Tax Bytes - Monthly Newsletter & Training
The monthly source of news and ongoing training for students and tax preparers who are new to the world of Canadian tax.
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The Tax Bytes Practice Mentor video newsletter and online training is designed and delivered with the “Tax Newbie” in mind … those of you who have just started or thinking of starting your career in accounting, tax and tax preparation.
Are you a student in college or university accounting programs? Or perhaps you are a bookkeeper who would like to leverage your bookkeeping business with up-to-date tax information and training? Are you someone who is looking to start a lucrative and profitable seasonal (or year round) business preparing tax returns for clients?
Then you have found THE source for current tax information and ongoing training in areas that are essential to your success in tax and tax preparation.
Ongoing tax education and professional development is a crucial element to becoming a reliable and valuable tax preparer and advisor. It is so crucial that the professional accounting bodies strip people of their designations if they don’t do the mandatory required hours of professional development.
Many of the newsletters available on the web I have found suffer from 3 things that make them difficult for students, tax newbies and even seasoned professionals to use:
- They are typically very technical in nature because they are prepared by tax professionals for other tax professionals
- The topics covered tend to be very specialized or specific to the areas practiced by the curators and writers of the newsletters.
- They tend to provide information only and no guidance. They are intended to drum up business for the firm publishing them and require you to call for (billable) advice.
The Canadian Tax Academy’s Tax Bytes newsletter is designed, curated and delivered to address all of these issues and make it a valuable tool to your business, practice or academic studies.
FEATURES
T1 Masterclass is a new series that started in September 2018. Each month, we take a more detailed look at topics in personal tax and T1 preparation. Think of this series as an ongoing Intermediate Tax course that keeps growing and growing. We'll also focus on running a smooth, and effective tax practice. We'll provide you with spreadsheets, checklists, form letters, and much more!
Online community where you can share your thoughts or questions for advice and recommendations from other tax preparers and accountants, including the newsletter’s creator and director.
Monthly video tutorials on the concepts covered, in the same teaching and presentation style you have all come to enjoy and expect from Ian DiNovo and the Canadian Tax Academy.
Email updates and up to date information on mission critical items that you need to know once they are released by the CRA or Federal Government so you can run your tax preparation practice effectively and accurately and know you are always working with current information.
Skill Snacks – We will regularly feature a mini training series in an area of tax (personal or corporate), practice management that is useful or vital to your professional practice or ongoing education. Not only will the Tax Bytes Video Newsletter keep you in the loop in the tax landscape, it will also sharpen your knowledge and build your skills.
Access to all previous months editions including all the tutorials and training content. The newsletter started in October 2016, so you will have access to all the editions including all the training from those months.
BENEFITS
UPDATES – Up to the minute tax information and explanation on the changes to tax laws and how they affect your clients. News commentary, budget reviews and analysis so that you can work with the most recent and applicable tax laws.
GUIDANCE – The tax world is a very fluid and ever-changing landscape. In the Guidance section of the newsletter you are provided with information and ideas taken from what is going on in the tax world.
CRA’S VIEWS – Let’s look under the hood of Canada’s tax administrator and look at the way they look at and administer Canada’s Income Tax Act. CRA’s view, opinions, guidelines and interpretations are of vital importance when applying tax rules to client files.
COURT CASES – One of the best tools for your consulting business and weapon against CRA is court cases. You will find that many newsletters cover cases as significant source of its content. The Tax Bytes newsletter is no different and will provide you with training on these cases and how to apply them effectively with you client files.
TOOLS & RESOURCES – We continuously scour the internet and other sources for useful tax tools, resources and information to help you run your practice and find the critical information you need to run it smoothly and efficiently. And with the video tutorial style of presentation, we not only tell you about them, but show you how to use them.
KNOWLEDGE BASE – continuous training and development though our monthly Skill Snack series – Online tax courses can only cover so much material before it becomes too long and detailed to the point where it is intimidating for students. The Tax Bytes newsletter continues to deliver valuable training in bite size segments with every issue.
Your Instructor
Ian DINovo is a professional accountant and Director of the Canadian Tax Academy. He has been practicing accounting and offering independent financial and business advice for over 20 years.
He is the creator of a number of courses dealing with business, tax and investment matters that are designed to make difficult topics easy to understand for everyone.
Courses Included with Purchase
Original Price: $696
Frequently Asked Questions
Course Curriculum
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StartIntroduction to the December 2024 newsletter and what we'll be covering this month (3:47)
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StartIRS TAX COLLECTION - Leaving the country will not alleviate someone of their Canadian tax debts (3:46)
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StartPRORATING CCA - Understanding when you need to prorate CCA and when you don't (4:10)
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StartCCA BUSINESS USE - Understanding when how to apply CCA business proration (4:26)
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StartFLIPPED PROPERTY RULES - How do you deal with losses on properties owned less than 365 days? (2:55)
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StartBARE TRUSTS 2024 - CRA updates requirements for filing 2024 bare trusts (2:27)
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StartGST-HST RELIEF FOR HOLIDAYS - Details on the measures introduced for the GST-HST holiday period (4:21)
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StartWORKING CANADIANS REBATE - Details regarding the $250 rebate cheques to working Canadians (4:36)
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StartCAPITAL GAINS INCLUSION - How do you deal with returns you have to file by deadline - CRA respsonse (6:05)
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StartSHAREHOLDER DEBITS 1 - Understanding the income inclusion rules and logistics for debit balances (4:26)
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StartSHAREHOLDER DEBITS 2 - What are the general rules for shareholder loans under the Income Tax Act (6:47)
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StartSHAREHOLDER DEBITS 3 - What happens in practice with loans and dealing with the imputed interest rules? (8:13)
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StartSHAREHOLDER DEBITS 4 - Example of clearing a shareholder debit balance using dividends (5:12)
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StartSHAREHOLDER DEBITS 5 - Example of clearing a shareholder debit balance using a bonus (10:04)
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StartSHAREHOLDER DEBITS 6 - Frequent questions when paying net salary (9:55)
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StartSHAREHOLDER DEBITS 7 - Tips and strategies on dealing with shareholder loans and income inclusions (6:44)
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StartSHAREHOLDER DEBITS 8 - Other strategies and methods for clearing the shareholder debit balance (8:52)
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StartREFINANCING FEES - Are refinancing fees paid to banks, lawyers and other deductible for rental purposes (3:33)
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StartIntroduction to the November 2024 newsletter and what we'll be covering this month (5:22)
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StartSPOUSAL LOANS - Caution on previously set up spousal loans where amounts are not paid (6:40)
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StartSPOUSAL LOANS - Is there a way to rectify and missed interest payments that were made (4:10)
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StartTFSA OVERCONTRIBTION - Court case illustrating a significant penalty and future penalty on an error (5:28)
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StartDISAGREEING WITH CRA - Fighting CRA misrepresentation penalties if you made an effort to understand (6:19)
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StartLETTER SCAMS - Scammers using CRA letters are getting better and more realistic - What to look out for (4:30)
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StartSHORT TERM RENTALS - Expense deduction denial for certain short term rental businesses (7:55)
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StartDO NOT RELY ON AFR - Issue encountered with downloading slips from the Auto Fill My Return system (4:26)
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StartSHAREHOLDER DEBITS 1 - Introduction and why shareholder debit balances are critical in corporate tax (4:15)
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StartSHAREHOLDER DEBITS 2 - What is the shareholder account and what does it mean to be in debit balance (7:24)
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StartSHAREHOLDER DEBITS 3 - A review of typical accounting and planning scenarios - Standard vs Problem (7:16)
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StartSHAREHOLDER DEBITS 4 - Example of a shareholder debit balance on a client's accounting records (11:19)
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StartSHAREHOLDER DEBITS 5 - Best practices for maintaining a shareholder account to avoid benefit assessments (6:18)
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StartSHAREHOLDER DEBITS 6 - Court case illustrating the problems with shareholder transactions in small business (7:23)
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StartSHAREHOLDER DEBITS 7 - Worst case scenario and what improper accounting and bookkeeping can lead to (3:39)
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StartIntroduction to the October 2024 newsletter and what we'll be covering this month (4:17)
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StartCRA AUDITS COVID-19 - CRA ramping up review of those not eligible to receive COVID-19 benefits (3:23)
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StartFOREIGN RENTAL INCOME AND SALE - How do we report income from foreign land and sale (5:37)
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StartGRADUATED RATE ESTATES - Some relief in the works with respect to carrying back losses (3:13)
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StartERRORS ON CRA ACCOUNT - Dealing with common typos on client file not as simple as it should be (5:52)
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StartINTEREST DEDUCTIBILITY - CRA updates folio with clarification on shares that don't pay dividends (6:57)
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StartINTEREST DEDUCTIBILITY - The disappearing source rule and deducting interest on loss investments PROJECT (3:57)
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StartCRA AUDIT - Court case of particular note to small practitioners when dealing with clients with cash sales (10:51)
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StartNET WORTH AUDITS 1 - What are Net Worth Audits and when are they used by the CRA (6:30)
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StartNET WORTH AUDITS 2 - What is the methodology used by auditors when conducting a Net Worth Audit PROJECT (6:11)
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StartNET WORTH AUDITS 3 - Some examples of calculations that illustrate the methodology and calculations (9:16)
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StartNET WORTH AUDITS 4 - The difficulties of Net Worth Audits where there are corporations involved (6:31)
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StartNET WORTH AUDITS 5 - Case were Net Worth Audit approach should not have been taken (5:32)
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StartNET WORTH AUDITS 6 - Detailed court review of NWA audit findings and challenging CRA abusive process (8:54)
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StartNET WORTH AUDITS 7 - Summary of other relevant court cases for common small practitioner clients (6:08)
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StartNET WORTH AUDITS 8 - Summary of net worth audit method approach and protection against audits (5:22)
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StartGST-HST - Self assessing imported taxable supplies - Often unknown or misunderstood trap (6:28)
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StartIntroduction to the September 2024 newsletter and what we'll be covering this month (4:15)
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StartABI OR SIB - Solar array panel and sale of electricity - Business income or SIB - Good guidance from CRA (6:48)
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StartCCA VEHICLES - What if I start using a vehicle for business that I've owned for a number of years (4:39)
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StartCHILD CARE EXPENSES - Can you pay a child's grandparents and claim child care expenses (5:03)
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StartCHILD CARE EXPENSES - Can language tutoring be claimed - Difference between allowable and denied (3:33)
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StartMANAGEMENT FEES - Court case regarding the reasonability of paying management fees to family (6:37)
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StartCAPITAL GAINS UPDATE - New events in Ottawa with NDP party pulling support could be interesting (4:55)
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StartBARE TRUSTS - Updates to filing requirements that are in process with the new rules (5:42)
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StartMOVING EXPENSES - Can someone move first and then claim moving expenses when they find a job (5:33)
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StartMOVING EXPENSES - Introduction to Masterclass and in-depth discussion of moving expenses (3:10)
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StartMOVING EXPENSES - Most frequently made error when reporting moving expenses (2:56)
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StartMOVING EXPENSES - Court case illustrating the link between the move and new work location (5:24)
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StartMOVING EXPENSES - Deductibility of legal fees related to the sale of the old home - Nuances (5:55)
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StartMOVING EXPENSES - Understand the difference between moving expenses and temporary locations (4:37)
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StartMOVING EXPENSES - Long delay between the new work location and the eligible move (3:52)
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StartIntroduction to the August 2024 newsletter and what we'll be covering this month (5:23)
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StartNON-RESIDENTS - Payments of rent made to non-resident landlords without withholding tax (6:11)
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StartNON-RESIDENT PROPERTY SALES - Withholding tax on the sale of property by non-residents (6:09)
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StartNON-RESIDENT PROPERTY SALES - Areas where this rule also applies that is an area of caution (2:56)
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StartCRA AUDITS - CRA demands for information are being strengthened and given more teeth (6:50)
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StartGST/HST RELATED COMPANIES - Election to not charge GST/HST between related companies (6:16)
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StartGST/HST RELATED COMPANIES - Trap - Misunderstood exemptions or ineligibility for the election (5:34)
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StartBARE TRUSTS - Update on what is going on in the bare trust landscape and where we are at (4:19)
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StartBARE TRUSTS - CRA technical interpretation on the year end of a bare trust and filing requirement (4:21)
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StartCAPITAL GAINS INCLUSION - The one burning question has been answered by draft legislation PROJECT (5:22)
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StartTAX PRACTICE BLUEPRINT - Introduction to the 12 Week year and overview of this ground breaking system (5:58)
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StartTAX PRACTICE BLUEPRINT - Concept 1 - Being the captain of the ship sterring both your firm and your clients- business (5:40)
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StartTAX PRACTICE BLUEPRINT - Concept 2 - Setting the table for the next day and more (5:54)
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StartTAX PRACTICE BLUEPRINT - Concept 3 - Building a practice that is a franchise prototype (4:15)
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StartTAX PRACTICE BLUEPRINT - Overview of the 12-Week year system for accounting and tax practitioners (8:53)
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StartTAX PRACTICE BLUEPRINT - Customizing the 12 Week year for accounting and tax practitioners (9:19)
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StartTAX PRACTICE BLUEPRINT - Breakdown of Year 1 and Year 2 of the system (12:02)
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StartTAX PRACTICE BLUEPRINT - Breakdown of Year 3 and Year 4 of the system (10:58)
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StartTAX PRACTICE BLUEPRINT - The 12-Week plan becomes your checklist - Be as detailed as possible (10:56)
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StartTAX PRACTICE BLUEPRINT - Use this as part of your marketing to wow your clients (5:04)
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StartCOMMENTARY - An interesting article on the fairness of the Canadian Income Tax System (7:44)
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StartIntroduction to the July 2024 newsletter and what we'll be covering this month (5:02)
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StartPOLICY IDEAS - The filing system can easily be simplified by allowing the family as the primary tax unit (8:19)
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StartFILING ELECTIONS - Using the new Special Elections and Returns and what is considered making an election (6:22)
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StartCRYPTOCURRENCY - What are the tax implications or tax treatment for mining bitcoin (6:56)
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StartCRYPTOCURRENCY - How the permanent establishment rules would apply to bitcoin mining equipment (4:37)
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StartBUSINESS INCOME - Technical interpretation on the tax treatment of ransomware attacks (5:06)
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StartGROSS NEGLIGENCE PENALTIES - But I asked the CRA what to do and they changed their mind (5:02)
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StartCCA PROGRAM PHASE-OUTS - The phase-out of the AIIP rates starting in 2024 (3:59)
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StartCCA PROGRAM PHASE-OUTS - Phase-out of the immediate expensing rules for 2024 (4:00)
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StartITA SECTION 160 1 - Practitioners can be giving what they think is good advice but contrary Section 160 (3:23)
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StartITA SECTION 160 2 - Section 160 of the Income Tax Act and what it does (9:14)
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StartITA SECTION 160 3 - Court case for Section 160 and FMV of assets transferred (9:45)
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StartITA SECTION 160 4 - COURT CASE - Section 160 - Can dividends be considered compensation (7:56)
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StartITA SECTION 160 5 - COURT CASE - Section 160 on provision of legal services to a related corporation (6:09)
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StartITA SECTION 160 6 - Summary of other important planning numbers for corps and personal planning (6:12)
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StartITA SECTION 160 7 - Planning to avoid or minimize the effect of Section 160 (6:07)
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StartIntroduction to the June 2024 newsletter and what we'll be covering this month (4:06)
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StartCAPITAL GAINS INCLUSION - How much more will corporations pay on capital gains (4:20)
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StartCAPITAL GAINS INCLUSION - Comparison of new capital gains tax by province - revised (3:59)
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StartCAPITAL GAINS INCLUSION - Potential strategy for claiming the lower inclusion rate with a reserve (6:17)
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StartCAPITAL GAINS INCLUSION - Consider triggering tax in corporations - More to lose (4:49)
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StartCRA AUDITS and REVEIWS - Where the CRA is focusing audit activity according to the experts (8:23)
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StartCRA AUDITS and REVEIWS - Registered account FMV being reported and monitored by CRA (4:43)
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StartREAL ESTATE AUDITS - CRA provides an updated list on the areas they focus on in real estate (7:15)
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StartSOCIAL MEDIA INFLUENCERS - Income reporting and focusing on unreported income not aware of (4:56)
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StartBARE TRUSTS - Shouldn't people be able to file their own bare trust returns - Why would they have to? (7:58)
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StartPAYING DIVIDENDS 1 - Overview of dividends as a method of compensation (5:25)
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StartPAYING DIVIDENDS 2 - The process of deciding whether to pay dividends with losses (3:21)
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StartPAYING DIVIDENDS 3 - The next question you should examine is whether it is necessary (4:10)
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StartPAYING DIVIDENDS 4 - Example of paying a dividend with a profitable company - Still some work to do (4:03)
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StartPAYING DIVIDENDS 5 - Example of paying a dividend with a small profit in the current year (2:48)
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StartPAYING DIVIDENDS 6 - Example of paying a dividend with negative retained earnings (deficit) (4:18)
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StartPAYING DIVIDENDS 7 - Examine why you would even want to pay dividends in certain scenarios (5:00)
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StartPAYING DIVIDENDS 8 - Scenario where you may want to pay dividends even if is not necessary (6:45)
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StartBUDGET 2024 - Increase to the Lifetime Capital Gains Exemption on QSBC shares, fishing and farm property (2:36)
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StartIntroduction to the May 2024 newsletter and what we'll be covering this month (2:24)
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StartBUDGET 2024 - Increases to the Firefighters and Search and Rescue Volunteer Firefighters credit (2:26)
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StartBUDGET 2024 - Changes to the Canada Child Benefit creidt due to death of children (3:27)
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StartBUDGET 2024 - Increase to borrowing limit for RRSP Home Buyer's Plan (3:03)
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StartBUDGET 2024 - Consultation requested from stakeholders on qualified investments in registered accounts (4:26)
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StartBUDGET 2024 - Increase to the capital gains inclusion rate starting June 25-2024 (6:48)
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StartBUDGET 2024 - Who will be affected by this inclusion rate increase (6:09)
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StartBUDGET 2024 - Commentary on the practical and theoretical aspects of increase the inclusion rate (8:11)
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StartBUDGET 2024 - What to consider and discuss with clients before the June 25 date of increase (9:44)
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StartBUDGET 2024 - Canadian Entrepreneurs’ Incentive - Program details and conditions (8:16)
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StartBUDGET 2024 - Canada Carbon Rebate for Small Business - Introduction and preliminaries on new credit (3:13)
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StartBUDGET 2024 - Summary of other measures and programs (6:56)
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StartIntroduction to the April 2024 newsletter and what we'll be covering this month (3:18)
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StartBARE TRUST UPDATE - CRA news release on March 28 regarding filing of bare trusts for 2023 (3:54)
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StartBARE TRUST UPDATE - Guidance on being proactive to collect data and information for next year (8:20)
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StartBARE TRUST UPDATE - What the accounting tax and community at large has to say about the update (5:18)
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StartT-SLIP FILING FOR 2024 - The CRA has lowered the limit for paper filing of T-slips for 2024 (4:44)
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StartCHARITABLE DONATIONS - Carryforward on unclaimed donations allowed by CRA (6:07)
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StartBUSINESS LOSSES - An interesting case where losses allowed where a personal element was involved (5:51)
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StartCCA - Understanding the tax treatement of capital leases vs operating leases (7:00)
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StartJUDICIAL REVIEW - An option when CRA isn't reasonable but know what to expect (4:37)
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StartPRE - How to make sure you catch all the possible residence dispositions and possible tax implications (3:33)
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StartCRA MY ACCOUNT - Don't rely on the CRA AutoFill or My Account without reviewing (5:58)
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StartPRE - Principal Residence Exemption - Practical areas that are misunderstood and cause problems (3:13)
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StartPRE - What happens in the years when the house is being constructed or unoccupied? (3:29)
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StartPRE - When a non-resident purchases a home before he becomes a resident (2:28)
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StartPRE - Seasonal properties and selling in a portion of year where property cannot be inhabited (3:33)
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StartPRE - Can the PRE be claimed on a property that is inhabited or rented out to children? (3:07)
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StartIntroduction to the March 2024 newsletter and what we'll be covering for this month (4:52)
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StartT2125 OWNER-MANAGER - Be careful when claiming contractor revenue for owner-managers (7:32)
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StartCANADA CARBON REBATE - New branding and the amounts for 2024-2025 (4:14)
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StartDEPENDANT TAX CREDIT MAZE 1 - Step 1 - The best approach to figuring out who claims what for tax credit amounts (9:55)
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StartDEPENDANT TAX CREDIT MAZE 2 - Step 2 - Running examples and what if scenarios (8:08)
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StartUBER DRIVER VEHICLES - Understand the class of existing vehicles and class 10.1 (5:53)
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StartAUTOMOBILE TRAP - Be careful when buying vehicles at the end of the year (5:21)
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StartDENYING GST ITC's - We know it-s not your fault but we really don't care (5:00)
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StartCLAIMING ITC'S - Recommendations for claiming ITC's - You won't like it (7:25)
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StartCOURT CASE - Issues with online MyAccount communication and missing deadlines (5:53)
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StartBARE TRUSTS - Clearing up the confusion and creating more in the process - What you need to know (9:13)
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StartBARE TRUSTS - Bare trusts vs Express Trusts - What's the difference (8:05)
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StartBARE TRUSTS - Bare trusts and the filing requirements for T3 Trust Returns (5:59)
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StartBARE TRUSTS - The most common bare trust agreements we'll encounter (9:43)
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StartBARE TRUSTS - Other areas where a bare trust may exist - Caution (8:29)
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StartBARE TRUSTS - Filing bare trust tax returns - What you need to know (12:11)
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StartBARE TRUSTS - Electronic filing requirements for trust returns - Process (6:32)
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StartBARE TRUSTS - Closing comments and how to inform clients (12:23)
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StartFHSA REPORTING - Reporting deductions to FHSA accounts on the T1 return (3:05)
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StartIntroduction to the February 2024 newsletter and what we'll be covering this month (4:58)
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StartFHSA REPORTING - Reporting deductions to FHSA accounts on the Schedule 15 and T1 return (4:01)
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StartFHSA REPORTING - Withdrawing funds from an FHSA account (7:23)
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StartFHSA REPORTING - How do you take money out of your First Home Savings Account? (4:51)
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StartCANADA WORKER'S BENEFIT - Overview of the program and the RC 210 slip (5:15)
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StartCANADA WORKER'S BENEFIT - Reporting the CWB prepayment on the T1 Return (7:04)
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StartNEW TAX CREDIT SCHEDULE - Schedule 12 - the Multi-Generational Home Renovation Tax Credit (4:41)
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StartMULTIGENERATIONAL TAX CREDIT - Example of using the Schedule 12 to determine eligibility (7:44)
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StartT2 CASE 1 - What do journal entries do - The difference between tax and financial statement items (5:55)
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StartT2 CASE 2 - Looking at a typical example of depreciation vs CCA for a Class 10-1 vehicle (5:01)
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StartT2 CASE 3 - Looking at the T2 return for 2x4 Contracting to report purchase and reconcile (5:50)
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StartT2 CASE 4 - What journal entries would you post to report the tax adjustments to the vehicle and CCA (5:48)
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StartT2 CASE 5 - How about any taxable benefits associated with the personal use of the vehicle (7:12)
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StartT2 CASE 6 - This will make sense conceptually to help you understand - Meals and entertainment expense (6:08)
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StartIntroduction to the January 2024 newsletter and what we'll be covering this month (4:30)
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StartA review of the Federal tax brackets for 2023 and other tax and levies (5:09)
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StartLooking at the Federal nonrefundable tax credits for 2023 and the Taxtips website (5:26)
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StartOverview of the payroll taxes - CPP and EI rates for 2023 and look into 2024 (3:44)
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StartOverview of the 2023 Employment withholding taxes for Quebec residents (2:59)
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StartOverview of other important numbers for 2023 returns - Automobile rates, RRSP, TFSA. Etc. (5:02)
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StartTFSA LIMIT - Updated 2024 TFSA limit and a common and costly mistake to look out for (5:10)
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Start2023 INTEGRATION - A look at the 2023 integration numbers for compensation planning (6:28)
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Start2023 HOME OFFICE - CRA releases guidance on claiming home office expenses for 2023 (2:40)
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StartSALES TAX REFRESHER 1 - GST-HST quiz and answers covering Excise Tax Act scenarios 1-6 (6:08)
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StartSALES TAX REFRESHER 2 - GST-HST quiz and answers covering Excise Tax Act scenarios 6-10 (7:36)
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StartT2 CASE 1 - Specified Corporate Income Rules and what they mean for the SBD and how we got here (7:35)
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StartT2 CASE 2 - What is Specified Corporate Income or "Tainted Income" and why is it important? (8:59)
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StartT2 Case 3 - Example 1 - Transactions and services between 2x4 Contracting and DiMarco Business Services (5:40)
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StartT2 CASE 4 - Example 2 - Transactions and services between 2x4 Contracting and Amc Windows & Doors (7:40)
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StartT2 CASE 5 - How do we fill out the T2 return to account for these transactions and properly claim SBD (6:19)
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StartT2 CASE 6 - Challenges faced by practitioners when dealing with the SCI reporting rules (6:00)
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StartIntroduction to the December 2023 newsletter and what we'll be covering (4:34)
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StartCRA AUDITS - It used to be that CRA had bigger fish to fry - Is that still the case (4:52)
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StartBUSINESS AUDIT - Was there a wholesale luxury aut sale business or was it a hobby (7:59)
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StartCASH AUDIT - How do you defend against cash that have been claimed but assessed as unreported income (8:15)
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StartMISPREPRESENTATION CRA - Cannot rely on information from CRA in all cases (5:49)
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StartTFSA TRADING - Stock trading within TFSA assessed as business income by CRA (5:18)
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StartFHSA - Strategy of withdrawing and deducting HBP amount approved by CRA (3:28)
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StartCEBA LOANS - Repayment deadline extended but still around the corner (4:13)
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StartFALL ECONOMIC UPDATE - Proposals to address reporting issues of Underused Housing Act (7:12)
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StartFALL ECONOMIC UPDATE - Short term rental being targeted by government (4:53)
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StartFALL ECONOMIC UPDATE - Commentary on the proposed Short-term rental expense denial proposal (4:23)
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StartFALL ECONOMIC UPDATE - Other business and GST/HST measures (4:52)
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StartIntroduction to the November 2023 newsletter and what we will be covering this month (4:48)
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StartUNDERUSED HOUSING TAX - Deadline extension and outstanding issues with no clarity (4:49)
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StartEMPLOYMENT EXPENSES - The nuances and pitfalls of what constitutes a reasonable allowance (6:36)
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StartEMPLOYMENT EXPENSES - When an allowance is unreasonable - it is entirely unreasonable (5:35)
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StartSOURCE OF INCOME - Engineer starts a business and writes off losses - Good questions provided (8:03)
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StartNEGLIGENCE PENALTIES - What not to do to ensure CRA does not open statute barred years (6:22)
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StartEI RULING SPOUSE - Duties of spouse challenged by CRA as being uninsurable (7:11)
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StartREVISIT T-5008 - Step-by-Step Process to accurate reporting and disclosures on tax return (9:02)
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StartREVISIT T-5008 - Reporting issues and common misunderstandings on T5008 (10:27)
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StartCONDO CORPS 1 - Other important matters and condo corp documents to be aware of (2:55)
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StartCONDO CORPS 2 - Status certificates and their importance in Condo management (4:11)
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StartCONDO CORPS 3 - Examples of a status certificate and breakdown of what's included (6:33)
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StartCONDO CORPS 4 - Other documents provided to new and potential owners regarding condo corp (3:15)
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StartCONDO CORPS 5 - What is a turnover meeting and why is it so important (3:20)
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StartCONDO CORPS 6 - Being aware of limitations fo financial statements audits and fraud (7:03)
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StartIntroduction to the October 2023 newsletter and what we will be covering this month (3:53)
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StartBUSINESS INCOME - When is it business income and when is it other income (8:09)
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StartCANADA WORKERS BENEFIT - A weird tax credit that that could result in reverse logic (4:57)
-
StartCASH TRANSACTIONS - Court Case - The difficulty of dealing with cash businesses and transactions (6:57)
-
StartNET WORTH AUDITS - How auditors wield this blunt weapon and how to fight against it (8:13)
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StartPROPERTY FLIPPING RULES - Potential unintended consequences of rules for individuals - Examples (6:58)
-
StartPROPERTY FLIPPING RULES - Potential unintended consequences of rules for corporations - Examples (5:51)
-
StartCONDO CORPS 1 -Tax filing obligations for Condominium Corporations as Not-for-Profit (8:12)
-
StartCONDO CORPS 2 - CRA activity in the area of condominium corporations to test NPO status (6:28)
-
StartCONDO CORPS 3 - Annual filing requirements for condominium corporations (8:04)
-
StartCONDO CORPS 4 - GST-HST Registration and filing for condominium corporations (3:24)
-
StartCONDO CORPS 5 - CRA IT Bulletins on commercial condominiums and NPO status - What if non-NPO? (6:00)
-
StartCONDO CORPS 6 - CRA IT Bulletins providing guidance on activities not considered NPO exempt (8:13)
-
StartIntroduction to the September 2023 newsletter and what we will be covering this month (3:54)
-
StartT2 SCHEDULE 141 - Overview of the new Schedule 141 and CPA-s recommendations (6:52)
-
StartMOVING EXPENSES - The nuances and grey areas of a "new work location" can be difficult to navigate (5:26)
-
StartMOVING EXPENSES - A lucrative deduction for the handful of students who are able to claim it (4:51)
-
StartBUSINESS COMMENCEMENT - When does a business actually start - Why important (5:57)
-
StartGAMBLING & POKER WINNINGS - When does it stop being a hobby and become a business (5:42)
-
StartCRA TARGETS SHOPIFY - Shopfiy fighting CRA over requests - Is it a broad fishing expedition (4:32)
-
StartINFLATION - How does inflation factor into taxes - It makes you pay more tax (8:42)
-
StartCONDO CORPS 1 - A closer look at Reserve Fund Studies and their importance to condominium corporations (6:38)
-
StartCONDO CORPS 2 - Who are permitted to do the Reserve Fund Study and what info (5:02)
-
StartCONDO CORPS 3 - The process to complete a reserve fund study and the different classess available (5:12)
-
StartCONDO CORPS 4 - What does the reserve fund study contain and how should it be used (9:09)
-
StartCONDO CORPS 5 - Example of a reserve fund study and financial analysis (10:43)
-
StartCONDO CORPS 6 - Contribution options available to unit owners to fund reserve & meet RFS targets (9:14)
-
StartIntroduction to the August 2023 newsletter (3:35)
-
StartT5008 SLIPS - What does CRA do with this information and how it can create problems (8:16)
-
StartSECTION 45 ELECTIONS - What happens if there are multiple changes in use - CRA guidance (4:36)
-
StartT2 STATUTE BARRED - Will CRA allow corporations to adjust corporate returns beyond statute barred years? (4:49)
-
StartCRA COVID REVIEWS - Article in National Post highlights process, inequities and success stories (5:37)
-
StartCRA AUDITS - CRA is asking landlords with rental losses how they intend to profit (5:27)
-
StartEMPLOYMENT EXPENSE AUDIT - Recent court case involving car dealership manager (5:59)
-
StartCONDO CORPS 1 - Overview of auditing considerations for condo corporations (6:25)
-
StartCONDO CORPS 2 - A detailed overview of auditing requirements for condominium corporation (8:15)
-
StartCONDO CORPS 3 - Reservations in the auditors reports - Sample reservation disclosures (6:26)
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StartCONDO CORPS 4 - The most common audit risks for condominium corporation audits (7:30)
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StartIntroduction to the July 2023 newsletter and what we will be covering this month (4:34)
-
StartCANADA PENSION PLAN - Phase 2 of the CPP enhancement program coming into effect 2024 (10:35)
-
StartCOVID-19 BENEFITS - CRA applying refunds and other credits to balances owing on benefit repayments (6:16)
-
StartNON-RESIDENT - Court case involving a tenant being liable for Part XIII withholding tax (6:42)
-
StartFHSA ACCOUNTS - Questions on a couple of scenarios answered by CRA (5:09)
-
StartUS TAX - FBAR FORM - Luckily the Supreme court said it is per form, not per account (3:38)
-
StartEMPLOYMENT EXPENSES - Sponsorship deduction by commissioned salesperson (6:01)
-
StartEMPLOYMENT EXPENSES - Deduction for a headhunter incurred by a commissioned investment advisor (4:07)
-
StartCONDO CORPS 1 - Accounting considerations for condo corporations - Financial statements (8:01)
-
StartCONDO CORPS 2 - An overview of the asset accounts and accounting (9:49)
-
StartCONDO CORPS 3 - An overview of the liability accounts of condo corporations (5:22)
-
StartCONDO CORPS 4 - A closer look at the Reserve fund and accounting - classifying transactions (11:18)
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StartCONDO CORPS 5 - Some sample financial statements including CPA sample financials (11:37)
-
StartIntroduction to the June 2023 newsletter and what we will be covering (5:06)
-
StartSHARED CUSTODY - When shared custody gets complicated for purposes of the Canada Child Benefit (6:20)
-
StartSPOUSAL SUPPORT PAYMENTS - Court case analyzing a flawed and expired written agreement (4:53)
-
StartBUSINESS VS. HOBBY - Appeal case heard regarding personal element of management fees to art gallery (6:10)
-
StartNET WORTH AUDIT - Small painting company owner goes through a questionable Net Worth Audit - Court Case (7:16)
-
StartLAW vs. CRA INTERPRETATION - Court cases providing clarification of what happens when there's bad info (6:13)
-
StartMEDICAL EXPENSES - Claiming medical expenses for a dependent when not paid (6:47)
-
StartCONDO CORPS 1 - Introduction to Not-for-Profit - Condominium Corporations - (focus on Ontario) - What we will study (6:26)
-
StartCONDO CORPS 2 - What is a condominium corporation - advantages and disadvantages of living in one (11:01)
-
StartCONDO CORPS 3 - A look at some financial aspects of condominium ownership (11:24)
-
StartCONDO CORPS 4 - Important definitions and roles and duties of the Board of Directors (10:27)
-
StartCONDO CORPS 5 - Condo corporation requirements and obligations - Annual and ongoing (9:42)
-
StartCONDO CORPS 6 - A brief look at the financial statements of Condominium corporations (3:24)
-
StartIntroduction to the June 2023 newsletter and what we will be covering (4:25)
-
StartALTERNATIVE MINIMUM TAX - Changes coming to the AMT regime and calcuation (8:26)
-
StartSELF-EMPLOYMENT - Can a hygienist deduct Uber fare if they are self-employed and work from different offices? (4:35)
-
StartCOURT CASE - Living common-law or not - Was there a conjugal relationship (4:44)
-
StartCOURT CASE - Business income in a TFSA from securities trading was taxable (5:46)
-
StartPRE UNIFIED FORMULA 1 - Examining the components of the PRE formula and making decisions (6:51)
-
StartPRE UNIFIED FORMULA 2- The Grand Unified Principal Residence Exemption Formula (7:20)
-
StartGSTHST APPLICATION - Interesting article on the GST/HST implications on some package size changes (6:10)
-
StartT2 CASE STUDY 1 - Reimbursing owner-managers for expenses - Options and tax savings we will examine (5:47)
-
StartT2 CASE STUDY 2 - The most effective and common way to reimburse owner-manager for expenses paid personally (7:51)
-
StartT2 CASE STUDY 3 - A more tax-effective way to reimburse owner-managers for expenses (4:22)
-
StartT2 CASE STUDY 4 - CRA reassessments of employment expenses and pushback from community (4:26)
-
StartT2 CASE STUDY 5 - How to effectively set up a T2200 employment expense deduction process (12:27)
-
StartT2 CASE STUDY 6 - Using a court case to challenge CRA on any non-deductible expenses (5:26)
-
StartT2 CASE STUDY 7 - Be aware of the pitfalls of loyalty point cards in these types of arrangements (5:55)
-
StartIntroduction to the April 2023 newsletter and what we will be covering (3:33)
-
StartFEDERAL 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)
-
StartUNDERUSED HOUSING TAX - Introduction and note on Toronto Vacant Home Tax vs Federal Tax (4:19)
-
StartUNDERUSED HOUSING TAX - Ownership of the property and how to determine - Land registry (3:39)
-
StartUNDERUSED HOUSING TAX - Overview of the Act and opening commentary on the practical side (9:25)
-
StartUNDERUSED HOUSING TAX - Definitions - Types of owners - Excluded vs Affected owners (8:46)
-
StartUNDERUSED HOUSING TAX - Definitions - What is a residential property and some examples (7:50)
-
StartUNDERUSED HOUSING TAX - Exclusions - Based on the type of ownership (8:35)
-
StartUNDERUSED HOUSING TAX - Exclusions - Based on the use of the property (8:51)
-
StartUNDERUSED HOUSING TAX - Calculating the tax and determining the property value (3:53)
-
StartUNDERUSED HOUSING TAX - Election for non-resident non-citizens of Canada (2:39)
-
StartUNDERUSED HOUSING TAX - What needs to be filed and what information do I need to file it? (11:39)
-
StartUNDERUSED HOUSING TAX - Dealing with the issue of spouses sharing the rental income and other areas (5:51)
-
StartUNDERUSED HOUSING TAX - Penalties, additional resources and closing comments (10:28)
-
StartIntroduction to the March 2023 newsletter and what we will be covering (3:00)
-
StartT2125 CCA CLAIMS - Immediate Expensing rules for personal tax returns - nuances and filing (9:32)
-
StartT2 CCA CLAIMS - Immediate Expensing review of Schedule 8 and designating DIEP (3:51)
-
StartT2 CCA CLAIMS - Make sure you do the manual work to allocate expenses properly (6:04)
-
StartPROPERTY LOSS - Claiming losses on rental properties - terminal losses and recapture (4:49)
-
StartGST/HST REBATE - Tax saving tip for the GST/HST rebate when you are late filing returns (4:45)
-
StartOverview of business income areas and GST/HST issues you may encounter (6:37)
-
StartThe importance of understanding your client's business and effective T2125 reporting (6:58)
-
StartAccurately prepare the GST/HST return and make sure you review any reports filed by client (4:35)
-
StartIssues you will encounter in the platform economy landscape - Reporting and GST/HST issues (11:13)
-
StartLooking at some common issues in the area of business income (9:13)
-
StartClaiming RRSP deductions properly and traps you should be aware of (8:24)
-
StartReviewing your client's child care expenses and ensuring you are getting maximum deductions (8:33)
-
StartSpousal and child support payment - income and deductions (6:08)
-
StartClaiming personal tax credits for dependants on tax returns - Tips and Hacks (7:13)
-
StartClaiming medical expenses on the proper line depending on relationship to taxpayer (6:49)
-
StartIntroduction to the February 2023 newsletter and what we will be covering (2:18)
-
StartIn-depth Overview - First Home Tax Free Savings Account - Eligibility & Contributions (8:39)
-
StartIn-depth Overview - First Home Tax Free Savings Account - Lifespan & Withdrawals (6:48)
-
StartIn-depth Overview - First Home Tax Free Savings Account - Transfers and spouses (7:46)
-
StartIn-depth Overview - First Home Tax Free Savings Account - Penalties - Death - Non-residents (5:57)
-
StartCRA Prescribed Rates - Pay extra close attention to instalment payments for clients (2:44)
-
StartResidential Property Flipping Rule - Now in effect and example of how it works (6:04)
-
StartLabour Mobility Tax Deduction - How to claim it on the 2022 tax return (2:35)
-
StartCOVID Repayments - New form T1A to help in claiming deduction in prior years (3:06)
-
StartOverview of rental income with areas and issues you will encounter (5:22)
-
StartDealing with renovations on rental properties and portion of your home (6:49)
-
StartTaking a look at rental income expenses - tips on what to look for and traps on deductions (13:08)
-
StartCapital cost allowance tips and traps - Makring the proper determination (8:53)
-
StartBusiness income vs capital in the rental income reporting landscape - Claiming CCA (7:09)
-
StartRental income as a source of income and deducting rental losses (9:40)
-
StartThe principal residence exemption and understanding the PRE formula and calculation (11:33)
-
StartUnderstanding Section 45 elections and what they do for a client's PRE formula (9:32)
-
StartLooking at the criteria to examine when the income vs capital question comes up (9:52)
-
StartIntroduction to the January 2023 newsletter and what we will be covering (3:56)
-
StartEMPLOYEE VS. CONTRACTOR - What triggers and audit in these areas (7:40)
-
StartCCA APPEAL COURT CASE - Retroactive CCA adjustment court case appeal decision (5:29)
-
StartCCA ADJUSTMENTS - Is it possible to retroactively change CCA claim - practical (5:17)
-
StartCOURT CASE - Revenue Quebec use of statistics to determine unreported income (6:41)
-
StartBOOKKEEPING - It is not an overstatement to stress the importance of bookkeeping (6:45)
-
StartCOURT CASE - Unreported income assessed on over $600,000 from family overseas (4:24)
-
StartGIFTS LOANS - Does CRA have to be notified of any large gifts or loans (4:21)
-
StartT1 UPDATE - A review of the Federal tax brackets for 2022 and other tax and levies (6:50)
-
StartCPP & EI RATES - Overview of payroll taxes - CPP and EI rates for 2022 and 2023 rates (4:03)
-
StartOTHER T1 NUMBERS - Overview of some important numbers for 2022 returns and looking into 2023 (5:18)
-
Start2023 AUTOMOBILE RATES - Increases to automobile rates for the 2023 tax year (3:47)
-
StartReporting investment income from slips - Traps associated with downloading information (6:33)
-
StartReviewing capital gains and losses and avoiding common traps associated with T5008 (7:50)
-
StartForeign tax credit framework and the frequently reviewed deduction - What to do and not do (8:26)
-
StartUnderstanding when you need to file the T1135 and tips on filling out the form accurately (10:58)
-
StartFrequently encountered sutiations and some common questions & oversights regarding SFP (6:30)
-
StartDeducting carrying charges on the T1 return - Tips and traps (6:57)
-
StartUnderstanding the deductibility of interest for shareholders of private enterprise (8:20)
-
StartTOSI - Tax on Split income and your responsibility as a personal tax preparer (9:17)
-
StartIntroduction to the December 2022 newsletter and what we'll be covering (4:10)
-
StartCourt Case - Director personal liability for lack of due diligence - Tax court appeal criteria (7:29)
-
StartTransportation industry crackdown in the Federal Fall economic update (5:06)
-
StartCryptocurrency framework - Legislative framework and discussion including upcoming CTA content (7:26)
-
StartOverview of the share buyback tax in the Federal Fall Economic Update (4:11)
-
StartT1 TIPS & TRAPS 1 - Hack for starting work on client files with tips and traps on deadlines and payments (8:04)
-
StartT1 TIPS & TRAPS 2 - The importance of payment and filing dates and hack for saving stress on discussions (8:32)
-
StartT1 TIPS & TRAPS 3 - Make sure you understand what gets filed with the tax returns - Elections and foreign reporting (6:01)
-
StartT1 TIPS & TRAPS 4 - Dealing with pre and post assessment reviews and tips on avoiding future headaches (6:46)
-
StartT1 TIPS & TRAPS 5 - Adjusting client tax returns - What you can and cannot do (9:59)
-
StartT1 TIPS & TRAPS 6 - Employment income is not as straight-forward as you might think - Review appropriately (11:11)
-
StartT1 TIPS & TRAPS 7 - General expenses on the T777 and traps inherent in employment deductions (8:38)
-
StartT1 TIPS & TRAPS 8 - Overview of general expenses that are commonly deducted when they are not eligible (8:33)
-
StartT1 TIPS & TRAPS 9 - Understanding vehicle expense deductions and various options on the T777 (8:05)
-
StartT1 TIPS & TRAPS 10 - Home office expense deductions and critical traps that you may find yourself in - SC PROJECT (5:22)
-
StartT1 TIPS & TRAPS 11 - Deducting assistant salaries - Tread carefully as it is an uphill battle (4:55)
-
StartT1 TIPS & TRAPS 12- What if the client doesn't have a T2200 - Can I still deduct employment expenses (7:09)
-
StartT1 TIPS & TRAPS 13 - Other frequently encountered questions and situation regarding the T2200 (4:38)
-
StartT1 TIPS & TRAPS 14 - Don't miss claiming the GST/HST employee rebate for additional credits (4:29)
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StartIntroduction to the November 2022 newsletter (4:59)
-
StartUber drivers buying an SUV vs. a luxury car - What if it is 100% business use? (6:41)
-
StartCourt Case - Deductibility of business expenses and how CRA audits T2125 (8:39)
-
StartWhat if the T5018 is different from the actual revenues - Calendar vs. fiscal year (6:01)
-
StartFALL ECONOMIC UPDATE - Summary of Affordability Measures (4:40)
-
StartFALL ECONOMIC UPDATE - Summary of Housing Affordability Measures (6:56)
-
StartFALL ECONOMIC UPDATE - Canada Worker's Benefit - Automatic Advance (4:25)
-
StartFALL ECONOMIC UPDATE - Summary of other measures to be aware of (4:41)
-
StartSEMINAR 1 - Using corporate funds to purchase a principal residence (5:39)
-
StartSEMINAR 2 - Overview of the issues we will analyze for both of these options (8:45)
-
StartSEMINAR 3 - The most common option using shareholder loan and repayment under subsection 15(2) (9:05)
-
StartSEMINAR 4 - Issues with long term loans to shareholders - Capacity as shareholder vs. employee (8:26)
-
StartSEMINAR 5 - Reporting requirements for this arrangement and corporate tax (5:15)
-
StartSEMINAR 6 - Process and tax implications of having corporation own property (9:03)
-
StartSEMINAR 7 - What are the tax implications to the corporation of owning the property? (4:16)
-
StartSEMINAR 8 - Conclusion - Is it a good idea to get a corporation involved in purchasing a principal residence? (4:06)
-
StartIntroduction to the October 2022 newsletter and what we'll be covering this month (4:59)
-
StartNew Federal Program - Dental care under the Canada Dental Benefit (5:29)
-
StartAffordability Programs - Top-ups to the GST-HST credit and Canada Housing Benefit (4:56)
-
StartHome office expenses deduction - Is CRA going to give people a hard time (6:12)
-
StartCRB Repayment - Overview of CRA review process and transparency (6:58)
-
StartCRB Self-employment - Proof you can provide to prove self-employment income (5:34)
-
StartDonation Schemes - History and the importance to avoid preparer penalties (9:59)
-
StartCaution - When analyzing complex tax planning schemes - be objective (6:22)
-
Start2x4 Contracting Part 2.01 - Corporate Vehicle Policy and Common Issues (4:40)
-
Start2x4 Contracting Part 2.02 - Working with Clients is not just about preparing the corporate tax return (5:26)
-
Start2X4 Contracting Part 2.03 - An overview of information that should be incorporated into vehicle policies (7:43)
-
Start2X4 Contracting Part 2.04 - What if the company is audited? - What will the auditor want to see regarding the vehicle policy? (5:51)
-
Start2X4 Contracting Part 2.05 - Analyze the vehilcle use of 2x4 Contracting and year end work to be done (4:46)
-
Start2X4 Contracting Part 2.06 - Determining the standby charge and operating cost benefit using CRA's online automobile benefit calculator (8:57)
-
Start2X4 Contracting Part 2.07 - Auto benefits for sales manager and construction foreman - Decision on driving to and from home (7:04)
-
Start2X4 Contracting Part 2.08- Is the driving from home to the job site and back personal or business? (6:22)
-
Start2x4 Contracting Part 2.09 - Example of the T4 preparation for Enzo showing automobile benefits (2:37)
-
StartIntroduction to the September 2022 newsletter and what we'll be covering this month (4:24)
-
StartPENALTIES - Taxpayer relying on CRA website for TFSA information - Be careful with CRA site (6:15)
-
StartRRSP OVERCONTRIBUTION PENALTY - Misunderstanding and honest mistakes in overcontribution (5:58)
-
StartTAX COMPLEXITY - Be aware of certain defence against penalties - Don't expect reasonability (7:12)
-
StartTAXABLE BENEFIT - Tax court case dealing with a boat owned by corporation and related benefit (6:12)
-
StartTUITION CREDIT - CRA denies tuition carryforward for years taxpayer studied in the US (6:41)
-
StartOAS DECISION MAKING - Why delaying receiving the OAS can benefit retirees (7:23)
-
StartOAS DECISION MAKING - An overview of the situation where it does not make sense to start early (7:21)
-
Start2x4 Contracting Part 1.01 - Fixed asset acquisitions and company vehicles (5:21)
-
Start2x4 Contracting Part 1.02 - Review financial statements fixed assets and gain-loss on sale of assets (5:11)
-
Start2x4 Contracting Part 1.03 - Overview of the details of epuipment purchases and disposals to report Schedule 8 (4:04)
-
Start2X4 Contracting Part 1.04 - Reporting the transactions on Schedule 8 for contruction and other equipment (7:29)
-
Start2X4 Contracting Part 1.05 - Determining whether assets are Class 10 or Class 10.1 vehicles (8:19)
-
Start2X4 Contracting Part 1.06 - Reporting the Class 10 acquisitions and dispositions - Motor vehicles (4:25)
-
Start2X4 Contracting Part 1.07 - Reporting the Class 10.1 acquisitions and dispositions - Passenger Vehicles (5:31)
-
Start2X4 Contracting Part 1.08 - New Class 56 for electric vehicles (6:46)
-
Start2x4 Contracting Part 1.09 - Comparing the new CCA capital asset programs and what it means for businesses (4:23)
-
StartIntroduction to the August 2022 newsletter and what we'll be covering (3:59)
-
StartCRA TAX GAP REPORT - Minister of National Revenue releases Tax Gap report - What is in store for practitioners? (6:03)
-
StartPERSONAL SERVICE BUSINESS - From the tax gap report we have our first CRA project targeting potential PSB's (5:31)
-
StartCRA PSB PROJECT - The industries the CRA will likely be targeting for this project (4:23)
-
StartOAS INCREASE - Augmentation to OAS pension for seniors aged 75 years and older (2:15)
-
StartCANADA CHILD BENEFIT - Increases to the Canada Child Benefit for fiscal 2022-23 (4:12)
-
StartPRESCRIBED RATE INCREASE - Upcoming increases to the CRA prescribed rate and discussion (5:21)
-
StartHOBBY OR BUSINESS - Court case on poker player being assessed with business income (9:09)
-
StartPERSONAL OR BUSINESS TRAVEL - Was the travel between home and the work place personal (4:15)
-
StartT2 CASE 1 - DIMARCO GROUP - Corporate Group Case Study - Complexity - Put yourself in the driver's seat (6:48)
-
StartT2 CASE 2 - DIMARCO GROUP - Introducing The DiMarco family and group - Overview of our project (7:55)
-
StartT2 CASE 3 - DIMARCO GROUP - Expanding the group to include Enzo's brother and his corporate group (7:41)
-
StartT2 CASE 4 - DIMARCO GROUP - Looking at both the micro and macro factors we'll be analyzing and working through (8:40)
-
StartT2 CASE 5 - DIMARCO GROUP - Approach and methodology we'll be using to teach these concepts (5:09)
-
StartT2 CASE 6 - DIMARCO GROUP - Overview of the planning necessary to tackle the tax reporting obligations of the entities (6:20)
-
StartT2 CASE 7 - DIMARCO GROUP - Conceptual example of the Small Business Deduction and issues to consider (5:58)
-
StartIntroduction to the July 2022 newsletter and what we'll be covering (4:00)
-
StartPAYROLL AUDITS - Ongoing CRA payroll audits and what you can expect to encounter (7:38)
-
StartCOURT CASE - Employee benefit stemming from payroll audit and questioning business (7:26)
-
StartBUSINESS SENSE -Second-guessing the business decision of business owners (7:19)
-
StartUNDERGROUND ECONOMY - Revisit rules and issues with respect to filing T5018 slips for subcontractors (7:26)
-
StartPLATFORM ECONOMY - General overview of the different segments of the platform economy (6:34)
-
StartPLATFORM ECONOMY - Tax implications and reporting requirements for various platforms (9:21)
-
StartPLATFORM ECONOMY - Understanding the GST-HST implications of the platform economy (6:05)
-
StartPLATFORM ECONOMY - There is a difference between ride sharing and delivery service for GST/HST purposes (4:58)
-
StartPLATFORM ECONOMY - Understanding the tax and GST-HST requirements for rental accomodations (7:17)
-
StartIMMEDIATE EXPENSING - Legislation has been tabled and can now begin making claims (5:15)
-
StartTAX PRACTICE BLUEPRINT 1 - Client Personal Tax Folders - Best Practice ideas for personal filing system (3:01)
-
StartTAX PRACTICE BLUEPRINT 2 - Give some careful consideration to the digital vs physical file management format (8:06)
-
StartTAX PRACTICE BLUEPRINT 3 - How the system works and the benefits of keeping your tax clients folders this way (4:36)
-
StartTAX PRACTICE BLUEPRINT 4 - Why this system works and how it makes your life easier (7:38)
-
StartTAX PRACTICE BLUEPRINT 5 - Some other ideas to make the system even more useful in practice management (4:16)
-
StartTAX PRACTICE BLUEPRINT 6 - Electronic documents and filing system for historical documents and returns (6:03)
-
StartTAX PRACTICE BLUEPRINT 7 - Simple example of what I put into my tax folders as discussed in this module (6:44)
-
StartIntroduction to the June 2022 newsletter and what we'll be covering (4:02)
-
StartAugmentation of the small business deduction and what it means for associated corporations (6:34)
-
StartProvisions related to the 2 year ban on the purchase of residential real estate by non-residents (3:19)
-
StartUnderused Housing Tax - Additional potential filing requirements for CCPC and filing issues (4:49)
-
StartSALE OF HOME - Court case - On account of income or capital? (6:02)
-
StartNEW PROGRAM - Canada Digital Adoption Program - New program to help businesses create an online presence (4:11)
-
StartDRAFT LEGISLATION - Some potential good news for late applications of CEWS and CERS programs (2:55)
-
StartCOVID-19 MEASURES - A brief drill-down of what is happening in the COVID measures area (4:39)
-
StartT1 MASTERCLASS 1 - Cumulative Net Investment Loss - What is the CNIL and who does it apply to? (4:01)
-
StartT1 MASTERCLASS 2 - Overview of the calculation and definition of investment income and expenses (5:00)
-
StartT1 MASTERCLASS 3 - Example of a scenario where CNIL balance will affect CGE calculation (5:45)
-
StartT1 MASTERCLASS 4 - How does the CNIL balance affect the CGE in the year of sale (4:04)
-
StartT1 MASTERCLASS 5 - How do you eliminate a CNIL balance if you are planning to sell (3:26)
-
StartCORPORATE TAX 1 - Personal Service Business and why we need to be aware of them (5:58)
-
StartCORPORATE TAX 2 - History of the PSB and how we got to where we are today (3:43)
-
StartCORPORATE TAX 3 - Definition of a PSB under subsection 125(7) and the tax implications for PSB income (7:35)
-
StartCORPORATE TAX 4 - Example of the tax rates and flow through on PSB income (5:28)
-
StartCORPORATE TAX 5 - An overview of the expenses that can be deducted and those that are disallowed for PSB's (5:31)
-
StartCORPORATE TAX 6 - How is a determination of PSB status made - Who can get caught? (6:57)
-
StartCORPORATE TAX 7 - A snapshot of court cases in the area of employee vs independent contractor (8:25)
-
StartCORPORATE TAX 8 - Industries that are most susceptible to the PSB rules - IT Consultants (7:27)
-
StartCORPORATE TAX 9 - Industries that are most susceptible to the PSB rules - Trucking (5:02)
-
StartCORPORATE TAX 10 - Final thoughts and other issues related to PSBs (8:09)
-
StartIntroduction to the May 2022 newsletter and what we'll be covering (3:17)
-
StartFEDERAL BUDGET 2022 - Tax Free First Home Savings Account - FHSA - Overview & Eligibility (5:29)
-
StartFEDERAL BUDGET 2022 - FHSA - Contributions and Withdrawals (7:48)
-
StartFEDERAL BUDGET 2022 - FHSA - Transfers and Interaction with HBP (3:22)
-
StartFEDERAL BUDGET 2022 - FHSA - Commentary and advisory (7:56)
-
StartFEDERAL BUDGET 2022 - Residential Property Flipping Rule and exemptions for life events (6:14)
-
StartFEDERAL BUDGET 2022 - Home Buyer's Tax Credit (3:16)
-
StartFEDERAL BUDGET 2022 - Reporting requirements for RRSP and RRIF accounts (2:57)
-
StartFEDERAL BUDGET 2022 - Multigenerational Home Renovation Tax Credit - Overview and who can claim (6:16)
-
StartFEDERAL BUDGET 2022 - Multigenerational Home Renovation Tax Credit -Eligible dwellings and allowable expenses (8:07)
-
StartFEDERAL BUDGET 2022 - Home Accessibility Tax Credit (3:41)
-
StartFEDERAL BUDGET 2022 - Labour Mobility Tax Deduction for Tradespeople (7:48)
-
StartCORPORATE TAX - The current state of income splitting for small business (3:51)
-
StartCORPORATE TAX - Paying salaries or bonuses out to family members to avoid TOSI issues (4:48)
-
StartCORPORATE TAX - What services are being provided to the company to justify the salaries (4:43)
-
StartCORPORATE TAX - The problem with unreasonable salaries and the double tax that results (4:47)
-
StartCORPORATE TAX - Some court cases that examined reasonability of salaries and bonuses (7:57)
-
StartIntroduction to the April 2022 newsletter and what we'll be covering this month (4:36)
-
StartCAI UPDATE - Figures and payments released for the Climate Action Incentive (4:18)
-
StartIMMEDIATE EXPENSING UPDATE - Draft legislation finally released along with new proposals (6:26)
-
StartIMMEDIATE EXPENSING - What should we do for those tax returns with capital purchases (6:01)
-
StartCRA & GAAR - Unfair crackdown on Canadian Business owners - Globe and Mail article (7:46)
-
StartTAX COURT APPEALS - Document released by CRA summarizing Tax Court income tax objection process (7:24)
-
StartTAX COURT APPEALS - Document released by CRA outlining process for appealing CPP-EI rulings (4:09)
-
StartCRA LETTER CAMPAIGN - CRA reviewing claims for the Principal Residence Exemption (5:51)
-
Start2022 BUDGET - Highlights of the home accessibility and affordability in the 2022 Budget (7:55)
-
Start2022 BUDGET - Highlight of the tax and business measures in Federal Budget 2022 (8:42)
-
StartT2 CASE 01 - Introduction to Black Swan Consulting Inc and what we'll be covering in case study (4:10)
-
StartT2 CASE 02 - Overview of the corporation and client profile for Black Swan Inc (6:07)
-
StartT2 CASE 03 - Review of the bookkeeping system and files provided by the client for the year end (9:17)
-
StartT2 CASE 04 - Review of last year's accounting file and information to begin process for working on 2021 (6:15)
-
StartT2 CASE 05 - Starting off with the bank reconciliation and analyzing and categorizing bank transactions (14:57)
-
StartT2 CASE 06 - Carrying forward the file & recording the journal entries for the bank reconciliation into accounting system (10:54)
-
StartT2 CASE 07 - Entering all of Leo's business expenses and finalizing the income and expenses (6:41)
-
StartT2 CASE 08 - Preparing and filing the HST return for Black Swan Consulting using the Quick Method (7:39)
-
StartT2 CASE 09 - Entering the investment transactions and slips into the tax return (6:56)
-
StartT2 CASE 10 - Owner manager compensation discussion with Leo and planning overview and T5 preparation (11:09)
-
StartT2 CASE 11 - Final review of the financial statements and file maintenance for our records (11:44)
-
StartT2 CASE 12 - Finalizing the corporate T2 return and T5 slip and summary to complete the file (17:43)
-
StartIntroduction to the March 2022 newsletter and what we'll be covering this month (4:04)
-
StartCRA RESOURCE - Small business checklist (updated by CRA end of January) and how it is useful to us (3:51)
-
StartMEDICAL EXPENSES - Covid-19 related medical expenses and what you should know (5:09)
-
StartHOME OFFICE EXPENSES - Covid update and what you can expect from CRA (5:26)
-
StartCCA VEHICLE PROJECTS - CRA now frequently reviews Class of vehicles - know the rules (7:10)
-
StartCCA VEHICLE - Understand the rules and nuances with respect to CCA on class 10.1 passenger vehicles (6:05)
-
StartPAYMENTS TO FAMILY MEMBERS - The risks of trying to take short cuts (6:00)
-
StartTAX CONCEPT - Know the implications and thought process for All or substantially all (4:50)
-
StartSOCIAL MEDIA INFLUENCERS - CRA project and tax implications and CRA project (5:35)
-
StartFOREIGN TAX CREDITS - CRA reviews and a conceptual overview of how the FTC and deduction works (7:37)
-
StartFOREIGN TAX CREDITS - Conceptual review of foreign tax credits and deductions (7:00)
-
StartT1 MASTERCLASS 1 - Topics and discussions on the Child Care Expenses (3:08)
-
StartT1 MASTERCLASS 2 - Some definitions relevant to child care expenses and common issues (4:07)
-
StartT1 MASTERCLASS 3 - Eligibility for child care expenses and the reason they are incurred (3:27)
-
StartT1 MASTERCLASS 4 - Understanding what earned income is for child care expenses (3:25)
-
StartT1 MASTERCLASS 5 - Planning and issues to be aware of with owner-manager clients (6:10)
-
StartT1 MASTERCLASS 6 - Process of claiming the child care expenses on the higher income (7:15)
-
StartT1 MASTERCLASS 7 - Claiming child care expenses when there is joint custody (6:29)
-
StartT1 MASTERCLASS 8 - Child care expenses when not in the country (4:55)
-
StartT1 MASTERCLASS 9 - What child care expenses can be claimed - Issues to be aware of (10:16)
-
StartIntroduction to the February 2022 newsletter and what we'll be covering this month (3:39)
-
StartCOVID-19 PROGRAMS - CEBA loan repayment deadline extended (2:24)
-
StartCRA SERVICES - CRA listing of services that are available to representatives by authorization level (3:47)
-
StartCRYPTOCURRENCY - Guide to understanding how to report cryptocurrency transactions (7:30)
-
StartSTAYCATION TAX CREDIT - New Ontario Staycation tax credit for purchases or vacations in 2022 (2:50)
-
StartWallens Court Case - Issue of evidence not matching with filed tax returns (8:14)
-
StartMcCreath Court Case - Deducting home office expenses when there is an office available at employer? (2:49)
-
StartBest practices and methodology for deducting assistant salaries on the T777 (5:24)
-
StartRENTAL INCOME - Claiming CCA when you have more than one rental property and applying the CCA rules (6:00)
-
StartCOURT CASE - Claiming CCA on seven rental properties and other capital gain matters (9:57)
-
StartT1 MASTERCLASS - Topics and discussions on the Principal Residence Exemption (4:23)
-
StartT1 MASTERCLASS - Capital losses on the sale of a principal residence (2:29)
-
StartT1 MASTERCLASS - Capital losses on the sale of a cottage or vacation property (2:21)
-
StartT1 MASTERCLASS - A look at the critical definition of "ordinarily inhabited" in the Principal Residence definition (6:44)
-
StartT1 MASTERCLASS - Court Case - Can a shed on land qualify for the PRE (6:30)
-
StartT1 MASTERCLASS - What happens when there are two sposues and more than one PR (6:02)
-
StartT1 MASTERCLASS - Disposing of portion of a principal residence and claiming the PRE (2:26)
-
StartT1 MASTERCLASS - Disposing of a principal residence when it is situated on more than half-acre of land (4:47)
-
StartT1 MASTERCLASS - Court Case - Determining whether excess land is necessary to enjoyment as PR (5:58)
-
StartT1 MASTERCLASS - What happens when you build a home on land that you own (3:30)
-
StartIntroduction to the January 2022 newsletter and what we'll be covering this month (4:09)
-
StartPERSONAL TAX - Changes to the Disability Tax Credit Certificate (5:41)
-
StartPERSONAL TAX - Adjusting prior year returns for the Disability Tax Credit - Streamlining on the new T2201 (4:12)
-
StartPERSONAL & CORPORATE - The deductibility of expenses when you don't have receipts - Is it possible? (8:34)
-
StartCOVID-19 PROGRAMS - Update on the Hardest Hit and Tourism Programs (6:59)
-
StartCOVID-19 PROGRAMS - CRA is resuming CERS and CEWS reviews (4:37)
-
StartCOVID-19 PROGRAMS - New Canada Worker Lockdown Benefit (10:44)
-
StartCRA ASSESSING - Issues pertaining to filing amended tax returns (6:52)
-
StartCRA REVIEW LETTERS - New post assessment review letters for Advertising and Promotion (4:07)
-
Start2022 AUTOMOBILE RATES - New automobile deduction and taxable benefit rates for 2022 - Finally an increase! (5:07)
-
StartCLIMATE ACTION INCENTIVE - Upcoming changes to the way the CAI is administered and paid (4:01)
-
StartPROPOSED PROGRAM - Small Business Air Quality Improvement Tax Credite Tourism and Hospitality Recovery Program (2:58)
-
StartTOURISM and HOSPITALITY PROGRAM - Details on business and industries eligible for the program (2:41)
-
StartTAX PRACTICE - Introduction - Pre-tax Season communication with clients - Letter and checklist (4:22)
-
StartTAX PRACTICE - Sending clients a letter with detailed instructions for the upcoming tax season (5:22)
-
StartTAX PRACTICE - What are the objectives of a tax checklist? The approach you should take to make this a useful document (6:09)
-
StartTAX PRACTICE - Sample client letter to send at the beginning of tax season - Template you can use as foundations for your own (10:08)
-
StartTAX PRACTICE - Sample checklist template that you can incorporate and make your own (14:19)
-
StartTAX PRACTICE - Adding appendices to your checklist to aid your client in reporting dollar values (5:40)
-
StartTAX PRACTICE - Consider adding RRSP contribution planning as a separate service (5:07)
-
StartIntroduction to the December 2021 newsletter and what we'll be covering (5:20)
-
StartUPDATE 2021 - Update on Federal Budget Provisions and where we are headed (20:09)
-
StartUPDATE 2021 -Covid-19 update on measures and two new programs - HHBRP & THBRP (23:40)
-
StartUPDATE 2021- Around the CRA - Administration and assessing (26:29)
-
StartUPDATE 2021 - The Small Business Deduction - Is it in its twighlight years (14:19)
-
StartUPDATE 2021 - The Small Business Deduction (SBD) - Seven areas to consider that could affect a company's ability to claim the SBD (36:36)
-
StartUPDATE 2021 - Reasonableness of bonuses in the new era of SBD reviews, and the passive income regime (11:18)
-
StartSHAREHOLDER BENEFITS - Section 15(1) Benefits and court cases of interest (Wolters Kluwer webinar) (18:30)
-
StartSHAREHOLDER BENEFITS - The interaction of various sections of the Act and shareholder benefit issues on the horizon (Wolters Kluwer webinar) (20:00)
-
StartSHAREHOLDER BENEFITS - Subsection 15(2) shareholder loan issues and applying this section in practice (Wolters Kluwer webinar) (18:16)
-
StartIntroduction to the November 2021 newsletter and what we'll be covering (4:09)
-
StartCOURT CASE - Importance of vehicle log when trying to prove high business kilometre use (5:08)
-
StartEMPLOYMENT INSURANCE - Are you allowed to collect EI if you are starting a business (6:42)
-
StartGST/HST - Registration as a proprietor and corporation - Small supplier misunderstanding (3:44)
-
StartCRA APPEALS - Many practitioners having problems with Appeals not reviewing submissions (5:15)
-
StartDECEASED TAXPAYERS - Is it a good idea to file the tax returns early or wait until April 30 (4:28)
-
StartRENTAL INCOME - Issues with paying family members cash to do work on rental properties (4:48)
-
StartINTEREST DEDUCTIBILITY - TFSA Scheme where large RRSP converted to TFSA tax free (8:23)
-
StartINTEREST DEDUCTIBILITY - Court case challenging a reasonable expense deduction (5:14)
-
StartINTEREST DEDUCTIBILITY - Personal income vs corporate tax deduction on T2 (4:46)
-
StartCORPORATE TAX - Introduction to Shareholder Benefits - Importance in owner-managed business context (3:34)
-
StartCORPORATE TAX - Overview of the various sections that could apply in shareholder situations (6:35)
-
StartCORPORATE TAX - How does CRA catch these benefits and how they keep a look out (5:20)
-
StartCORPORATE TAX - Section 15(1) shareholder benefits - Personal use of corporate assets (6:36)
-
StartCORPORATE TAX - Section 15(2) shareholder loans - Borrowing money from the corporation (3:47)
-
StartCORPORATE TAX - Section 15(1.4)(c) - New addition to capture Non Arm's Length transactions (4:54)
-
StartCORPORATE TAX - Other subsections that may apply to shareholder benefits (5:09)
-
StartCORPORATE TAX - An example of shareholder benefits that could be caught under these provisions (6:36)
-
StartIntroduction to the October 2021 newsletter and what we'll be covering (2:53)
-
StartOverview of what to expect with the new Liberal government elected in September 2021 (6:24)
-
StartFederal Liberal campaign platform on helping first time home buyers (4:54)
-
StartNew legislation proposed for real estate transactions on property held less than one year (4:44)
-
StartExisting CRA initiative and landscape in real estate transactions - Overview of CRA letter program (8:23)
-
StartCOURT CASE - Real estate commisions on the sale of a property (5:28)
-
StartAre you able to deduct an expense even if you do not have a proper receipt (7:34)
-
StartTax evasion is not just about unreported amounts or income (5:41)
-
StartCOURT CASE - Can a business write off the wedding expenses of a family member (7:12)
-
StartT2 SCH125 REVIEW - Reviewing a client's financial information and gross margin review before filing (5:45)
-
StartT2 SCH125 REVIEW - Example of a client file with a changes that would make the result more useable (9:48)
-
StartT2 SCH125 REVIEW - Doing a GST-HST reasonability check along with the client year end before filing (7:26)
-
StartT2 SCH125 REVIEW - How to research NAICS codes using Statistics Canada and Canada Industry Statistics (5:35)
-
StartTAX PRACTICE BLUEPRINT 1 - The traditional way of training new staff members and why it doesn't work (4:29)
-
StartTAX PRACTICE BLUEPRINT 2 - An effective way of efficiently training your staff in the least amount of time (4:07)
-
StartTAX PRACTICE BLUEPRINT 3 - Consider client or filing specific training to make this system even more useful (4:08)
-
StartTAX PRACTICE BLUEPRINT 4 - How to develop the staff training and the software and equipment you will need (5:09)
-
PreviewIntroduction to the September 2021 newsletter and what we'll be covering (4:56)
-
StartThe Canada Child Benefit - Overview and download of CRA Pamphlet for reference (7:37)
-
StartCRA COLLECTIONS - The lengths the CRA will go to when collecting debts (8:55)
-
StartTAX DEBT and BANKRUPTCY - Some issues when it comes to tax driven bankruptcies (7:52)
-
StartRENTAL INCOME - Deducting expenses when tenant damages property (6:10)
-
StartMEALS and ENTERTAINMENT - Frequently asked questions and misconception on deductions on Meals & Entertainment (7:04)
-
StartSHAREHOLDER BENEFITS - Renovations paid for by a corporation to property owned by the shareholder (7:04)
-
StartSHAREHOLDER BENEFITS - Court Case - Shareholder benefit substantial renovations paid for by the corporation (7:03)
-
StartSHAREHOLDER BENEFITS - Situations where legal documents are created after the fact (6:49)
-
StartSHAREHOLDER BENEFITS - Court Case - Leasehold improvements to shareholder's basement (6:12)
-
PreviewTAX PRACTICE BLUEPRINT 1 - Overview of this series and overcoming the challenges of running a tax practice (6:06)
-
StartTAX PRACTICE BLUEPRINT 2 - Which of these two practices would you prefer to buy? The self-employed vs business owner (6:07)
-
StartTAX PRACTICE BLUEPRINT 3 - How do you go from being a self-employed practitioner to a tax practice entrepreneur (4:29)
-
StartTAX PRACTICE BLUEPRINT 4 - What does a McDonald's restaurant have to do with your practice? (5:37)
-
StartTAX PRACTICE BLUEPRINT 5 - A working model of your dream and how McDonald's does it (8:30)
-
PreviewIntroduction to the August 2021 newsletter and what we'll be covering (4:12)
-
StartCRA UPDATE - Updated document on Objection and Appeals Rights - Important time saving information (8:49)
-
StartCRA UPDATE - Appeals rights for Canada Pension Plan and Employment Insurance (7:05)
-
StartCRA UPDATE - One time OAS increase this year and scheduled increases for next year (3:02)
-
StartSOURCE OF INCOME - Are there certain types of businesses that are excpeted - expectation of profit (6:09)
-
StartCOURT CASE 1 - Source of income case involving run-off expenses of a law practice (6:02)
-
StartCOURT CASE 2 - Legal practice where court determined whether there was a source of income (actual business) (5:48)
-
StartEmployment Insurance - The issue of insurable earning for family memebers (5:54)
-
StartCORPORATE TAX - Schedule 53 - Where do my eligible dividends paid this year get reported? (5:21)
-
StartCORPORATE TAX - Accruing dividends but not paying them out - Does the corporation get RDTOH refunded? (3:27)
-
StartT2CASE 01 - Savard Holdings Revisted - What if scenario to solidfy investment income understanding (3:56)
-
StartT2CASE 02 - What if Savard Holdings had a year end other than December 31? Assume a March 31, 2021 year end (5:06)
-
StartT2CASE 03 - Understanding what is covered by T-slips and the transactions they disclose (5:50)
-
StartT2CASE 04 - Review of Savard Holdings transactions with a March 31, 2021 year end (10:48)
-
StartT2CASE 05 - Options for dividends - Reporting on actual dividends received vs using the slips (6:52)
-
StartT2CASE 06 - Solving the problem of investment clearing transactions (5:10)
-
PreviewIntroduction to the July 2021 newsletter and what we'll be covering (3:17)
-
StartCRHP - Government launches Canad Recovery Hiring Benefit Calculator to help calculate the new benefit (7:18)
-
StartCRA - Prescribed rates announced for third quarter of 2021 (2:20)
-
StartCRA WARNINGS - CRA warns of scheme related to TFSA Mortgage Investment Corporations (6:17)
-
StartCRA WARNINGS - CEWS scams and ensuring that you are dealing with a real CRA agent (6:19)
-
StartCRA CEWS AUDITS - Article from law firm on CEWS audits - What to expect and how to deal with them (6:55)
-
StartPERSONAL TAX - Enhancements to the Canada Workers Benefit for 2021 from Budget 2021 (3:37)
-
StartTOSI SCENARIO - Interpretation Bulleting from CRA regarding joint accounts and TOSI application (5:40)
-
StartSHAREHOLDER BENEFITS - Court case covering common situation in corporate tax (10:44)
-
StartT2CASE 01 - Introduction to Timothy Savard and the corporate structure we'll be looking at (6:39)
-
StartT2CASE 02 - Preparing the file and reporting the dividend received from Sunset Windows and Decks Ltd. (7:51)
-
StartT2CASE - 03 - Analyzing the transactions in the investment account and preparing for journal entries (14:28)
-
StartT2CASE - 04 - Using the investment income clearing account to capture and allocate income (4:26)
-
StartT2CASE - 05 - Recording the investment income and expenses on financial statements (13:28)
-
StartT2CASE - 06 - Reviewing and reconciling the T-slips received and recording investment income (14:04)
-
StartT2CASE - 07 - Preparing the corporate tax return for Savard Holdings Ltd (5:17)
-
StartT2CASE - 08 - Entering the capital gains on Schedule 6 of the tax return (3:27)
-
StartT2CASE - 09 - Entering the dividends received on Schedule 3 and completing investment reporting (10:25)
-
StartT2CASE - 10 - Deciding on whether to pay a dividend to Timothy and completing the year return (15:05)
-
PreviewIntroduction to the June 2021 newsletter and what we'll be covering (3:43)
-
StartNOTE - A part of this month's edition is curated from my Wolters Kluwer T2 Taxprep seminar (2:51)
-
StartBUDGET 2021 - Update on CEWS and CERS extensions with details on calculations and amounts (8:19)
-
StartBUDGET 2021 - Additional information on the Canada Hiring Recovery Benefit (8:08)
-
StartBUDGET 2021 - Immediate expensing of capital items - overview and example (5:46)
-
StartBUDGET 2021 - Tax deduction for Zero Emission Technology manufacturers (5:33)
-
StartBUDGET 2021 - Zero-emission vehicle and new CCA classes for vehicles (6:27)
-
StartCRA INTERPRETATION - Crediting the shareholder account and not paying O/M is not eligible for CEWS (3:43)
-
StartCRA INTERPRETATION - Business interruption insurance - is it extraordinary income or do we include it in subsidies? (2:12)
-
StartCOURT CASE - Child care expenses - Thought process on deducting various expenses (7:47)
-
StartRENTAL EXPENSES - Is the cost to repair a deteriorating deck capital or current (6:48)
-
StartPASSIVE INCOME - Overview of the new passive income regime in corporations and government's objective (6:48)
-
StartPASSIVE INCOME - Dividend refunds - Old vs new regime and how it works - Sort through the confusion (4:46)
-
StartPASSIVE INCOME - Some observations and thought process to clear things up (5:22)
-
StartSBD PASSIVE INCOME GRIND - Passive income over 50k and breakdown of rules (7:18)
-
StartSBD PASSIVE INCOME GRIND - An interesting element of passive income rules in practice (4:18)
-
StartSBD PASSIVE INCOME GRIND - The issue with investment losses in other corporations (4:10)
-
StartIntroduction to the May 2021 newsletter and what we'll be covering (4:44)
-
StartTAX SEASON - Post 2020 T1 season and looking ahead to areas that may require some additional attention (6:21)
-
StartRENTAL INCOME - Court case examining "Source of Income" issue and capital vs. current expenses (8:35)
-
StartRENTAL INCOME - Court case examining the issue of travel expenses to out of country rental properties (6:30)
-
StartHOME OFFICE DEDUCTION - Can you deduct home office expenses on a rental property? Court case review (8:17)
-
StartRENTAL DEDUCTION - Can I deduct the cost of my iPad or computer? (4:37)
-
StartFEDERAL BUDGET 2021 - Overview of items of interest to tax practitioners - Part 1 (8:34)
-
StartFEDERAL BUDGET 2021 - Overview of items of interest to tax practitioners - Part 2 (10:25)
-
StartFEDERAL BUDGET 2021 - Expansion of electronic filing requirements and CRA communications (6:00)
-
StartIntroduction to the April 2021 newsletter and what we'll be covering (4:56)
-
StartCOVID-19 MEASURES - Payment extensions for certain individuals owing tax (3:46)
-
StartBUSINESS INCOME - Court case on business vs hobby and "source of income" considerations (11:59)
-
StartWill the capital gains inclusion rate be increased to raise tax revenues (5:20)
-
StartPAYROLL - What happens with CPP and EI with numerous employees (6:27)
-
StartPAYROLL - Example of two tax returns showing the previous scenario questions (4:49)
-
StartPAYROLL - Extending the previous example to owner-manager associated corporations (7:28)
-
StartSOFTWARE - Tax software certification - using the government website (4:33)
-
StartPAYROLL - Paying out dividends with loss corporations - loan example (4:56)
-
StartCOVID-19 - Details on the extension of the CEWS and CERS - Press Release (5:24)
-
StartNAVIGATING COMPILATIONS - Introduction to Jane's Flower Shoppe Inc - Example using new CSRS 4200 Standards (3:29)
-
StartNAVIGATING COMPILATIONS - Starting the engagement - Discussions with client about the engagement (7:02)
-
StartNAVIGATING COMPILATIONS - Accepting and continuing the engagement - Review of checklist (6:34)
-
StartNAVIGATING COMPILATIONS - Preparing or updating the Knowledge of Entity requirement for Jane's Flower Shoppe (10:05)
-
StartNAVIGATING COMPILATIONS - Performing the engagement and preparing journal entries (8:35)
-
StartNAVIGATING COMPILATIONS - Finalizing the year end and completing the corporate tax return (6:10)
-
StartNAVIGATING COMPILATIONS - Review of the compilation file checklist to comply with the new CSRS Standards (4:55)
-
StartNAVIGATING COMPILATIONS - Example of a client file maintenance using the new standards (12:14)
-
StartIntroduction to the March 2021 newsletter and what we'll be covering (4:06)
-
StartCorporate Tax Update - Preparing T2 Corporate Tax Returns - 2020/2021 T2 Returns (32:59)
-
Start2020 Personal Tax Update - Section 6 - Update on CERB net income issue and T-slip reporting issues (9:50)
-
Start2020 Personal Tax Update - Section 7 - Working from home expenses and employment deductions (7:45)
-
Start2020 Personal Tax Update - Section 8 - Example of work from home calculation and what you'll find (9:10)
-
Start2020 Personal Tax Update - Section 9 - Update on CEWS and CERS reporting - Eaned income for child care (9:27)
-
StartT2 CASE - 01 - Introduction to Comfort Systems Inc and the different teaching methodology for this course (4:11)
-
StartT2 CASE - 02 - Overview of Chris Flanagan and the August 2020 year end for Comfort Systems Ltd (8:42)
-
StartT2 CASE - 03 - Working through the year end process and work flow using various software (10:44)
-
StartT2 CASE - 04 - Working through year end file - Overview and dealing with Covid measures (10:25)
-
StartT2 CASE - 05 - Other entries to be made to the file based on discussions with Chris (9:30)
-
StartT2 CASE - 06 - Preparing the corporate tax returns and review of the file and financials (19:36)
-
StartT2 CASE - 07 - Other filing that needs to be done and providing adjusting journal entries (7:35)
-
StartT2 CASE - 08 - Contractor reporting requirements for construction industry businesses (8:23)
-
StartIntroduction to the February 2021 newsletter and what we'll be covering (3:17)
-
StartMANAGEMENT FEES - Paying non-registered account managemenr fees outside of plan (3:40)
-
StartRRIF MANAGEMENT FEES - If you are drawing income from RRIF are you allowed to deduct management fees? (2:49)
-
StartRRSP OVER CONTRIBUTION - Understand difference between over-contribution and underdeducted (5:47)
-
StartFILING OF T1135 - Can you mail a paper copy of T1135 and T1 return (4:27)
-
StartCORPORATE TAX - Taxation of CEBA loan forgiven amount and election (6:48)
-
StartCORPORATE TAX - Taxation of the CEWS and CERS for corporate tax returns (5:04)
-
StartNEW PROGRAM - Highly Affected Sectors Credit Availability Program (HASCAP) through the BDC (3:37)
-
StartCRA REVIEWS - CRA sending letters to review Schedule 50 on corporate returns (6:57)
-
StartOWNER-MANAGER PLANNING - Things to keep in mind while doing 2020 information returns and planning (4:49)
-
StartNavigating Compilations - Performing the Engagement - 5 Step Process (4:18)
-
StartNavigating Compilations - Step 1 - Obtaining Knowledge of Client (6:32)
-
StartNavigating Compilations - Step 2 - Prepare compiled information (4:48)
-
StartNavigating Compilations - Step 3 - Discuss judgement with management (3:59)
-
StartNavigating Compilations - Step 4 - Read the compiled information (5:35)
-
StartNavigating Compilations - Step 5 - Obtain management acknowledgement (3:35)
-
StartNavigating Compilations - Compilation checklist download and overview (5:26)
-
StartNavigating Compilations - Samples of Engagement Letter and Management Acknowledgement Letter (3:03)
-
StartIntroduction to the January 2021 newletter and what'we'll be covering this month (7:58)
-
StartNew T2 Case Studies Project - What is in store for 2021 and future years for subscribers (7:58)
-
StartNew T2 Case Studies Project - How to use the course and get the most (3:18)
-
Start2020 T1 Preparation Update - Section I - Overview, rates, credits and what's new (23:55)
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Start2020 T1 Preparation Update - Section II - A look at what's in store for T1 preparation with the COVID measures for 2020 (27:23)
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Start2020 T1 Preparation Update - Section III - Employment income reporting and COVID measures for 2020 (19:08)
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Start2020 T1 Preparation Update - Section IV - Business income reporting in 2020 including tax implications of CEBA loans and wage subsidies (14:56)
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Start2020 T1 Preparation Update - Section V - Other areas of tax and information for 2020 T1 returns (18:22)
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StartT2 CASE-01 - Introduction to Buzz Shift Marketing Inc. and it's owner Sylvia Maxwell (7:38)
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StartT2 CASE-02 - Year-end opening meeting with management and year end information (5:04)
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StartT2 CAS-03 - Review of the trial balance provided by the bookkeeper and additional questions (9:44)
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StartT2 CASE-04 - Dealing with the payroll remittances and amounts withdrawn by Sylvia (12:25)
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StartT2 CASE-05 - Recording the journal entries on BSM's accounting file to bring it up to date (7:31)
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StartT2 CASE-06 - What do we do about the vehicle purchase - options and discussions (6:37)
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StartT2 CASE-07 - How do we handle the monthly vehicle allowance that is being posted (8:51)
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StartT2 CASE-08 - Dealing with the business expenses on personal credit cards (13:06)
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StartT2 CASE-09 - Discussion with Syvlia regarding the clothing reimbursements on credit cards (3:45)
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StartT2 CASE-10 - Deciding what to do with the shareholder draw account - bonus or dividend (7:59)
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StartT2 CASE-11 - Final journal entries and final T2 with adjusting entry discussion and process (13:54)
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StartT2 CASE-12 - Preparing the T4 and T5 slips for Sylvia as part of our engagment and year end process (7:52)
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StartIntroduction to the December 2020 newsletter and what we'll be covering (3:30)
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StartNEW RENT SUBSIDY - New Canada Emergency Wage Subsidy - Overview (3:57)
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StartNEW RENT SUBSIDY -Review of the eligiblility criteria and details of the program (14:59)
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StartNEW RENT SUBSIDY - UPDATE - Need to apply or open the CRA ZA number for CERS (3:38)
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StartCOVID UPDATE - UPDATE - New CERB repayment letters in the mail (7:52)
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StartNEW RENT SUBSIDY - Example of calculator and how to fill it out (9:15)
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StartFEDERAL FISCAL UPDATE - Summary of fall update by Finance Minister Chrystia Freeland (7:11)
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StartCOVID MEASURES - Advising business struggling in pandemic (7:04)
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StartTAXABLE BENEFITS - Would clothing reimbursements by employer be a taxable benefit? (5:09)
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StartTAXABLE BENEFITS - Moving expense reimbursements by employer (4:33)
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StartTAXABLE BENEFITS - Employer contributions to employee crowd funding campaign (5:37)
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StartCOMPILATIONS 1 - New Compilation Standards P2 - Third Parties and Basis of Accounting (1:54)
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StartCOMPILATIONS 2 - Standards to be followed before accepting or continuing an engagement (4:47)
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StartCOMPILATIONS 3 - A discussion on third parties and what practitioners need to know (8:29)
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StartCOMPILATIONS 4 - Is the CRA considered a third party for Compilation purposes? (5:58)
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StartCOMPILATIONS 5 - Overview of the basis of accounting standard (5:38)
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StartCOMPILATIONS 6 - An overview of the possible accounting basis alternatives (10:01)
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StartCOMPILATIONS 7 - The engagement letter as documentation and acknowledgement (6:09)
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StartIntroduction to the November 2020 newsletter and what we'll be covering (4:07)
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StartCPP RATES - Legislated increases to come into effect in 2021 - significant increases (6:38)
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StartTELEWORKING - Employers not having a fixed place of business - Issues (6:28)
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StartCOURT CASE - Travel to and from work when paid a kilometre allowance - 2003 Case (6:12)
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StartCOURT CASE - Travel to and from work with vehicle expenses on T777 - Recent Case (5:03)
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StartCOURT CASE - A geologist trying to claim business losses with no income (8:08)
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StartCOMMENTARY - Claiming business expenses when there is no source of income (8:10)
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StartCOVID-19 MEASURES - Update on CEWS and review of CRA spreadsheet (6:30)
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StartCOVID-19 MEASURES - Update on the new commercial rent subsidy program CERS (7:12)
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StartCOVID-19 MEASURES - Useful government website tool to help businesses navigate the measures available (4:18)
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StartCOMPILATIONS 1 - New Compilation Standards -Part I - Overview and New Compilation Engagement Report (3:28)
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StartCOMPILATIONS 2 - The new compilation standard for Notice to Reader Engagements (7:52)
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StartCOMPILATIONS 3 - A brief history including why and how we got here (8:13)
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StartCOMPILATIONS 4 - Exceptions to the new compilation engagement standards (7:02)
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StartCOMPILATIONS 5 - Indpendance assesment - Review of prohibitions and threats (7:59)
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StartCOMPILATIONS 6 - How to solve the independence problems under new Standard (5:24)
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StartCOMPILATIONS 7 - An overview of the new compilation engagement report (5:02)
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StartCOMPILATIONS 8 - Date of the Compilation Engagement Report (CER) (3:34)
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StartCOMPILATIONS 9 - Responsibilities after the CER date and decision to amend (5:54)
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StartIntroduction to the October 2020 newsletter and what we'll be covering (3:38)
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StartCEWS UPDATE - Extension of CEWS into the Summer of 2020 and audit letters (5:10)
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StartRESPONSE BENEFIT - CERB is now going to be a part of the EI Program (6:26)
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StartCOMPENSATION - Does the CRA audit large fluctuations of either salary or dividends year to year? (5:05)
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StartCOVID COMPENSATION - Be extra careful with amending T-slips for the 2020 Covid (3:59)
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StartCPP - The decision on wheither to take CPP early or delay taking the pension (5:20)
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StartCOVID & SECTION 160 - Are the shareholders providing a personal guarantee in the Covid era? (4:48)
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StartINCOME SPLITTING - Legitimate income splitting through cash damning (4:41)
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StartIntroduction to the September 2020 newsletter and what we'll be covering (3:31)
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StartCOVID NEWS - Payroll and T4 reporting for the upcoming T4 season (3:24)
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StartCOVID NEWS - CEWS frequently asked questions update provided by CRA (3:42)
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StartCOVID NEWS - Update on extenstions to SRED filing deadlines (4:58)
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StartCOVID NEWS - Filing T1 returns deadlines to avoid issues with other benefit programs (2:36)
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StartCRA NEWS - Extension to electronic signature measures (2:12)
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StartCRA NEWS - Flat rate increase for meal allowances (2:37)
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StartTAX SCHEME - A new tax scheme to be aware of - Offshore disability plans (4:22)
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StartIntroduction to the August 2020 newsletter and what we'll be covering (3:18)
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StartCOVID-19 - CRA news and extensions recently announced regarding taxes and payments (4:42)
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StartNEW WAGE SUBSIDY - CEWS 2.0 - Summary of the new program and outline of changes (8:08)
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StartCEWS 2.0 - Base subsidy formula and how it works (7:38)
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StartCEWS 2.0 - Top Up Amount eligibility and calculation (7:20)
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StartCEWS 2.0 - Some additional aspects and points to consider for wage subsidy (8:28)
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StartCEWS 2.0 - Arm's length and Non Arm's length employees and other formulas (7:41)
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StartCEWS 2.0 - Notice of Determination and appeals (2:11)
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StartTrading of securities - is it income or capital - business income (6:36)
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StartTrading of securities -What about trading within a corporation (4:16)
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StartPERSONAL TAX - TIPS & TRAPS - P4 - Investment Income and Foreign Income Reporting (22:34)
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StartPERSONAL TAX - TIPS & TRAPS - P5 - Rental Income and Principal Residence Exemption (48:49)
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StartPERSONAL TAX - TIPS & TRAPS - P6 - Seniors and Students and Conclusion (17:56)
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StartIntroduction to the July 2020 newsletter and what we'll be covering (4:06)
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StartUpdate on extension of the emergency measures programs past the initial legislated period (6:43)
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StartCan you claim home expense deductions as an employee during COVID crisis? (3:57)
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StartAllowances and reimbursements for various purchases necessary for employees to be able to work from home (4:27)
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StartIssues with remitting GST-HST with the current crisis - Cash flow problems and director liability (5:35)
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StartBackdating salaries or accruing bonuses for owner-managers to be eligible for the CEWS (5:16)
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StartNew legislation that deals with the confusion around the 10% wage subsidy and interaction with the CEWS (4:55)
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StartCRA releases answers to a common concern regarding additional CERB income (2:20)
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StartCEBA eligibility now expanded to include small business that were left out of the loop (2:37)
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StartWeb site to provide clients with regarding government programs and benefits (3:02)
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StartNational Business Resumption Plan issued by the Government of Canada - Service Timelines (2:41)
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StartPERSONAL TAX - TIPS & TRAPS - P1 - Introduction to the course and round-up of recent changes to be aware of (17:26)
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StartPERSONAL TAX - TIPS & TRAPS - P2 - Business income and Tax On Split Income (TOSI) (51:43)
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StartPERSONAL TAX - TIPS & TRAPS - P3 - Employment income and deductions with other expenses - return examples (45:38)
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StartIntroduction to the June 2020 newsletter and what we'll be covering (3:33)
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StartDisability Tax Credit certificate and electronic filing (3:20)
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StartCOVID INFO - The new Canada Student Emergency Benefit - Eligibility (5:26)
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StartCOVID INFO - The new Canada Student Emergency Benefit - Monthly Attestation (4:25)
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StartCOVID INFO - The new Canada Student Emergency Benefit - Payments and Periods (5:42)
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StartCOVID INFO - Snitch line for those who are abusing the government programs (3:38)
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StartCOVID INFO - Accountants role in the COVID programs when dealing with clients (7:27)
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StartCOVID INFO - CRA returning to a full line of audit work (4:27)
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StartCorporate Tax - Update Tips & Traps - Part 1 - Overview of the course and roundup of changes in corporate tax (39:07)
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StartCorporate Tax - Update Tips & Traps - Part 2 - New investment income rules (38:08)
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StartCorporate Tax - Update Tips & Traps - Part 3 - T2 Corporate Tax Return Preparation Tips and Traps (18:43)
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StartCorporate Tax - Update Tips & Traps - Part 4 - CRA initiatives (47:29)
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StartCorporate Tax - Update Tips & Traps - Part 5 - Owner Manager comp and TOSI (34:20)
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StartIntroduction to the May 2020 newsletter (2:56)
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StartUpdate and what is happening with EI benefits and the CERA (8:35)
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StartUpdate and opening of the application process for the Canada Emergency Wage Subsidy (7:11)
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StartExample of the application process and filling on the CRA spreadsheet (12:40)
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StartDigging into some of the finer details and nuances with the CEWS application and rules (9:30)
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StartIllustration of the relief that is available to businesses and their employees (5:46)
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StartChallenges faced by the self-employed and small business community with measures (10:39)
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StartThe new Canada Emergency Commercial Rent Assistance Program (6:14)
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StartFrequently asked questions document for your review from CPA seminar (1:53)
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StartUPDATE - Additional information released on dividends and CEWS (2:19)
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StartUPDATE - More intricasies with the interaction between the 75 and 10 subsidy (3:12)
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StartIntroduction to the April 2020 newsletter and what we'll be discussing (3:18)
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StartCovid-19 Webinar 1 - An overview of the COVID 19 crisis and what we will be covering (5:06)
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StartCovid-19 Webinar 2 - Employment Insurance measures for Individuals and the new CERB (9:56)
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StartCovid-19 Webinar 3 - Tax deferrals and measures for individuals (4:27)
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StartCovid-19 Webinar 4 - Wage subsidy programs for businesses (8:02)
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StartCOVID-19 -Webinar 5 Tax deferrals and measures for business (6:05)
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StartCOVID-19 Webinar 6 - Loans and financing measures for business (7:23)
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StartCOVID-19 Webinar 7 - Work Sharing Programs for business and individuals (10:22)
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StartTFSA - Danger on gains from trading activity in a TFSA if deemed business income (4:58)
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StartTFSA - Handy chart for people who turned 18 recently (4:01)
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StartTFSA - Remember the rules for withdrawing money from TFSA especially in Covid crisis (4:01)
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StartCOURT CASE - Common situation on home office expenses addressed by courts (3:54)
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StartIntroduction to the March 2020 newsletter and what we'll be discussing (3:27)
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StartCRA AUDITS - Employment expenses for owner managers - CRA issues new guidance on this matter (7:15)
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StartCRA UPDATE - Email from CRA E-file desk warning of deceased taxpayers and date reporting error (2:48)
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StartCRA NEWS - Almost $1 billion of uncashed cheques with CRA and how to find out if any are for you or clients (3:23)
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StartCRA NEWS - Be careful when requesting ruling request for employees - may trigger and audit (4:37)
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StartCRA AUDITS - An overview of the approaches used by CRA in the area of small business audits (6:47)
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StartPERSONAL and CORPORATE TAX - Common errors or oversights on the T1135 foreign income reporting form (9:37)
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StartIntroduction to the February 2020 newsletter (4:02)
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StartTax update 2019 tax returns and upcoming 2020 tax returns (38:18)
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StartSummary of new rules that recently took effect for investment income (5:43)
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StartCorporate Tax update - Review of GRIP balances and what makes up GRIP (7:12)
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StartInvestment income rules - The new RDTOH and ERDTOH pools and rules for dividends (12:13)
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StartExample illustrating the ERDTOH and NERDTOH balances and flow through the actual Schedules (12:37)
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StartPassive income rules for income over 50k and the grind down of the small business deduction (6:08)
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StartExample of a common small business deduction grind for a medical practice (6:41)
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StartBUSINESS INCOME T2125 - Can you claim prior year expenses on the current year tax returns (6:05)
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StartIntroduction to the January 2020 newsletter and what we'll be discussing (4:09)
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StartPERSONAL TAX - Summary of personal tax return changes and the authorization process - details next month (6:20)
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StartPayroll number roundup for the 2019 tax year and the upcoming 2020 calendar year (7:15)
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StartRRSP and TFSA numbers for the 2019 season and the upcoming 2020 calendar year (5:28)
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StartSummary of vehicle expense tax numbers for 2019 year ends and upcoming year 2020 resource (6:03)
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StartCORPORATE TAX - CRA reviews of vehicle expenses - practitioner survey and guidance (4:38)
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StartCORPORATE TAX - Example of review letter for vehicle expenses and what they typically ask for (3:55)
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StartCORPORATE TAX - CRA reviews of repairs and maintenance - practitioner survey and what we've been seeing (3:27)
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StartPRINCIPAL RESIDENCE - Roundup of what's happening and issues practitioners are likely to face (6:39)
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StartPERSONAL TAX - Challenges faced by practitioners when dealing with income subject to TOSI (6:04)
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StartPERSONAL TAX - Dealing with TOSI when you don't know - what I do when I know it might apply (5:21)
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StartDREAM PRACTICE 1 - Add a multiplier effect to your business building - my personal example of a referral machine (8:33)
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StartDREAM PRACTICE 2 - Lawyers - real estate, corporate, divorce lawyers (6:56)
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StartDREAM PRACTICE 3 - Focus on tax lawyers for high income work and invaluable expertise (6:22)
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StartDREAM PRACTICE 4 - Investment advisors - especially for personal tax (6:58)
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StartDREAM PRACTICE 5 - Higher fee work with a focus on real estate and business brokers (5:19)
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StartDREAM PRACTICE 6 - Relationships with bookkeepers - beware of the double edged sword (5:41)
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StartDREAM PRACTICE 7 - Focus on building a motivated sales team rather than social media (4:06)
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StartIntroduction to the December 2019 newsletter and what we'll be covering (3:48)
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StartCORPORATE TAX - The grey area with specified investment businesses (4:52)
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StartCORPORATE TAX - Specified Investment Business versus active business (6:58)
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StartCRA AUDITS - Auditor's behaviour is irrelevant during the CRA audit process (6:51)
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StartThe little known area of judicial review and how it can help your clients (7:03)
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StartREAL ESTATE - Track the ACB of principal residence regardless of whether it will be exempt (4:51)
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StartREAL ESTATE - Extensions beyond the normal reassessment period (4:21)
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StartNEWSLETTER NEWS - Easier to access course content - Two courses added to your dashboard (2:26)
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StartDREAM PRACTICE 1 - Documenting and dealing with clients in your business (7:52)
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StartDREAM PRACTICE 2 - Keeping a daily log of calls and discussions (5:16)
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StartDREAM PRACTICE 3 - Example of a daily log and how to itemize and code notes (8:47)
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StartDREAM PRACTICE 4 - Creating action points and deadlines on your calendar (8:16)
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StartDREAM PRACTICE 5 - Migrating notes on conversations to client file (7:17)
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StartDREAM PRACTICE 6 - Creating memo to files on important decisions or action points (5:39)
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StartIntroduction to the November 2019 newsletter and what we'll be discussing (4:15)
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StartOAS rules and the ability to start taking it late - planning considerations (6:04)
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StartWCB & PERSONAL LIABILITY - Personal director liability issue with WSIB and a recent nasty court case (4:24)
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StartTFSA RULES - TFSA overcontribution penalties and recent CRA guidance on avoiding penalty tax (4:16)
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StartCORPORATE TAX - Non-deductible interest and penalties and other add backs - frequent question (3:52)
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StartCRA AUDITS - CRA targeting Home Depot customers to fight underground economy (3:16)
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StartDREAM PRACTICE 1 - Introduction - Corporate Tax Survival Guide II - Client Tax Matters (2:49)
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StartDREAM PRACTICE 2 - Tip 1 - Reviewing bank statements and revenue – particularly for trial balance clients (6:15)
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StartDREAM PRACTICE 3 - Tip 2 - Deal with owner-manager compensation before the start of the year (7:52)
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StartDREAM PRACTICE 4 - Tip 3 - Review the client’s payroll and benefits for both owner-managers & employees (6:12)
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StartDREAM PRACTICE 5 - Tip 4 -Related to previous two tips – focus on taxable benefits and withdrawals by owners (9:22)
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StartDREAM PRACTICE 6 - Tip 5 -Review shareholder transactions and account balances in detail & formulate plan (8:19)
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StartDREAM PRACTICE 7 - Tip 6 -Have a system for maintenance on clients’ CRA accounts – Keep clients current (7:41)
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StartDREAM PRACTICE 8 - Tip 7 -Review the G/L in detail and focus on large amounts and items that stick out (7:27)
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StartDREAM PRACTICE 9 - Tip 8 -Get help in areas that you are not familiar with or have no experience/expertise (5:47)
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StartIntroduction to the October 2019 newsletter and what we'll be discussing (3:41)
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StartSKILL SNACK 1 - Investment income in a corporation - Reporting & bookkeeping (4:10)
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StartSKILL SNACK 2 - Overview of investment income concepts and types of investment income (8:27)
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StartSKILL SNACK 3 - Understanding what is happening with a coporation's investments (9:19)
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StartSKILL SNACK 4 - Simple examples of transaction to solidify understanding of fundamentals (10:50)
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StartSKILL SNACK 5 - Two approaches to recording transaction in the corporation's records (6:59)
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StartSKILL SNACK 6 - Approach 1 - Working paper and single entry transactions (12:06)
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StartSKILL SNACK 7 - Approach 2 - Entering journal entries directly from T-slips (9:07)
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StartSKILL SNACK 8 - Entering transactions on the T2 schedules (17:55)
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StartSKILL SNACK 9 - Dealing with non calendar fiscal year end for corporations (14:19)
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StartDREAM PRACTICE - Introduction to Corporate Tax Practice and methodology used (4:28)
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StartDREAM PRACTICE - Tip 1 - Provide detailed year end material with instructions (9:02)
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StartDREAM PRACTICE - Tip 2 - Maintain a current client email database and send reminder emails (9:47)
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StartDREAM PRACTICE - Tip 3 - Have a year end planning and compensation meeting before year end (7:55)
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StartDREAM PRACTICE - Tip 4 - Keep up to date with what is going on in the tax world - build an arsenal (7:01)
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StartDREAM PRACTICE - Tip 5 - Keep clients well informed on news and issues with web site or emails (6:58)
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StartDREAM PRACTICE - Tip 6 - Build and maintain a series of firm policies on important tax or practice areas (8:42)
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StartIntroduction to the September 2019 newsletter and what we'll be discussing (4:09)
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StartGST/HST NEWS - GST-HST registration issues with innocent business owners denied ITC's (5:31)
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StartPERSONAL TAX - Reporting foreign income and filing the T1135 Foreign Income Verification Statement (7:07)
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StartPERSONAL TAX - Overview of the T1135 reporting requirements and what you need to know (8:13)
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StartPERSONAL TAX - Example of the reports you will receive from the broker for foreign income (12:31)
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StartTAX CREDITS - Process of claiming caregiver and other dependant credits - best practices (7:18)
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StartTAX CREDITS - How to determine what tax credits were available if you are doing prior year returns (5:48)
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StartFIRST TIME HOME BUYER'S INCENTIVE - More information on this program and an online calculator (2:29)
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StartONLINE TOOL - First time home buyers incentive online calculator review (4:58)
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StartCRA NEWS - New format for Represent A Client and CRA request to provide feedback to make it better (2:55)
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StartSKILL SNACK 1 - Tax Court of Canada - Overview of what you need to know (5:55)
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StartSKILL SNACK 2 - Overview of the appeal process and getting to tax court (4:55)
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StartSKILL SNACK 3 - Do you need to have a tax lawyer at tax court - formal vs informal procedure (7:29)
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StartSKILL SNACK 4 - Process of trying to settle the file with CRA lawyers before going to court (6:00)
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StartSKILL SNACK 5 - Example of the work an accountant may be asked to do (8:29)
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StartSKILL SNACK 6 - Informal route - Example of building a solid case and settling (6:23)
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StartSKILL SNACK 7 - Example of a more complicated tax court case and putting the case together (6:11)
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StartSKILL SNACK 8 - Building your business by doing work for tax lawyers (3:52)
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StartIntroduction to the August 2019 newsletter and what we'll be discussing (3:21)
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StartCOURT CASE - Split custody definition and what it means for various credits (4:06)
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StartCOURT CASE -Condo sale as capital and not income - application of gross negligence (6:11)
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StartPERSONAL TAX - Interest deductibility when there is no investment income on the T1 (5:44)
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StartNEW PROGRAM - First Time Home Buyer's Incentive - new government program (6:13)
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StartCRA NEWS - Late filed penalties and T5018 and T1135 penalties (4:53)
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StartSKILL SNACK WEBINAR 1 - Preparing tax returns & compilation engagements with imperfect information (3:32)
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StartSKILL SNACK WEBINAR 2 - Things to consider before you even take on these clients (10:10)
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StartSKILL SNACK WEBINAR 3 - Determine what you will need to file and the individual issues & deadlines (5:14)