The Canada Revenue Agency (“CRA”) has announced the following changes to the Income Tax Act for 2023.
Advance payments of the Canada workers benefit (“CWB”) are now issued automatically under the ACWB to those who received the benefit in the previous tax year. As a result, Form RC201, Canada Workers Benefit Advance Payments Application, has been discontinued.
Starting […]
Budget 2023 introduced an annual income-tested renter’s tax credit that will give $400 to low- and moderate-income renter individuals and families with an adjusted income of $60,000 or less. Individuals and families with an adjusted income greater than $60,000 and less than $80,000 may receive a reduced amount.
You can start claiming the renter’s tax credit on the 2023 T1 […]
The CRA has decided that home office expenses can only be claimed if the employer requires the employee to work from home more than 50% of his/her work days.
The flat rate of $2/day has been discontinued for 2023.
For an employee to claim employment expenses the employer must confirm the need to incur various expenditures on a signed T2200 Conditions of […]
The Underused Housing Tax is an annual federal 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022.
The tax generally applies to foreign national owners of housing in Canada. However, in some situations, this tax also applies to some Canadian owners (such as certain […]
For 2023 and subsequent taxation years, Budget 2022 introduced a new deeming rule for residential real estate (including rental property). The new deeming rule is to ensure that profits from the disposition of flipped property are taxed as business income.
Property flipping involves purchasing residential property and reselling the property in a short period of time to realize a […]
At Focused Tax Strategies, we feel obligated to inform our US clients about their obligations to file form 5471, failing which they could be liable for significant fines and exposure to life-long audits. Given the complexity of these situations, we are NOT accepting clients who need a 1040 and/or state return who own […]
In the Budget 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home—including from investment income—would be […]
Any income from the sale or transfer of such cryptocurrency is treated either as business income or as a capital gain. Similarly, losses are either treated a a business loss or capital loss and can be set off against business profits or capital gains, respectively
Taxable transactions occur in the following situations:
There are various deadlines for filing and paying taxes in Canada for the 2022 tax year.
Mar 1, 2023 Last day for 2022 RRSP contributions
Mar 15, 2023 Due date for tax instalments for 2022 (see below)
Feb 28, 2023 Last day for filing T4s for employees, and T5s for dividends paid
Mar 31, 2023 Last day for […]
