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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)
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)
CRA MY ACCOUNT - Don't rely on the CRA AutoFill or My Account without reviewing (5:58)
PRE - How to make sure you catch all the possible residence dispositions and possible tax implications (3:33)
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 (7:02)
NAVIGATING COMPILATIONS - Accepting and continuing the engagement - Review of checklist (6:34)
NAVIGATING COMPILATIONS - Preparing or updating the Knowledge of Entity requirement for Jane's Flower Shoppe (10:05)
NAVIGATING COMPILATIONS - Performing the engagement and preparing journal entries (8:35)
NAVIGATING COMPILATIONS - Finalizing the year end and completing the corporate tax return (6:10)
NAVIGATING COMPILATIONS - Review of the compilation file checklist to comply with the new CSRS Standards (4:55)
NAVIGATING COMPILATIONS - Example of a client file maintenance using the new standards (12:14)
March 2021
Introduction to the March 2021 newsletter and what we'll be covering (4:06)
Corporate Tax Update - Preparing T2 Corporate Tax Returns - 2020/2021 T2 Returns (32:59)
2020 Personal Tax Update - Section 6 -Â Update on CERB net income issue and T-slip reporting issues (9:50)
2020 Personal Tax Update - Section 7 -Â Working from home expenses and employment deductions (7:45)
2020 Personal Tax Update - Section 8 -Â Example of work from home calculation and what you'll find (9:10)
2020 Personal Tax Update - Section 9 - Update on CEWS and CERS reporting - Eaned income for child care (9:27)
T2 CASE - 01 - Introduction to Comfort Systems Inc and the different teaching methodology for this course (4:11)
T2 CASE - 02 - Overview of Chris Flanagan and the August 2020 year end for Comfort Systems Ltd (8:42)
T2 CASE - 03 - Working through the year end process and work flow using various software (10:44)
T2 CASE - 04 - Working through year end file - Overview and dealing with Covid measures (10:25)
T2 CASE - 05 - Other entries to be made to the file based on discussions with Chris (9:30)
T2 CASE - 06 - Preparing the corporate tax returns and review of the file and financials (19:36)
T2 CASE - 07 - Other filing that needs to be done and providing adjusting journal entries (7:35)
T2 CASE - 08 - Contractor reporting requirements for construction industry businesses (8:23)
February 2021
Introduction to the February 2021 newsletter and what we'll be covering (3:17)
MANAGEMENT FEES - Paying non-registered account managemenr fees outside of plan (3:40)
RRIF MANAGEMENT FEES - If you are drawing income from RRIF are you allowed to deduct management fees? (2:49)
RRSP OVER CONTRIBUTION - Understand difference between over-contribution and underdeducted (5:47)
FILING OF T1135 - Can you mail a paper copy of T1135 and T1 return (4:27)
CORPORATE TAX - Taxation of CEBA loan forgiven amount and election (6:48)
CORPORATE TAX - Taxation of the CEWS and CERS for corporate tax returns (5:04)
NEW PROGRAM - Highly Affected Sectors Credit Availability Program (HASCAP) through the BDC (3:37)
CRA REVIEWS - CRA sending letters to review Schedule 50 on corporate returns (6:57)
OWNER-MANAGER PLANNING - Things to keep in mind while doing 2020 information returns and planning (4:49)
Navigating Compilations - Performing the Engagement - 5 Step Process (4:18)
Navigating Compilations - Step 1 - Obtaining Knowledge of Client (6:32)
Navigating Compilations - Step 2 - Prepare compiled information (4:48)
Navigating Compilations - Step 3 - Discuss judgement with management (3:59)
Navigating Compilations - Step 4 - Read the compiled information (5:35)
Navigating Compilations - Step 5 - Obtain management acknowledgement (3:35)
Navigating Compilations - Compilation checklist download and overview (5:26)
Navigating Compilations - Samples of Engagement Letter and Management Acknowledgement Letter (3:03)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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 - 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)
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)
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)
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)
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)
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)
FHSA ACCOUNTS - Questions on a couple of scenarios answered by CRA
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