Watch! Life in the Tax Lane - August 2023

This FREE 10-minute video for Canadian Tax Professionals includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. 

Sources:

• First Home Savings Account (FHSA) – Timing of Opening an Account

• Mandatory Disclosure Rules – Source 1 and Source 2

• Alternative Minimum Tax – Proposed Changes – Source 1, Source 2 and Source 3  

• Objection Deadline – One-Year Limitation Period

• Expanded Trust Reporting Rules – Source 1 and Source 2  

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2023, All Rights Reserved.

CRA Audit/Review Questionnaires

On July 5 through 7, 2023, CRA released a series of 5 questionnaires focusing on areas of review. It is uncertain when and where these forms will be used. The forms are:

• RC683 Business Information

• RC684 Refund Examination Program - Province or Territory of Residence - Multiple Years

• RC685 Rental Information

• RC686 Residency Status and World Income

• RC687 Refund Examination Program - Province or Territory of Residence - Single Year

Watch! Life in the Tax Lane - July 2023

This FREE 10-minute video for Canadian Tax Professionals includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. 

Sources:

• Late Application for CPP Benefit

• First Home Savings Account (FHSA) – Tips and Traps – Source 1, Source 2 and Source 3

• CRB Eligibility – Airbnb Income

• Multigenerational Home Renovation Tax Credit – Source 1, Source 2 and Source 3

• Residential Property – Self-supply Issues

• Intergenerational Business Transfer Proposals – Considerations and Challenges – Source 1, Source 2, Source 3, Source 4, Source 5 and Source 6

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2022, All Rights Reserved.

Newbies to Ninjas: Corporate Tax | New Edition Available!

A T2 General Preparation Course for Owner-Managed and Small Businesses

3-hours | Pre-recorded online | 2-week access | 9th edition | Learn More

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This course will help newer tax preparers turn theoretical knowledge into practical skills.

Information gatherers are your first line of defence. Arm your staff with the tools to organize, assemble and report information, as well as identify potential issues and planning opportunities.

Newbies to Ninjas: Corporate Tax is targeted to improve the efficiency and accuracy of newer preparers completing corporate tax returns for owner-managed and small businesses. This concise pre-recorded online 3-hour topic-by-topic course will have your newer tax preparers preparing corporate tax returns like ninjas!

Who is this course designed for?

The course is perfect for newer tax preparers, including students and new team members, who have some theoretical knowledge and/or a minimum of 1 year of practical tax experience.

Tax preparers that have been out of the industry for a period or are looking to brush up on the fundamentals would also benefit.

Registrants will leave this course with a basic understanding of:

• Major Corporate Tax Topics — the ins, outs and current trends

• CRA Administrative policy

• How to gather the right information

• The right questions to ask clients

• When to refer certain issues to a manager

• Planning considerations

• Operational Best Practices

““Both speakers were knowledgeable and descriptive, and overall this was a very informative course.””

— Past participant

Topics covered:

T2 Identification

Net Income (Loss) for Tax Purposes

Capital Assets

Taxable Income

Active Business Income and the Small Business Deduction

Investment Income and Dividends

Tax Credits & Rates

Other Forms & Schedules

CRA Services/Support

Tax Update 2023 is now open for registration!

14 hours of practical tax information
Delivery options: in-person | virtual live | pre-recorded

Get up-to-date and relevant tax planning tips and traps for owner-managed businesses with the 39th annual Video Tax News Tax Update seminar. 

Tax specialists Joseph R. Devaney CPA, CA and Caitlin L. Butler CPA, CA lead this fast-paced and comprehensive 14-hour course offering hundreds of practical insights and suggestions in a straightforward manner. Joe and Caitlin will be joined by Hugh Neilson FCPA, FCA, TEP or Dwayne Dueck CPA, CA to provide insight from decades of providing tax advisory services for individuals and owner-managed private corporations.

Year after year, this course receives top ratings. You can rest assured that this session will offer you a strong and effective knowledge base for the upcoming season of tax planning and compliance.