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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 - November 2017

October 30, 2017

Sources:

    - CRA Verification Activity: CPA Canada - T1 claims: Improving CRA verification processes

    - CPP Survivor Benefits - Advisor.ca

    - Management Fees - McLeod v. The Queen, 2017 TCC 192

    - Investment Management Fees - Technical Interpretation 2017-0722391E5

    - Facebook – what happens when you pass away?  Naming a legacy contact.

    - U.S. Tax Changes 

TaxTips.ca Article:

    - Interest Expense on Money Borrowed to Purchase Investments - Can I Write it Off?

    - CPP Survivor Benefits

Life in the Tax Lane - October 2017

September 29, 2017

Sources:

1.  Tax Consultation on Private Corporations

     i.    July 18, 2017 News Release by Department of Finance

     ii.   Video Tax News commentary on the proposed changes to private corporate tax planning

     iii.  Petition to extend consultation period for proposed changes to private corporation taxation

Supplementary Video:

Discussion on the Proposed Tax Changes - Exerpt from the Monthly Tax Update Webinar October 2017

TaxTips.ca Articles:

     - July 18 2017 Proposed Tax Changes for Private Corporations

Life in the Tax Lane - September 2017

August 30, 2017

Sources:

1.  Tax Consultation on Private Corporations

     i.    July 18, 2017 News Release by Department of Finance

     ii.   Video Tax News commentary on the proposed changes to private corporate tax planning

     iii.  Petition to extend consultation period for proposed changes to private corporation taxation

2.  Taxi and Commercial Ride-Sharing Services

     i.    Excise and GST/HST News No. 102 - Taxi and ride-sharing servicices

     ii.   GI-196 GST/HST and Commercial Ride-sharing Services

3.  CRA Collects U.S. Disclosures Penalties

4.  IRS Looking at Canadian Companies?

5.  Business Loss or Personal Venture - Renaud v. The Queen, 2017 TCC 88

6.  Indirect Verification of Income (IVI) (pdf)

7.  Charity Checklists

TaxTips.ca Articles:

     - Business Investment Loss

     - GST/HST Small Supplier - Mandatory Registrations

Life in the Tax Lane - August 2017

July 27, 2017

Sources:

1.  Federal, Provincial and Territorial Finance Ministers Meeting

2.  Proposed Tax Changes for Private Corporations:

          - Video Tax News commentary on proposed changes

          - July 18, 2017 News Release by Department of Finance

3.  Third Party Requests for Information - Rona Inc. c. Canada (Revenu National), 2017 CAF 118

4.  Distributions of Non-Taxable Amounts to a Non-Resident:

          - Technical Interpretation 2017-0691141C6IFA2017 Q.8: NR4 Reporting for non-taxable amount

          - Technical Interpretation 2015-0608201E5 Capital distribution from trust & NR4

5.  TFSA – Survivor Payments - Technical Interpretation 2016-0679751E5 TFSA - Exempt Contribution

6.  Managing Affairs Upon Intestate Death - CRA Forms RC549 - RC561

7.  Reconciling Shareholder Draws - Thompson v. The Queen, 2017 TCC 15

TaxTips.ca Articles:

    - TFSAs - Death of the TFSA Holder

    - What Happens if You Die Intestate (Without a Will)?

    - Shareholder Loans and Their Tax Implications

Life in the Tax Lane - July 2017

June 26, 2017

Sources:

    - Registration of Tax Preparers Program - STEP Canada CRA Roundtable, June 13, 2017

    - Feedback on CRA Audits - Have Your Say

    - Lost Book of Clients - Martin v. Canada, 2015 FCA 204

    - Voluntary Disclosure Program – Proposed Changes - Consulting With Canadians - Comment by August 8, 2017

    - Small Business Deduction - Canadian Tax Foundation Joint Committee Submission June 2017

TaxTips.ca Articles:

    - Small Business Deduction

    - Voluntary Disclosures Program

Life in the Tax Lane - June 2017

May 30, 2017

Sources:

    - Taxable Benefit — Parking Pass - Smith v. The Queen 2017 TCC 62

    - Employee Discounts On Merchandise - Income Tax Folio S2-F3-C2, Benefits and Allowances Received from Employment

    - Income vs. Capital - Foote v. The Queen 2017 TCC 61

    - Distributions To Non-Resident Beneficiary — PART XII.2 TAX - T4013 T3 - Trust Guide 2016

    - Disposition Of Farm Property By A Non-Resident

    - Billed-Basis Accounting — Budget 2017 FAQ

    - Small Business Deduction — Farmers And Fishers

TaxTips.ca Articles:

    - Employee Parking Provided by Employer

    - Are Your Gains and Losses Capital or Income?

Life in the Tax Lane - May 2017

April 27, 2017

Sources:

1.  Automobile Allowances

    - Technical Interpretation 2016-0674811C6 Automobile Allowances and Expenses

    - Technical Interpretation 2016-0674801C6 Allowance and Expenses of an Automobile

2.  CRA Project – Third-Party Information Request

3.  CRA Tax Tip – The Sharing Economy

4.  Renouncing U.S. Citizenship - Moodys Gartner Tax Law

5.  Panama Papers – Bank Accounts in Canada Being Closed - Devry Smith Frank LLP

6.  Gifted Home – Home Buyers' Tax Credit - Technical Interpretation 0674851C6

7.  Retiring Partner Payments – Pensionable Earnings - Freitas v. The Queen, 2017 TCC 46

TaxTips.ca Articles:

    - Tax-Free Motor Vehicle Allowances

    - Employee Motor Vehicle Travel Expenses

    - First Time Home Buyers' Tax Credit

Life in the Tax Lane - April 2017

March 30, 2017

Sources:

1.  2017 Federal Budget

2.  Underground Economy - Renovating or rebuilding your home? Protect yourself by getting it in writing.

3.  CRA's New Fingerprinting Policy - could create travel problems for accused tax evaders.

TaxTips.ca Articles:

    - Federal 2017 Budget

Life in the Tax Lane- March 2017

February 28, 2017

Sources:

  1. Principal Residence Exemption

  2. Fraud Refund Scam

  3. Mutual Fund Taxation - RC4169 Tax Treatment of Mutual Funds for Individuals

  4. Investment Management Fees

  5. Eservices at the CRA - EFILE news and program updates

TaxTips.ca Articles:

    - Principal Residence Exemption

    - Tax Issues re Investing, and Tax Treatment of Different Types of Investments

Life in the Tax Lane- February 2017

January 25, 2017

Sources:

  1. U.S. – Trump Proposals re income tax and estate tax

  2. Defacto Director:  Koskocan v. The Queen, 2016 CCI 277 (French)

  3. Employment Expenses – Cell Phone And Data Plan:  Technical Interpretation 2015-0603631I7 Employment expense - deductibility cell service plan

  4. GST/HST Compliance Letters

  5. Online Services – What's New For Tax Preparers for the 2017 Tax-Filing Season? 

TaxTips.ca Articles:

US Estate Tax May be Payable by Canadians

US Estate Tax Calculator

Employment Expenses Line 229

Life in the Tax Lane - January 2017

December 28, 2016

Sources:

  1. Taxable  Benefit – Family Ski Pass

    1. Technical Interpretation 2015-0571471E5 Family Ski Pass (French)

      1. Above, translated to English by Google Translate

    2. CRA: Gifts, awards, and long-service awards

  2. T5008 Duplicate Slips – New Administrative Policy

  3. Filing a T4a

    1. Technical Interpretation 2016-0652761C6 T4A filing (French)

      1. Above, translated to English by Google Translate

    2. CRA: RC4157 Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary

  4. Qualified Disability Trusts (QDTs)

    1. Technical Interpretation 2016-0651751C6 Recover Tax of Qualified Disability Trust (French)

      1. Above, translated to English by Google Translate

    2. Technical Interpretation 2016-0651741C6 Named beneficiary (French)

      1. Above, translated to English by Google Translate

    3. CRA: Graduated Rate Taxation of Trusts and Estates and Related Rules (Archived)

  5. Rollover of a Registered Pension Plan

  6. Eligible Dependent Credit – What is a Support Amount? - Leinweber v. The Queen - 2016 TCC 253

TaxTips.ca Articles:

Are Gifts and Inheritances Taxable? Includes gifts from employers.

Rollover of RRSP, RRIF or RPP to a Registered Disability Savings Plan (RDSP)

Life in the Tax Lane Videos 2015 & 2016

Revised: November 02, 2017

       

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