November 22, 2023
On November 21, the Deputy Prime Minister and Minister of Finance released the federal government’s 2023 Fall Economic Statement (FES), which contained some new tax announcements along with an update on previously announced tax measures.
November 17, 2023
During 2023, CPAs across the country were canvassed to pose the top questions they have for the CRA.
CRA will not require registered charities to file the T3 return for internal trusts
November 10, 2023
As many are aware, new rules were enacted in 2022 to expand the filing requirements for trusts.
As a result of these new rules, registered charities were seeking clarification on how these new requirements apply to internal trusts.
The CRA recently issued an email to those on their “Charities and Giving – What’s new” mailing list indicating the following:
The CRA will not require registered charities to file the T3, Trust Income Tax and Information Return, for internal trusts.
Internal trusts are those created when a charity:
- receives property as a gift that is subject to certain legally enforceable terms and conditions; and,
- holds that property as the trustee of the trust.
Designated notifiable transactions
November 2, 2023
Canada’s enhanced mandatory disclosure rules include a requirement to report notifiable transactions.
A transaction becomes a notifiable transaction if it is the same or substantially similar to one that is designated by the Minister of National Revenue. CRA has recently published the list of designated transactions and series of transactions, effective November 1, 2023. For further information, please see CRA’s website.
Government further extends deadline to file 2022 Underused Housing Tax return
October 31, 2023
The Minister of National Revenue announced on October 31, 2023, that owners affected by the Underused Housing Tax (UHT) will have until April 30, 2024, to file their returns for the 2022 calendar year without being charged penalties or interest. Please see CRA’s news release for further details.
Latest tax blog: New and improved CRA digital services for tax practitioners
October 25, 2023
The CRA is introducing new and improved online processes and digital service options for taxpayers and practitioners. Read our latest tax blog to know more about these enhancements and changes.
September 25, 2023
On September 21, 2023 the Deputy Prime Minister and Minister of 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.”