SM CPA Professional Corporation

12/16/2024

Check our year end tax tips 2024!

2024 YEAR-END TAX PLANNING TIPS: December 31, 2024 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. NEW! As of June 25, 2024, 2/3s of capital gains in excess of $250,000 per ...

09/27/2024

Click to Learn Where CRA is Focusing Efforts to Detect Non-Compliance? What is a Taxable Benefit to Shareholder? What is sufficient for Business Receipts, Changes to Canada Pension Plan and Consequences of Over Contribution to the TFSA?

Real Estate: CRA Audit Activity: CRA uses a combination of risk assessment tools, analytics, leads and third-party data to detect non-compliance in the real estate sector. They have identified ten areas where they perceive that there is a significant risk of non-compliance, as follows: reported inco...

06/29/2024

Capital Gains, Mandatory GST/HST Electronic filling, Short Term Rental Issues & More!

Capital Gains Inclusion Rate: Proposed Increase The 2024 Federal Budget proposed to increase the capital gains inclusion rate from 50% to 2/3 of the actual gain, effective for capital gains realized on or after June 25, 2024, for all taxpayers (including corporations and trusts) other than individua...

04/02/2024

Underused Housing Tax (UHT) – The UHT is an annual 1% tax intended to apply to the value of residential real estate owned by non-residents that is considered to be vacant or underused.

Underused Housing Tax (UHT) – The UHT is an annual 1% tax intended to apply to the value of residential real estate owned by non-residents that is considered to be vacant or underused. However, many Canadian individuals on the title of a residential property on December 31 may also need to file UH...

03/01/2024

New Trust Reporting, Automobile Deductions & Benefit rates, Dental Benefits and Personal Services Business updates. For more details contact us today!

New Trust Reporting: Unexpected Exposure Changes requiring more trusts (and estates) to file tax returns and more information to be disclosed, first proposed in the 2018 Federal Budget, were delayed several times in the legislative process. The final rules (that are now law) first apply for 2023, wi...

03/01/2024

Professional Tax Services from Chartered Professional Accountant

01/09/2024

Get more organized for filing your 2023 Taxes! Find out about 100% Write off eligible Capital Assets, Tax deductions, credits, Allowable business investment loss, RRSP, First home savings account and more!

2023 YEAR-END TAX PLANNING TIPS: Certain expenditures made by individuals by December 31, 2023 will be eligible for 2023 tax deductions or credits, including digital news subscriptions, moving expenses, labour mobility tax credit expenditures, multigenerational home renovation expenditures (NEW), ch...

12/19/2023

The value of gifts and awards are generally taxable to employees as employment income, but certain non-cash gifts and awards may not be taxable under the updated administrative policies. Under the CRA’s administrative policy, employees can receive an unlimited number of tax-free non-cash gifts or awards each year, provided the combined total fair market value of those gifts and awards is less than $500 (including tax).

Depending on the gift you got and its value, it may be tax free, or it could be considered a taxable employment benefit by the CRA. Read on.

11/15/2023

The Disability Tax Credit is a non-refundable tax credit that provides tax relief for individuals (or those that support those individuals) who have a severe and prolonged impairment in physical or mental functions.To access the Disability Tax Credit, eligible individuals must apply for it by completing Form T2201, Disability Tax Certificate. Recently, CRA updated their services so that this application can be completed and submitted entirely electronically.

The DTC is a non-refundable tax credit that provides tax relief for individuals (or those that support those individuals) who have a severe and prolonged impairment in physical or mental functions. To access the DTC, eligible individuals must apply for it by completing Form T2201, Disability Tax Cer...