporations (14:19)
DREAM PRACTICE - Introduction to Corporate Tax Practice and methodology used (4:28)
DREAM PRACTICE - Tip 1 - Provide detailed year end material with instructions (9:02)
DREAM PRACTICE - Tip 2 - Maintain a current client email database and send reminder emails (9:47)
DREAM PRACTICE - Tip 3 - Have a year end planning and compensation meeting before year end (7:55)
DREAM PRACTICE - Tip 4 - Keep up to date with what is going on in the tax world - build an arsenal (7:01)
DREAM PRACTICE - Tip 5 - Keep clients well informed on news and issues with web site or emails (6:58)
DREAM PRACTICE - Tip 6 - Build and maintain a series of firm policies on important tax or practice areas (8:42)
September 2019
Introduction to the September 2019 newsletter and what we'll be discussing (4:09)
GST/HST NEWS - GST-HST registration issues with innocent business owners denied ITC's (5:31)
PERSONAL TAX - Reporting foreign income and filing the T1135 Foreign Income Verification Statement (7:07)
PERSONAL TAX - Overview of the T1135 reporting requirements and what you need to know (8:13)
PERSONAL TAX - Example of the reports you will receive from the broker for foreign income (12:31)
TAX CREDITS - Process of claiming caregiver and other dependant credits - best practices (7:18)
TAX CREDITS - How to determine what tax credits were available if you are doing prior year returns (5:48)
FIRST TIME HOME BUYER'S INCENTIVE - More information on this program and an online calculator (2:29)
ONLINE TOOL - First time home buyers incentive online calculator review (4:58)
CRA NEWS - New format for Represent A Client and CRA request to provide feedback to make it better (2:55)
SKILL SNACK 1 - Tax Court of Canada - Overview of what you need to know (5:55)
SKILL SNACK 2 - Overview of the appeal process and getting to tax court (4:55)
SKILL SNACK 3 - Do you need to have a tax lawyer at tax court - formal vs informal procedure (7:29)
SKILL SNACK 4 - Process of trying to settle the file with CRA lawyers before going to court (6:00)
SKILL SNACK 5 - Example of the work an accountant may be asked to do (8:29)
SKILL SNACK 6 - Informal route - Example of building a solid case and settling (6:23)
SKILL SNACK 7 - Example of a more complicated tax court case and putting the case together (6:11)
SKILL SNACK 8 - Building your business by doing work for tax lawyers (3:52)
August 2019
Introduction to the August 2019 newsletter and what we'll be discussing (3:21)
COURT CASE - Split custody definition and what it means for various credits (4:06)
COURT CASE -Condo sale as capital and not income - application of gross negligence (6:11)
PERSONAL TAX - Interest deductibility when there is no investment income on the T1 (5:44)
NEW PROGRAM - First Time Home Buyer's Incentive - new government program (6:13)
CRA NEWS - Late filed penalties and T5018 and T1135 penalties (4:53)
SKILL SNACK WEBINAR 1 - Preparing tax returns & compilation engagements with imperfect information (3:32)
SKILL SNACK WEBINAR 2 - Things to consider before you even take on these clients (10:10)
SKILL SNACK WEBINAR 3 - Determine what you will need to file and the individual issues & deadlines (5:14)
SKILL SNACK WEBINAR 4- The most common scenarios and issues with clients who are behind in filing (4:42)
SKILL SNACK WEBINAR 5 - What documents to ask for and reviwing the information provided (10:46)
SKILL SNACK WEBINAR 6 - Best practices on the process to follow to keep client in the loop on everything (9:26)
SKILL SNACK WEBINAR 7 - Protecting yourself with proper documentation and a detailed client file (3:51)
SKILL SNACK WEBINAR 8 - What to consider when pricing your services and approach to take (6:22)
July 2019
Introduction to the July 2019 newsletter and what we'll be discussing (3:55)
HOME BUYERS PLAN - What if you sell the house that you used the HBP withdrawal for? (3:51)
CORPORATE TAX - Can you pay dividends if the corporation has negative retained earnings (6:23)
CORPORATE & PERSONAL TAX - The dangers of paying management fees to owner-managers (9:12)
COURT CASE - The GST rebate on principal residence (5:32)
COURT CASE - Cleaners who were independent contractors and not subject to CPP and EI (7:02)
CRA NEWS - Appeals division triage unit to help speed up appeals process (4:04)
T1 MASTERCLASS 1 - Dealing with CRA auditors and advising our T1 business income clients (2:24)
T1 MASTERCLASS 2 - Important advice to give to clients for their business bookeeping and record-keeping (10:12)
T1 MASTERCLASS 3 - What if the client does not have good records or receipts for their expenses (10:46)
T1 MASTERCLASS 4 - Hobby business vs real business - Reasonable Expectation of Profit (8:32)
T1 MASTERCLASS 5 - What you can expect to receive from the CRA when a business shows constant losses (7:18)
T1 MASTERCLASS 6 - Areas that a client should focus on to make life easier during an audit DSC (9:51)
JUNE 2019
Introduction to the June 2019 newsletter and what we'll be discussing (3:43)
CRA NEWS - Fairness relief provisions when someone has economic hardship (8:17)
CPP BENEFITS - Will the CPP pension be around when I retire? How to answer this question. (5:34)
BUDGET 2019 - Changes to the HBP for 2019 and future years (5:52)
BUDGET 2019 - Summary of Federal Budget 2019 and highlights regarding tax policy (5:57)
COURT CASE - The authority to pay dividends - common issues with declaring and recording dividends (5:37)
COURT CASE - Deducting spousal support payments when there is no legal agreement (7:34)
CRA NEWS - CRA continuing review of Vehicle expense general ledgers (8:21)
T1 MASTERCLASS 1 - Partnership Income Topics & Common issues (1:53)
T1 MASTERCLASS 2 - What is partnership income and what are the rules for tax reporting (5:16)
T1 MASTERCLASS 3 - Other filing requirements for partners and filing the T5013 (7:48)
T1 MASTERCLASS 4 - Some examples of partnership structures and corporate structures (6:57)
T1 MASTERCLASS 5 - Filing T2125 business income for partnerships when only doing simple tax returns (10:38)
T1 MASTERCLASS 6 - Complicating factors for partnership with difference between accounting and tax (6:44)
T1 MASTERCLASS 7 - Partnership capital accounts and keeping track of partner draws (8:56)
T1 MASTERCLASS 8 - Partner expenses and a different approach to accounting and tax reporting (11:37)
T1 MASTERCLASS 9 - Other areas to be aware of when dealing with partnerships (7:29)
May 2019
Introduction to the May 2019 newsletter and what we'll be discussing (3:20)
CRA ASSESSMENTS - Auto-fill My Return and matching program creating some incorrect Notice of Assessments (4:59)
For how long do I have to keep records and what should I be keeping? (8:51)
BEST PRACTICE - Keeping proper receipts is paramount in fighting a tax assessment (4:00)
TAX PRACTICE - What do I do if I am uncomfortable filing a client's tax return? (8:19)
CRA AUDITS - Be aware of what can happen with CPP and EI rulings - Should this be the case? (4:21)
CRA PROJECT - New bitcoin and cryptocurrency projects at the CRA (3:42)
COURT CASE - What if the statute barred period opening goes in the opposite direction (3:39)
T1 MASTERCLASS 1 - Business Income Topics & Common issues (2:35)
T1 MASTERCLASS 2 - Overview of the approach to take and common questions (7:24)
T1 MASTERCLASS 3 - Factoring GST/HST into the file and a useful spreadsheet tool for more accurate calculations (11:22)
T1 MASTERCLASS 4 - Dealing with income splitting on business returns (5:38)
T1 MASTERCLASS 5 - Vehicle expense deductions - FAQ - and areas for caution (11:13)
T1 MASTERCLASS 6 - Home office expenses and areas to be aware of (8:30)
T1 MASTERCLASS 7 - Employee vs contractor concerns are the same with proprietors (9:22)
T1 MASTERCLASS 8 - Does the tax return make sense with what you know about the business? (5:07)
April 2019
Introduction to the April 2019 newsletter and what we'll be discussing (3:07)
CRA UPDATE - Auditor requests for information and what they now have to provide us (6:55)
ASSESSMENTS - Notice of Assessments and the 3 year audit period (4:15)
ASSESSMENTS - Statute barred period when there are third party requests (4:04)
CRA REVIEWS - Current issues experienced by practitioners and clients with employment expense reviews (8:23)
TAX PREPARATION - Recommend to clients that students file tax returns even if they don't owe (3:38)
TAX PREPARATION - What if students forgot to claim their tuition credits? (4:51)
CORPORATE TAX - Software differences that could cause problems with reporting or make life harder (7:10)
PERSONAL TAX PLANNING - What happens if a senior who has a RRIF has a Home Buyers Plan repayment (6:31)
PERSONAL TAX PLANNING - For HBP after the age of 71 remember to take OAS clawback into account (5:29)
T1 MASTERCLASS 1 - Medical expense tax credit overview and review of rules (1:19)
T1 MASTERCLASS 2 - Summary of medical expense rules and items to remember (8:01)
T1 MASTERCLASS 3 - Medical expenses for dependants and the most common mistakes (7:43)
T1 MASTERCLASS 4 - Putting medical expenses on the lower income is not a rule. Analyze them. (3:55)
T1 MASTERCLASS 5 - Often overlooked medical credit splitting especially among seniors (5:15)
T1 MASTERCLASS 6 - Where to find information on what's allowed as a medical expense (5:29)
T1 MASTERCLASS 7 - Example of research using common questions and finding answers (4:52)
T1 MASTERCLASS 8 - Two more resources that will help you with medical expense research (4:04)
T1 MASTERCLASS 9 - Sorting through the maze of medical expenses for nursing homes & attendant care (14:19)
March 2019
Introduction to the March 2019 newsletter and what we'll be covering (3:09)
CRA and their cart blanche application of the gross negligence penalties (5:29)
CRA reviews of Repairs and maintenance on Schedule 125 of corporation tax returns (6:13)
GSTHST residential and residential rental rebates and reviews - what to be aware of and areas to understand (6:55)
The CRA's Dedicated Telephone Service (DTS) for small practices and tax preparers (4:01)
Doing business in Quebec and the mandatory registration for QST (3:51)
The new Climate Action Incentive refundable tax credit and how to claim it (5:43)
More nonsense from CRA and their application of intention rules (4:10)
T1 MATERCLASS 1 - Self employment and the EI and CPP rules (1:55)
T1 MATERCLASS 2 - Overview of the CPP rules for self-employed between 60 and 70 (4:36)
T1 MATERCLASS 3 - Properly filling out the Schedule 8 for those between 65 and 70 (8:42)
T1 MATERCLASS 4 - EI for self employed and opting into the system (4:48)
T1 MASTERCLASS 5 - Reistration process and filing requirements for those who have opted in (2:43)
T1 MASTERCLASS 6 - Reporring EI premiums on the T1 return and payment of premiums (4:42)
T1 MASTERCLASS 7 - Some considerations when advising on CPP premiums and EI opt-in (5:48)
February 2019
Introduction to the February 2019 newsletter and what we'll be discussing (3:35)
CRA AUDITS - Overview of CRA initiatives and how CRA is reviewing & auditing real estate (6:53)
CRA AUDITS - CRA auditors can often be illogical or unreasonable - be sure to fight them (9:01)
CRA ASSESSMENTS - CRA Starting to assess penalties on T5018's (3:39)
CRA AUDITS - Aggressive nature of CRA auditors and what to expect (6:11)
CRA AUDITS - What to do should you find yourself with an aggressive auditor or CRA position (8:17)
NEW CCA RULES - Accelerated Capital Cost Allowance - Budget 2019 (6:40)
Going back to basics and understanding investment income earned in a corporation (9:33)
The basics of dividend income through a corporation (6:03)
T1 MASTERCLASS 1 - Employment expenses - T2200 and T777 (1:59)
T1 MASTERCLASS 2 - Issues with the T2200 and common mistakes made (7:16)
T1 MASTERCLASS 3 - Doing a critical overview of the T2200 before you deduct expenses (8:20)
T1 MASTERCLASS 4 - Vehicle expenses where employee is allowed deduction (6:30)
T1 MASTERCLASS 5 - Example of T2200 where no employment expenses are allowed (8:21)
T1 MASTERCLASS 6 - Commissioned salespeople and additional expense (5:01)
T1 MASTERCLASS 7 - Dealing with specific employment expenses (7:52)
T1 MASTERCLASS 8 - Understanding the GST-HST rebates and the potential risks (8:41)
January 2019
Introduction to the January 2019 newsletter and what we'll be discussing (3:36)
PLANNING - A summary of the important payroll numbers we need for 2018 and 2019 planning (5:15)
PLANNING - Summary of other important planning numbers for corps and personal planning (3:49)
CPP - Changes to the Canada Pension Plan and what it means for our clients (6:02)
CRA INITIATIVES - What may be coming to you sometime soon and what CRA is looking at (7:49)
SECTION 160 - Summary of important issues under Section 160 of Act (6:12)
SECTION 160 - How section 160 affects our planning - Strategies and approaches to consider (6:06)
CRA REVIEWS - Professional fees - be aware of what else they can potentially lead to (5:49)
T1 MASTERCLASS - CCA VEHICLES 1 - Capital Cost Allowance - Vehicles (2:34)
T1 MASTERCLASS - CCA VEHICLES 2 - Review of the complexities with Class 10 and 10.1 (9:19)
T1 MASTERCLASS - CCA VEHICLES 3 - Review of general rules and Class 10 vehicles (9:57)
T1 MASTERCLASS - CCA VEHICLES 4 - Special CCA rules related to Class 10.1 (8:19)
T1 MASTERCLASS - CCA VEHICLES 5 - Factoring GST input tax credits into the mix (3:32)
T1 MASTERCLASS - CCA VEHICLES 6 - Entering the proper information into tax software for accurate results (9:37)
T1 MASTERCLASS - CCA VEHICLES 7 - Tip - Proper documentation and records for any vehicle additions (4:37)
December 2018
Little steps you may consider irrelevant but can make a huge difference (7:26)
Introduction to the December 2018 newsletter (3:48)
PRACTICE MANAGEMENT - What kind of clients to watch out for - Who to take on and who to avoid (5:37)
PRACTICE MANAGEMENT - How to deal with clients on complex issues and avoiding headaches (6:42)
TAX PLANNING - When do I have to declare dividends or a salary (6:45)
TAX PLANNING - Tax planning If the corporation owes the shareholder money (11:40)
CAPITAL LOSSES - What if I have shares with a zero value on my statement (10:00)
T1 MASTERCLASS - OAS 1 - Old Age Security (OAS) Pension - Overview (4:08)
T1 MASTERCLASS - OAS 2 - What is the eligibility to receive the OAS? (2:23)
T1 MASTERCLASS - OAS 3 - Maximum pensions, calculations and the Guaranteed Income Supplement (GIS) (5:28)
T1 MASTERCLASS - OAS 4 - What are the clawback amounts for the OAS? (7:30)
T1 MASTERCLASS - OAS 5 - Why is this clawback amount such an important part of our practice? (7:43)
T1 MASTERCLASS - OAS 6 - What happens once there is a clawback on the personal T1 return? (6:26)
T1 MASTERCLASS - OAS 7 - What to do when there is a year with high income that won't continue? (9:07)
T1 MASTERCLASS - OAS 8 - Planning with seniors to avoid the OAS clawback (9:05)
T1 MASTERCLASS - OAS 9 - Deferring the OAS to maximize retirement income and minimize taxes (7:51)
November 2018
What we will be covering in the November 2018 edition of the newsletter (3:27)
CRA VIEWS - CRA is assessing many residential flip transactions as business income (6:55)
Independent contractor - be aware of labour law firms advertising campaigns about EI (5:28)
CRA AUDITS - Employment audits and what you can expect on these "limited" reviews (10:16)
CRA AUDITS - Employment audits and the details CRA will look for on company owned autos (6:59)
TOSI - Getting off the TOSI train and meeting any of the current exceptions (2:48)
TOSI - What are the exceptions and excluded amounts to TOSI? (4:42)
TOSI - Quick reference chart & CRA site to help you navigate the complex rules (4:55)
TOSI - Excluded business test for active involvement in the business (5:30)
TOSI - Reasonable return test for reasonable return on capital put into business (4:40)
TOSI - Excluded shares test for non-service related business corporations (2:47)
T1 MASTERCLASS - Year End Planning 1 - Overview of approach with year end planning (2:58)
T1 MASTERCLASS - Year End Planning 2 - Capital gains and losses tax planning (4:40)
T1 MASTERCLASS - Year End Planning 3 - Business planning and capital purchases (3:31)
T1 MASTERCLASS - Year End Planning 4 - Year end donation strateiges and donating shares (3:55)
T1 MASTERCLASS - Year End Planning 5 - Review medical expenses and payment options (4:11)
T1 MASTERCLASS - Year End Planning 6 - RRSP strategies for withdrawals and HBP (6:29)
T1 MASTERCLASS - Year End Planning 7 - Capital gains looking forward and looking back (4:13)
T1 MASTERCLASS - Year End Planning 8 - Other year end planning items to consider (7:54)
October 2018
What we'll be covering in the October 2018 edition of the newsletter (4:05)
CRA PROJECT - Current CRA project underway to review vehicle expense (6:10)
COURT CASE - Vehicle Allowance - Basing the allowance on estimated km driven (6:59)
TOSI CHALLENGES AHEAD - What if there is more thank one type of business? (7:12)
COURT CASE - CRA can sue the bank for not remitting past HST and/or Payroll due (5:24)
DONATION VALUES - Be aware of complexities with valuing donations in kind (5:56)
T1 MASTERCLASS - Instalments 1 - Overview of personal tax instalment practitioner issues (4:57)
T1 MASTERCLASS - Instalments 2 - Brief overview of the rules and clients who are usually affected (8:02)
T1 MASTERCLASS - Instalments 3 - Rules and understanding how instalments and interest work (9:56)
T1 MASTERCLASS - Instalments 4 - What happens the first year client is required to make instalments (5:21)
T1 MASTERCLASS - Instalments 5 - Dealing with proprietors and fluctuations in business income (10:40)
T1 MASTERCLASS - Instalments 6 - Giving seniors options with respect to their instalments (9:49)
T1 MASTERCLASS - Instalments 7 - Adjusting and taking into account one time transactions (6:44)
T1 MASTERCLASS - Instalments 8 - Practice tools for avoiding issues with instalments (8:21)
T1 MASTERCLASS - Instalments 9 - Sample emails and T1 letter paragraphs (9:20)
September 2018
What we'll be covering in the September 2018 edition of the newsletter (5:29)
What's in store for Tax Bytes Practice Mentor - Price increase does NOT affect you (6:05)
CRA TOOL - Review of CRA's My Account and why your clients should sign up (5:54)
SOFTWARE UPDATE - Release of 2018 T1 returns on Profile and how I use it to review (10:23)
PERSONAL TAX - Make sure to classify and report dividends properly on T1 return (7:20)
Director liability and CRA's approach to collecting corporate tax debt (4:19)
T1 MASTERCLASS 1 - Preparing and filing T1 Adjustments (T1ADJ) (2:18)
T1 MASTERCLASS 2 - What is a T1ADJ - The basics (4:32)
T1 MASTERCLASS 3 - Review of the form and approach to filling it out properly (7:05)
T1 MASTERCLASS 4 - Example of adjusting a return for missing T-slips (7:19)
T1 MASTERCLASS 5 - Simple approach and time saving tip when there are numerous slips & items (9:47)
T1 MASTERCLASS 6 - Example of adjusting a return to claim rental or employment income (7:43)
T1 MASTERCLASS 7 - Common problem of missing RRSP slips and filing adjustment (9:55)
T1 MASTERCLASS 8 - Tuition transfers and adjusting student returns (9:12)
T1 MASTERCLASS 9 - Different ways of filing a T1ADJ - what you can and cannot file (6:34)
T1 MASTERCLASS 10 - Step by step instructions on how to use Refile on Intuit Profile (14:53)
T1 MASTERCLASS 11 - Be aware of the implications and ramifications of filing a T1ADJ (7:05)
T1 MASTERCLASS 12 - The documentation you need to send in with adjustment (6:53)
T1 MASTERCLASS 13 - Some tips and do's and don'ts when filing adjustments (8:26)
PERSONAL TAX - Capital gain reserve and how to use it to reduce taxes (9:40)
August 2018
What we'll be covering in the August 2018 edition of the newsletter (3:59)
CRA UPDATE - Are the new income splitting rules going to be a nightmare for practitioners? Probably (13:01)
CRA NEWS - Lenders asking CRA to verify income directory - be wary of potential fraud (9:16)
PRACTICE NEWS - T slips no longer need to be sent to employees (6:43)
COURT CASE - Section 352 of Excise Tax Act application for time frame and loan (7:33)
COURT CASE - Section 160 on provision of legal services to a related corporation (6:09)
CRA AUDITS - CRA undertaking employment audits of larger corporations (5:17)
SKILL SNACK 1 - Compilation Engagements - Client Mash Up (2:41)
SKILL SNACK 2 - Review of the new client and accounting file sent by client (9:41)
SKILL SNACK 3 - Figuring out the pieces you have and the ones you need (7:18)
SKILL SNACK 4 -Review of the additional documentation provided and action plan (9:42)
SKILL SNACK 5 - Preparing the working papers and compiling the financial statements (14:24)
SKILL SNACK 6 - Entering the journal entries into accounting software and reviewing (11:40)
SKILL SNACK 7 - Preparing the corporate tax return for a first year incorporation (12:57)
SKILL SNACK 8 - Another look at supporting documentation and attaching to our files (7:42)
July 2018
What we'll be covering in the July 2018 edition of the newsletter (3:14)
Do small businesses have to pay a lawyer to maintain their minute book (7:47)
Sub-contracts in the construction industry and issuing T5018 (6:35)
Offshore trusts reporting now a target for CRA and new rules for 2021 (6:38)
Passive income rules and the proposals in the 2017 budget - what they mean (8:16)
Charitable donation receipts and technical information needed on the slips (4:52)
PRACTICE TOOL - Finding the law using the CanLI website - cases and legislation (4:06)
SKILL SNACK 1 - Compilation Engagements - Client Provided Worksheets (5:00)
SKILL SNACK 2 - Analyzing what needs to be done and the most efficient process (7:48)
SKILL SNACK 3 - Using a transaction group approach to prepare the financials (7:14)
SKILL SNACK 4 - Reviewing the client information and starting the file (9:27)
SKILL SNACK 5 - Using a clearing account approach for sole shareholder files (8:04)
SKILL SNACK 6 - Preparing the current year file - carrying forward last year's info (10:13)
SKILL SNACK 7 - Entering bank reconciliation - sales and AR transactions (19:02)
SKILL SNACK 8 - Reviewing expenses and entering journal entries (15:33)
SKILL SNACK 9 - Working with the tax accounts including T2 preparation (15:10)
SKILL SNACK 10 - Important final step before you file the T2 corporate tax return (6:03)
SKILL SNACK 11 - Review of the working paper file and attachments (9:12)
June 2018
What we'll be covering in the June 2018 edition of the newsletter (4:36)
Section 160 of the Income Tax Act and what CRA can do to collect taxes owing (9:17)
COURT CASE - Section 160 and FMV consideration paid in exchange for home (10:00)
Review of rules for deducting interest expense on money borrowed to invest (7:00)
COURT CASE - Rules for deducting interest on money borrowed to earn investment income (8:39)
Review of rules for deducting carrying charged. What is allowed and not allowed (8:09)
Don't miss these carrying charges on your client files - T slip reporting (3:53)
SKILL SNACK 1 - Compilation Engagements File Maintenance (6:34)
SKILL SNACK 2 - Ace Engineering Consultants first step by step process of file review (8:37)
SKILL SNACK 3 - Entering the trial balance in Caseware and what to do and not do (11:13)
SKILL SNACK 4 - Entering the adjusting entries into the client file (13:05)
SKILL SNACK 5 - Prepping for future work and filing that needs to be done (7:53)
SKILL SNACK 6 - Preparing working paper file and maintenance (14:53)
SKILL SNACK 7 - Preparing the corporate tax return for Ace Engineering Services (9:22)
SKILL SNACK 8 - Final financial statement - checklist preparation and client correspondence (13:42)
May 2018
Introduction to the May 2018 newsletter and what we'll be covering (5:14)
COURT CASE - Good case to analyze and get more familiar with business expenses (8:52)
Income attribution rules and some practical guidance on how it applies (6:26)
Tax plan on moving investment income from low earner to high earner (6:44)
Clearing up some issues in the principal residence exemption landscape - the +1 in the equation (3:14)
COURT CASE - Roof replacement as a current expense rather than a capital expend (7:03)
TAX STRATEGY - Strategy to have a portion of capital or renovations as a current expense (8:39)
CRA NEWS - What if clients owe money to CRA - how long do they have to pay? (4:36)
SKILL SNACK 1 - Compilation Engagement Overview & TB clients (3:24)
SKILL SNACK 2 - The Basics of NTR compared to assurance engagements (9:16)
SKILL SNACK 3 - Determine who the users of the financial statements and whether assurance is necessary (8:21)
SKILL SNACK 4 - All companies have to be audited unless waived by shareholders (5:39)
SKILL SNACK 5 - Types of compilation engagements and how you will receive information from clients (6:36)
SKILL SNACK 6 - Clients who provide a trial balance - Is the information provided reliable? (5:41)
SKILL SNACK 7 - Step by step process for trial balance clients SC (11:30)
SKILL SNACK 8 - Example of reliable bookkeeper preparing the trial balance SC (12:31)
SKILL SNACK 9 - Example of client with some bookkeeping knowledge SC (13:01)
SKILL SNACK 10 - Example of client with no knowledge and not providing useful info (10:40)
April 2018
Introduction to the April 2018 newsletter and what we'll be covering (4:22)
CRA NEWS - Miscoded income categories on GIFI - Court case Tax Lane Feb 2018 (8:15)
ONLINE TOOL - Retirement income calculator and example on how to use it (10:00)
Issues related to employment vs. sub-contractor and the overlooked EI issues (8:37)
COURT CASE - More cases regarding property flips and something that is now very common (7:39)
Paying spouses for work that is hard to justify and improper documentation (4:27)
PERSONAL TAX - Heads up on donations and claiming proper donations (5:18)
PERSONAL TAX - CRA on the lookout for business losses - CRA auditor heads up (5:01)
March 2018
Introduction to the March 2018 newsletter and what we'll be discussing (4:33)
PRACTICE ADVISORY - Are we responsible for our clients personal tax returns? (7:04)
REOP test and what we should look out for - Interesting student question and approach in dealing with clients (6:49)
TAX PLANNING: Paying salary or wages to family members working in the family business (6:29)
TAX PLANNING: Paying family members for child care services - What can and cannot be claimed (6:19)
CRA NEWS - Results of the CRA real estate projects and what to expect (6:57)
TAX UPDATE - Some difficulties lie ahead in 2017 for tuition and textbook credits (4:28)
CRA NEWS - CRA's new position and rollback of owner-manager employment expense issues (4:46)
DREAM PRACTICE - Tax Season Survival Tips - Run a smooth & profitable tax season (3:12)
DREAM PRACTICE - Tip 1 - Letter and checklist to clients with instructions (10:18)
DREAM PRACTICE - Tip 2 - Don't wait and let things pile up (6:19)
DREAM PRACTICE - Tip 3 - Sorry closed for business (8:25)
DREAM PRACTICE - Tip 4 - Don't pick up that phone or answer that email (6:51)
DREAM PRACTICE - Tip 5 - Break it down into manageable chunks (7:10)
DREAM PRACTICE - Tip 6 - Give to May & June what belongs to June (4:54)
DREAM PRACTICE - Tip 7 - You can come and see me - maybe (6:48)
DREAM PRACTICE - Tip 8 - All tax returns are not created equal (6:59)
February 2018
Introduction to the February 2018 newsletter and what we'll be discussing (3:17)
CRA VIEWS - Bitcoin and cryptocurrency taxation - how do you deal with bitcoin transactions? (5:31)
COURT CASE - Lawyer not allowed to deduct losses from law practice (6:12)
TAX VIEWS - Extension of previous court case - Expenses while doing charitable work (3:52)
COURT CASE - Legal fees incurred to defend criminal charges - Are they deductible? (5:23)
CRA NEWS - CRA's Postal code project in the works (3:42)
CRA AUDITS - PayPal business account reviews and audits (4:38)
2017 TAX UPDATE - The new Canada Caregiver Credit (9:29)
2017 TAX UPDATE - Canada Caregiver - The supplemental amount (2:28)
SKILL SNACK 1 - Introduction to Payroll 4 - Other Taxable Employment Benefits (2:51)
SKILL SNACK 2 - CRA'S Employment Benefits Guide and Website for Reference (3:41)
SKILL SNACK 3 - Employer paid parking (6:36)
SKILL SNACK 4 - Employer paid public transit passes (4:46)
SKILL SNACK 5 - Employee & Spouse travel expenses and allowances (10:42)
SKILL SNACK 6 - Training and education costs for employees (5:49)
SKILL SNACK 7 - Gifts and awards to employees (6:37)
SKILL SNACK 8 - Loyalty points and similar programs (4:25)
SKILL SNACK 9 - Company social events (2:58)
SKILL SNACK 10 - Insurance & Other Medical Plans - PHSP, Medical, Life Insurance, etc (8:50)
SKILL SNACK 11 - Interest free or low interest loans (5:36)
SKILL SNACK 12 - Subsidized meals and overtime meals/allowances (5:03)
SKILL SNACK 13 - Company provided cell phones and cell plans (3:24)
January 2018
Introduction to the January 2018 newsletter and what we'll be discussing (3:46)
Roundup of the changes affecting preparation of 2017 T1 returns (7:47)
2018 Payroll and tax planning numbers for CPP, EI & RRSP's (3:38)
Significant increase in the minimum wage in Ontario & other provincial numbers (4:07)
Automobile limits and other benefit numbers for 2018 (2:48)
UPDATE - Where we are currently sitting in the Tax Consultation on Private Corporations (5:25)
UPDATE - Tax on Split Income (TOSI) - What gets caught in the new rules and the exclusions (7:42)
SKILL SNACK 1 - Introduction to Payroll 3 - Taxation of Employee Automobile Benefits (2:31)
SKILL SNACK 2 - Importance of automobile benefits - Low hanging fruit for auditors and high area of audit (4:49)
SKILL SNACK 3 - Navigating the different treatment of various automobiles (4:24)
SKILL SNACK 4 - When do automobile benefits arise (4:22)
SKILL SNACK 5 - Conceptual framework and taxable benefits formula (3:51)
SKILL SNACK 5a - The Standby Charge & Operating Cost Benefits (2:19)
SKILL SNACK 6 - Rules and formula to calculate the Standby Charge Benefit (15:11)
SKILL SNACK 7 - Rules and formula to calculate the Operating Cost Benefit (9:00)
SKILL SNACK 8 - Example of Automobile Benefit Calculation (6:38)
SKILL SNACK 9 - Vehicle and allowance reimbursements (9:36)
SKILL SNACK 10 - T4 Reporting & Issuing T2200 to employees who are paid vehicle allowances (8:53)
SKILL SNACK 11- Available for use rules and company policy to avoid employee taxable benefits
SKILL SNACK 12 - Taxation of motor vehicles and how it differs from automobiles (4:04)
December 2017
Introduction to the December 2017 newsletter and what we'll be talking about (3:23)
Managent fees between related corporations - beware (8:48)
CPP primer and the eligibility criteria for getting the maximum CPP benefit (6:19)
CPP reductions for early withdrawals and CPP increase for late application (4:40)
Determining the CPP breakeven point and how to use it (4:41)
Thought process involved on whether someone should take CPP early (8:08)
Don't confuse OAS with the CPP rules, eligibility and planning (6:17)
OAS tax planning issues involving seniors and working with the OAS clawback (11:41)
SKILL SNACK 1 - Introduction to Payroll 2 - Dealing with CPP, EI, Vacation Pay, Severance & Other (3:53)
SKILL SNACK 2 - Preparing journal entries for payroll process and transactions (9:47)
SKILL SNACK 3 - How the CPP & EI rates are calculated and who must contribute (10:04)
SKILL SNACK 4 - CPP rules regarding exemptions and dealing with employees between 65 & 70 (7:07)
SKILL SNACK 5 - A review of the CPT30 election form and filling it out properly (6:31)
SKILL SNACK 6 - What you need to know about the EI calculation and system (12:21)
SKILL SNACK 7 - Understanding how the payroll tables work and learning from them (8:15)
SKILL SNACK 8 - Understanding Workers Compensation and requirements to register and remit premiums (11:34)
SKILL SNACK 9- Employer Health Tax for businesses with permanent establishments in Ontario (4:28)
SKILL SNACK 10 - Vacation pay primer and what you need to do for your payroll clients (11:57)
SKILL SNACK 11 - Severance and the rules for letting employees go (9:12)
November 2017
Introduction to the November 2017 newsletter and what we'll be looking at (2:45)
CRA VIEWS - Tips for dealing with CRA collections officers (8:31)
CRA VIEWS - What does it mean when an IT Bulletin has been archived? (3:53)
CRA NEWS - Account reviews on T2 returns - GIFI account reviews in the pipeline (4:16)
CRA VIEWS - Separated but living under one roof - Is it possible to claim credits? (8:34)
CRA NEWS - Investment management fees and benefit tax for 2019 (3:45)
COURT CASE - Reasonability of business expenses - A good case to use as a tool (7:24)
SKILL SNACK 1 - Introduction to Payroll - Doing payroll for clients (3:01)
SKILL SNACK 2 - Factors when considering doing client payroll - Can you do it? (7:02)
SKILL SNACK 3 - Overview of the process for payroll clients and what you need to do (4:32)
SKILL SNACK 4 - Phase 1 - Client file setup - What you need to determine with the client (9:05)
SKILL SNACK 5 - Phase 2 - Payroll processing and administration - Doing the payroll (9:10)
SKILL SNACK 6 - Phase 3 - Payroll remittances - What to withhold and remit to the CRA (6:29)
SKILL SNACK 7 - Phase 4 - Annual Reporting requirements - The T4 filing process (5:24)
SKILL SNACK 8 - Review of the TD1 form and what you need to know (5:38)
SKILL SNACK 9 - A Useful Tool - CRA's online payroll deductions calculator and how to use it (8:23)
SKILL SNACK 10 - An example of the payroll processing process (7:40)
SKILL SNACK 11 - Run through of T4 preparation and T4 Summary (14:12)
October 2017
Introduction to the October 2017 newsletter and what we'll be looking at (4:18)
Turning off the sprinklers to make ths system more fair - not the main problem (6:23)
What would be considered reasonable and how do will they propose to implement this? (8:08)
Taxing passive income and the 70 percent tax rate conundrum (6:52)
The implications and collateral damage on what can happen - partnership example (6:21)
No retroactive effect on our clients and taxpayers? - think again (2:38)
Introduction to an interesting and valuable video from Peter Weissman (1:22)
Peter Weissman on LinkedIn - Standing Committee on Finance - Presentation
SKILL SNACK 1 - Dealing with CRA objections and appeals - Get ready for lots of these (4:41)
SKILL SNACK 2 - How long is this going to take to get resolved? (4:55)
SKILL SNACK 3 - Don't be intimidated and be prepared - new information provided (5:59)
SKILL SNACK 4 - RC4067 Protocol & referrals back down to the audit division (4:09)
SKILL SNACK 5 - Do some research before dealing with appeals - additional info (4:59)
SKILL SNACK 6 - Keep on top of officers once assigned and ensure you are part of process (5:19)
DREAM PRACTICE 1 - Analyzing the risk in a client file and what it means to your practice (6:12)
DREAM PRACTICE 2 - Step One - General and personality and do you mesh (4:51)
DREAM PRACTICE 3 - Step Two - Cursory overview of the financial statements & worst case scenario (9:40)
DREAM PRACTICE 4 - Step Three - Detailed look at the books and records (5:15)
DREAM PRACTICE 5 - Overview of the spreadsheet tool and how to use it (4:11)
DREAM PRACTICE 6 - Review of the system and scoring - review of the questions (16:56)
DREAM PRACTICE 7 - Review of a small business client example (11:59)
DREAM PRACTICE 8 - Review of a micro business and the decision making process on new clients (11:33)
September 2017
Introduction to the September 2017 newsletter and what we'll be covering (3:38)
The importance of details in filing appeals with the tax court of Canada (6:14)
Entering T4A date into tax software and the recent issues with CRA's matching program (7:11)
CRA NEWS - CRA's broad powers at requesting information from third parties - beware (6:41)
COURT CASE - Charging GST/HST on assets & distinguising between GST/HST & Vehicle Tax (4:55)
CRA NEWS - New rules for Uber and other ride sharing service drivers (2:40)
SKILL SNACK 1 - Dealing with GST/HST and compliance audits (2:10)
SKILL SNACK 2 - What auditor's review when they do a GST/HST review of an account (6:53)
SKILL SNACK 3 - Compliance letters - pilot project that will turn into regular reviews (6:47)
SKILL SNACK 4 - Audits being conducted with junior auditors and left dealing with appeals (5:23)
SKILL SNACK 5 - Doing a reasonability check to ensure numbers make sense (11:05)
SKILL SNACK 6 - Should you file a return with ITC's even if you have no revenue (5:29)
DREAM PRACTICE 1 - Finding the right clients - effect on your practice and how to build a business (4:22)
DREAM PRACTICE 2 - The 80/20 rule applies to clients - do not accept everyone (7:06)
DREAM PRACTICE 3 - I haven't filed my personal returns for 5 years - can you help (6:50)
DREAM PRACTICE 4 - I haven't filed my corporate returns for 5 years - can you help (4:01)
DREAM PRACTICE 5 - The most effective way to grow your business (9:39)
DREAM PRACTICE 6 - Build your client profile and apply it to all new clients (8:06)
August 2017
What we'll be covering in the August 2017 Tax Bytes Newsletter (5:08)
New Canadian Tax Academy All Access - Info for Tax Bytes Subscribers (4:09)
Tax preparer registration program put on hold & qualifications (3:44)
Dedicated telephone services DTS for CPA's pilot project (4:02)
Tax audit feedback - Have your say with the CRA and voice your concerns (3:18)
Proposed changes for Private Corporations - What's in the pipeline? (8:10)
Automobile standby charge for emergency. Ramifications for business clients (5:29)
Taxable benefit to sales reps if incorporated or proprietors (3:43)
SKILL SNACK 1 - Rental Income Reporting By Non-Residents (2:28)
SKILL SNACK 2 - The general framework of non-residents earning Canadian income (6:59)
SKILL SNACK 3 - The filing system for non-residents earning Canadian rental income (4:31)
SKILL SNACK 4 - An overview of the steps necessary for statutory filing (4:58)
SKILL SNACK 5 - Step 1 - Filing the Undertaking Form NR6 (7:18)
SKILL SNACK 6 - Step 2 - Remitting monthly payments based on rental income (6:00)
SKILL SNACK 7 - Step 3 - Filing NR4 statements at the end of the year (7:51)
SKILL SNACK 8 - Step 4 - Filing the Section 216 income tax return (4:56)
SKILL SNACK 9 - Example of process & filing requirements - Filing the NR6 & CRA Letter (8:16)
SKILL SNACK 10 - Example of process & filing requirements - NR4 filings and Section 216 return (8:20)
SKILL SNACK -11 Agent responsibilities and other areas to be aware of (10:39)
DREAM PRACTICE - Discover a creative hiring process - Save hours of time - Hire the best (8:09)
DREAM PRACTICE - Thinking outside the box - The benefits of this hiring system (2:59)
DREAM PRACTICE - Outline and discussion of the step by step process of this system (5:17)
DREAM PRACTICE -My revised and spiced up 5 step process (10:17)
DREAM PRACTICE - How to figure out the strengths of candidates before you hire them (7:34)
DREAM PRACTICE - Some useful tips and advice on applying this system (9:44)
July 2017
What we'll be covering in the July 2017 Tax Bytes Newsletter (3:34)
Strategies and must-do's to keep your e-file number in good standing with CRA (7:08)
High areas of post-assessment review and how to make life easier for yourself (8:49)
COURT CASE - Important information on imputed income & losses to apply to many clients (8:23)
APPLIED STRATEGY - Stratgy for contractors doing work on own properties (7:10)
CRA NEWS - The new Voluntary Disclosure program and where CRA is headed (6:28)
CRA AUDITS - CRA targeting TFSA accounts - business income, ineligible investments & overcontributions (6:15)
SKILL SNACK - CRA Access Client Information - How to register (4:12)
SKILL SNACK - Properly filling out the T1013 and efiling - almost immediate (5:32)
SKILL SNACK - Downloading client information into your tax software (8:29)
SKILL SNACK - How to anaylze and review a client's T1 information (12:28)
SKILL SNACK - Reviewing client business number information on the CRA website (4:49)
DREAM PRACTICE - Getting help with your practice - My advice (6:48)
DREAM PRACTICE - The benefits of staff no matter what the size of your firm (7:35)
DREAM PRACTICE - You should focus your time on building a business (6:04)
DREAM PRACTICE - Some ideas on where to look and what to do (9:21)
June 2017
What we'll be covering in the June 2017 Tax Bytes Newsletter (3:40)
Filing under the Voluntary Disclosure Program - Be aware of differences with adjustments (6:23)
Filing T1 Adjustments when sometihing was missed on a T1 or client gives you information after filing (5:18)
Some examples of simple T1 Adjustments that you will come across in your practice (8:45)
How does the CRA handle T1-Adjustments and how long does it take (7:03)
What if you want to make changes to a GST/HST return that has already been filed? (5:32)
Wouldn't it just be easier to wait for CRA to reassess and save client money? (5:51)
SKILL SNACK - What you should do when dealing with auditors on a client file or audit (4:30)
SKILL SNACK - Some advice on dealing with CRA agents and officers on the phone - a little goes a long way (6:48)
SKILL SNACK - A reality check when it comes to problems with CRA auditors (5:58)
SKILL SNACK - What you can expect when you file appeals and fight the CRA on a tax file and how long it will take (6:50)
SKILL SNACK - Advising clients on payment options with the CRA on appeals and objections (3:36)
SKILL SNACK - Issues with the various departments affected on an audit and how to deal with them (7:12)
DREAM PRACTICE - The benefits of business networking and why you should focus on it (6:29)
DREAM PRACTICE - Business networking groups you can join for maximum benefits (8:57)
DREAM PRACTICE - What to expect when networking and how to approach it (8:31)
DREAM PRACTICE - Solidifying relationship with clients (3:49)
May 2017
What we'll be covering in the May 2017 Tax Bytes Newsletter (3:22)
The importance of filing business returns on time to avoid future consequences (4:17)
CRA UPDATES - Arbitrary assessments for personal taxes and GST-HST (6:23)
CRA UPDATES - Problems with T4A assessments and the matching program's flaws (6:05)
CRA VIEWS - Employment expense deduction for cell phone plans, calls and data usage (6:52)
SKILL SNACK - Shareholder benefits -Capacity as shareholder, housing purchases and home office (3:20)
SKILL SNACK - Scenario where corporation buys/builds a home for shareholders - Is this feasible? (5:11)
SKILL SNACK - CRA's position on a corporation purchasing or building a personal residence for shareholders (5:49)
SKILL SNACK - Court Case - Bonhomme's corporation and principal residence (7:39)
SKILL SNACK - Landmark Youngman case used by CRA and Tax Court (5:10)
SKILL SNACK - Home office expense benefits and deductions in a corporation - Auditors all over the map (5:22)
SKILL SNACK - The difference approaches used by accountants asked to CRA for opinion (4:06)
SKILL SNACK - CRA's guidance and opinions on the variations of home office rent deductions (6:11)
PRACTICE MANAGEMENT 1 - Post tax season clean up and it's importance (3:28)
PRACTICE MANAGEMENT 2 - Client database as your central management tool (5:53)
PRACTICE MANAGEMENT 3 - Client database example using an Excel spreadsheet (9:18)
PRACTICE MANAGEMENT 4 - Getting the T1013 and T183 records up to date (5:48)
PRACTICE MANAGEMENT 5 - Instalment reminders to clients to avoid future problems (4:55)
PRACTICE MANAGEMENT 6 - Scanning client documents and the paperless office (5:56)
PRACTICE MANAGEMENT 7 - Making sure you get paid before too much time goes by (4:39)
April 2017
What we'll be covering in the April 2017 Tax Bytes Newsletter (4:17)
Federal Budget 2017 - Changes in the tax world (6:20)
What we could expenct in the future based on current tax rumblings - tax the wealthy (5:34)
Future bdugets - What could be in the pipeline with significant ramifications (6:49)
Being aware of property flippers and the new tool CRA will be using to catch these (4:43)
CRA letter campaign for business losses in past 2 fiscal years (5:36)
SKILL SNACK - Avoiding the CRA radar map and blueprint on running a smooth practice (7:05)
SKILL SNACK - Little things that can make a big difference when not looked after properly (7:02)
SKILL SNACK - What can go wrong if you don't do the little things - Unnecesssary headaches and work (7:27)
SKILL SNACK - Which tax liability should be paid first - order of operations (4:59)
SKILL SNACK - Topping off instalment accounts at year end to avoid interest, penalties and issues (4:48)
PRACTICE TOOLS - Three useful software programs and apps to help run your practice (3:37)