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Personal Income Tax -> Life in the Tax Lane

Life in the Tax Lane from Video Tax News

We're pleased to be able to share these informative videos from Video Tax News.  They are not too long, cover a wide range of topics, and are quite entertaining!  Once you view them, you can search our site for information on these or other topics - see the search box at the top of any page on our site.  The links under each video provide the sources for the information in the video.

The videos are 10-minute rapid-fire discussions of select recent developments in the wonderful world of Canadian tax by the Video Tax News Team.

Life in the Tax Lane - January 2017

Sources:

  1. Taxable  Benefit – Family Ski Pass
    bulletTechnical Interpretation 2015-0571471E5 Family Ski Pass (French)
    bulletAbove, translated to English
    bulletCRA: Gifts, awards, and long-service awards
  2. T5008 Duplicate Slips – New Administrative Policy
  3. Filing a T4a
    bulletTechnical Interpretation 2016-0652761C6 T4A filing (French)
    bulletAbove, translated to English
    bulletCRA: RC4157 Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary
  4. Qualified Disability Trusts (QDTs)
    bulletTechnical Interpretation 2016-0651751C6 Recover Tax of Qualified Disability Trust (French)
    bulletAbove, translated to English
    bulletTechnical Interpretation 2016-0651741C6 Named beneficiary (French)
    bulletAbove, translated to English
    bulletCRA: Graduated Rate Taxation of Trusts and Estates and Related Rules
  5. Rollover of a Registered Pension Plan
  6. Eligible Dependent Credit – What is a Support Amount? 

TaxTips.ca Articles:

bulletAre Gifts and Inheritances Taxable? Includes gifts from employers.
bulletRollover of RRSP, RRIF or RPP to a Registered Disability Savings Plan (RDSP)

Life in the Tax Lane - December 2016

November 30, 2016

Sources:

  1. Mandatory Tip Calculation – Quebec
  2. Finance Committee Report
  3. Small Business Deduction (SBD) Multiplication – Associated Corporations –Video Tax News’ Small Business Deduction Video and Bill C-29
  4. RRSP Overcontributions – T1-Ovp
  5. Salary To Spouse
  6. U.S. Voluntary Disclosure Program

TaxTips.ca Articles:

bulletTips and Gratuities - CPP and EI
bulletSmall Business Deduction
bulletRRSP Contribution Limits
bulletU.S. Citizens or Dual Citizens Residing Outside the U.S. - USTaxTips.net

Life in the Tax Lane - November 2016

October 27, 2016

Sources:

  1. Principal Residence Exemption – Changes:
    bulletOct 3, 2016 Dept. of Finance News Release
    bulletCRA - Reporting the sale of your principal residence for individuals (other than trusts)
    bulletLinkedIn - The Principal Residence Exemption Just Changed - Joe Devaney
  2. Uber Search Warrants – Quebec
  3. Information Provided in an Audit - LexSage Professional Corporation
  4. Pre-Budget Consultations:
    bulletSep 26, 2016 Dept. of Finance News Release
    bullet #Budget2017 Consultations - How to Participate
  5. Intercorporate Dividends - Technical Interpretation 2016-0627571E5 Application of proposed amendments to s. 55

TaxTips.ca Articles:

bulletPrincipal Residence Exemption
bulletInterest/Penalties on Late Returns and Late-Filed Elections
bulletGST/HST Small Suppliers
bulletFederal Budget 2017 Consultations

Life in the Tax Lane - October 2016

September 26, 2016

Sources:

  1. Shared-Custody – Canada Child Benefit Morrissey v. The Queen, 2016 TCC 178 (CanLII)
  2. Eligible Educator School Supply Credit
  3. CRA Improved Service Initiative
  4. New T183 - make sure you listen to the video information on this and the pre-authorized debit!
  5. Nanny Payroll Calculator
  6. Employment Benefits (Technical Interpretation (2016-0629351E5) - reimbursement of moving expenses

Life in the Tax Lane - September 2016

August 29, 2016

Sources:

  1. Change in Legal Title - Technical Interpretation 2016-0647461E5 Beneficial Ownership
  2. Joint Tenancy - Sale of Property - 2016 BCCA 280 Zeligs v. Janes
  3. Books and Records - Church Envelopes - from CRA
  4. Mutual Fund Corporations - Switch Funds - Legislative Proposals July 29, 2016
  5. Lifestyle/Real Estate Audits:
    1. South China Morning Post - Leak reveals secret tax crackdown on foreign-money real estate deals in Vancouver
    2. How does the Canada Revenue Agency address non-compliance in the real estate sector
  6. BC Government News - Foreign Ownership of Residential Properties
  7. Foreign Tax Credits – Support - Technical Interpretation 2016-0634941C6 2016 STEP - Q9 - Support for US FTC Claims

TaxTips.ca Articles:

bulletJoint Ownership of Assets, Beneficial vs Legal Ownership
bulletRecords Retention - What Books and Records Must be Kept by an Individual or a Business?
bulletTaxation of Fund Switching in Mutual Fund Corporations (Corporate Class Funds)

Life in the Tax Lane - August 2016

July 28, 2016

Sources:

  1. Travel Allowances
  2. Business or Personal Venture?
  3. Input Tax Credits – Start-up Phase
  4. Shareholder Benefits
  5. Mail Strike – Timely filed Documents?​
  6. Retroactive Registration for GST/HST

TaxTips.ca Articles:

bulletGST/HST Information
bulletGST/HST Registration

Life in the Tax Lane – July 2016

June 27, 2016

Sources:

  1. CRA Electronic Services for Businesses
  2. Small Business Deduction – Campgrounds
  3. In-Trust Accounts – Children
  4. CRA Information Requirements
  5. CRA Overpayment – CCTB and GST/HST​

TaxTips.ca Articles:

bulletSmall Business Deduction
bulletAttribution Rules re Gifts, Transfers, or Loans to a Spouse or Related Minor Child
bulletChild and Family Benefit Programs Provided by Governments

Life in the Tax Lane – June 2016

May 27, 2016

Sources:

  1. Discussions with CRA – Caution! R. v. Spears, 2016 NSPC 20 (CanLII)
  2. Employment Expenses:
    1. Urquhart v. Canada, 2016 FCA 76 (CanLII) and
    2. Technical Interpretation 2015-0598481I7 Eligibility of Expenses
  3. German Social Security Pensions​
  4. Principal Residence Exemption – Multigenerational Homes​
  5. Principal Residence Exemption – Renting to a Child​
  6. Partnerships – Notice of Redetermination Receipt​ - Menzies v. The Queen, 2016 TCC 73 (CanLII)
  7. U.S. Limited Liability Limited Partnerships – A Ticking Time Bomb?​

TaxTips.ca Articles:

bulletEmployment Expenses Line 229
bulletPrincipal Residence Exemption

Life in the Tax Lane – May 2016

April 25, 2016

Sources:

  1. CRA Report to Parliament
  2. Budget 2016 – Small Business Deduction (SBD) Restrictions
  3. International – Information on Panamanian Accounts Hacked & Mandatory Disclosure of Tax Strategy Online:
    1. Panama firm's clients named in worldwide leak and
    2. New law to force companies to publish information on tax planning and broader tax strategy
  4. Medical Expenses - Technical Interpretation 2015-0612331I7 re oocyte preservation
  5. Stock Option Proposed Changes Dropped
  6. Provincial Budgets – Alberta and Newfoundland and Labrador

TaxTips.ca Articles:

bulletFederal 2016 Budget - Small Business Deduction
bulletEligible Medical Expenses
bulletAlberta 2016 Budget
bulletNewfoundland and Labrador 2016 Budget

Life in the Tax Lane – Apr 2016

March 29, 2016

Sources:

  1. Registered Education Savings Plan (RESP)
    1. www.taxtips.ca/resp/respwithdrawals.htm
    2. RESP Bulletin No. 1R1
    3. January 27, 2016 Technical Interpretation (2015-0583031I7, Podor, K.)
  2. Independent Contractor vs. Employee – Trucker
    1. Tax Court of Canada case (Big Bird Trucking Inc. vs. H.M.Q., 2015-1041(EI), 2015-1051(CPP))
  3. Gross Negligence – Reliance On a Bookkeeper
    1. Tax Court of Canada case (Raymond et al. vs. H.M.Q., 2015-146(IT)I, 2015-1106(IT)I, 2015-158(GST)I)
  4. Employee Travel Expenses – Long Commutes
    1. October 30, 2015 Technical Interpretation (2015-0599631E5, Ryer, A.)
  5. Insurable Earnings – Related Employee
    1. Tax Court of Canada case (Lalande vs. H.M.Q., 2015-207(EI))

TaxTips.ca Articles:

bulletRegistered Education Savings Plans (RESPs) - Be Aware and Beware!
bulletEmployee vs Self-Employed Independent Contractor
bulletEmployment Expenses Line 229
bulletEmployment Insurance (EI) Premiums are not Payable on Some Wages

Life in the Tax Lane – March 2016

February 29, 2016

Sources:

  1. Future Changes in CPP Benefits and Premiums?
  2. Principal Residence – Foreign Vacation Property - Income Tax Folio S1-F3-C2, Principal Residence Outside Canada, Paragraph 2.74.
  3. U.S. High Net Worth Purchases- Source 1 and Source 2
  4. Employment Insurance Benefits – While Working But Not Being Paid - Federal Court Judicial Review (Pattamestrige Pereravs. H.M.Q., T-118-15)
  5. Home Accessibility Tax Credit - August 10, 2015 Technical Interpretation (2015-0598591M4, El-Kadi, Randa)
  6. Political Activities Review – Over
  7. Stock Options – Changes Coming? Source 1 and Source 2
  8. CRA Collection Policies- Information Circular 98-1R5, Tax Collection Policies
  9. Form T1135 – Jointly Held Property- February 3, 2015 Technical Interpretation (2015-0610641C6, Agarwal, Lata)
  10. Contest- Enter to win a “Tax Ninja” T-shirt.  Tweet your idea of what it takes to be a Tax Ninja and include #lifeinthetaxlane. Draw will be held 3/17/2016

TaxTips.ca Articles:

bulletPrincipal Residence Exemption
bulletHome Accessibility Tax Credit
bulletForm T1135 Foreign Asset Reporting - Simplified for the 2015 Tax Year

Life in the Tax Lane – February 2016

January 25, 2016



Sources:

bullet Auto-Fill My Return
bullet Making Payments to CRA Online – Using a Debit Card
bullet CRA Online Mail
bullet Tips and Gratuities – CPP and EI
bulletTax Deadlines – 2016 Leap Year – Source 1 and Source 2
bullet Taxable Benefits
bullet Life in the Tax Lane – Contest – Enter to Win! Share or like this video on Vimeo or Twitter. Draw will be held 2/2/16

TaxTips.ca Articles:

Auto-Fill My Return

CRA My Payment

Life in the Tax Lane – January 2016

December 30, 2015



Sources:

bulletTax Rate Changes – Income Timing – VTN413(2)
bulletDepartment of Finance December 7, 2015 news release
bullet2016 Charitable Donation Tax Credits
bulletChanges to the Taxation of Corporate Investment Income
bulletTFSA Annual Contribution Limit Change
bulletThe Proposed Canada Child Benefit

TaxTips.ca Articles:

Federal Legislative Proposals Prior to 2016 Budget

Federal Tax Rate Changes

Donation Tax Credit

TFSA Contribution Limit

Life in the Tax Lane - December 2015

November 27, 2015

Sources:

bullet Changes Coming for Professional Corporations?
bullet Small Business Deduction (SBD) – CRA Project:  Combined Audits of Owner/Managed Companies
bullet Gifting Tax Shelter – Cash Portion Disallowed - Canada v. Castro, 2015 FCA 225 and Mariano v. The Queen, 2015 TCC 244
bullet Standby Charge – Employer-Branded Vehicles
bullet Revenue Quebec Receives Poor Review from Quebec Ombudsman

TaxTips.ca Articles:

Small Business Deduction

Gifting Tax Shelter Donations

Automobile Standby Charge Benefit

Life in the Tax Lane – November 2015

October 27, 2015


Topics and Sources:

bulletTravel for Medical Purposes - August 24, 2015 Technical Interpretation (2015-0584181E5, Robertson, George A. CPA CMA 905-721-5196)
bulletServices Provided in Canada - September 9, 2015 French Technical Interpretation (2014-0563611E5, Roulier, Yannick)
bulletOffshore Tax Structure – Isle of Man , CBC articles:
bullet KPMG offshore 'sham' deceived tax authorities, CRA alleges
bulletFederal probe of KPMG tax 'sham' stalled in Court
bulletKPMG tax 'sham' could lead to criminal investigation
bulletCRA Creditor Priority - The Taxman Cometh: CRA Priorities in Insolvency Proceedings, by Cox & Palmer
bulletForeign Account Tax Compliance Act (FATCA)
bullet IRS Notice 2015-66
bulletThe CRA complied with the September 30 FATCA deadline after the IRS advised that Notice 2015-66 did not apply to Canada, Stikeman Elliott
bulletJurisdictions that have signed agreements
bulletIRS Begins Sending Individual Account Information to Foreign Countries, Wall Street Journal
bulletSeptember 16, 2015 decision of the Federal Court (Hillis and Deegan vs. Attorney General of Canada and the Minister of National Revenue, T-1736-14)
bulletCRA Turns Over Information to United States on 155,000 Canadian Accounts, Robert E. Ward, J.D., LL.M
bulletTax Liability for Former Spouse - Supreme Court of British Columbia case ((McInerey, Laass, HSBC Bank and Attorney General of Canada, 2015 BCSC 1708, Docket B1546870))

Life in the Tax Lane – October 2015

September 25, 2015


Topics and Sources:

  1. Deducting One’s Own Labour - June 17, 2015 Technical Interpretation (2015-0580791M4, El-Kadi, Randa)
  2. Donating Appreciated Assets - July, 2015 article - Charitable giving: Donation of public company shares
  3. Denied Charitable Donation -  May 12, 2015 Tax Court of Canada case (Mapish vs. H.M.Q., 2013-3695)
  4. Partisan Political Activities - August 21, 2015 CRA Release
  5. Extension to File Notice of Objection - August 26, 2015 Tax Court of Canada (Esmezyan vs. H.M.Q., 2014-3733(GST)APP)
  6. Revival of a Dissolved Corporation July 7, 2015 Motion (1455257 Ontario Inc. (Ontario Inc.) vs. H.M.Q., 2012-4138(IT)G),

TaxTips.ca Article:  Donating Shares or Other Capital Property

Life in the Tax Lane – September 2015

August 31, 2015


Sources:

bulletContribute to a TFSA or Retain Cash in Corporation?
bulletTax Advisor Penalties – Civil vs. Criminal
bulletCRA Collections
bulletLaneway Houses – GST/HST Implications: Source 1, Source 2
bulletGift Cards – Meals and Entertainment?
bulletSelf-Contained Domestic Establishment (SCDE)
bulletIRS Lawsuit

Life in the Tax Lane – August 2015

July 28, 2015

Sources:

bullet Intergenerational Wealth Preservation
bullet Blogger’s Business Losses /
bullet Liaison Officer Initiative (LOI)
bullet Provincial Personal Tax Rates
bullet Residency of a Trust
bullet New Housing Rebate
bullet Input Tax Credits (ITCs)
bullet Canada U.S. Border Information Exchange (Canadian Tax Highlights (Risk of Deemed US Residence, Arnold Sherman)

 

Revised: December 28, 2016

 

     

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