Tax Updates

• U.S. Tax Corner: U.S. Tax Credits for Clean-energy Home Improvements
• Qualified Disability Trusts
• Gifts and Non-Arm’s Length Transfers
• Superficial Losses
• Around the Courts

• U.S. Tax Corner: Inflation Reduction Act becomes U.S. law: What are some of the tax changes?
• Starting a Home Business
• Do You Have a Large Bank Account In Another Country?
• Make Money Volunteering for a Charity
• Around the Courts

• U.S. Treasury Releases Corrections: Foreign Tax Credits
• Employee Stock Options
• The Small Business Deduction
• The General Anti-Avoidance Rule
• Working On Commission? You Can Get More Deductions Than Other Employees

• U.S. Tax Corner: Steep interest rates hikes
• Fuel Charge Credit for Farming Businesses
• Air Quality Improvement Tax Credit
• Taxation of Accounts Receivable
• Unearned Receipts in your Business
• Shareholder Loans

• CRA Getting More Information from Trusts, Including Bare Trusts
• Must You Disclose Your Tax Planning to the CRA
• GST Or HST Between Related Corporations
• Court Cases — Why Are They Important?
• Around The Courts

Despite lobbying by many Fortune 100 companies and strong bi-partisan support to retain the deductibility of research and development (R&D) costs, 2022 brings an unexpected change for companies in the manufacturing, technology, SaaS, and life sciences industries. Those companies with significant R&D costs, including software development costs, will now be subject to mandatory capitalization, for U.S. tax purposes, as an intangible asset. This can have a significant impact on their 2022 financial statements and cash flows, as they will no longer be allowed to deduct those expenses in the year incurred.

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• U.S. Tax Corner: Mandatory Capitalization of Research & Development Expenses
• Federal Budget Highlights
• Low or No-Interest Employee Loans
• Computation of Business Profit
• 2022 Personal Tax Rates & Corporate Tax Rates

• U.S. Tax Corner: Proposed tax hikes on the wealthy
• RRSP VS. TFSA – Which is Better?
• The Capital Gain Reserve
• Flat Rate Home Office Expenses Extended

• US Tax Corner
• Should you file if you can’t pay?
• Convention Expenses
• Computer Consultants
• No Tax on Investment Income – Are you maxing out your TFSA?

• Reversionary / Revocable Trusts
• Partnership Information Returns
• Child Care Expenses
• Around the Courts