Online Reviews: Employees Must Disclose their Connection to the Business

Under the Competition Act, employees posting reviews online about their employer or the competition must disclose their connection to the business, even if the individual provides their honest opinion. This requirement applies to all types of reviews, including testimonials. A January 18, 2024, Competition Bureau Canada News Release (Online reviews posted by employees: businesses could be liable) recommended that businesses establish policies and provide employee training to reduce the risk of liability. The release also…

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CEBA Repayment Deadline Extended: Some Issues

On September 14, 2023, the Department of Finance provided details on extending the deadline for Canada Emergency Business Account (CEBA) repayments, including the following key elements: the deadline to qualify for partial loan forgiveness (by paying the non-forgivable portion) has been extended from December 31, 2023 to January 18, 2024; if a refinancing application is made with the financial institution that provided the CEBA loan by January 18, 2024, the deadline to qualify for partial…

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Surcharge To Accept Payment Via Credit Card: GST/HST?

As of October 2022, merchants could charge an additional fee for accepting payment via creditcard. In a March 28, 2023 Technical Interpretation, CRA opined that the additional fee would be a separate exempt supply of a financial service and, therefore, not subject to GST/HST if all of the following conditions are met: the fee is charged to the cardholder solely for the acceptance of the use of the credit card as a payment method and…

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Enhanced First-Year CCA: Phase-Out After December 31, 2023

Over the past several years, several incentives permitting enhanced CCA claims in the year property first becomes available for use have been implemented. Claiming the enhanced first-year CCA provides a tax deferral by accelerating the deduction. The phase-out of these incentives will begin for assets that become available for use after December 31, 2023. Immediate expensing property (IEP)Many capital assets, other than those with particularly long lives (such as buildings), are eligible IEP. This includes…

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Enhanced GST Residential Rental Rebate: Increased Incentives

On September 14, 2023, the Department of Finance provided details on a proposal to enhance the existing GST rental rebate. In general, the existing rebate provides a 36% rebate of the GST component of the price paid by landlords to construct, or purchase newly constructed, rental property. The existing rebate begins to be phased out for properties valued at over $350,000 and is eliminated at $450,000. The proposal would increase the rebate from 36% to…

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2023 Remuneration

Higher personal income levels are taxed at higher personal rates, while lower levels are taxed at lower rates. Therefore, individuals may want to, where possible, adjust income out of high-income years and into low-income years. This is particularly useful if the taxpayer is expecting a large fluctuation in income due to, for example, an impending:  maternity/paternity leave; large bonus/dividend; or sale of a company or investment assets. In addition to increases in marginal tax rates,…

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Clothing Drive 2023

Thank you for the support for our 2023 Clothing Drive. It was a huge success! This year we supported the Anawim Houses for men and women and the Justice Van Society. We received much needed clothing and warm items. We couldn't have done this without your donations and the support of our volunteer drivers who took the items to the charities! We can't thank you enough for your generosity of time. These donations are distributed…

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Multigenerational Home Renovation Tax Credit: More Housing Support

The multigenerational home renovation tax credit is a refundable tax credit applicable to the costs of constructing a secondary suite for an eligible person (generally a relative either age 65 or over, or eligible for the disability tax credit) to live with a qualifying relation. The tax credit is available on up to $50,000 of eligible expenditures incurred after 2022 at a rate of 15%. In a March 6, 2023 Technical Interpretation, CRA confirmed that the eligible person must ordinarily inhabit, or be intended to ordinarily inhabit,…

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  • Post category:Tax Planning

Cryptocurrency Exchange Cessation: Recordkeeping

A June 7, 2023 CryptoTaxLawyer.com article (Binance Bids Canada Bye-Bye! Canadian Tax Implications for Cryptocurrency Investors and Traders) reminded Canadians about the importance of maintaining an offline record of transactions as exchanges, such as Binance, shut down in Canada. On May 12, 2023, Binance announced that Canadian users will be required to close any open positions by September 30, 2023. Once the exchange is closed to Canadians, there is the possibility that access to records…

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