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2020 Life in the Tax Lane from Video Tax News (VTN)

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 near 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 presented by the Video Tax News Team, for Canadian Tax and Financial Professionals.

Life in the Tax Lane - December 2020

November 30, 2020

Sources:

Canada Emergency Rent Subsidy (CERS)

- Canada Emergency Rent Subsidy - CRA - no longer available

- Lockdown Support for Businesses Facing Significant Public Health Restrictions - Department of Finance

- CERS Backgrounder - CRA

Canada Emergency Wage Subsidy

- CRA Frequently Asked Questions (FAQ)

- CRA FAQ 17-5 re Bonuses Paid to Eligible Employee

Employment Benefits – COVID-19

- CRA/CPA Canada Roundtable Follow-up

- CEWS CRA Webinar - re Employment Benefits

Passing on the Family Cottage

Capital Cost Allowance – Retroactive Adjustment - St. Benedict Catholic Secondary School Trust v. The Queen 2020 TCC 109

TaxTips.ca Articles:

Canada Emergency Rent Subsidy

Canada Emergency Wage Subsidy

Employee Work-Space-in-Home Expenses

Capital Cost Allowance

Life in the Tax Lane - November 2020

October 26, 2020

Sources:

New Rent Subsidy, Expanded CEBA, Extended CEWS

Canada Emergency Business Account - Personal Bank Account Update

Interactive Tool for Financial Assistance for Businesses

Working From Home Denis c. Quebec Revenue Agency, 220 QCQQ 2427 (CANLII)

Travel From Home Office to Employer’s Office - Gardner v. The Queen, 2020 TCC 108

Principal Residence Exemption – Multiple Sales - Hansen v. The Queen 2020 TCC 102

TaxTips.ca Articles:

Canada Emergency Wage Subsidy (CEWS)

Canada Emergency Rent Subsidy (CERS)

Canada Emergency Business Account (CEBA)

Forgivable Loans - Tax and Accounting Treatment

Employee Work-Space-in-Home Expenses

Working From Home Travel Expenses

Principal Residence Exemption

Life in the Tax Lane - October 2020

September 29, 2020

Sources:

Canada Emergency Wage Subsidy (CEWS):

- CRA CEWS Audit Letter

- Speech from the Throne - Summary

Changes to Recovery Benefits

Section 160 – Paying Dividends - Valovic v. The Queen, 2020 TCC 101

Reasonable Meal Allowances

Document Loans And Dispute Resolutions - dispute re estate of Pierre Péladeau, founder of Quebecor Inc. - cmlawyers.ca article no longer available, but see the Quebec Court of Appeal case Péladeau Investments Inc. vs. Péladeau, 2020 QCCA 869 (CanLII)

Schedule 50 Letter Campaign re Shareholder Information - scroll down to this information

TaxTips.ca Articles:

Canada Emergency Wage Subsidy

Recovery Benefits - Bill C-2, CERB Replacements

Employee Meals and Lodging Expenses

Life in the Tax Lane - September 2020

August 18, 2020

Sources:

CPP – When to Apply:

- Society of Actuaries: The CPP Take-Up Decision (pdf)

- Benefits Canada: Most Canadians don't understand CPP, OAS deferral options: survey

Sophisticated Taxpayer – Gross Negligence Penalties: Hilderman v. The Queen, 2020 TCC 58

Canada Emergency Wage Subsidy (CEWS):

- Canada Emergency Wage Subsidy 2.0 Estimator

Real Estate Commissions: Zhang v. The Queen, 2020 TCC 49

TaxTips.ca Articles:

CPP Retirement Calculator

Canada Emergency Wage Subsidy

COVID-19 Financial Relief Resources

Life in the Tax Lane - August 2020

July 28, 2020

Sources:

COVID-19 – CEWS Major Changes

COVID-19 – Disability Support

Trading in Securities - Technical Interpretation 2019-0826051E5 Income from a securities trading business

Loans for Value – Income Splitting Tool

CRA Project on U.S. Real Estate Coming?

Voluntary Departure - Stavropoulos v. Canada 2020 FCA 109

TaxTips.ca Articles:

COVID-19 Resources, Financial Support - CERB, CEWS, CESB, CECRA, CEBA, OAS/GIS, etc.

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

Disability Tax Credit, and $600 one-time tax-free payment

Income Splitting

Lend Money to Your Spouse or Child

Foreign Asset Reporting - Form T1135 Foreign Income Verification Statement

Life in the Tax Lane - July 2020

June 30, 2020

Sources:

National Leads Tip Program

Fake Kids Enforcement Notification

CERB, CEWS, and CESB Enforcement

- CRA National COVID-19 Business Continuity Plan

- CRA Resuming Business Activities - no longer available

- Toronto Police File CERB Fraud Charges

Managing Your Business During COVID-19

Buyers and Sellers of PPE

POST Promise

CEWS Program Extension

CEWS Adjustment Requests - no longer available

CERB $1,000 Threshold Update

Bill C-17 (CERB, CEWS, Disability Payment)

CECRA Extended

CEBA Expanded Eligibility

TaxTips.ca Articles:

COVID-19 Resources, Financial Support - CERB, CEWS, CESB, CECRA, CEBA, OAS/GIS, etc.

CECRA and CEBA Forgivable Loans are Taxable

Life in the Tax Lane - June 2020

June 2, 2020

Sources:

Charitable Status – Is Atheism a Religion? - Church of Atheism of Central Canada v. Canada (National Revenue) 2019 FCA 296

Telecommuting Allowances and Reimbursements

- TI 2020-0845431C6 Taxable benefit - telework / Taxable benefit (French)

- TaxTips.ca Employee Work-Space-in-Home Expenses

10% Temporary Wage Election - CRA FAQ 14: Do I need to report anything to the CRA?

Supplementary Unemployment Benefit Plans

- Employment Insurance - Supplemental Unemployment Benefit Program

- Supplemental Unemployment Benefit Program

Director Liability – Challenging the Corporate Assessment - Duque v. Canada, 2020 FCA 73

TaxTips.ca Articles:

Donations - tax credits, rates, capital property, year of death donations, etc.

10% Temporary Wage Subsidy and 75% Canada Emergency Wage Subsidy (CEWS) for Employers - includes link to a consultation re CEWS which closes June 5th.

Employment Insurance Clawback

Life in the Tax Lane - May 2020

April 28, 2020

Sources:

Working From Home:

- Tim Cestnick - Working from home during this pandemic could provide tax savings

- RSM Canada - Can home office expenses be deducted during COVID-19?

Director Liability – No GST/HST Received - HazloLaw re CRA's Collection Powers

Employment Insurance (EI) – Voluntary Departure - Kean v. Canada 2020 FC 423

Backdating of Documents - Gordon v. Canada 2013 FC 597

Childcare Costs - Chernyshea c. Agence du revenu du Quebec, 2020 QCCQ 236 (CanLII)

TaxTips.ca Articles:

COVID-19 Financial Relief for Canadians

Employee Work-Space-in-Home Expenses

GST/HST on Forgiven or Deferred Commercial Rents

Child Care Costs Deduction

Life in the Tax Lane - April 2020

March 24, 2020

Sources:

COVID-19 – Canada's Economic Response Plan

- Canada's COVID-19 Economic Response Plan,

- Tax Filing/Payment Relief (COVID-19 – Video #1),

- Small Business Measures (COVID-19 – Video #2),

- Individual Measures (COVID-19 – Video #3) and

- Temporary Wage Subsidy (COVID-19 – Video #4)

Employment Insurance – Delay in Disability Benefit Application - Mora v. Canada 2020 FC 140

Director Liability – Due Diligence - MacDonald v. The Queen 2019 TCC 256

Tips – Gross Negligence Penalties - Xia v. Canada 2020 FCA 35

Is It a Business? – Start-Ups and Wind-Ups –

- Callaghan v. The Queen, 2020 TCC 28 and

- Hurwitz v. The Queen 2020 TCC 31

CRA My Account – Uncashed Cheques

TaxTips.ca Articles:

- COVID-19 Resources

- What Types of Income are not Taxable?

Life in the Tax Lane - March 2020

February 27, 2020

Sources:

- T1 Season – What’s New

- Correction: Direct Deposit input not available on paper submissions, but can still be made electronically.

- CRA - What's new for tax professionals and tax preparers for the 2020 tax-filing season?

- Check CRA processing times

- U.S. – New Disclosure Requirements for Crypto Activities - Form 1040 or 1040-SR Schedule 1

- Vehicle Logs

- MileIQ

- Mileage Tracker

- MileBug and

- Odotrack

- Tenant Relocation Assistance - Technical Interpretation 2019-0825431E5

- Starting a Business While Collecting Employment Insurance - Stojanovic v. Canada (Attorney General), 2020 FCA 6

- Late Appeal – Miscommunications - Dutka v. The Queen, 2020 TCC 21

- In-Kind Contributions to an NPO - Technical Interpretation 2019-0800941E5

*NOTE: Revised video updated March 4, 2020. The original version indicated that accountants could no longer update direct deposit information. While the ability has been removed on paper-filed returns, the newly released Efile guide (February 24, 2020) indicates that direct deposit fields are still being submitted to CRA.

TaxTips.ca Articles:

- Keep a Trip Log to Identify Business Use of Your Vehicle

- Employee Motor Vehicle Travel Expenses

- Tax-free Motor Vehicle Allowances

- Should You Start Your Own Business, Buy Shares or Assets, or Forget It?

- Barter and BitCoin Transactions