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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)
December 2024
Introduction to the December 2024 newsletter and what we'll be covering this month (3:47)
IRS TAX COLLECTION - Leaving the country will not alleviate someone of their Canadian tax debts (3:46)
PRORATING CCA - Understanding when you need to prorate CCA and when you don't (4:10)
CCA BUSINESS USE - Understanding when how to apply CCA business proration (4:26)
FLIPPED PROPERTY RULES - How do you deal with losses on properties owned less than 365 days? (2:55)
BARE TRUSTS 2024 - CRA updates requirements for filing 2024 bare trusts (2:27)
GST-HST RELIEF FOR HOLIDAYS - Details on the measures introduced for the GST-HST holiday period (4:21)
WORKING CANADIANS REBATE - Details regarding the $250 rebate cheques to working Canadians (4:36)
CAPITAL GAINS INCLUSION - How do you deal with returns you have to file by deadline - CRA respsonse (6:05)
SHAREHOLDER DEBITS 1 - Understanding the income inclusion rules and logistics for debit balances (4:26)
SHAREHOLDER DEBITS 2 - What are the general rules for shareholder loans under the Income Tax Act (6:47)
SHAREHOLDER DEBITS 3 - What happens in practice with loans and dealing with the imputed interest rules? (8:13)
SHAREHOLDER DEBITS 4 - Example of clearing a shareholder debit balance using dividends (5:12)
SHAREHOLDER DEBITS 5 - Example of clearing a shareholder debit balance using a bonus (10:04)
SHAREHOLDER DEBITS 6 - Frequent questions when paying net salary (9:55)
SHAREHOLDER DEBITS 7 - Tips and strategies on dealing with shareholder loans and income inclusions (6:44)
SHAREHOLDER DEBITS 8 - Other strategies and methods for clearing the shareholder debit balance (8:52)
November 2024
REFINANCING FEES - Are refinancing fees paid to banks, lawyers and other deductible for rental purposes (3:33)
Introduction to the November 2024 newsletter and what we'll be covering this month (5:22)
SPOUSAL LOANS - Caution on previously set up spousal loans where amounts are not paid (6:40)
SPOUSAL LOANS - Is there a way to rectify and missed interest payments that were made (4:10)
TFSA OVERCONTRIBTION - Court case illustrating a significant penalty and future penalty on an error (5:28)
DISAGREEING WITH CRA - Fighting CRA misrepresentation penalties if you made an effort to understand (6:19)
LETTER SCAMS - Scammers using CRA letters are getting better and more realistic - What to look out for (4:30)
SHORT TERM RENTALS - Expense deduction denial for certain short term rental businesses (7:55)
DO NOT RELY ON AFR - Issue encountered with downloading slips from the Auto Fill My Return system (4:26)
SHAREHOLDER DEBITS 1 - Introduction and why shareholder debit balances are critical in corporate tax (4:15)
SHAREHOLDER DEBITS 2 - What is the shareholder account and what does it mean to be in debit balance (7:24)
SHAREHOLDER DEBITS 3 - A review of typical accounting and planning scenarios - Standard vs Problem (7:16)
SHAREHOLDER DEBITS 4 - Example of a shareholder debit balance on a client's accounting records (11:19)
SHAREHOLDER DEBITS 5 - Best practices for maintaining a shareholder account to avoid benefit assessments (6:18)
SHAREHOLDER DEBITS 6 - Court case illustrating the problems with shareholder transactions in small business (7:23)
SHAREHOLDER DEBITS 7 - Worst case scenario and what improper accounting and bookkeeping can lead to (3:39)
October 2024
Introduction to the October 2024 newsletter and what we'll be covering this month (4:17)
CRA AUDITS COVID-19 - CRA ramping up review of those not eligible to receive COVID-19 benefits (3:23)
FOREIGN RENTAL INCOME AND SALE - How do we report income from foreign land and sale (5:37)
GRADUATED RATE ESTATES - Some relief in the works with respect to carrying back losses (3:13)
ERRORS ON CRA ACCOUNT - Dealing with common typos on client file not as simple as it should be (5:52)
INTEREST DEDUCTIBILITY - CRA updates folio with clarification on shares that don't pay dividends (6:57)
INTEREST DEDUCTIBILITY - The disappearing source rule and deducting interest on loss investments PROJECT (3:57)
CRA AUDIT - Court case of particular note to small practitioners when dealing with clients with cash sales (10:51)
NET WORTH AUDITS 1 - What are Net Worth Audits and when are they used by the CRA (6:30)
NET WORTH AUDITS 2 - What is the methodology used by auditors when conducting a Net Worth Audit PROJECT (6:11)
NET WORTH AUDITS 3 - Some examples of calculations that illustrate the methodology and calculations (9:16)
NET WORTH AUDITS 4 - The difficulties of Net Worth Audits where there are corporations involved (6:31)
NET WORTH AUDITS 5 - Case were Net Worth Audit approach should not have been taken (5:32)
NET WORTH AUDITS 6 - Detailed court review of NWA audit findings and challenging CRA abusive process (8:54)
NET WORTH AUDITS 7 - Summary of other relevant court cases for common small practitioner clients (6:08)
NET WORTH AUDITS 8 - Summary of net worth audit method approach and protection against audits (5:22)
September 2024
GST-HST - Self assessing imported taxable supplies - Often unknown or misunderstood trap (6:28)
Introduction to the September 2024 newsletter and what we'll be covering this month (4:15)
ABI OR SIB - Solar array panel and sale of electricity - Business income or SIB - Good guidance from CRA (6:48)
CCA VEHICLES - What if I start using a vehicle for business that I've owned for a number of years (4:39)
CHILD CARE EXPENSES - Can you pay a child's grandparents and claim child care expenses (5:03)
CHILD CARE EXPENSES - Can language tutoring be claimed - Difference between allowable and denied (3:33)
MANAGEMENT FEES - Court case regarding the reasonability of paying management fees to family (6:37)
CAPITAL GAINS UPDATE - New events in Ottawa with NDP party pulling support could be interesting (4:55)
BARE TRUSTS - Updates to filing requirements that are in process with the new rules (5:42)
MOVING EXPENSES - Can someone move first and then claim moving expenses when they find a job (5:33)
MOVING EXPENSES - Introduction to Masterclass and in-depth discussion of moving expenses (3:10)
MOVING EXPENSES - Most frequently made error when reporting moving expenses (2:56)
MOVING EXPENSES - Court case illustrating the link between the move and new work location (5:24)
MOVING EXPENSES - Deductibility of legal fees related to the sale of the old home - Nuances (5:55)
MOVING EXPENSES - Understand the difference between moving expenses and temporary locations (4:37)
MOVING EXPENSES - Long delay between the new work location and the eligible move (3:52)
August 2024
Introduction to the August 2024 newsletter and what we'll be covering this month (5:23)
NON-RESIDENTS - Payments of rent made to non-resident landlords without withholding tax (6:11)
NON-RESIDENT PROPERTY SALES - Withholding tax on the sale of property by non-residents (6:09)
NON-RESIDENT PROPERTY SALES - Areas where this rule also applies that is an area of caution (2:56)
CRA AUDITS - CRA demands for information are being strengthened and given more teeth (6:50)
GST/HST RELATED COMPANIES - Election to not charge GST/HST between related companies (6:16)
GST/HST RELATED COMPANIES - Trap - Misunderstood exemptions or ineligibility for the election (5:34)
BARE TRUSTS - Update on what is going on in the bare trust landscape and where we are at (4:19)
BARE TRUSTS - CRA technical interpretation on the year end of a bare trust and filing requirement (4:21)
CAPITAL GAINS INCLUSION - The one burning question has been answered by draft legislation PROJECT (5:22)
TAX PRACTICE BLUEPRINT - Introduction to the 12 Week year and overview of this ground breaking system (5:58)
TAX PRACTICE BLUEPRINT - Concept 1 - Being the captain of the ship sterring both your firm and your clients- business (5:40)
TAX PRACTICE BLUEPRINT - Concept 2 - Setting the table for the next day and more (5:54)
TAX PRACTICE BLUEPRINT - Concept 3 - Building a practice that is a franchise prototype (4:15)
TAX PRACTICE BLUEPRINT - Overview of the 12-Week year system for accounting and tax practitioners (8:53)
TAX PRACTICE BLUEPRINT - Customizing the 12 Week year for accounting and tax practitioners (9:19)
TAX PRACTICE BLUEPRINT - Breakdown of Year 1 and Year 2 of the system (12:02)
TAX PRACTICE BLUEPRINT - Breakdown of Year 3 and Year 4 of the system (10:58)
TAX PRACTICE BLUEPRINT - The 12-Week plan becomes your checklist - Be as detailed as possible (10:56)
TAX PRACTICE BLUEPRINT - Use this as part of your marketing to wow your clients (5:04)
July 2024
COMMENTARY - An interesting article on the fairness of the Canadian Income Tax System (7:44)
Introduction to the July 2024 newsletter and what we'll be covering this month (5:02)
POLICY IDEAS - The filing system can easily be simplified by allowing the family as the primary tax unit (8:19)
FILING ELECTIONS - Using the new Special Elections and Returns and what is considered making an election (6:22)
CRYPTOCURRENCY - What are the tax implications or tax treatment for mining bitcoin (6:56)
CRYPTOCURRENCY - How the permanent establishment rules would apply to bitcoin mining equipment (4:37)
BUSINESS INCOME - Technical interpretation on the tax treatment of ransomware attacks (5:06)
GROSS NEGLIGENCE PENALTIES - But I asked the CRA what to do and they changed their mind (5:02)
CCA PROGRAM PHASE-OUTS - The phase-out of the AIIP rates starting in 2024 (3:59)
CCA PROGRAM PHASE-OUTS - Phase-out of the immediate expensing rules for 2024 (4:00)
ITA SECTION 160 1 - Practitioners can be giving what they think is good advice but contrary Section 160 (3:23)
ITA SECTION 160 2 - Section 160 of the Income Tax Act and what it does (9:14)
ITA SECTION 160 3 - Court case for Section 160 and FMV of assets transferred (9:45)
ITA SECTION 160 4 - COURT CASE - Section 160 - Can dividends be considered compensation (7:56)
ITA SECTION 160 5 - COURT CASE - Section 160 on provision of legal services to a related corporation (6:09)
ITA SECTION 160 6 - Summary of other important planning numbers for corps and personal planning (6:12)
ITA SECTION 160 7 - Planning to avoid or minimize the effect of Section 160 (6:07)
June 2024
Introduction to the June 2024 newsletter and what we'll be covering this month (4:06)
CAPITAL GAINS INCLUSION - How much more will corporations pay on capital gains (4:20)
CAPITAL GAINS INCLUSION - Comparison of new capital gains tax by province - revised (3:59)
CAPITAL GAINS INCLUSION - Potential strategy for claiming the lower inclusion rate with a reserve (6:17)
CAPITAL GAINS INCLUSION - Consider triggering tax in corporations - More to lose (4:49)
CRA AUDITS and REVEIWS - Where the CRA is focusing audit activity according to the experts (8:23)
CRA AUDITS and REVEIWS - Registered account FMV being reported and monitored by CRA (4:43)
REAL ESTATE AUDITS - CRA provides an updated list on the areas they focus on in real estate (7:15)
SOCIAL MEDIA INFLUENCERS - Income reporting and focusing on unreported income not aware of (4:56)
BARE TRUSTS - Shouldn't people be able to file their own bare trust returns - Why would they have to? (7:58)
PAYING DIVIDENDS 1 - Overview of dividends as a method of compensation (5:25)
PAYING DIVIDENDS 2 - The process of deciding whether to pay dividends with losses (3:21)
PAYING DIVIDENDS 3 - The next question you should examine is whether it is necessary (4:10)
PAYING DIVIDENDS 4 - Example of paying a dividend with a profitable company - Still some work to do (4:03)
PAYING DIVIDENDS 5 - Example of paying a dividend with a small profit in the current year (2:48)
PAYING DIVIDENDS 6 - Example of paying a dividend with negative retained earnings (deficit) (4:18)
PAYING DIVIDENDS 7 - Examine why you would even want to pay dividends in certain scenarios (5:00)
PAYING DIVIDENDS 8 - Scenario where you may want to pay dividends even if is not necessary (6:45)
May 2024
BUDGET 2024 - Increase to the Lifetime Capital Gains Exemption on QSBC shares, fishing and farm property (2:36)
Introduction to the May 2024 newsletter and what we'll be covering this month (2:24)
BUDGET 2024 - Increases to the Firefighters and Search and Rescue Volunteer Firefighters credit (2:26)
BUDGET 2024 - Changes to the Canada Child Benefit creidt due to death of children (3:27)
BUDGET 2024 - Increase to borrowing limit for RRSP Home Buyer's Plan (3:03)
BUDGET 2024 - Consultation requested from stakeholders on qualified investments in registered accounts (4:26)
BUDGET 2024 - Increase to the capital gains inclusion rate starting June 25-2024 (6:48)
BUDGET 2024 - Who will be affected by this inclusion rate increase (6:09)
BUDGET 2024 - Commentary on the practical and theoretical aspects of increase the inclusion rate (8:11)
BUDGET 2024 - What to consider and discuss with clients before the June 25 date of increase (9:44)
BUDGET 2024 - Canadian Entrepreneurs’ Incentive - Program details and conditions (8:16)
BUDGET 2024 - Canada Carbon Rebate for Small Business - Introduction and preliminaries on new credit (3:13)
BUDGET 2024 - Summary of other measures and programs (6:56)
April 2024
Introduction to the April 2024 newsletter and what we'll be covering this month (3:18)
BARE TRUST UPDATE - CRA news release on March 28 regarding filing of bare trusts for 2023 (3:54)
BARE TRUST UPDATE - Guidance on being proactive to collect data and information for next year (8:20)
BARE TRUST UPDATE - What the accounting tax and community at large has to say about the update (5:18)
T-SLIP FILING FOR 2024 - The CRA has lowered the limit for paper filing of T-slips for 2024 (4:44)
CHARITABLE DONATIONS - Carryforward on unclaimed donations allowed by CRA (6:07)
BUSINESS LOSSES - An interesting case where losses allowed where a personal element was involved (5:51)
CCA - Understanding the tax treatement of capital leases vs operating leases (7:00)
JUDICIAL REVIEW - An option when CRA isn't reasonable but know what to expect (4:37)
PRE - How to make sure you catch all the possible residence dispositions and possible tax implications (3:33)
CRA MY ACCOUNT - Don't rely on the CRA AutoFill or My Account without reviewing (5:58)
PRE - Principal Residence Exemption - Practical areas that are misunderstood and cause problems (3:13)
PRE - What happens in the years when the house is being constructed or unoccupied? (3:29)
PRE - When a non-resident purchases a home before he becomes a resident (2:28)
PRE - Seasonal properties and selling in a portion of year where property cannot be inhabited (3:33)
PRE - Can the PRE be claimed on a property that is inhabited or rented out to children? (3:07)
March 2024
Introduction to the March 2024 newsletter and what we'll be covering for this month (4:52)
T2125 OWNER-MANAGER - Be careful when claiming contractor revenue for owner-managers (7:32)
CANADA CARBON REBATE - New branding and the amounts for 2024-2025 (4:14)
DEPENDANT TAX CREDIT MAZE 1 - Step 1 - The best approach to figuring out who claims what for tax credit amounts (9:55)
DEPENDANT TAX CREDIT MAZE 2 - Step 2 - Running examples and what if scenarios (8:08)
UBER DRIVER VEHICLES - Understand the class of existing vehicles and class 10.1 (5:53)
AUTOMOBILE TRAP - Be careful when buying vehicles at the end of the year (5:21)
DENYING GST ITC's - We know it-s not your fault but we really don't care (5:00)
CLAIMING ITC'S - Recommendations for claiming ITC's - You won't like it (7:25)
COURT CASE - Issues with online MyAccount communication and missing deadlines (5:53)
BARE TRUSTS - Clearing up the confusion and creating more in the process - What you need to know (9:13)
BARE TRUSTS - Bare trusts vs Express Trusts - What's the difference (8:05)
BARE TRUSTS - Bare trusts and the filing requirements for T3 Trust Returns (5:59)
BARE TRUSTS - The most common bare trust agreements we'll encounter (9:43)
BARE TRUSTS - Other areas where a bare trust may exist - Caution (8:29)
BARE TRUSTS - Filing bare trust tax returns - What you need to know (12:11)
BARE TRUSTS - Electronic filing requirements for trust returns - Process (6:32)
BARE TRUSTS - Closing comments and how to inform clients (12:23)
February 2024
FHSA REPORTING - Reporting deductions to FHSA accounts on the T1 return (3:05)
Introduction to the February 2024 newsletter and what we'll be covering this month (4:58)
FHSA REPORTING - Reporting deductions to FHSA accounts on the Schedule 15 and T1 return (4:01)
FHSA REPORTING - Withdrawing funds from an FHSA account (7:23)
FHSA REPORTING - How do you take money out of your First Home Savings Account? (4:51)
CANADA WORKER'S BENEFIT - Overview of the program and the RC 210 slip (5:15)
CANADA WORKER'S BENEFIT - Reporting the CWB prepayment on the T1 Return (7:04)
NEW TAX CREDIT SCHEDULE - Schedule 12 - the Multi-Generational Home Renovation Tax Credit (4:41)
MULTIGENERATIONAL TAX CREDIT - Example of using the Schedule 12 to determine eligibility (7:44)
T2 CASE 1 - What do journal entries do - The difference between tax and financial statement items (5:55)
T2 CASE 2 - Looking at a typical example of depreciation vs CCA for a Class 10-1 vehicle (5:01)
T2 CASE 3 - Looking at the T2 return for 2x4 Contracting to report purchase and reconcile (5:50)
T2 CASE 4 - What journal entries would you post to report the tax adjustments to the vehicle and CCA (5:48)
T2 CASE 5 - How about any taxable benefits associated with the personal use of the vehicle (7:12)
T2 CASE 6 - This will make sense conceptually to help you understand - Meals and entertainment expense (6:08)
January 2024
Introduction to the January 2024 newsletter and what we'll be covering this month (4:30)
A review of the Federal tax brackets for 2023 and other tax and levies (5:09)
Looking at the Federal nonrefundable tax credits for 2023 and the Taxtips website (5:26)
Overview of the payroll taxes - CPP and EI rates for 2023 and look into 2024 (3:44)
Overview of the 2023 Employment withholding taxes for Quebec residents (2:59)
Overview of other important numbers for 2023 returns - Automobile rates, RRSP, TFSA. Etc. (5:02)
TFSA LIMIT - Updated 2024 TFSA limit and a common and costly mistake to look out for (5:10)
2023 INTEGRATION - A look at the 2023 integration numbers for compensation planning (6:28)
2023 HOME OFFICE - CRA releases guidance on claiming home office expenses for 2023 (2:40)
SALES TAX REFRESHER 1 - GST-HST quiz and answers covering Excise Tax Act scenarios 1-6 (6:08)
SALES TAX REFRESHER 2 - GST-HST quiz and answers covering Excise Tax Act scenarios 6-10 (7:36)
T2 CASE 1 - Specified Corporate Income Rules and what they mean for the SBD and how we got here (7:35)
T2 CASE 2 - What is Specified Corporate Income or "Tainted Income" and why is it important? (8:59)
T2 Case 3 - Example 1 - Transactions and services between 2x4 Contracting and DiMarco Business Services (5:40)
T2 CASE 4 - Example 2 - Transactions and services between 2x4 Contracting and Amc Windows & Doors (7:40)
T2 CASE 5 - How do we fill out the T2 return to account for these transactions and properly claim SBD (6:19)
T2 CASE 6 - Challenges faced by practitioners when dealing with the SCI reporting rules (6:00)
December 2023
Introduction to the December 2023 newsletter and what we'll be covering (4:34)
CRA AUDITS - It used to be that CRA had bigger fish to fry - Is that still the case (4:52)
BUSINESS AUDIT - Was there a wholesale luxury aut sale business or was it a hobby (7:59)
CASH AUDIT - How do you defend against cash that have been claimed but assessed as unreported income (8:15)
MISPREPRESENTATION CRA - Cannot rely on information from CRA in all cases (5:49)
TFSA TRADING - Stock trading within TFSA assessed as business income by CRA (5:18)
FHSA - Strategy of withdrawing and deducting HBP amount approved by CRA (3:28)
CEBA LOANS - Repayment deadline extended but still around the corner (4:13)
FALL ECONOMIC UPDATE - Proposals to address reporting issues of Underused Housing Act (7:12)
FALL ECONOMIC UPDATE - Short term rental being targeted by government (4:53)
FALL ECONOMIC UPDATE - Commentary on the proposed Short-term rental expense denial proposal (4:23)
FALL ECONOMIC UPDATE - Other business and GST/HST measures (4:52)
November 2023
Introduction to the November 2023 newsletter and what we will be covering this month (4:48)
UNDERUSED HOUSING TAX - Deadline extension and outstanding issues with no clarity (4:49)
EMPLOYMENT EXPENSES - The nuances and pitfalls of what constitutes a reasonable allowance (6:36)
EMPLOYMENT EXPENSES - When an allowance is unreasonable - it is entirely unreasonable (5:35)
SOURCE OF INCOME - Engineer starts a business and writes off losses - Good questions provided (8:03)
NEGLIGENCE PENALTIES - What not to do to ensure CRA does not open statute barred years (6:22)
EI RULING SPOUSE - Duties of spouse challenged by CRA as being uninsurable (7:11)
REVISIT T-5008 - Step-by-Step Process to accurate reporting and disclosures on tax return (9:02)
REVISIT T-5008 - Reporting issues and common misunderstandings on T5008 (10:27)
CONDO CORPS 1 - Other important matters and condo corp documents to be aware of (2:55)
CONDO CORPS 2 - Status certificates and their importance in Condo management (4:11)
CONDO CORPS 3 - Examples of a status certificate and breakdown of what's included (6:33)
CONDO CORPS 4 - Other documents provided to new and potential owners regarding condo corp (3:15)
CONDO CORPS 5 - What is a turnover meeting and why is it so important (3:20)
CONDO CORPS 6 - Being aware of limitations fo financial statements audits and fraud (7:03)
October 2023
Introduction to the October 2023 newsletter and what we will be covering this month (3:53)
BUSINESS INCOME - When is it business income and when is it other income (8:09)
CANADA WORKERS BENEFIT - A weird tax credit that that could result in reverse logic (4:57)
CASH TRANSACTIONS - Court Case - The difficulty of dealing with cash businesses and transactions (6:57)
NET WORTH AUDITS - How auditors wield this blunt weapon and how to fight against it (8:13)
PROPERTY FLIPPING RULES - Potential unintended consequences of rules for individuals - Examples (6:58)
PROPERTY FLIPPING RULES - Potential unintended consequences of rules for corporations - Examples (5:51)
CONDO CORPS 1 -Tax filing obligations for Condominium Corporations as Not-for-Profit (8:12)
CONDO CORPS 2 - CRA activity in the area of condominium corporations to test NPO status (6:28)
CONDO CORPS 3 - Annual filing requirements for condominium corporations (8:04)
CONDO CORPS 4 - GST-HST Registration and filing for condominium corporations (3:24)
CONDO CORPS 5 - CRA IT Bulletins on commercial condominiums and NPO status - What if non-NPO? (6:00)
CONDO CORPS 6 - CRA IT Bulletins providing guidance on activities not considered NPO exempt (8:13)
September 2023
Introduction to the September 2023 newsletter and what we will be covering this month (3:54)
T2 SCHEDULE 141 - Overview of the new Schedule 141 and CPA-s recommendations (6:52)
MOVING EXPENSES - The nuances and grey areas of a "new work location" can be difficult to navigate (5:26)
MOVING EXPENSES - A lucrative deduction for the handful of students who are able to claim it (4:51)
BUSINESS COMMENCEMENT - When does a business actually start - Why important (5:57)
GAMBLING & POKER WINNINGS - When does it stop being a hobby and become a business (5:42)
CRA TARGETS SHOPIFY - Shopfiy fighting CRA over requests - Is it a broad fishing expedition (4:32)
INFLATION - How does inflation factor into taxes - It makes you pay more tax (8:42)
CONDO CORPS 1 - A closer look at Reserve Fund Studies and their importance to condominium corporations (6:38)
CONDO CORPS 2 - Who are permitted to do the Reserve Fund Study and what info (5:02)
CONDO CORPS 3 - The process to complete a reserve fund study and the different classess available (5:12)
CONDO CORPS 4 - What does the reserve fund study contain and how should it be used (9:09)
CONDO CORPS 5 - Example of a reserve fund study and financial analysis (10:43)
CONDO CORPS 6 - Contribution options available to unit owners to fund reserve & meet RFS targets (9:14)
August 2023
Introduction to the August 2023 newsletter (3:35)
T5008 SLIPS - What does CRA do with this information and how it can create problems (8:16)
SECTION 45 ELECTIONS - What happens if there are multiple changes in use - CRA guidance (4:36)
T2 STATUTE BARRED - Will CRA allow corporations to adjust corporate returns beyond statute barred years? (4:49)
CRA COVID REVIEWS - Article in National Post highlights process, inequities and success stories (5:37)
CRA AUDITS - CRA is asking landlords with rental losses how they intend to profit (5:27)
EMPLOYMENT EXPENSE AUDIT - Recent court case involving car dealership manager (5:59)
CONDO CORPS 1 - Overview of auditing considerations for condo corporations (6:25)
CONDO CORPS 2 - A detailed overview of auditing requirements for condominium corporation (8:15)
CONDO CORPS 3 - Reservations in the auditors reports - Sample reservation disclosures (6:26)
CONDO CORPS 4 - The most common audit risks for condominium corporation audits (7:30)
July 2023
Introduction to the July 2023 newsletter and what we will be covering this month (4:34)
CANADA PENSION PLAN - Phase 2 of the CPP enhancement program coming into effect 2024 (10:35)
COVID-19 BENEFITS - CRA applying refunds and other credits to balances owing on benefit repayments (6:16)
NON-RESIDENT - Court case involving a tenant being liable for Part XIII withholding tax (6:42)
FHSA ACCOUNTS - Questions on a couple of scenarios answered by CRA (5:09)
US TAX - FBAR FORM - Luckily the Supreme court said it is per form, not per account (3:38)
EMPLOYMENT EXPENSES - Sponsorship deduction by commissioned salesperson (6:01)
EMPLOYMENT EXPENSES - Deduction for a headhunter incurred by a commissioned investment advisor (4:07)
CONDO CORPS 1 - Accounting considerations for condo corporations - Financial statements (8:01)
CONDO CORPS 2 - An overview of the asset accounts and accounting (9:49)
CONDO CORPS 3 - An overview of the liability accounts of condo corporations (5:22)
CONDO CORPS 4 - A closer look at the Reserve fund and accounting - classifying transactions (11:18)
CONDO CORPS 5 - Some sample financial statements including CPA sample financials (11:37)
June 2023
Introduction to the June 2023 newsletter and what we will be covering (5:06)
SHARED CUSTODY - When shared custody gets complicated for purposes of the Canada Child Benefit (6:20)
SPOUSAL SUPPORT PAYMENTS - Court case analyzing a flawed and expired written agreement (4:53)
BUSINESS VS. HOBBY - Appeal case heard regarding personal element of management fees to art gallery (6:10)
NET WORTH AUDIT - Small painting company owner goes through a questionable Net Worth Audit - Court Case (7:16)
LAW vs. CRA INTERPRETATION - Court cases providing clarification of what happens when there's bad info (6:13)
MEDICAL EXPENSES - Claiming medical expenses for a dependent when not paid (6:47)
CONDO CORPS 1 - Introduction to Not-for-Profit - Condominium Corporations - (focus on Ontario) - What we will study (6:26)
CONDO CORPS 2 - What is a condominium corporation - advantages and disadvantages of living in one (11:01)
CONDO CORPS 3 - A look at some financial aspects of condominium ownership (11:24)
CONDO CORPS 4 - Important definitions and roles and duties of the Board of Directors (10:27)
CONDO CORPS 5 - Condo corporation requirements and obligations - Annual and ongoing (9:42)
CONDO CORPS 6 - A brief look at the financial statements of Condominium corporations (3:24)
May 2023
Introduction to the June 2023 newsletter and what we will be covering (4:25)
ALTERNATIVE MINIMUM TAX - Changes coming to the AMT regime and calcuation (8:26)
SELF-EMPLOYMENT - Can a hygienist deduct Uber fare if they are self-employed and work from different offices? (4:35)
COURT CASE - Living common-law or not - Was there a conjugal relationship (4:44)
COURT CASE - Business income in a TFSA from securities trading was taxable (5:46)
PRE UNIFIED FORMULA 1 - Examining the components of the PRE formula and making decisions (6:51)
PRE UNIFIED FORMULA 2- The Grand Unified Principal Residence Exemption Formula (7:20)
GSTHST APPLICATION - Interesting article on the GST/HST implications on some package size changes (6:10)
T2 CASE STUDY 1 - Reimbursing owner-managers for expenses - Options and tax savings we will examine (5:47)
T2 CASE STUDY 2 - The most effective and common way to reimburse owner-manager for expenses paid personally (7:51)
T2 CASE STUDY 3 - A more tax-effective way to reimburse owner-managers for expenses (4:22)
T2 CASE STUDY 4 - CRA reassessments of employment expenses and pushback from community (4:26)
T2 CASE STUDY 5 - How to effectively set up a T2200 employment expense deduction process (12:27)
T2 CASE STUDY 6 - Using a court case to challenge CRA on any non-deductible expenses (5:26)
T2 CASE STUDY 7 - Be aware of the pitfalls of loyalty point cards in these types of arrangements (5:55)
April 2023
Introduction to the April 2023 newsletter and what we will be covering (3:33)
FEDERAL BUDGET 2023 - Overview of the tax and other measures in this year's Federal Budget FEDERAL BUDGET 2023 - Overview of the tax and other measures in this year's Federal Budget (8:51)
UNDERUSED HOUSING TAX - Introduction and note on Toronto Vacant Home Tax vs Federal Tax (4:19)
UNDERUSED HOUSING TAX - Ownership of the property and how to determine - Land registry (3:39)
UNDERUSED HOUSING TAX - Overview of the Act and opening commentary on the practical side (9:25)
UNDERUSED HOUSING TAX - Definitions - Types of owners - Excluded vs Affected owners (8:46)
UNDERUSED HOUSING TAX - Definitions - What is a residential property and some examples (7:50)
UNDERUSED HOUSING TAX - Exclusions - Based on the type of ownership (8:35)
UNDERUSED HOUSING TAX - Exclusions - Based on the use of the property (8:51)
UNDERUSED HOUSING TAX - Calculating the tax and determining the property value (3:53)
UNDERUSED HOUSING TAX - Election for non-resident non-citizens of Canada (2:39)
UNDERUSED HOUSING TAX - What needs to be filed and what information do I need to file it? (11:39)
UNDERUSED HOUSING TAX - Dealing with the issue of spouses sharing the rental income and other areas (5:51)
UNDERUSED HOUSING TAX - Penalties, additional resources and closing comments (10:28)
March 2023
Introduction to the March 2023 newsletter and what we will be covering (3:00)
T2125 CCA CLAIMS - Immediate Expensing rules for personal tax returns - nuances and filing (9:32)
T2 CCA CLAIMS - Immediate Expensing review of Schedule 8 and designating DIEP (3:51)
T2 CCA CLAIMS - Make sure you do the manual work to allocate expenses properly (6:04)
PROPERTY LOSS - Claiming losses on rental properties - terminal losses and recapture (4:49)
GST/HST REBATE - Tax saving tip for the GST/HST rebate when you are late filing returns (4:45)
Overview of business income areas and GST/HST issues you may encounter (6:37)
The importance of understanding your client's business and effective T2125 reporting (6:58)
Accurately prepare the GST/HST return and make sure you review any reports filed by client (4:35)
Issues you will encounter in the platform economy landscape - Reporting and GST/HST issues (11:13)
Looking at some common issues in the area of business income (9:13)
Claiming RRSP deductions properly and traps you should be aware of (8:24)
Reviewing your client's child care expenses and ensuring you are getting maximum deductions (8:33)
Spousal and child support payment - income and deductions (6:08)
Claiming personal tax credits for dependants on tax returns - Tips and Hacks (7:13)
Claiming medical expenses on the proper line depending on relationship to taxpayer (6:49)
February 2023
Introduction to the February 2023 newsletter and what we will be covering (2:18)
In-depth Overview - First Home Tax Free Savings Account - Eligibility & Contributions (8:39)
In-depth Overview - First Home Tax Free Savings Account - Lifespan & Withdrawals (6:48)
In-depth Overview - First Home Tax Free Savings Account - Transfers and spouses (7:46)
In-depth Overview - First Home Tax Free Savings Account - Penalties - Death - Non-residents (5:57)
CRA Prescribed Rates - Pay extra close attention to instalment payments for clients (2:44)
Residential Property Flipping Rule - Now in effect and example of how it works (6:04)
Labour Mobility Tax Deduction - How to claim it on the 2022 tax return (2:35)
COVID Repayments - New form T1A to help in claiming deduction in prior years (3:06)
Overview of rental income with areas and issues you will encounter (5:22)
Dealing with renovations on rental properties and portion of your home (6:49)
Taking a look at rental income expenses - tips on what to look for and traps on deductions (13:08)
Capital cost allowance tips and traps - Makring the proper determination (8:53)
Business income vs capital in the rental income reporting landscape - Claiming CCA (7:09)
Rental income as a source of income and deducting rental losses (9:40)
The principal residence exemption and understanding the PRE formula and calculation (11:33)
Understanding Section 45 elections and what they do for a client's PRE formula (9:32)
Looking at the criteria to examine when the income vs capital question comes up (9:52)
January 2023
Introduction to the January 2023 newsletter and what we will be covering (3:56)
EMPLOYEE VS. CONTRACTOR - What triggers and audit in these areas (7:40)
CCA APPEAL COURT CASE - Retroactive CCA adjustment court case appeal decision (5:29)
CCA ADJUSTMENTS - Is it possible to retroactively change CCA claim - practical (5:17)
COURT CASE - Revenue Quebec use of statistics to determine unreported income (6:41)
BOOKKEEPING - It is not an overstatement to stress the importance of bookkeeping (6:45)
COURT CASE - Unreported income assessed on over $600,000 from family overseas (4:24)
GIFTS LOANS - Does CRA have to be notified of any large gifts or loans (4:21)
T1 UPDATE - A review of the Federal tax brackets for 2022 and other tax and levies (6:50)
CPP & EI RATES - Overview of payroll taxes - CPP and EI rates for 2022 and 2023 rates (4:03)
OTHER T1 NUMBERS - Overview of some important numbers for 2022 returns and looking into 2023 (5:18)
2023 AUTOMOBILE RATES - Increases to automobile rates for the 2023 tax year (3:47)
Reporting investment income from slips - Traps associated with downloading information (6:33)
Reviewing capital gains and losses and avoiding common traps associated with T5008 (7:50)
Foreign tax credit framework and the frequently reviewed deduction - What to do and not do (8:26)
Understanding when you need to file the T1135 and tips on filling out the form accurately (10:58)
Frequently encountered sutiations and some common questions & oversights regarding SFP (6:30)
Deducting carrying charges on the T1 return - Tips and traps (6:57)
Understanding the deductibility of interest for shareholders of private enterprise (8:20)
TOSI - Tax on Split income and your responsibility as a personal tax preparer (9:17)
December 2022
Introduction to the December 2022 newsletter and what we'll be covering (4:10)
Court Case - Director personal liability for lack of due diligence - Tax court appeal criteria (7:29)
Transportation industry crackdown in the Federal Fall economic update (5:06)
Cryptocurrency framework - Legislative framework and discussion including upcoming CTA content (7:26)
Overview of the share buyback tax in the Federal Fall Economic Update (4:11)
T1 TIPS & TRAPS 1 - Hack for starting work on client files with tips and traps on deadlines and payments (8:04)
T1 TIPS & TRAPS 2 - The importance of payment and filing dates and hack for saving stress on discussions (8:32)
T1 TIPS & TRAPS 3 - Make sure you understand what gets filed with the tax returns - Elections and foreign reporting (6:01)
T1 TIPS & TRAPS 4 - Dealing with pre and post assessment reviews and tips on avoiding future headaches (6:46)
T1 TIPS & TRAPS 5 - Adjusting client tax returns - What you can and cannot do (9:59)
T1 TIPS & TRAPS 6 - Employment income is not as straight-forward as you might think - Review appropriately (11:11)
T1 TIPS & TRAPS 7 - General expenses on the T777 and traps inherent in employment deductions (8:38)
T1 TIPS & TRAPS 8 - Overview of general expenses that are commonly deducted when they are not eligible (8:33)
T1 TIPS & TRAPS 9 - Understanding vehicle expense deductions and various options on the T777 (8:05)
T1 TIPS & TRAPS 10 - Home office expense deductions and critical traps that you may find yourself in - SC PROJECT (5:22)
T1 TIPS & TRAPS 11 - Deducting assistant salaries - Tread carefully as it is an uphill battle (4:55)
T1 TIPS & TRAPS 12- What if the client doesn't have a T2200 - Can I still deduct employment expenses (7:09)
T1 TIPS & TRAPS 13 - Other frequently encountered questions and situation regarding the T2200 (4:38)
T1 TIPS & TRAPS 14 - Don't miss claiming the GST/HST employee rebate for additional credits (4:29)
November 2022
Introduction to the November 2022 newsletter (4:59)
Uber drivers buying an SUV vs. a luxury car - What if it is 100% business use? (6:41)
Court Case - Deductibility of business expenses and how CRA audits T2125 (8:39)
What if the T5018 is different from the actual revenues - Calendar vs. fiscal year (6:01)
FALL ECONOMIC UPDATE - Summary of Affordability Measures (4:40)
FALL ECONOMIC UPDATE - Summary of Housing Affordability Measures (6:56)
FALL ECONOMIC UPDATE - Canada Worker's Benefit - Automatic Advance (4:25)
FALL ECONOMIC UPDATE - Summary of other measures to be aware of (4:41)
SEMINAR 1 - Using corporate funds to purchase a principal residence (5:39)
SEMINAR 2 - Overview of the issues we will analyze for both of these options (8:45)
SEMINAR 3 - The most common option using shareholder loan and repayment under subsection 15(2) (9:05)
SEMINAR 4 - Issues with long term loans to shareholders - Capacity as shareholder vs. employee (8:26)
SEMINAR 5 - Reporting requirements for this arrangement and corporate tax (5:15)
SEMINAR 6 - Process and tax implications of having corporation own property (9:03)
SEMINAR 7 - What are the tax implications to the corporation of owning the property? (4:16)
SEMINAR 8 - Conclusion - Is it a good idea to get a corporation involved in purchasing a principal residence? (4:06)
October 2022
Introduction to the October 2022 newsletter and what we'll be covering this month (4:59)
New Federal Program - Dental care under the Canada Dental Benefit (5:29)
Affordability Programs - Top-ups to the GST-HST credit and Canada Housing Benefit (4:56)
Home office expenses deduction - Is CRA going to give people a hard time (6:12)
CRB Repayment - Overview of CRA review process and transparency (6:58)
CRB Self-employment - Proof you can provide to prove self-employment income (5:34)
Donation Schemes - History and the importance to avoid preparer penalties (9:59)
Caution - When analyzing complex tax planning schemes - be objective (6:22)
2x4 Contracting Part 2.01 - Corporate Vehicle Policy and Common Issues (4:40)
2x4 Contracting Part 2.02 - Working with Clients is not just about preparing the corporate tax return (5:26)
2X4 Contracting Part 2.03 - An overview of information that should be incorporated into vehicle policies (7:43)
2X4 Contracting Part 2.04 - What if the company is audited? - What will the auditor want to see regarding the vehicle policy? (5:51)
2X4 Contracting Part 2.05 - Analyze the vehilcle use of 2x4 Contracting and year end work to be done (4:46)
2X4 Contracting Part 2.06 - Determining the standby charge and operating cost benefit using CRA's online automobile benefit calculator (8:57)
2X4 Contracting Part 2.07 - Auto benefits for sales manager and construction foreman - Decision on driving to and from home (7:04)
2X4 Contracting Part 2.08- Is the driving from home to the job site and back personal or business? (6:22)
2x4 Contracting Part 2.09 - Example of the T4 preparation for Enzo showing automobile benefits (2:37)
September 2022
Introduction to the September 2022 newsletter and what we'll be covering this month (4:24)
PENALTIES - Taxpayer relying on CRA website for TFSA information - Be careful with CRA site (6:15)
RRSP OVERCONTRIBUTION PENALTY - Misunderstanding and honest mistakes in overcontribution (5:58)
TAX COMPLEXITY - Be aware of certain defence against penalties - Don't expect reasonability (7:12)
TAXABLE BENEFIT - Tax court case dealing with a boat owned by corporation and related benefit (6:12)
TUITION CREDIT - CRA denies tuition carryforward for years taxpayer studied in the US (6:41)
OAS DECISION MAKING - Why delaying receiving the OAS can benefit retirees (7:23)
OAS DECISION MAKING - An overview of the situation where it does not make sense to start early (7:21)
2x4 Contracting Part 1.01 - Fixed asset acquisitions and company vehicles (5:21)
2x4 Contracting Part 1.02 - Review financial statements fixed assets and gain-loss on sale of assets (5:11)
2x4 Contracting Part 1.03 - Overview of the details of epuipment purchases and disposals to report Schedule 8 (4:04)
2X4 Contracting Part 1.04 - Reporting the transactions on Schedule 8 for contruction and other equipment (7:29)
2X4 Contracting Part 1.05 - Determining whether assets are Class 10 or Class 10.1 vehicles (8:19)
2X4 Contracting Part 1.06 - Reporting the Class 10 acquisitions and dispositions - Motor vehicles (4:25)
2X4 Contracting Part 1.07 - Reporting the Class 10.1 acquisitions and dispositions - Passenger Vehicles (5:31)
2X4 Contracting Part 1.08 - New Class 56 for electric vehicles (6:46)
2x4 Contracting Part 1.09 - Comparing the new CCA capital asset programs and what it means for businesses (4:23)
August 2022
Introduction to the August 2022 newsletter and what we'll be covering (3:59)
CRA TAX GAP REPORT - Minister of National Revenue releases Tax Gap report - What is in store for practitioners? (6:03)
PERSONAL SERVICE BUSINESS - From the tax gap report we have our first CRA project targeting potential PSB's (5:31)
CRA PSB PROJECT - The industries the CRA will likely be targeting for this project (4:23)
OAS INCREASE - Augmentation to OAS pension for seniors aged 75 years and older (2:15)
CANADA CHILD BENEFIT - Increases to the Canada Child Benefit for fiscal 2022-23 (4:12)
PRESCRIBED RATE INCREASE - Upcoming increases to the CRA prescribed rate and discussion (5:21)
HOBBY OR BUSINESS - Court case on poker player being assessed with business income (9:09)
PERSONAL OR BUSINESS TRAVEL - Was the travel between home and the work place personal (4:15)
T2 CASE 1 - DIMARCO GROUP - Corporate Group Case Study - Complexity - Put yourself in the driver's seat (6:48)
T2 CASE 2 - DIMARCO GROUP - Introducing The DiMarco family and group - Overview of our project (7:55)
T2 CASE 3 - DIMARCO GROUP - Expanding the group to include Enzo's brother and his corporate group (7:41)
T2 CASE 4 - DIMARCO GROUP - Looking at both the micro and macro factors we'll be analyzing and working through (8:40)
T2 CASE 5 - DIMARCO GROUP - Approach and methodology we'll be using to teach these concepts (5:09)
T2 CASE 6 - DIMARCO GROUP - Overview of the planning necessary to tackle the tax reporting obligations of the entities (6:20)
T2 CASE 7 - DIMARCO GROUP - Conceptual example of the Small Business Deduction and issues to consider (5:58)
July 2022
Introduction to the July 2022 newsletter and what we'll be covering (4:00)
PAYROLL AUDITS - Ongoing CRA payroll audits and what you can expect to encounter (7:38)
COURT CASE - Employee benefit stemming from payroll audit and questioning business (7:26)
BUSINESS SENSE -Second-guessing the business decision of business owners (7:19)
UNDERGROUND ECONOMY - Revisit rules and issues with respect to filing T5018 slips for subcontractors (7:26)
PLATFORM ECONOMY - General overview of the different segments of the platform economy (6:34)
PLATFORM ECONOMY - Tax implications and reporting requirements for various platforms (9:21)
PLATFORM ECONOMY - Understanding the GST-HST implications of the platform economy (6:05)
PLATFORM ECONOMY - There is a difference between ride sharing and delivery service for GST/HST purposes (4:58)
PLATFORM ECONOMY - Understanding the tax and GST-HST requirements for rental accomodations (7:17)
IMMEDIATE EXPENSING - Legislation has been tabled and can now begin making claims (5:15)
TAX PRACTICE BLUEPRINT 1 - Client Personal Tax Folders - Best Practice ideas for personal filing system (3:01)
TAX PRACTICE BLUEPRINT 2 - Give some careful consideration to the digital vs physical file management format (8:06)
TAX PRACTICE BLUEPRINT 3 - How the system works and the benefits of keeping your tax clients folders this way (4:36)
TAX PRACTICE BLUEPRINT 4 - Why this system works and how it makes your life easier (7:38)
TAX PRACTICE BLUEPRINT 5 - Some other ideas to make the system even more useful in practice management (4:16)
TAX PRACTICE BLUEPRINT 6 - Electronic documents and filing system for historical documents and returns (6:03)
TAX PRACTICE BLUEPRINT 7 - Simple example of what I put into my tax folders as discussed in this module (6:44)
June 2022
Introduction to the June 2022 newsletter and what we'll be covering (4:02)
Augmentation of the small business deduction and what it means for associated corporations (6:34)
Provisions related to the 2 year ban on the purchase of residential real estate by non-residents (3:19)
Underused Housing Tax - Additional potential filing requirements for CCPC and filing issues (4:49)
SALE OF HOME - Court case - On account of income or capital? (6:02)
NEW PROGRAM - Canada Digital Adoption Program - New program to help businesses create an online presence (4:11)
DRAFT LEGISLATION - Some potential good news for late applications of CEWS and CERS programs (2:55)
COVID-19 MEASURES - A brief drill-down of what is happening in the COVID measures area (4:39)
T1 MASTERCLASS 1 - Cumulative Net Investment Loss - What is the CNIL and who does it apply to? (4:01)
T1 MASTERCLASS 2 - Overview of the calculation and definition of investment income and expenses (5:00)
T1 MASTERCLASS 3 - Example of a scenario where CNIL balance will affect CGE calculation (5:45)
T1 MASTERCLASS 4 - How does the CNIL balance affect the CGE in the year of sale (4:04)
T1 MASTERCLASS 5 - How do you eliminate a CNIL balance if you are planning to sell (3:26)
CORPORATE TAX 1 - Personal Service Business and why we need to be aware of them (5:58)
CORPORATE TAX 2 - History of the PSB and how we got to where we are today (3:43)
CORPORATE TAX 3 - Definition of a PSB under subsection 125(7) and the tax implications for PSB income (7:35)
CORPORATE TAX 4 - Example of the tax rates and flow through on PSB income (5:28)
CORPORATE TAX 5 - An overview of the expenses that can be deducted and those that are disallowed for PSB's (5:31)
CORPORATE TAX 6 - How is a determination of PSB status made - Who can get caught? (6:57)
CORPORATE TAX 7 - A snapshot of court cases in the area of employee vs independent contractor (8:25)
CORPORATE TAX 8 - Industries that are most susceptible to the PSB rules - IT Consultants (7:27)
CORPORATE TAX 9 - Industries that are most susceptible to the PSB rules - Trucking (5:02)
CORPORATE TAX 10 - Final thoughts and other issues related to PSBs (8:09)
May 2022
Introduction to the May 2022 newsletter and what we'll be covering (3:17)
FEDERAL BUDGET 2022 - Tax Free First Home Savings Account - FHSA - Overview & Eligibility (5:29)
FEDERAL BUDGET 2022 - FHSA - Contributions and Withdrawals (7:48)
FEDERAL BUDGET 2022 - FHSA - Transfers and Interaction with HBP (3:22)
FEDERAL BUDGET 2022 - FHSA - Commentary and advisory (7:56)
FEDERAL BUDGET 2022 - Residential Property Flipping Rule and exemptions for life events (6:14)
FEDERAL BUDGET 2022 - Home Buyer's Tax Credit (3:16)
FEDERAL BUDGET 2022 - Reporting requirements for RRSP and RRIF accounts (2:57)
FEDERAL BUDGET 2022 - Multigenerational Home Renovation Tax Credit - Overview and who can claim (6:16)
FEDERAL BUDGET 2022 - Multigenerational Home Renovation Tax Credit -Eligible dwellings and allowable expenses (8:07)
FEDERAL BUDGET 2022 - Home Accessibility Tax Credit (3:41)
FEDERAL BUDGET 2022 - Labour Mobility Tax Deduction for Tradespeople (7:48)
CORPORATE TAX - The current state of income splitting for small business (3:51)
CORPORATE TAX - Paying salaries or bonuses out to family members to avoid TOSI issues (4:48)
CORPORATE TAX - What services are being provided to the company to justify the salaries (4:43)
CORPORATE TAX - The problem with unreasonable salaries and the double tax that results (4:47)
CORPORATE TAX - Some court cases that examined reasonability of salaries and bonuses (7:57)
April 2022
Introduction to the April 2022 newsletter and what we'll be covering this month (4:36)
CAI UPDATE - Figures and payments released for the Climate Action Incentive (4:18)
IMMEDIATE EXPENSING UPDATE - Draft legislation finally released along with new proposals (6:26)
IMMEDIATE EXPENSING - What should we do for those tax returns with capital purchases (6:01)
CRA & GAAR - Unfair crackdown on Canadian Business owners - Globe and Mail article (7:46)
TAX COURT APPEALS - Document released by CRA summarizing Tax Court income tax objection process (7:24)
TAX COURT APPEALS - Document released by CRA outlining process for appealing CPP-EI rulings (4:09)
CRA LETTER CAMPAIGN - CRA reviewing claims for the Principal Residence Exemption (5:51)
2022 BUDGET - Highlights of the home accessibility and affordability in the 2022 Budget (7:55)
2022 BUDGET - Highlight of the tax and business measures in Federal Budget 2022 (8:42)
T2 CASE 01 - Introduction to Black Swan Consulting Inc and what we'll be covering in case study (4:10)
T2 CASE 02 - Overview of the corporation and client profile for Black Swan Inc (6:07)
T2 CASE 03 - Review of the bookkeeping system and files provided by the client for the year end (9:17)
T2 CASE 04 - Review of last year's accounting file and information to begin process for working on 2021 (6:15)
T2 CASE 05 - Starting off with the bank reconciliation and analyzing and categorizing bank transactions (14:57)
T2 CASE 06 - Carrying forward the file & recording the journal entries for the bank reconciliation into accounting system (10:54)
T2 CASE 07 - Entering all of Leo's business expenses and finalizing the income and expenses (6:41)
T2 CASE 08 - Preparing and filing the HST return for Black Swan Consulting using the Quick Method (7:39)
T2 CASE 09 - Entering the investment transactions and slips into the tax return (6:56)
T2 CASE 10 - Owner manager compensation discussion with Leo and planning overview and T5 preparation (11:09)
T2 CASE 11 - Final review of the financial statements and file maintenance for our records (11:44)
T2 CASE 12 - Finalizing the corporate T2 return and T5 slip and summary to complete the file (17:43)
March 2022
Introduction to the March 2022 newsletter and what we'll be covering this month (4:04)
CRA RESOURCE - Small business checklist (updated by CRA end of January) and how it is useful to us (3:51)
MEDICAL EXPENSES - Covid-19 related medical expenses and what you should know (5:09)
HOME OFFICE EXPENSES - Covid update and what you can expect from CRA (5:26)
CCA VEHICLE PROJECTS - CRA now frequently reviews Class of vehicles - know the rules (7:10)
CCA VEHICLE - Understand the rules and nuances with respect to CCA on class 10.1 passenger vehicles (6:05)
PAYMENTS TO FAMILY MEMBERS - The risks of trying to take short cuts (6:00)
TAX CONCEPT - Know the implications and thought process for All or substantially all (4:50)
SOCIAL MEDIA INFLUENCERS - CRA project and tax implications and CRA project (5:35)
FOREIGN TAX CREDITS - CRA reviews and a conceptual overview of how the FTC and deduction works (7:37)
FOREIGN TAX CREDITS - Conceptual review of foreign tax credits and deductions (7:00)
T1 MASTERCLASS 1 - Topics and discussions on the Child Care Expenses (3:08)
T1 MASTERCLASS 2 - Some definitions relevant to child care expenses and common issues (4:07)
T1 MASTERCLASS 3 - Eligibility for child care expenses and the reason they are incurred (3:27)
T1 MASTERCLASS 4 - Understanding what earned income is for child care expenses (3:25)
T1 MASTERCLASS 5 - Planning and issues to be aware of with owner-manager clients (6:10)
T1 MASTERCLASS 6 - Process of claiming the child care expenses on the higher income (7:15)
T1 MASTERCLASS 7 - Claiming child care expenses when there is joint custody (6:29)
T1 MASTERCLASS 8 - Child care expenses when not in the country (4:55)
T1 MASTERCLASS 9 - What child care expenses can be claimed - Issues to be aware of (10:16)
February 2022
Introduction to the February 2022 newsletter and what we'll be covering this month (3:39)
COVID-19 PROGRAMS - CEBA loan repayment deadline extended (2:24)
CRA SERVICES - CRA listing of services that are available to representatives by authorization level (3:47)
CRYPTOCURRENCY - Guide to understanding how to report cryptocurrency transactions (7:30)
STAYCATION TAX CREDIT - New Ontario Staycation tax credit for purchases or vacations in 2022 (2:50)
Wallens Court Case - Issue of evidence not matching with filed tax returns (8:14)
McCreath Court Case - Deducting home office expenses when there is an office available at employer? (2:49)
Best practices and methodology for deducting assistant salaries on the T777 (5:24)
RENTAL INCOME - Claiming CCA when you have more than one rental property and applying the CCA rules (6:00)
COURT CASE - Claiming CCA on seven rental properties and other capital gain matters (9:57)
T1 MASTERCLASS - Topics and discussions on the Principal Residence Exemption (4:23)
T1 MASTERCLASS - Capital losses on the sale of a principal residence (2:29)
T1 MASTERCLASS - Capital losses on the sale of a cottage or vacation property (2:21)
T1 MASTERCLASS - A look at the critical definition of "ordinarily inhabited" in the Principal Residence definition (6:44)
T1 MASTERCLASS - Court Case - Can a shed on land qualify for the PRE (6:30)
T1 MASTERCLASS - What happens when there are two sposues and more than one PR (6:02)
T1 MASTERCLASS - Disposing of portion of a principal residence and claiming the PRE (2:26)
T1 MASTERCLASS - Disposing of a principal residence when it is situated on more than half-acre of land (4:47)
T1 MASTERCLASS - Court Case - Determining whether excess land is necessary to enjoyment as PR (5:58)
T1 MASTERCLASS - What happens when you build a home on land that you own (3:30)
January 2022
Introduction to the January 2022 newsletter and what we'll be covering this month (4:09)
PERSONAL TAX - Changes to the Disability Tax Credit Certificate (5:41)
PERSONAL TAX - Adjusting prior year returns for the Disability Tax Credit - Streamlining on the new T2201 (4:12)
PERSONAL & CORPORATE - The deductibility of expenses when you don't have receipts - Is it possible? (8:34)
COVID-19 PROGRAMS - Update on the Hardest Hit and Tourism Programs (6:59)
COVID-19 PROGRAMS - CRA is resuming CERS and CEWS reviews (4:37)
COVID-19 PROGRAMS - New Canada Worker Lockdown Benefit (10:44)
CRA ASSESSING - Issues pertaining to filing amended tax returns (6:52)
CRA REVIEW LETTERS - New post assessment review letters for Advertising and Promotion (4:07)
2022 AUTOMOBILE RATES - New automobile deduction and taxable benefit rates for 2022 - Finally an increase! (5:07)
CLIMATE ACTION INCENTIVE - Upcoming changes to the way the CAI is administered and paid (4:01)
PROPOSED PROGRAM - Small Business Air Quality Improvement Tax Credite Tourism and Hospitality Recovery Program (2:58)
TOURISM and HOSPITALITY PROGRAM - Details on business and industries eligible for the program (2:41)
TAX PRACTICE - Introduction - Pre-tax Season communication with clients - Letter and checklist (4:22)
TAX PRACTICE - Sending clients a letter with detailed instructions for the upcoming tax season (5:22)
TAX PRACTICE - What are the objectives of a tax checklist? The approach you should take to make this a useful document (6:09)
TAX PRACTICE - Sample client letter to send at the beginning of tax season - Template you can use as foundations for your own (10:08)
TAX PRACTICE - Sample checklist template that you can incorporate and make your own (14:19)
TAX PRACTICE - Adding appendices to your checklist to aid your client in reporting dollar values (5:40)
TAX PRACTICE - Consider adding RRSP contribution planning as a separate service (5:07)
December 2021
Introduction to the December 2021 newsletter and what we'll be covering (5:20)
UPDATE 2021 - Update on Federal Budget Provisions and where we are headed (20:09)
UPDATE 2021 -Covid-19 update on measures and two new programs - HHBRP & THBRP (23:40)
UPDATE 2021- Around the CRA - Administration and assessing (26:29)
UPDATE 2021 - The Small Business Deduction - Is it in its twighlight years (14:19)
UPDATE 2021 - The Small Business Deduction (SBD) - Seven areas to consider that could affect a company's ability to claim the SBD (36:36)
UPDATE 2021 - Reasonableness of bonuses in the new era of SBD reviews, and the passive income regime (11:18)
SHAREHOLDER BENEFITS - Section 15(1) Benefits and court cases of interest (Wolters Kluwer webinar) (18:30)
SHAREHOLDER BENEFITS - The interaction of various sections of the Act and shareholder benefit issues on the horizon (Wolters Kluwer webinar) (20:00)
SHAREHOLDER BENEFITS - Subsection 15(2) shareholder loan issues and applying this section in practice (Wolters Kluwer webinar) (18:16)
November 2021
Introduction to the November 2021 newsletter and what we'll be covering (4:09)
COURT CASE - Importance of vehicle log when trying to prove high business kilometre use (5:08)
EMPLOYMENT INSURANCE - Are you allowed to collect EI if you are starting a business (6:42)
GST/HST - Registration as a proprietor and corporation - Small supplier misunderstanding (3:44)
CRA APPEALS - Many practitioners having problems with Appeals not reviewing submissions (5:15)
DECEASED TAXPAYERS - Is it a good idea to file the tax returns early or wait until April 30 (4:28)
RENTAL INCOME - Issues with paying family members cash to do work on rental properties (4:48)
INTEREST DEDUCTIBILITY - TFSA Scheme where large RRSP converted to TFSA tax free (8:23)
INTEREST DEDUCTIBILITY - Court case challenging a reasonable expense deduction (5:14)
INTEREST DEDUCTIBILITY - Personal income vs corporate tax deduction on T2 (4:46)
CORPORATE TAX - Introduction to Shareholder Benefits - Importance in owner-managed business context (3:34)
CORPORATE TAX - Overview of the various sections that could apply in shareholder situations (6:35)
CORPORATE TAX - How does CRA catch these benefits and how they keep a look out (5:20)
CORPORATE TAX - Section 15(1) shareholder benefits - Personal use of corporate assets (6:36)
CORPORATE TAX - Section 15(2) shareholder loans - Borrowing money from the corporation (3:47)
CORPORATE TAX - Section 15(1.4)(c) - New addition to capture Non Arm's Length transactions (4:54)
CORPORATE TAX - Other subsections that may apply to shareholder benefits (5:09)
CORPORATE TAX - An example of shareholder benefits that could be caught under these provisions (6:36)
October 2021
Introduction to the October 2021 newsletter and what we'll be covering (2:53)
Overview of what to expect with the new Liberal government elected in September 2021 (6:24)
Federal Liberal campaign platform on helping first time home buyers (4:54)
New legislation proposed for real estate transactions on property held less than one year (4:44)
Existing CRA initiative and landscape in real estate transactions - Overview of CRA letter program (8:23)
COURT CASE - Real estate commisions on the sale of a property (5:28)
Are you able to deduct an expense even if you do not have a proper receipt (7:34)
Tax evasion is not just about unreported amounts or income (5:41)
COURT CASE - Can a business write off the wedding expenses of a family member (7:12)
T2 SCH125 REVIEW - Reviewing a client's financial information and gross margin review before filing (5:45)
T2 SCH125 REVIEW - Example of a client file with a changes that would make the result more useable (9:48)
T2 SCH125 REVIEW - Doing a GST-HST reasonability check along with the client year end before filing (7:26)
T2 SCH125 REVIEW - How to research NAICS codes using Statistics Canada and Canada Industry Statistics (5:35)
TAX PRACTICE BLUEPRINT 1 - The traditional way of training new staff members and why it doesn't work (4:29)
TAX PRACTICE BLUEPRINT 2 - An effective way of efficiently training your staff in the least amount of time (4:07)
TAX PRACTICE BLUEPRINT 3 - Consider client or filing specific training to make this system even more useful (4:08)
TAX PRACTICE BLUEPRINT 4 - How to develop the staff training and the software and equipment you will need (5:09)
September 2021
Introduction to the September 2021 newsletter and what we'll be covering (4:56)
The Canada Child Benefit - Overview and download of CRA Pamphlet for reference (7:37)
CRA COLLECTIONS - The lengths the CRA will go to when collecting debts (8:55)
TAX DEBT and BANKRUPTCY - Some issues when it comes to tax driven bankruptcies (7:52)
RENTAL INCOME - Deducting expenses when tenant damages property (6:10)
MEALS and ENTERTAINMENT - Frequently asked questions and misconception on deductions on Meals & Entertainment (7:04)
SHAREHOLDER BENEFITS - Renovations paid for by a corporation to property owned by the shareholder (7:04)
SHAREHOLDER BENEFITS - Court Case - Shareholder benefit substantial renovations paid for by the corporation (7:03)
SHAREHOLDER BENEFITS - Situations where legal documents are created after the fact (6:49)
SHAREHOLDER BENEFITS - Court Case - Leasehold improvements to shareholder's basement (6:12)
TAX PRACTICE BLUEPRINT 1 - Overview of this series and overcoming the challenges of running a tax practice (6:06)
TAX PRACTICE BLUEPRINT 2 - Which of these two practices would you prefer to buy? The self-employed vs business owner (6:07)
TAX PRACTICE BLUEPRINT 3 - How do you go from being a self-employed practitioner to a tax practice entrepreneur (4:29)
TAX PRACTICE BLUEPRINT 4 - What does a McDonald's restaurant have to do with your practice? (5:37)
TAX PRACTICE BLUEPRINT 5 - A working model of your dream and how McDonald's does it (8:30)
August 2021
Introduction to the August 2021 newsletter and what we'll be covering (4:12)
CRA UPDATE - Updated document on Objection and Appeals Rights - Important time saving information (8:49)
CRA UPDATE - Appeals rights for Canada Pension Plan and Employment Insurance (7:05)
CRA UPDATE - One time OAS increase this year and scheduled increases for next year (3:02)
SOURCE OF INCOME - Are there certain types of businesses that are excpeted - expectation of profit (6:09)
COURT CASE 1 - Source of income case involving run-off expenses of a law practice (6:02)
COURT CASE 2 - Legal practice where court determined whether there was a source of income (actual business) (5:48)
Employment Insurance - The issue of insurable earning for family memebers (5:54)
CORPORATE TAX - Schedule 53 - Where do my eligible dividends paid this year get reported? (5:21)
CORPORATE TAX - Accruing dividends but not paying them out - Does the corporation get RDTOH refunded? (3:27)
T2CASE 01 - Savard Holdings Revisted - What if scenario to solidfy investment income understanding (3:56)
T2CASE 02 - What if Savard Holdings had a year end other than December 31? Assume a March 31, 2021 year end (5:06)
T2CASE 03 - Understanding what is covered by T-slips and the transactions they disclose (5:50)
T2CASE 04 - Review of Savard Holdings transactions with a March 31, 2021 year end (10:48)
T2CASE 05 - Options for dividends - Reporting on actual dividends received vs using the slips (6:52)
T2CASE 06 - Solving the problem of investment clearing transactions (5:10)
July 2021
Introduction to the July 2021 newsletter and what we'll be covering (3:17)
CRHP - Government launches Canad Recovery Hiring Benefit Calculator to help calculate the new benefit (7:18)
CRA - Prescribed rates announced for third quarter of 2021 (2:20)
CRA WARNINGS - CRA warns of scheme related to TFSA Mortgage Investment Corporations (6:17)
CRA WARNINGS - CEWS scams and ensuring that you are dealing with a real CRA agent (6:19)
CRA CEWS AUDITS - Article from law firm on CEWS audits - What to expect and how to deal with them (6:55)
PERSONAL TAX - Enhancements to the Canada Workers Benefit for 2021 from Budget 2021 (3:37)
TOSI SCENARIO - Interpretation Bulleting from CRA regarding joint accounts and TOSI application (5:40)
SHAREHOLDER BENEFITS - Court case covering common situation in corporate tax (10:44)
T2CASE 01 - Introduction to Timothy Savard and the corporate structure we'll be looking at (6:39)
T2CASE 02 - Preparing the file and reporting the dividend received from Sunset Windows and Decks Ltd. (7:51)
T2CASE - 03 - Analyzing the transactions in the investment account and preparing for journal entries (14:28)
T2CASE - 04 - Using the investment income clearing account to capture and allocate income (4:26)
T2CASE - 05 - Recording the investment income and expenses on financial statements (13:28)
T2CASE - 06 - Reviewing and reconciling the T-slips received and recording investment income (14:04)
T2CASE - 07 - Preparing the corporate tax return for Savard Holdings Ltd (5:17)
T2CASE - 08 - Entering the capital gains on Schedule 6 of the tax return (3:27)
T2CASE - 09 - Entering the dividends received on Schedule 3 and completing investment reporting (10:25)
T2CASE - 10 - Deciding on whether to pay a dividend to Timothy and completing the year return (15:05)
June 2021
Introduction to the June 2021 newsletter and what we'll be covering (3:43)
NOTE - A part of this month's edition is curated from my Wolters Kluwer T2 Taxprep seminar (2:51)
BUDGET 2021 - Update on CEWS and CERS extensions with details on calculations and amounts (8:19)
BUDGET 2021 - Additional information on the Canada Hiring Recovery Benefit (8:08)
BUDGET 2021 - Immediate expensing of capital items - overview and example (5:46)
BUDGET 2021 - Tax deduction for Zero Emission Technology manufacturers (5:33)
BUDGET 2021 - Zero-emission vehicle and new CCA classes for vehicles (6:27)
CRA INTERPRETATION - Crediting the shareholder account and not paying O/M is not eligible for CEWS (3:43)
CRA INTERPRETATION - Business interruption insurance - is it extraordinary income or do we include it in subsidies? (2:12)
COURT CASE - Child care expenses - Thought process on deducting various expenses (7:47)
RENTAL EXPENSES - Is the cost to repair a deteriorating deck capital or current (6:48)
PASSIVE INCOME - Overview of the new passive income regime in corporations and government's objective (6:48)
PASSIVE INCOME - Dividend refunds - Old vs new regime and how it works - Sort through the confusion (4:46)
PASSIVE INCOME - Some observations and thought process to clear things up (5:22)
SBD PASSIVE INCOME GRIND - Passive income over 50k and breakdown of rules (7:18)
SBD PASSIVE INCOME GRIND - An interesting element of passive income rules in practice (4:18)
SBD PASSIVE INCOME GRIND - The issue with investment losses in other corporations (4:10)
May 2021
Introduction to the May 2021 newsletter and what we'll be covering (4:44)
TAX SEASON - Post 2020 T1 season and looking ahead to areas that may require some additional attention (6:21)
RENTAL INCOME - Court case examining "Source of Income" issue and capital vs. current expenses (8:35)
RENTAL INCOME - Court case examining the issue of travel expenses to out of country rental properties (6:30)
HOME OFFICE DEDUCTION - Can you deduct home office expenses on a rental property? Court case review (8:17)
RENTAL DEDUCTION - Can I deduct the cost of my iPad or computer? (4:37)
FEDERAL BUDGET 2021 - Overview of items of interest to tax practitioners - Part 1 (8:34)
FEDERAL BUDGET 2021 - Overview of items of interest to tax practitioners - Part 2 (10:25)
FEDERAL BUDGET 2021 - Expansion of electronic filing requirements and CRA communications (6:00)
April 2021
Introduction to the April 2021 newsletter and what we'll be covering (4:56)
COVID-19 MEASURES - Payment extensions for certain individuals owing tax (3:46)
BUSINESS INCOME - Court case on business vs hobby and "source of income" considerations (11:59)
Will the capital gains inclusion rate be increased to raise tax revenues (5:20)
PAYROLL - What happens with CPP and EI with numerous employees (6:27)
PAYROLL - Example of two tax returns showing the previous scenario questions (4:49)
PAYROLL - Extending the previous example to owner-manager associated corporations (7:28)
SOFTWARE - Tax software certification - using the government website (4:33)
PAYROLL - Paying out dividends with loss corporations - loan example (4:56)
COVID-19 - Details on the extension of the CEWS and CERS - Press Release (5:24)
NAVIGATING COMPILATIONS - Introduction to Jane's Flower Shoppe Inc - Example using new CSRS 4200 Standards (3:29)
NAVIGATING COMPILATIONS - Starting the engagement - Discussions with client about the engagement (7