Canada News Centre

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Life in the Tax Lane December

This month’s video discusses: Investment management fees re TFSA paid via non-registered account – advantage tax;Rental property losses/source of income?; Penalty re repeated failure to report income; Agency relationship re GST/HST; Represent a Client updates re deceased taxpayers; Corporate ownership reporting changes. Click…

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Calculators Looking Messed Up?

Sometimes when we’ve modified a calculator that you’ve used recently, it will appear “messed up”. This is because it retains data. You’ll have to clear your browser cache to fix this. Click below to read more: Calculators Looking Messed Up? Source: Tax…

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Caution re Type of CEBA Loan

Apparently some financial institutions are using LOC or Visa-type loans for CEBA loans. The forgivable 25% is based on the maximum actually borrowed up to Dec 31, 2020, so transfer those funds to your business account!. Click below to read more: Caution re…

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Donation Tax Credit

Generally, the tax credit for the first $200 of donations is at the lowest tax rate, and the remainder at the highest tax rate, but there are some exceptions to this. Donations to a U.S. charity might also be eligible for the tax credit. …

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BC 2022 Budget Consultations

BC’s Budget 2022 consultations are now open, until Sep 30, 2021. To make a presentation to the Select Standing Committee, indicate your interest in this by Friday, Jul 16, 2021. Click below to read more: BC 2022 Budget Consultations Source: Tax Tips

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Tax-Free Motor Vehicle Allowances 2018

The per-kilometre amounts that may be paid tax-free to employees or officers as reimbursement for motor vehicle expenses incurred while travelling for business purposes using their personal vehicle will increase by 1 cent, to 55 cents per km for the first 5,000 km and 49…