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.”
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.
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 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.
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.
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.