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 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.
CRA updates on possible labour disruption
April 12, 2023
The Canada Revenue Agency (CRA) has recently created a webpage where it indicates it will provide updates on how potential labour disruptions may impact their services along with some preliminary information. We will also keep you updated as we learn of any new developments, and pass on feedback to the CRA as issues arise.
2023 Federal Budget
March 29, 2023
Watch now: 2023 Federal Budget Tax Highlights webinar
Deputy Prime Minister and Minister of Finance Chrystia Freeland tabled this year’s federal budget on March 28, 2023. Watch CPA Canada’s webinar in English and French to better understand the most important tax measures contained in this year’s budget. In addition, don’t forget to download the Tax Highlights document.
CRA publishes Q&As on the Underused Housing Tax
March 28, 2023
The CRA has recently published a number of questions and answers on the Underused Housing Tax (UHT).
We understand from the CRA that more UHT Q&As will be published soon. We will you keep you updated on this.
CRA announces administrative extension for Underused Housing Tax
March 28, 2023
To provide more time for taxpayers, the Canada Revenue Agency (CRA) has announced that penalties and interest will be waived under the Underused Housing Tax Act for the 2022 calendar year, provided the return is filed and any UHT due is paid by October 31, 2023. For further details, please see CRA’s news release.
March 9, 2023
As discussed in our recent blog, the UHT is intended to apply to underused residential property in Canada owned directly or indirectly and wholly or partly by non-resident, non-Canadians.
Latest tax blog: CRA e-services – Key updates for tax practitioners
March 8, 2023
As the CRA continues to enhance its online processes for interacting with taxpayers and practitioners, we’ve collated some of the recent key changes introduced. Read our latest blog to know more
March 7, 2023
Sole proprietors who may want to use the same representative for both their business and personal taxes may now be eligible to do so without them having to register for the Canada Revenue Agency’s My Business Account and go through the Confirm my Representative process.
More updates to our Underused Housing Tax (UHT) blog
February 15, 2023
As noted in our February 8, 2023, news item, the CRA recently published additional UHT Notices (UHTN6 through UHTN11). As such, we’ve updated our UHT blog to provide further information on determining the primary place of residence, as well as continuous occupancy for UHT purposes. We’ve also added a new section that highlights some considerations for partnerships versus co-ownerships.
CRA updates Form T1134 Q&As
February 14, 2023
As noted in our October 26, 2022, news item, the CRA had provided us with their responses to questions we posed to them on the new Form T1134. The CRA has recently updated its Questions and answers about Form T1134 webpage to include these questions and responses.
Latest tax blog: 2023 personal tax season – Key changes to consider
February 13, 2023
As T1 season approaches, it is important to take note of new tax measures and other changes for 2022 personal income tax returns so you can better serve your clients. Read our latest blog to learn more about key considerations for this year’s filing season.
February 8, 2023
Registration for an Underused Housing Tax (UHT) program account (RU) is now open. For owners who will be required to file a UHT return for 2022 and will need to register for an RU program account, we recommend you do this soon.
February 3, 2023
The CRA has recently published the Underused Housing Tax Return and Election Form (UHT-2900) on its website.
January 27, 2023
As you may have read in our latest blog, the new Underused Housing Tax (UHT) is aimed primarily at non-residents of Canada, but others may also be caught. It’s important to understand the rules to ensure you, or your clients, are not subject to the tax, and/or required to file the UHT return.
January 25, 2023
As many firms and practitioners prepare for the upcoming 2023 tax filing busy season, we wanted to remind you of the new security requirements that CRA implemented to Represent a Client (RAC) last fall.
Latest tax blog: Underused Housing Tax (UHT)
January 23, 2023
The federal government’s new Underused Housing Tax (UHT) will primarily impact non-residents of Canada but may also apply to Canadian owners in some situations. For example, where a residential property is held in trust for Canadian resident beneficiaries, there may be a requirement to file a return even though no non-residents have an interest in the property and no tax is payable after applying an exemption. The penalty for not filing a return can be significant. Read our latest blog post to know more about the requirements and exemptions applicable to the UHT.
CRA responds to questions from CPAs across Canada
January 12, 2023
During 2022, CPAs across the country were canvassed to pose the top questions they have for the CRA. View the CRA’s responses to these questions.
January 4, 2023
Finance Canada and the Canada Revenue Agency (CRA) announced several updates as 2022 came to a close.
December 12, 2022
As we wrap up 2022, here is a summary of some significant tax developments that took place in the second half of the year.
Watch Now: CRA Update on Scientific Research and Experimental Development (SR&ED) Program
December 6, 2022
CPA Canada co-hosted a webinar with the CRA to review updates to the SR&ED program. In this session, the CRA provided an overview of the program and highlighted upcoming initiatives that will transform it. Watch this video to learn more about the most common trends seen on the field and hear the answers to some of the top questions from CPA Canada's SR&ED Committee.
Tax-Free First Home Savings Account
November 23, 2022
The federal government has released new details about the Tax-Free First Home Savings Account, a new registered account to help individuals save for their first home. Read our latest blog post to find out who qualifies and other key features of these plans.
November 16, 2022
It has come to our attention that some businesses have received notices stating they don’t qualify for the CEBA loan.
Updated CRA taxable benefit guidance on social events, gifts and awards
November 15, 2022
The CRA has recently updated its webpages, Gifts, awards, and long-service awards and Social events and hospitality functions, which include a number of new or revised CRA administrative policies that address the following scenarios:
- Employer provided in-person (or hybrid) social events for employees
- Employer provided virtual social events for employees
- Gift cards provided by an employer to employees and, in particular, situations where these cards will not be considered “near cash” gifts
For further information, please see the CRA webpages.
November 11, 2022
As part of Bill C-32 (Fall Economic Statement Implementation Act, 2022), proposed legislation to implement the new FHSA program was included and there were several revisions from the previous draft legislation released on August 9, 2022.
Proposed trust reporting rules postponed for one year under Bill C-32
November 7, 2022
On November 4, 2022, Bill C-32 (Fall Economic Statement Implementation Act, 2022) was tabled in the House of Commons. This bill implements some of the tax proposals from the 2022 Fall Economic Statement, along with several previously announced tax changes. In one major change, the coming into force date for the trust reporting rules has been postponed by one year. These rules will now apply to trust taxation years that end after December 30, 2023. Otherwise, it appears that the legislation for the trust reporting rules is unchanged.
We are in the process of reviewing the legislation and will provide more information as it becomes available.
November 4, 2022
On November 3, the Deputy Prime Minister and Minister of Finance released the federal government’s 2022 Fall Economic Statement (FES), which contained several new tax announcements along with an update on previously announced tax measures.
Update on electronic notices of assessment
October 31, 2022
As mentioned in our August 22, 2022 news item, “Update on electronic notices of assessments”, Finance Canada recently proposed legislation that would allow the Minister of National Revenue to provide a notice of assessment (NOA) electronically to an individual who filed their personal income tax return electronically, and has authorized that notices or other communications may be made available in this manner.
From a recent discussion with the Canada Revenue Agency (CRA), it is our understanding that there will be no changes in the process for issuing personal NOAs until at least 2024. We will keep you posted as we get additional information.
New questions and answers on Form T1134
October 26, 2022
We received a number of questions regarding the revised version of form T1134, which we passed along to the CRA. The CRA has responded to all our queries and plans to update its T1134 Q&A page as soon as the French translation has been completed. The CRA has asked us to share the English responses with our members as it recognizes the October 31 filing due date for many reporting entities is fast approaching. We will post an update when these responses are on the CRA’s website in both languages.
October 19, 2022
As a follow up to our September 12, 2022 news item, “Questions on the new Form T2054 – Election for a Capital Dividend Under Subsection 83(2)”, the Canada Revenue Agency (CRA) has responded to our question on whether taxpayers can continue to use the previous version of the T2054 until tax software developers have incorporated the new T2054 into their products.
October 17, 2022
As you may be aware, the Canada Revenue Agency (CRA) has enhanced security requirements in Represent a Client (RAC), which could impact your ability to log into RAC and access client data.
Further details released on the Canada Emergency Benefit Account (CEBA) repayment extension
October 13, 2022
The CEBA website has been updated to reiterate that the December 31, 2022 forgiveness repayment deadline will be extended to December 31, 2023 for eligible CEBA loan holders in good standing. If CEBA participants are in good standing and qualify for the new extended term, they will be contacted by their financial institution with details regarding the new repayment date. The website also provides more guidance on repayment and forgiveness terms in the FAQ section.
October 7, 2022
Due to increased concerns with identify theft, Confirm my Representative was introduced by the Canada Revenue Agency (CRA) as a new two-factor authorization process for confirming the representative and preventing client information from being given to unauthorized representatives.
October 6, 2022
As discussed in prior news items and tax blog, the federal government has announced proposals that will require additional reporting for “reportable transactions” and “notifiable transactions.”
Latest tax blog: New rules for trust reporting are coming for 2022 returns
October 4, 2022
Trust reporting rules are changing for 2022 returns due in 2023. Under this new regime, trusts will be required to file a T3 Trust Income Tax and Information Return annually for tax years ending on or after December 31, 2022, including trusts that have never filed before. Our latest tax blog on trust reporting outlines the expanded reporting requirements for trusts set out in the August 9, 2022 draft legislation.
September 29, 2022
Due to the widespread damage caused by Hurricane Fiona in Atlantic Canada and part of Quebec, the Canada Revenue Agency (CRA) has confirmed it will be providing relief to impacted individuals, businesses and charities
CRA campaign focuses on personal services businesses: Are you ready?
September 9, 2022
The Canada Revenue Agency is escalating their scrutiny of personal services businesses. In a recent stakeholder email, the CRA announced its newest educational campaign focusing on potential PSB arrangements. In response to this campaign, our newest tax blog presents an overview of the PSB rules and sets out some leading practices to consider for taxpayers that deliver services through a corporation.
August 22, 2022
The 2021 federal budget included measures that would amend electronic filing thresholds for prescribed information returns.
August 22, 2022
As we have previously reported, the government announced in the 2021 federal budget, followed by draft legislation released on February 4, 2022, that it would be providing the CRA with the ability to send certain Notices of Assessments (“NOAs”) electronically without the taxpayer having to authorize the CRA to do so (“NOA proposal”).
August 17, 2022
On August 9, Finance Canada released draft legislation on a broad range of initiatives including revised trust reporting rules.
August 9, 2022
On August 9, 2022, the federal Department of Finance (Finance Canada) released a large package of draft legislation covering several tax measures from the 2022 federal budget and previous announcements.
CRA opens registration for luxury tax
July 25, 2022
The CRA has recently opened registration for the new luxury tax, which will come into effect on September 1, 2022. To help impacted businesses determine the application of the luxury tax, the CRA has launched a dedicated phone line, a rulings and interpretations process and has also published some technical guidance.
July 19, 2022
We know you’re busy and it can be hard to keep track of what’s new. We’ve put together a list of some past news items and blogs that you may have missed but are still worth a read.