Canada Revenue Agency Extends Deadline for Underused Housing Tax Returns The Canada Revenue Agency (CRA) has announced a significant extension for homeowners to file their Underused Housing Tax (UHT) returns. In a recent news release dated October 31, 2023, the…
Canada’s economic plan is helping Canadians save for a first home and building more co-op homes, faster 2023-12-05 06:12 Roundup: Canada’s economic plan is delivering for Canadians from coast to coast to coast 2023-12-01 15:00 Deputy Prime Minister highlights…
Lower-income renters in Canada can now apply for a one-time $500 top-up to the Canada Housing Benefit Canadians must meet all the following conditions to be eligible for the new benefit: have filed a 2021 tax return; be at least…
Recent legislative proposals have introduced significant changes to the GST/HST Joint Venture Election rules under the Excise Tax Act. These amendments have crucial implications for family-owned enterprises involved in joint ventures. Summary of the Key Amendments: Definitions and Qualifications: The…
The Canada Revenue Agency's (CRA) new Mandatory Disclosure Rules add complexities to tax planning and reorganizations. These rules are pivotal for family-owned enterprises and high-net-worth individuals engaged in sophisticated tax planning strategies. Overview of the New Rules: Background: The CRA…
The Canada Revenue Agency's (CRA) latest initiative has focused on Personal Services Businesses (PSBs). This topic is crucial for anyone operating a family-owned enterprise, especially those who engage independent contractors or run a PSB. Understanding the Initiative: The CRA has…
Canada Worker Lockdown Benefit On December 22, 2021, the Government of Canada announced that it would be expanding eligibility for the Canada Worker Lockdown Benefit (CWLB). Canadians in designated regions affected by lockdowns or qualifying capacity restrictions can apply for the benefit. Currently,…
CRA will issue T4As to COVID-19 CERB and CRB recipients Canadians will begin receiving T4A slips from the CRA for these benefits to support their tax filing. The T4A is virtually identical to the T4 slips Canadians are used to receiving from…
By Nizam Shajani, CPA, CA, MBA Canada Emergency Rend Subsidy Qualifying organizations can apply directly for the new Canada Emergency Rent Subsidy (CERS) through the Canada Revenue Agency (CRA). This means qualifying organizations can apply for the subsidy without the…
By Nizam Shajani, CPA, CA, MBA This document is extracted from a paper originally written for York University Faculty of Law by Nizam Shajani. It used to be simple to move a dividend from a subsidiary to its parent corporation. …