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Tax Deadline 2024: When Is the Last Day to File Taxes?
As the calendar flips towards spring, tax season looms large for Canadians. Knowing the deadlines for filing your return can help you avoid unnecessary stress and potential penalties. This article delves into the key dates associated with filing your 2023 tax return...
Farm Losses Can Be Restricted: May Apply Even When Significant Time and Cash is Invested
A November 8, 2023 Tax Court of Canada case considered whether a taxpayer’s losses from farming activities deductible against non-farming income were restricted to the $17,500 ($2,500 plus half of the next $30,000) permitted by the restricted farm loss rules for the...
Canada Dental Care Plan (CDCP): New Income-Tested Benefit
On December 11, 2023, Health Canada issued details on the Canada dental care plan that would cover a wide variety of dental services for certain Canadian residents. The plan will be rolled out from late 2023 to 2025. To be eligible, the individual and their spouse or...
Personal Services Business: CRA Education Initiative
In general, a personal services business (PSB) exists where the individual performing the work would be considered to be an employee of the payer if it were not for the existence of the individual’s corporation. These workers are often referred to as incorporated...
New Trust Reporting: Unexpected Exposure
Changes requiring more trusts (and estates) to file tax returns and more information to be disclosed, first proposed in the 2018 Federal Budget, were delayed several times in the legislative process. The final rules (that are now law) first apply for 2023, with a...
ISC Filing and Transparency requirements: What CBCA Corporations need to know for 2024
In June 2019, amendments to the Canada Business Corporations Act (the CBCA) came into effect, requiring most non-publicly traded CBCA corporations to prepare and maintain a register (the ISC Register) of individuals with significant control over the corporation...
Automobile Deduction and Benefit Rates: 2024 Limits Released
Various automobile deductions and taxable benefit rates are limited to amounts prescribed by the Department of Finance annually. On December 18, 2023, the 2024 limits were announced as follows: The limit on the deduction for non-taxable allowances paid by an employer...
T-Slips: Filing and Distribution Issues
Various changes and issues have arisen in respect of T-slips to be filed and processed for the 2023 year. Dental benefits Beginning with the 2023 year, issuers of the T4 Statement of Remuneration Paid and T4A, Statement of Pension, Retirement, Annuity, and Other...
Unveiling Canada’s Tax Breaks for 2024: A Guide to Maximizing Your Savings
Introduction: As we step into the new year, Canadians are not only making resolutions but also preparing for tax season. The Canadian tax system offers various incentives and breaks to help individuals and businesses reduce their tax burden. In 2024, several key tax...
Navigating Tax Year 2023: The 6 Key Changes Canadians Should Know
As the leaves change hues and the Canadian landscape transforms with the onset of fall, the nation also undergoes a transformation of a different kind: the unveiling of the 2023 Fall Economic Statement. Against a backdrop of global uncertainties and internal...