Canada News Centre

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CERB Repayment Self-Employed

Self-employed individuals who received CERB and would have qualified based on gross income will not be required to repay the benefit if they met all other eligibility requirements. Click below to read more: CERB Repayment Self-Employed Source: Tax Tips

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Life in the Tax Lane September 2021

Topics: Federal Consultations – vacant housing, EI, luxury tax Workspace in Home Expenses – CRA Reviews Ensuring Audit Requests Are Answered Medical Travel Expenses (COVID) German Pensions Multiple Children/One RESP Account Fuel Cards to Independent Contractor Drivers Wedding Costs – Tax Evasion? Click…

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Life in the Tax Lane February 2018

This month’s 10 minute video discusses: CRA’s postal code project targeting rich homeowners; CRA obtaining information from 3rd parties such as PayPal; taxation of cryptocurrencies such as BitCoin; Tax Court Case re miscoding of revenues on corporate tax return; another change for 2017 re filing…

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Borrow to Invest Calculator

This calculator, updated for 2018 budgets but NOT including Ontario 2018 budget tax changes, helps you to see the advantages of borrowing to invest in stocks and exchange traded funds (ETFs). You can input different interest rates, rates of return and other data to compare…

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Life in the Tax Lane October 2018

Topics this month: Donation of wine – valuation; Donation of life insurance – different tax consequences depending on how it’s done; Tax on split income – business; Airbnb – hotel tax; GST/HST coming for online advertising; Voluntary disclosures program – number of applications; Working while…

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What Types of Income are not Taxable?

Some types of income are not taxable, such as inheritances, gifts and most lottery winnings, and some must be included in the tax return even if they are not taxable, such as GIS and workers’ compensation benefits. The latter affect income-tested benefits even though they…