DT Professional Suite Blog

A new registered account has been created by the federal government to help individuals save in a tax-efficient manner for the down payment of the purchase of their first home. Let’s take a deep dive into this measure.

The Underused Housing Tax (UHT) is a new measure that was recently put into force. The UHT is an annual tax charged to “affected owners” that are, as per the federal government, underusing their residential property. Let’s take a deep dive into this measure.

In this article, we will see the major changes that are coming for the 2022 tax year.

In the first instalment, we saw the basic rules of the immediate expensing measure. In this part, we will see the mechanics of the calculation.

The federal government announced in the 2021 budget a new measure to allow for immediate expensing of certain depreciable assets. In this first instalment, we will go into detail on the rules.

The deductibility of business/property losses, or non-capital losses, can be a contentious subject of income taxes.  In what circumstances can the CRA refuse the losses? Let’s have a look.

Bill C-208, introduced in June 2021, made significant changes to specific anti-avoidance rules related to intergenerational transfers of family corporations. Let’s have a look at these changes.

In this article, we will see the major changes that are coming for 2021.

- Enhancements to the Canada Worker’s Benefit (CWB)
- Disability Tax Credit
- Northern Residency Deduction
- Postdoctoral Fellowship Income
- Employee Stock Options
- COVID-19 Benefits Repayment
- Eligible Educator School Supply Tax Credit
- Home Office Expenses - Temporary Flat-Rate Method
- Immediate Expensing of Capital Property
- Tax Rate Reduction for Zero-Emission Technology Manufacturers
- Capital Cost Allowance for Clean Energy Equipment

With the introduction of the COVID-19 benefits such as the CRB and CERB, the concept of minimum income has entered popular discussion.

A fundamental decision that any business has to make is whether to own or lease capital assets used. What are some of the advantages and disadvantages to either option, and what are the tax implications?

One of the age-old personal finance questions: is it more advantageous to lease a vehicle or buy? While there’s an exhaustive list of articles on the internet about this topic, this article will look at the tax implications of each and compare the two.

A few years ago, the federal government made changes to the caregiver amount, and renamed it the Canada Caregiver Amount. There has been some confusion as to mechanics of the credit. In this article, we will see the particulars of the credit and how to determine which line of the tax return to claim the amount.

With the advent of technology, an increasing number of taxpayers are diversifying their sources of income. It has never been easier to invest in foreign assets such as stocks or real estate. The income from those assets is, of course, taxable in Canada. In this article, we will see how to properly source this income, essential to the foreign tax credit (FTC) calculation, and how to calculate the FTC.

In response to the COVID-19 pandemic, the government introduced new benefits to help affected Canadians. These benefits were all taxable. In this article, we will see the lesser-known effects of these benefits on the tax return; more specifically, how the definition of earned income can have profound effect on the tax return results.

The hottest tax topic today is certainly home office expenses. With the COVID-19 pandemic requiring many employees to work from home, more taxpayers will be eligible to deduct expenses incurred from their home office. What are the particulars of this deduction?

In the previous instalment of the blog, we spoke about estate freeze techniques. Within that instalment, we mentioned about the potential negative effects of section 84.1 of the ITA when performing an estate freeze. How does section 84.1 potentially penalize a taxpayer? What are the technical rules? This article will explain.

In the first instalment, we saw the basics of estate freezes. In this instalment, we will see how to perform an estate freeze through various techniques.

Estate freezes are a powerful tool in the tax arsenal of a family corporation. They allow for the tax-efficient transfer of a corporation from the originator to the next generation. What are they, and why should they be considered? This article will explain.

The federal government recently announced new measures to help seniors during the coronavirus pandemic. What are they? Let’s find out.

The Federal government has announced support measures for businesses affected by the COVID-19 pandemic.

The Federal government has announced support measures for individuals who have lost their income during the COVID-19 pandemic.

Section 85 of the Income Tax Act (ITA) is an important tool in the tax arsenal of corporations. It can be used in many instances to defer taxation for certain transactions, especially complex corporate structures. In this article, we will see the ins and outs of this important section of the ITA.

The federal government recently announced a wage subsidy to help businesses keep their staff working during the COVID-19 pandemic. What is it, and how does it work? Let’s find out.

The Federal and Quebec governments announced changes that relate to the tax filing deadline, and other measures due to the Coronavirus (COVID-19). Read on to get the details.

The Income Tax Act (ITA) requires all Canadians to report foreign assets held that are above a certain threshold. Here are the detailed rules of this reporting.

In this article, we will see the major changes that are coming to the 2019 tax return.

In this instalment, we will see the differences between what can be claimed as employment expenses between a salaried employee and a commission income employee, and how we can optimize the employment expenses claim.

In this instalment, we will see the basic mechanics of the federal Climate Action Plan, and the related Climate Action Incentive.

In the 2018 fall economic statement, the federal government announced substantive changes in the calculation of Capital Cost Allowance (CCA). This article will summarize these changes.

In the previous instalment of the DT Max blog, we went through some of the basics of sales taxes. In this instalment, we will see more advanced topics, such as determining residence, and other special topics.

The GST/HST and QST are governed by a complex set of rules and regulations as set out by the excise tax. This article is a good starting point to understanding these rules.

In this article, we will see the major changes that are coming to the 2018 tax return.

In this article, we will see the major changes that are coming to the 2018 tax return.

The age-old Canadian tradition for retirees: when it starts getting cold outside, Canadians will “flock” to the warmer shores of the United States.

In the July 2017 announcement, the federal government announced some significant changes to the taxation of passive income within corporations, specifically CCPCs. After a strong backlash from business owners, the government released a more “watered down” version of these changes in the 2018 budget.

Death and taxes. The 2 certainties of life! What are some of the tax implications when someone dies? Read on to find out.

In the July 2017 announcement, the federal government announced some significant changes coming to the tax on split income rules. The changes became official with the December 2017 proposals. In this instalment, we take an in-depth look at these new rules.

In this installment, we will see all the tax implications we need to consider when a separation happens between a married or common-law couple.

We are already at the beginning of a new year! Tax season is around the corner and now is the time to prepare your firm for the upcoming season. What can you do to get ready? Read on…

Much has been written about taxation and its incidence on common-law spouses. This article will delve into certain considerations to look into when it comes to common-law spouses, and pitfalls to avoid in certain specific cases.

The unthinkable has happened: there has been a breach of your data networks. What is the proper response in such a situation?

In the first part of this series, we saw how the engagement letter can be an indispensable tool to protecting your tax practice. In the second part of the series, we will see how to properly secure your client’s data.

Securing your tax practice is a crucial component of your business. An engagement letter is one such tool that allows you to protect your business. In this instalment, we will see what should be included in a proper engagement letter.

In a previous instalment, we discussed the differences between a capital and a current expenditure. In this instalment, we will expand on the definition of depreciable properties by presenting some interesting perspectives provided by case law.

Many changes have been brought to the treatment of Eligible Capital Properties (ECP) for tax years 2017 and afterwards. This instalment will explain these changes.

The age-old question of taxation: is the expenditure incurred by the taxpayer a capital or a current expenditure? In this instalment, we will see the criteria that must be analyzed in order to determine the type of expense, and analyze certain interesting real-life cases on this topic.

When owning a rental property, an important tax planning consideration is whether or not to claim Capital Cost Allowance as an expense. In this article, we will take a look at the factors that should be considered when deciding on whether to take CCA.

In the first article, we learned about the basics of a principal residence disposition. Now we will see special topics that affect the principal residence disposition.

The sale of a principal residence can be a complex transaction to enter on a tax return. Let’s have a look in detail at some of the concepts as well as other considerations that have to be taken into account when designating a property as a principal residence.

The EFile program, offered by both the Federal and Quebec governments, has allowed tax preparers to transmit electronically their clients’ tax returns in an efficient manner.

In the first part of the series, we saw the way to contest a notice of assessment with the CRA through a Notice of Objection. But what happens if the CRA does not rule in your favour? Read on to find out…

Was your client assessed incorrectly by the CRA? Did you contact the CRA to try to rectify the assessment with no success? Read on to learn about the procedures to properly object to the CRA’s assessment.

Is your client being audited by the CRA? What does the Income Tax Act (ITA) stipulate as to what the CRA can and cannot do during an audit? Let’s find out…