{"id":83,"date":"2021-04-19T15:24:40","date_gmt":"2021-04-19T15:24:40","guid":{"rendered":"https:\/\/canadiantaxpodcast.ca\/?p=83"},"modified":"2021-04-19T15:24:41","modified_gmt":"2021-04-19T15:24:41","slug":"canadian-tax-podcast-008-incentive-payments-climate-action-incentive-us-double-tax","status":"publish","type":"post","link":"https:\/\/canadiantaxpodcast.ca\/index.php\/2021\/04\/19\/canadian-tax-podcast-008-incentive-payments-climate-action-incentive-us-double-tax\/","title":{"rendered":"Canadian Tax Podcast 008: Incentive payments; Climate Action Incentive; US Double Tax;"},"content":{"rendered":"\n<p>Canadian Tax Podcast for the week of April 19, 2021. This week we cover:<\/p>\n\n\n\n<ul><li>Revenue Quebec filing extension;<\/li><li>Federal Budget Day;<\/li><li>CRA Filing deadline unchanged;<\/li><li>CPA Canada PACT guide;<\/li><li>What to do with an incentive reimbursement or credit card cash back payment;<\/li><li>Mechanics of the Climate Action Incentive;<\/li><li>Double-tax on US-source income;<\/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 # 008<\/strong>,&nbsp; hosted by me, Cameron Ware. Good morning\u201d<\/p>\n\n\n\n<h2>&nbsp;[NEWS SECTION]<\/h2>\n\n\n\n<ul><li>\u201cHappy Monday, it is the week of <strong>April 19, 2021<\/strong>. We\u2019ll start with the news.<\/li><\/ul>\n\n\n\n<h2>&nbsp;[ITEM 1] \u2013 Quebec Filing Extension<\/h2>\n\n\n\n<ul><li>Last week Revenue Quebec extended the personal tax filing deadline.<\/li><li>Dates still stay the same, but they won\u2019t implement late filing fees if you file after April 30<sup>th<\/sup>, but before May 31<sup>st<\/sup>..<\/li><li>Interesting to see what CRA does.<\/li><li>CPA Canada continues to push for extension<\/li><li><a href=\"https:\/\/www.revenuquebec.ca\/en\/coronavirus-disease-covid-19\/faq-for-individuals\/summary-table\/\">https:\/\/www.revenuquebec.ca\/en\/coronavirus-disease-covid-19\/faq-for-individuals\/summary-table\/<\/a><\/li><li><a href=\"https:\/\/www.cpacanada.ca\/en\/business-and-accounting-resources\/taxation\/canadian-tax-news\">https:\/\/www.cpacanada.ca\/en\/business-and-accounting-resources\/taxation\/canadian-tax-news<\/a><\/li><\/ul>\n\n\n\n<h2>&nbsp;[ITEM 2] \u2013 Budget Day<\/h2>\n\n\n\n<ul><li>Today April 19<sup>th<\/sup> is budget day.<\/li><li>First budget released in two years.<\/li><li>CBC leak says that it will cover a national daycare strategy, along with some luxury tax items.<\/li><li>Supposedly staying away from capital gains tax changes.<\/li><li><a href=\"https:\/\/www.cbc.ca\/news\/politics\/federal-budget-child-care-deficit-1.5992631\">https:\/\/www.cbc.ca\/news\/politics\/federal-budget-child-care-deficit-1.5992631<\/a><\/li><\/ul>\n\n\n\n<h2>[ITEM 3] \u2013 File On Time Says CRA<\/h2>\n\n\n\n<ul><li>CRA, in one of their \u201cTax Tips\u201d has stressed that it\u2019s important to file your taxes prior to April 30<sup>th<\/sup>.<\/li><li>If you want to apply for financial aid for May 1<sup>st<\/sup> and forward, you need to have filed your tax returns in order to be eligible.<\/li><li>Specific programs that could have proglems are the Canada Recovery Benefit (CRB), the Canada Recovery Caregiving Benefit (CRCB) or the Canada Recovery Sickness Benefit (CRSB)<\/li><li><a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/news\/newsroom\/tax-tips\/tax-tips-2021\/still-time-file-taxes-by-april-30-2021.html\">https:\/\/www.canada.ca\/en\/revenue-agency\/news\/newsroom\/tax-tips\/tax-tips-2021\/still-time-file-taxes-by-april-30-2021.html<\/a><\/li><\/ul>\n\n\n\n<h2>ITEM [4] \u2013 Accountants: CPA Canada\u2019s New \u201cPACT\u201d GUIDE<\/h2>\n\n\n\n<ul><li>So venting a little bit here.<\/li><li>For those of you who aren\u2019t accounting nerds, CPA is phasing in new standards for Compilation engagements. So in normal-speak, if you\u2019re a client, your accountant now HAS to do a bunch of extra stuff on your file, or go to jail.<\/li><li>So here\u2019s the rub: CPA Canada changes the rules, saying you NEED to do this, or else.<\/li><li>Then, helpfully provide a new guide called \u201cPractice management, advisory, compilations and tax\u201d guide. PACT.<\/li><li>Yours for only $395.<\/li><li>So, governing body changes the rules. Then, in order for members to get guidance on how to comply with the new rules, CPA Canada charges you extra.<\/li><li>When is CPA Canada going to actually support smaller members? (ie. Meaning the outfits who don\u2019t audit public companies\u2026)<\/li><li>Law Society of Canada and provinces provide tons of support to their respective members. FREE support. Here\u2019s AB. <a href=\"https:\/\/www.lawsociety.ab.ca\/resource-centre\/key-resources\/practice-management\/law-firm-start-up-kit\/\">https:\/\/www.lawsociety.ab.ca\/resource-centre\/key-resources\/practice-management\/law-firm-start-up-kit\/<\/a><\/li><li><a href=\"https:\/\/www.cpacanada.ca\/en\/business-and-accounting-resources\/audit-and-assurance\/standards-other-than-cas\/publications\/pact?utm_source=aprilemail&amp;utm_medium=email&amp;utm_campaign=PACT2021\">https:\/\/www.cpacanada.ca\/en\/business-and-accounting-resources\/audit-and-assurance\/standards-other-than-cas\/publications\/pact?utm_source=aprilemail&amp;utm_medium=email&amp;utm_campaign=PACT2021<\/a><\/li><\/ul>\n\n\n\n<h2>QUESTIONS<\/h2>\n\n\n\n<ul><li>Where to report incentives?<ul><li>[quote]<\/li><\/ul><ul><li>Typically this goes to offset bank charges\/interest.<\/li><\/ul><ul><li>Misc revenue or expense recoveries is the alternative if you want.<\/li><\/ul><\/li><li>Climate Action Incentive: How Do I Get The Money?<ul><li>[quote]<\/li><\/ul><ul><li>So the CAI is processed right on your tax return.<\/li><\/ul><ul><li>Added as an \u201cextra refund\u201d.<\/li><\/ul><ul><li>Amount depends on spouse, kids, outside urban area, etc.<\/li><\/ul><\/li><li>Double-Tax on US income<ul><li>[quote]<\/li><\/ul><ul><li>Cross-border stuff is tricky. I won\u2019t get into the weeds here. Simplest answer is you\u2019re likely missing the foreign tax credit claim on your Cdn tax return.<\/li><\/ul><ul><li>Functionally: You get paid from US outfit, pay US tax.<\/li><\/ul><ul><li>You show the full amount of income from your US job on your Cdn tax return.<\/li><\/ul><ul><li>DOUBLE-TAX right now.<\/li><\/ul><ul><li>However, claim foreign tax credit. Eliminates double tax.<\/li><\/ul><ul><li>Pro-tip: File US 1040NR return, get back all of the US tax.<\/li><\/ul><ul><li>Also, watch forex.<\/li><\/ul><ul><li>&nbsp;<\/li><\/ul><\/li><\/ul>\n\n\n\n<h2>OUTRO<\/h2>\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%2F2021-04-19_CTP-008.mp3&amp;podcast_link=https%3A%2F%2Fcanadiantaxpodcast.ca%2Findex.php%2F2021%2F04%2F19%2Fcanadian-tax-podcast-008-incentive-payments-climate-action-incentive-us-double-tax%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\/2021-04-19_CTP-008.mp3\" class=\"powerpress_link_pinw\" target=\"_blank\" title=\"Play in new window\" onclick=\"return powerpress_pinw('https:\/\/canadiantaxpodcast.ca\/?powerpress_pinw=83-podcast');\" rel=\"nofollow\">Play in new window<\/a> | <a href=\"https:\/\/media.blubrry.com\/canadiantaxpodcast\/content.blubrry.com\/canadiantaxpodcast\/2021-04-19_CTP-008.mp3\" class=\"powerpress_link_d\" title=\"Download\" rel=\"nofollow\" download=\"2021-04-19_CTP-008.mp3\">Download<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Canadian Tax Podcast for the week of April 19, 2021. This week we cover: Revenue Quebec filing extension; Federal Budget Day; CRA Filing deadline unchanged; CPA Canada PACT guide; What to do with an incentive reimbursement or credit card cash back payment; Mechanics of the Climate Action Incentive; Double-tax on US-source income;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[19,27],"tags":[],"_links":{"self":[{"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/posts\/83"}],"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=83"}],"version-history":[{"count":1,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/posts\/83\/revisions"}],"predecessor-version":[{"id":84,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/posts\/83\/revisions\/84"}],"wp:attachment":[{"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/media?parent=83"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/categories?post=83"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiantaxpodcast.ca\/index.php\/wp-json\/wp\/v2\/tags?post=83"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}