Did you buy or sell a house?
CRA highlights relevant tax compliance and planning information if you bought or sold a home.
Travel Expenses: Home to Work Site
Although it may be possible to deduct travel amounts against employment income, such amounts are often challenged by CRA.
Contractor vs. Employee: Agreement On Contractor Status Not Enough
While it appeared the taxpayer believed she was an independent contractor (evidenced, as an example, by her efforts regarding GST/HST collection), the Tax Court of Canada looked into several factors to find that the individual was an employee.
Childcare Costs: Art, Sport, and Education
A September 11, 2018 Tax Court of Canada case examined the eligibility of a number of child care costs with a recreational and educational component. The taxpayer and his spouse worked full time and had two children, aged 10 and 12. The Court acknowledged two separate lines of cases related to eligibility of child care expenses (all informal and, therefore, not binding on CRA). The first set, argues that the definition of a “child care…
Benefits Paid to Shareholder Employees: Are They Taxable?
The CRA is aware that owner-managers have an incentive to receive benefits deductible by their corporation which are non-taxable to the owner. In essence, this can be perceived as a method to extract profits out of a corporation without paying tax on it. As such, CRA is particularly vigilant to ensure that these benefits comply with the Income Tax Act and do not confer unfair advantages on owners. To start off, it must be established…
Taxpayer Relief: Financial Hardship
CRA may grant relief from penalties and interest in cases where the timely satisfaction of a tax obligation was not completed due to: extraordinary circumstances;actions of the CRA; orinability to pay or financial hardship. In a March 31, 2016 Federal Court Judicial Review, the taxpayer appealed a decision by CRA to refuse relief on penalties and interest. In this case, the taxpayer argued that the CRA agent did not reasonably appreciate the taxpayer's financial difficulties.…
Documents Required to Claim a US Foreign Tax Credit
Prior to the summer of 2015, CRA often accepted copies of the U.S. tax returns, as support to claim a U.S. Foreign Tax Credit (FTC). The "Federal Account Transcript" was selected as alternative evidence the return provided to CRA was filed and assessed as filed. Some practitioners report that obtaining "transcripts" from the Federal Government, and State Governments in particular, can be onerous, often requiring a request from the client rather than a representative. Form…
2018 Year-End Tax Planning
A list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation (250-370-2191).
2018 Tax Planning: Renumeration
Higher levels of personal income 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…
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