New Trust Reporting Rules – Effective Tax Years Ended On or After Dec 31, 2023

In December 2022, the Canadian government enacted new legislation into the Income Tax Act which significantly broadens requirements for trusts to file tax returns (which were previously exempt from filing) and for all trusts to disclose additional information about the trust to the Canada Revenue Agency (“CRA”). Trustees should anticipate increased reporting requirements and potentially […]

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Tax Update: Moving Expenses – Overlooked Tax Expense

  • Moving Expenses – Overlooked Tax Expense
  • Getting CRA To Waive or Cancel Penalties and Interest
  • CRA Terminating 120 Employees for CERB Violations – Agency Employees Do Make Mistakes, Options Exist, If Aggrieved, Do Consult
  • Around the Courts

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Tax Update: You Can Be Liable for a Family Member’s Tax Debts

  • You Can Be Liable for a Family Member’s Tax Debts
  • A Tip If You Have a Corporation and No Employment Income
  • Bare Trust and Nominee Agreements
  • A Tax Tip When You Make Investments
  • Should You File If You Can’t Pay?
  • Around The Courts

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Tax Update: Tax Shelters Related Issues

  • Tax Shelters Related Issues – Salient Points to Look Out for
  • Liang V. the Queen is a Crucial Case to Understand Limitations of Tax Shelters
  • Budget 2023 – Interesting Proposals and Potential Tax Increases
  • Tax-Free First Home Savings Account – $40k Limit – Open FHSA Account from April 1, 2023

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