The Canadian Tax Podcast – Canadian Tax Podcast provides tips, resources, and tax help for Canadians and Canadian small businesses.

Hello listeners, IT issues today. For some reason our podcast hosting had some errors/upload issues, and 016 through 023 have been dropped. We are working hard to get our back catalogue re-uploaded, and the article links and commentary live again. Thanks for your patience. -Cameron

Canadian Tax Podcast 014: TFSA; US Contractor; Inter-corporate Loans;

Posted on 2021-06-142021-06-14 by cware

Canadian Tax Podcast for the week of June 14th, 2021. This week we cover:

The ProPublica tax leak;
CRA releases details on new tax scam;
More detail on G7 worldwide corporate tax proposal;
Bill C-208;
What to do with a TFSA if you move to the US;
Canadian resident doing contract work for US client;
Inter-corporate loans;

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Canadian Tax Podcast 013: Contractor vs Employee; US Real Estate; T1135

Posted on 2021-06-072021-06-07 by cware

Canadian Tax Podcast for the week of 07 June 2021. This week we cover:

TI 2020-086579 CEWS/Shareholder problem;
CRA is “outgunned”
CRA decreases volume of public company audits;
G7 agrees to global minimum tax;
Listener question: Taking a contract job vs staying employee;
Listener question: Sale of US real estate;
Listener question: T1135 and cost basis to use;

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Canadian Tax Podcast 012: PSB’s, W-8BEN-E, and Dual US/CAN Citizen.

Posted on 2021-05-102021-05-11 by cware

Canadian Tax Podcast for the week of May 10th, 2021. This week we cover:

No post-tax season filing extensions;
Represent A Client broke;
Covid benefits tied to 2020 T1 filing;
Personal Services Business (PSB) myths;
Contractors: How to fill out the W8-BEN-E form;
Dual Citzen (US/CAN) filings;

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Federal Budget 2021 – Commentary and Analysis

Posted on 2021-04-202021-04-20 by cware

The 2021 Federal budget was released yesterday (April 19th), for the first time in over two years. Here are some highlights:

Personal Measures

The Canada Recovery Benefit and related programs will be extended.
Individuals will have the option to claim a deduction in respect of the repayment of a COVID-19 benefit amount for the year when the benefit was received.
Access to the disability tax credit will be broadened.

Business Measures

The Canada Emergency Wage and Rent Subsidies (CEWS and CERS) will be extended.
The Canada Recovery Hiring Program was introduced.
The ability to immediately expense 100% of many capital asset purchases was introduced.
The corporate tax rate on zero-emission technology manufacturing will be halved.
The disclosure requirements for aggressive tax planning and filing positions will be expanded.

International Measures

A 1% tax on the value of vacant or underused real estate owned by non-residents will be implemented.

Sales and Excise Tax

Access to the GST/HST New Housing Rebate will be broadened for co-owners.
A new tax of up to 10% will apply to the purchase of luxury vehicles, aircraft, or boats.

Electronic Filing, Payments and Certification

Some CRA communications will be undertaken electronically without the taxpayer’s authorization.
Certain levels of payments will be required to be made electronically.

Previously Announced

Intention to proceed with a number of previously announced measures, such as the accelerated CCA changes for zero-emission vehicles, and expanded disclosure requirements for trusts.

For a full summary, keep reading below.