Canadian Tax Podcast 007: GME Capital Gains; T5 Gross Up Error; Reporting T2 Foreign Dividends

Posted on by cware

Canadian Tax Podcast for the week of April 12, 2021. This week we cover:

  • Tax consulting fees capped;
  • Court case: Capital Expenditure vs. Repairs and Maintenance;
  • Principal residence exemption – more tweaking?
  • SK to hit electric vehicle owners with a fee;
  • GME capital gains;
  • Incorrectly-filed T5 and what to do;
  • Dealing with foreign income on a T2;

Continue reading “Canadian Tax Podcast 007: GME Capital Gains; T5 Gross Up Error; Reporting T2 Foreign Dividends”

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Canadian Tax Podcast 006: Filing Late Returns; Self-employed Instalments; Joint Venture Reporting

Posted on by cware

Canadian Tax Podcast for the week of April 05, 2021. This week we cover:

  • Principal Residence Exemption to be taxed?
  • Joe Biden’s proposed corporate tax rate changes;
  • Quebec lowers corporate taxes on small businesses;
  • CRA’s “Before You Call” List;
  • How to approach filing 11 years of late corporate and personal tax returns;
  • What happens with late-paid instalments for self-employed people;
  • Reporting joint venture income;

Continue reading “Canadian Tax Podcast 006: Filing Late Returns; Self-employed Instalments; Joint Venture Reporting”

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Canadian Tax Podcast 005 – Business Tax Planning; Personal Use Property + T1135; Capital Gains In Corp.

Posted on by cware

Canadian Tax Podcast for the week of March 29, 2021. This week we cover:

  • Coinsquare account info release;
  • Carbon tax;
  • Federal Budget announced;
  • Ontario Budget released;
  • Expense/deduction planning for the newly self-employed;
  • T1135 reporting re. personal use property and foreign currency;
  • Sale of property in a corporation, triggering capital gains;

Continue reading “Canadian Tax Podcast 005 – Business Tax Planning; Personal Use Property + T1135; Capital Gains In Corp.”

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Canadian Tax Podcast 004 – Home Office/GST/Foreign Exchange

Posted on by cware

Canadian tax podcast for the week of 24 March 2021. This week we cover:

  • Headlines;
  • Home office / T777S;
  • Self-employed GST/HST;
  • When to claim forex gains/losses;

Continue reading “Canadian Tax Podcast 004 – Home Office/GST/Foreign Exchange”

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Canadian Tax Podcast 003 – CEBA Loans/Accrual Method/Subcontractor Expenses

Posted on by cware

This week on Canadian Tax Podcast, we cover:

  • A tax payer with an $8mil tax bill;
  • 800,000 Canadians locked out of MyAccount;
  • New guidance on incorrect CERB T4A’s
  • Listener questions on CEBA, accrual/forex for self employed, and Subcontractor expenses on the T2125;

Continue reading “Canadian Tax Podcast 003 – CEBA Loans/Accrual Method/Subcontractor Expenses”

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What To Do With Incorrect T5008’s (TSP#3)

Posted on by cware

This episode continues the 2020 Tax Season Special Series, where Canadian Tax Podcast answers random questions related to the 2020 tax filing season.

This episode covers T5008’s in more detail, specifically:

  • What to do when you have a million T5008’s issued;
  • Why you can’t always rely on your broker gain/loss report;
  • Link to Chen case here.

Continue reading “What To Do With Incorrect T5008’s (TSP#3)”

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Canadian Tax Podcast 002 – CCA on Rentals / Mortgages for Self Employed / TFSA

Posted on by cware

Canadian Tax Podcast for the week of March 8th, 2021. In this episode we cover:

  • Filing deadlines;
  • Issues with CERB/CRB T4A slips;
  • Still no Federal budget;
  • Listener question: CCA Allowance on rentals;
  • Listener question: Mortgage approvals – Should a person go for high income/high tax or low income/low tax when it comes to mortgage applications and interest rates?
  • Listener question: TFSA;

Continue reading “Canadian Tax Podcast 002 – CCA on Rentals / Mortgages for Self Employed / TFSA”

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Sec 85 / US Contracting / RRSP vs TFSA (TSP#2)

Posted on by cware

Continuing with our 2020 Tax Season Special, where Canadian Tax Podcast answers random questions related to the 2020 tax filing season.

This episode covers:

  • Section 85 Rollover / PSB issues;
  • Doing contract work for a US company;
  • Quick commentary Jamie Golombek’s article here covering RRSP’s vs TFSA;

Continue reading “Sec 85 / US Contracting / RRSP vs TFSA (TSP#2)”

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T3’s / Record Storage / Wrong T5508’s (Tax Season Special #1)

Posted on by cware

With Feb 22nd being the start of Tax Season 2020, I thought it would be a good idea to just start answering questions via “Tax Season Specials.” In this episode I cover:

  • Entering T3 slips on a T2;
  • Having CRA store your records, and why that’s a bad idea;
  • Incorrect T5008 and what to do;

Thanks for listening.

Usual Disclaimer: This information is for general information purposes only, and deals with complicated and time-sensitive info that may not apply to your situation. Tax rules are always changing, and this information may not be current. Tax is complicated, this information is not tax advice, and don’t rely on this info to make tax decisions – Hire someone to help you.

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