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CEBA Repayment Options (Important Update)

CEBA Repayment Options (Important Update)

CEBA Repayment: Important Update  This is an important update regarding the Canadian Emergency Business Account loan repayment. There are certain important dates which you need to understand.  December 31, 2023.   If you have received any e mail from your bank that you are not eligible for the debt forgiveness, then you must pay the full…

Revival of a Corporation: Tax Collection

Revival of a Corporation: Tax Collection

Revival of a Corporation: Tax Collection       A June 12, 2023 Court of King’s Bench of Alberta case reviewed CRA’s application to revive a corporation dissolved in 2020. The former sole shareholder opposed the application. The corporation’s capital losses (as quantified during an audit of the 2013 and 2014 years) were used in 2017…

Businesses Purchasing from Non-Residents: GST/HST?

Businesses Purchasing from Non-Residents: GST/HST?

Businesses Purchasing from Non-Residents: GST/HST?      Certain non-resident vendors are required to register for and collect GST/HST under a new simplified GST/HST registration regime that commenced July 1, 2021. While the rules are very complex under the simplified regime, GST/HST is not required to be collected on the supply of goods or services to customers…

Enhanced GST Residential Rental Rebate

Enhanced GST Residential Rental Rebate

Enhanced GST Residential Rental Rebate: Increased Incentives    On September 14, 2023, the Department of Finance provided details on a proposal to enhance the existing GST rental rebate. In general, the existing rebate provides a 36% rebate of the GST component of the price paid by landlords to construct, or purchase newly constructed, rental property….

CEBA Repayment Deadline Extended: Some Issues

CEBA Repayment Deadline Extended: Some Issues

CEBA Repayment Deadline Extended: Some Issues   On September 14, 2023, the Department of Finance provided details on extending the deadline for Canada Emergency Business Account (CEBA) repayments, including the following key elements:  the deadline to qualify for partial loan forgiveness (by paying the non-forgivable portion) has been extended from December 31, 2023 to January 18,…

Gifts Directed to Other Donees: Loss of Charitable Status

Gifts Directed to Other Donees: Loss of Charitable Status

Gifts Directed to Other Donees: Loss of Charitable Status In some situations, a registered charity may be asked to receive donations on behalf of another organization or cause. While this may seem like a good way to generate funds and reward donors with charitable contribution receipts, it can have serious implications for the charity. A…

Paying Rent to Non-Residents: Withholdings Required

Paying Rent to Non-Residents: Withholdings Required

Paying Rent to Non-Residents: Withholdings Required In a March 30, 2023 Tax Court of Canada case, the taxpayer was assessed for failing to withhold taxes on rent paid on Canadian real estate to a non-resident. Penalties and interest were also assessed. The information known to the taxpayer was limited to an Italian telephone number on…

Disability Tax Credit (DTC): Electronic Applications

Disability Tax Credit (DTC): Electronic Applications

Disability Tax Credit (DTC): Electronic Applications The DTC is a non-refundable tax credit that provides tax relief for individuals (or those that support those individuals) who have a severe and prolonged impairment in physical or mental functions. To access the DTC, eligible individuals must apply for it by completing Form T2201, Disability Tax Certificate. Recently,…

Multigenerational Home Renovation Tax Credit: More Housing Support

Multigenerational Home Renovation Tax Credit: More Housing Support

Multigenerational Home Renovation Tax Credit: More Housing Support The multigenerational home renovation tax credit is a refundable tax credit applicable to the costs of constructing a secondary suite for an eligible person (generally a relative either age 65 or over, or eligible for the disability tax credit) to live with a qualifying relation. The tax…

Cryptocurrency Exchange Cessation: Recordkeeping

Cryptocurrency Exchange Cessation: Recordkeeping

FIRST HOME SAVINGS ACCOUNT (FHSA) : A NEW SAVINGS TOOL A June 7, 2023 CryptoTaxLawyer.com article (Binance Bids Canada Bye-Bye! Canadian Tax Implications for Cryptocurrency Investors and Traders) reminded Canadians about the importance of maintaining an offline record of transactions as exchanges, such as Binance, shut down in Canada. On May 12, 2023, Binance announced…

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