{"id":114,"date":"2021-11-30T17:22:46","date_gmt":"2021-11-30T17:22:46","guid":{"rendered":"https:\/\/canadiantaxpodcast.ca\/?p=114"},"modified":"2021-11-30T17:22:47","modified_gmt":"2021-11-30T17:22:47","slug":"canadian-tax-podcast-026-medical-dues-non-capital-losses-add-spouse-to-title","status":"publish","type":"post","link":"https:\/\/canadiantaxpodcast.ca\/index.php\/2021\/11\/30\/canadian-tax-podcast-026-medical-dues-non-capital-losses-add-spouse-to-title\/","title":{"rendered":"Canadian Tax Podcast 026: Medical dues; Non-capital losses; Add spouse to title;"},"content":{"rendered":"\n<p>Canadian Tax Podcast for the week of November 30, 2021. This week we cover:<\/p>\n\n\n\n<ul><li>Bill C-2;<\/li><li>Remote Work;<\/li><li>CRA&#8217;s Cryptocurrency guide;<\/li><li>Digital Service Tax;<\/li><li>Deducting medical dues from multiple Provinces;<\/li><li>Application of non-capital losses;<\/li><li>Adding a spouse to house title;<\/li><\/ul>\n\n\n<p><!--more--><\/p>\n\n\n<h2>[INTRO]:<\/h2>\n\n\n\n<p>\u201cThis is the Canadian Tax Podcast, <strong>Episode # 026<\/strong>, hosted by me, Cameron Ware. Good morning\u201d<\/p>\n\n\n\n<h2>[NEWS SECTION]<\/h2>\n\n\n\n<ol type=\"1\"><li>\u201cHappy Tuesday, it is the week of <strong>November 30, 2021.<\/strong> We\u2019ll start with the news.<\/li><\/ol>\n\n\n\n<h2>ITEM [1] \u2013 New COVID-19 AID Bill-c2 to support businesses and workers<\/h2>\n\n\n\n<ul><li>The liberal government has tabled bill C-2, giving more support to businesses recovering Covid.<\/li><li>Bill C-2 aims to deliver targeted support to workers and businesses<\/li><li>The government recently phased out other pandemic era benefits (CEWS and CERS)<\/li><li>Cdn Hiring Recovery Program (wage subsidy) extended to May\/22. (10% loss in revenue when compared to prior periods)<\/li><li>Canada Worker Lockdown Benefit &#8211; $300\/wk for affected workers<\/li><li><a href=\"https:\/\/globalnews.ca\/news\/8398662\/canada-covid-benefit-update-chrystia-freeland\/\">https:\/\/globalnews.ca\/news\/8398662\/canada-covid-benefit-update-chrystia-freeland\/<\/a><\/li><li><a href=\"https:\/\/www.parl.ca\/DocumentViewer\/en\/44-1\/bill\/C-2\/first-reading\">https:\/\/www.parl.ca\/DocumentViewer\/en\/44-1\/bill\/C-2\/first-reading<\/a><\/li><li>&nbsp;<\/li><\/ul>\n\n\n\n<h2>[ITEM 2] \u2013 The Need for Canada to address payroll barriers article<\/h2>\n\n\n\n<ul><li>Working remotely big thing lately.<\/li><li>Nearly 2\/3 of Canadian employers were hire or open to hire remote employees across Canada, and 1\/3 even said they would be open to hiring international employee.<\/li><li>Issue here is tax reporting. Report by PWC says the tax reporting complexity is stalling hiring.<\/li><li>One suggestion was to nix the T2200 form;<\/li><li>Another was aligning Province of Employment with Province of Residence, and not where the employer is located.<\/li><li><a href=\"https:\/\/www.advisor.ca\/news\/economic\/to-be-competitive-canada-must-address-payroll-barriers-to-remote-work\">https:\/\/www.advisor.ca\/news\/economic\/to-be-competitive-canada-must-address-payroll-barriers-to-remote-work<\/a><\/li><li>&nbsp;<\/li><\/ul>\n\n\n\n<h2>[ITEM 3] \u2013 Tax and Cryptocurrencies in canada<\/h2>\n\n\n\n<ul><li>Are earnings made from crypto considered business income or capital gains?<\/li><li>The CRA has treated cryptocurrencies as commodities and not currencies.<\/li><li>When crypto is used to pay for goods, the CRA considers it to be a barter transaction.<\/li><li>The treatment of crypto from tax perspective is an evolving situation.<\/li><li>It depends a lot on holder\u2019s behaviour. Very generally, at present it appears that if they are long term holds, it is treated as a capital asset, but short term is business inventory or business earnings.<\/li><li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/programs\/about-canada-revenue-agency-cra\/compliance\/digital-currency\/cryptocurrency-guide.html\">https:\/\/www.canada.ca\/en\/revenue-agency\/programs\/about-canada-revenue-agency-cra\/compliance\/digital-currency\/cryptocurrency-guide.html<\/a><\/li><li>&nbsp;<\/li><\/ul>\n\n\n\n<h2>[ITEM 4] \u2013 Liberals move ahead with Digital Service tax<\/h2>\n\n\n\n<ul><li>Liberals are moving ahead with a digital services tax targeting tech giants.<\/li><li>Potentially bringing in 3.4 billion over 5 years.<\/li><li>BUT: Remember the OECD \u201cminimum tax\u201d agreement? = Might make the proposed Netflix Tax irrelevant.<\/li><li>At present: Canada says they won\u2019t phase in the OECD minimum tax til 2024, but it will be retroactive to 2022. In interim, Digital Services tax has go-ahead from Ottawa.<\/li><li>US is grumpy about the Digital Services tax.<\/li><li><a href=\"https:\/\/nationalpost.com\/news\/politics\/liberals-to-proceed-with-digital-services-tax-on-tech-giants\">https:\/\/nationalpost.com\/news\/politics\/liberals-to-proceed-with-digital-services-tax-on-tech-giants<\/a><\/li><li>&nbsp;<\/li><\/ul>\n\n\n\n<p>VIEWER QUESTIONS<\/p>\n\n\n\n<ul><li>Out of Province membership dues question<ul><li>[Question]<\/li><\/ul><ul><li>Physician living in Ontario but travels to BC each month to practice. Would membership fees be deductible?<\/li><\/ul><ul><li>Short answer: Yes<\/li><\/ul><\/li><li>Non-capital loss balance<ul><li>[Question]<\/li><\/ul><ul><li>How do use non-capital loss and how long can it be carried?<\/li><\/ul><ul><li>Back 3 years\/Forward 20 years<\/li><\/ul><\/li><li>Adding a spouse on house title<ul><li>[Question]<\/li><\/ul><ul><li>When refinancing a rental property to include spouse, will it trigger capital gains?<\/li><\/ul><ul><li>SS 73(1) assumed tsf\u2019d at cost. Trap: Attribution.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p>That will wrap things up for today. Like always, if you have any questions, send them to <a href=\"mailto:questions@canadiantaxpodcast.ca\">questions@canadiantaxpodcast.ca<\/a>, or find us on twitter: <a href=\"https:\/\/twitter.com\/cdntaxpodcast\">https:\/\/twitter.com\/cdntaxpodcast<\/a>&nbsp;&nbsp;<\/p>\n\n\n\n<p>This is Canadian Tax Podcast, thanks for listening.&nbsp;<\/p>\n<iframe src=\"https:\/\/player.blubrry.com\/?media_url=https%3A%2F%2Fmedia.blubrry.com%2Fcanadiantaxpodcast%2Fcontent.blubrry.com%2Fcanadiantaxpodcast%2F2021-11-30_CTP026.mp3&amp;podcast_link=https%3A%2F%2Fcanadiantaxpodcast.ca%2Findex.php%2F2021%2F11%2F30%2Fcanadian-tax-podcast-026-medical-dues-non-capital-losses-add-spouse-to-title%2F#mode-Light&border-000000&progress-000000\" scrolling=\"no\" width=\"100%\" height=\"165\" frameborder=\"0\" id=\"blubrryplayer-1\" class=\"blubrryplayer\" title=\"Blubrry Podcast Player\"><\/iframe><p class=\"powerpress_links powerpress_links_mp3\" style=\"margin-bottom: 1px !important;\">Podcast: <a href=\"https:\/\/media.blubrry.com\/canadiantaxpodcast\/content.blubrry.com\/canadiantaxpodcast\/2021-11-30_CTP026.mp3\" class=\"powerpress_link_pinw\" target=\"_blank\" title=\"Play in new window\" onclick=\"return powerpress_pinw('https:\/\/canadiantaxpodcast.ca\/?powerpress_pinw=114-podcast');\" rel=\"nofollow\">Play in new window<\/a> | <a href=\"https:\/\/media.blubrry.com\/canadiantaxpodcast\/content.blubrry.com\/canadiantaxpodcast\/2021-11-30_CTP026.mp3\" class=\"powerpress_link_d\" title=\"Download\" rel=\"nofollow\" download=\"2021-11-30_CTP026.mp3\">Download<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Canadian Tax Podcast for the week of November 30, 2021. This week we cover: Bill C-2; Remote Work; CRA&#8217;s Cryptocurrency guide; Digital Service Tax; Deducting medical dues from multiple Provinces; Application of non-capital losses; Adding a spouse to house title;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,32,16,1],"tags":[],"_links":{"self":[{"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/posts\/114"}],"collection":[{"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/comments?post=114"}],"version-history":[{"count":1,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/posts\/114\/revisions"}],"predecessor-version":[{"id":115,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/posts\/114\/revisions\/115"}],"wp:attachment":[{"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/media?parent=114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/categories?post=114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/tags?post=114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}