Life in the Tax Lane (Canada)

November 2024 - Canada Carbon Rebate – Payments | Capital Gains Changes – Impact of Delays | CRA’s Digital Improvements | Tax Tip – Crypto-Assets – Required Records | CRA Service Consultation | Secondary Suites – Various Implications

The November edition of "Life in the Tax Lane" is here! This 10-minute video, created specifically for Canadian tax professionals, covers recent developments in Canadian tax with the Video Tax News Team. Topics:  * Canada Carbon Rebate – Payments  * Capital Gains Changes – Impact of Delays * CRA’s Digital Improvements  * Tax Tip – Crypto-Assets – Required Records  * CRA Service Consultation  * Secondary Suites – Various Implications  For sources from this episode, go to https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-november-2024-episode-114 [https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-november-2024-episode-114] Program Recorded: October 25, 2024 Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer [https://www.videotax.com/disclaimer]. ©Video Tax News Inc. 2024, All Rights Reserved.

October 2024 - Canada Business Corporation Act – Public Registry | Registered Education Savings Plan – Contribution Considerations | TFSA Excess Contributions – Decline in Value | Shareholder Loan Account – Proper Bookkeeping | Input Tax Credit – Shareholder Purchasing Asset | IRS Collection of Canadian Taxes

Happy October!  With a new month comes a new episode of "Life in the Tax Lane." The Video Tax News Team is back with another fast-paced 10-minute video. It’s packed with essential updates for Canadian tax professionals. Topics: * Canada Business Corporation Act – Public Registry * Registered Education Savings Plan – Contribution Considerations  * TFSA Excess Contributions – Decline in Value * Shareholder Loan Account – Proper Bookkeeping * Input Tax Credit – Shareholder Purchasing Asset  * IRS Collection of Canadian Taxes  For sources from this episode, click here. [https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-october-2024-episode-113] Program recorded: September 18, 2024 Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer [https://www.videotax.com/disclaimer]. ©Video Tax News Inc. 2024, All Rights Reserved.

September 2024 - Capital Gains Inclusion Rate Increase – Draft Legislation | Trust Reporting – Draft Legislation | Trust Distributions Violating Trust Terms | Alternative Minimum Tax – Draft Legislation | Post-Mortem Losses – Draft Legislation | Collection of GST/HST by Accommodation Platform

As we settle into September and the start of fall, it's time for another edition of “Life in the Tax Lane”!  Joe, Cait and Hugh are back for this month’s 10-minute podcast covering key updates on draft legislation related to capital gains inclusion rate, trust reporting, alternative minimum tax, and more. Topics discussed: * Capital Gains Inclusion Rate Increase – Draft Legislation   * Trust Reporting – Draft Legislation  * Trust Distributions Violating Trust Terms  * Alternative Minimum Tax – Draft Legislation   * Post-Mortem Losses – Draft Legislation   * Collection of GST/HST by Accommodation Platform Click here to view sources [https://www.videotax.com/web-tips-articles/life-in-the-tax-lane-september-2024-episode-112]. Like what you are watching? Join our mailing list at videotax.com/mailing-list [https://www.videotax.com/mailing-list]to stay in the know with new video releases, products and upcoming promotions. Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer [https://www.videotax.com/disclaimer]. ©Video Tax News Inc. 2024, All Rights Reserved.

August 2024 - Bare Trust Issues – Current Events | Canada Disability Benefit – Proposed Regulations | CRA Service Standards | Personal Services Business | Employee Ownership Trusts – Exemption or Deferral?

Topics discussed (with sources linked) * Bare Trust Issues – Current Events – Source 1 [https://www.canada.ca/en/taxpayers-ombudsperson/news/2024/07/taxpayers-ombudsperson-launches-systemic-examination-into-canada-revenue-agencys-2023-bare-trust-filing-requirements.htm], Source 2 [https://members.videotax.com/technical-interpretations/2024-1005851C6-2024-calu-rt-q12-trust-reporting-bare-trusts] and Source 3 [https://www.canlii.org/fr/qc/qccq/doc/2024/2024qccq1665/2024qccq1665.html] * Canada Disability Benefit – Proposed Regulations [https://www.canada.ca/en/employment-social-development/programs/disabilities-benefits.html] * CRA Service Standards [https://www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/service-standards-cra/service-standards-2023-24.html] * Personal Services Business  [https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-income-tax-return/tax-implications-personal-services-business.html] * Employee Ownership Trusts – Exemption or Deferral? – Source 1 [https://www.parl.ca/LegisInfo/en/bill/44-1/c-59], Source 2 [https://www.parl.ca/LegisInfo/en/bill/44-1/c-69] and Source 3 [https://ctf.ca/EN/Newsletters/Tax_for_the_Owner_Manager/2024/3/240303.aspx?WebsiteKey=1a08c672-0c51-47b9-9404-6d4fd0fdc840] (third-party paywall) Like what you are watching? Join our mailing list at videotax.com/mailing-list [https://www.videotax.com/mailing-list]to stay in the know with new video releases, products and upcoming promotions. Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer [https://www.videotax.com/disclaimer]. ©Video Tax News Inc. 2024, All Rights Reserved.

July 2024 - Capital Gains Inclusion Rate Changes | Non-Resident Sellers of Canadian Real Estate | Use of Corporate Assets by Shareholder | CRA Guidance – Receipts | Bare Trust Reporting Rules | Gross Negligence Penalties

Topics discussed (with sources linked): * Capital Gains Inclusion Rate Changes – Source 1 [https://fin.canada.ca/drleg-apl/2024/nwmm-amvm-0624-eng.html] and Source 2 [https://budget.canada.ca/2024/home-accueil-en.html] * Non-Resident Sellers of Canadian Real Estate – Source 1 [https://fin.canada.ca/drleg-apl/2024/nwmm-amvm-0624-eng.html] and Source 2 [https://budget.canada.ca/2024/home-accueil-en.html] * Use of Corporate Assets by Shareholder [https://www.canlii.org/fr/qc/qccq/doc/2024/2024qccq1439/2024qccq1439.html] * CRA Guidance – Receipts [https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/you-asked-we-answered-here-are-answers-to-six-more-of-the-top-business-tax-information-questions.html]   * Bare Trust Reporting Rules – Source 1 [https://www.canada.ca/en/revenue-agency/services/tax/trust-administrators/t3-return/new-trust-reporting-requirements-t3-filed-tax-years-ending-december-2023.html] and Source 2 [https://www.advisor.ca/tax/tax-news/trusts-holding-gics-must-file-annual-return-cra-says/] * Gross Negligence Penalties [https://www.canlii.org/fr/qc/qccq/doc/2024/2024qccq2182/2024qccq2182.html] Like what you are watching? Join our mailing list at videotax.com/mailing-list [https://www.videotax.com/mailing-list]to stay in the know with new video releases, products and upcoming promotions. Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer [https://www.videotax.com/disclaimer]. ©Video Tax News Inc. 2024, All Rights Reserved.