September 25, 2023
On September 21, 2023 the Department of Finance Canada (Finance) introduced Bill C-56, the Affordable Housing and Groceries Act which removes the GST on new rental housing construction.
Latest tax blog: New tax rules impacting business transfers – updates released
September 20, 2023
On August 4, 2023, Finance Canada released revised legislation on tax rules to consider when owners transfer their businesses to family members or employees. Our latest tax blog looks at out how these measures might apply to business succession in 2024 and later years.
September 18, 2023
The Joint Committee on Taxation of CPA Canada and the Canadian Bar Association provided the Department of Finance Canada with an informal submission in response to the August 4 Draft Legislative Proposals.
CRA confirms limitation of liability clause will not trigger the contractual protection hallmark
September 5, 2023
As we have previously reported (see our July 21 news item), a significant issue we had raised with the Canada Revenue Agency (CRA) was whether limitation of liability clauses, commonly used in professional engagement letters, would trigger a reportable transaction reporting hallmark under the new Mandatory Disclosure Rules (MDR). In the CRA’s most recent update of their MDR guidance, the agency indicates:
“A limitation of liability clause in a professional engagement letter would normally not, in and of itself, trigger a reportable transaction reporting hallmark, provided that the purpose of the limitation clause is to generally limit the accountant’s liability for negligence (i.e., it is related to professional indemnity insurance.”
August 22, 2023
The Canada Revenue Agency (CRA) has recently informed us that all existing non-resident simplified GST/HST accounts have been automatically transitioned to a RT9999 unique identifier (from RT0001).
August 16, 2023
It’s been a busy year in the tax world, with ever changing tax legislation and administration to keep on top of. We’ve rounded up some key tax developments that practitioners should have on their radar as we enter the fall.
July 21, 2023
CPA Canada recognizes that the Canada Revenue Agency’s (CRA) initial guidance, released on July 5th, did not address all our members questions regarding administration of the rules.
Mandatory disclosure rules: CRA guidance released
July 6, 2023
The Canada Revenue Agency (CRA) has released guidance on the mandatory disclosure rules (MDR). With the Joint Committee on Taxation, we have been working with the CRA to bring issues forward that require clarification regarding the administration of the MDR. In this initial guidance provided, the CRA addressed some of our identified issues, including our request for timely guidance. We will continue to collaborate with the CRA to bring forward issues in need of clarification, including recommendations on streamlining the reporting process.
July 4, 2023
CPA Canada is pleased to announce that John Oakey has joined us as the new Vice-President of Tax, following Bruce Ball’s retirement in June.
Bill C-47 receives royal assent
June 23, 2023
Bill C-47, (Budget Implementation Act, 2023, No.1), received royal assent on June 22, 2023. This included various tax-related measures, including significant changes to the mandatory disclosure rules.
Latest tax blog: New mandatory tax reporting – final legislation released
June 14, 2023
On March 28, 2023, the federal government released the final legislation on expanded tax reporting requirements aimed at detecting and preventing inappropriate tax plans. Read our latest tax blog to know more about the final proposals, improvements and concerns that are still outstanding. We will be communicating issues and questions in respect of the new rules to the Canada Revenue Agency. Updates will also be provided as new information becomes available, so watch this page for developments.
June 9, 2023
It is with mixed emotions that CPA Canada announces that Bruce Ball is retiring from his position of Vice-President of Taxation after a long and successful career in the profession.
CRA shares best practices for SR&ED claims
May 31, 2023
The Canada Revenue Agency (CRA) has recently published some best practices for businesses and tax preparers making a Scientific Research and Experimental Development (SR&ED) tax credit claim. To ensure an efficient process for claimants, the CRA also shares common errors seen in SR&ED claims. See the CRA’s website for further information.
May 30, 2023
The Canada Revenue Agency (CRA) has updated its website to include some guidance on the new legislation which will require certain trusts to provide additional information regarding beneficial ownership on an annual basis.
May 23, 2023
While the Canada Revenue Agency’s (CRA) announcement of an administrative extension for Underused Housing Tax (UHT) returns and payments for the 2022 calendar year was welcome, we know many members are still concerned about the impact of the UHT on Canadian owners.
Latest tax blog: Business succession — New tax rules to consider for family business transfers
May 16, 2023
Budget 2023 announced two sets of tax rules to consider when owners transfer their businesses to family members and employees. Read our latest blog to understand the implications of these measures on business succession in 2024 and later years.
In case you missed it – CRA drop boxes reopening
May 10, 2023
The Canada Revenue Agency (CRA) has been reopening drop boxes across Canada after being shut down for several years due to the pandemic. The CRA indicates that the reopening will be phased in as drop boxes become ready for use. For further information, see CRA’s webpage.
April 21, 2023
As previously reported, revised Mandatory Reporting rules were included in the Notice of Ways and Means Motion that was released on April 17, 2023.
April 19, 2023
Finance has released a Notice of Ways and Means Motion (NWMM) to implement some of the proposals included in the 2023 federal budget as well as a number of other previously announced measures.
CRA updates the UHT Q&A page
April 17, 2023
The Canada Revenue Agency (CRA) has recently updated the Underused Housing Tax Notice (UHTN15) Questions and Answers About the Underused Housing Tax with more Q&As. Many of these questions are ones we have passed along to the CRA. We understand the CRA will continue to update this page as more questions arise, and/or as further guidance can be provided.