Canadian tax news
Your source for the latest Canadian tax news and updates on changing tax laws. Working collaboratively with the Canada Revenue Agency (CRA) we aim to bring clarity on pressing tax questions and tax updates.
Please visit our archive page for content from 2020. There are no posts on this page older than 2020.
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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.
CRA updates T2 Schedule 63 – Return of Fuel Charge Proceeds to Farmers Tax Credit
July 14, 2022
Further to our June 13 news item, the CRA has now published an updated T2 Schedule 63 – Return of Fuel Charge Proceeds to Farmers Tax Credit which appears to now correctly compute the credit. We understand that tax software providers have included the update, or will soon be including it, in their software.
July 8, 2022
As part of the digital economy measures the government introduced as part of Budget 2021, certain accommodation and digital platform operators are required under the Excise Tax Act to file an information return with the CRA each year.
CRA updates Q&A on Disability Tax Credit promoter fee cap
July 7, 2022
As reported in our November 9, 2021, news item, the Disability Tax Credit Promoters Restriction Act (DTCPRA) has been suspended until further notice due to a court injunction.
While the court case has not yet concluded, the CRA has updated its interpretation of the services to be included in the $100 DTC fee cap. Question 7 on the CRA Q&A to the DTCPRA webpage now indicates that the $100 DTC fee cap on promoters will not apply to work done to assist with the filing of notices of objection, where previously the CRA only listed work related to appeal to the Tax Court of Canada.