LUKEL Accounting Services /Chartered Professional Accountant

12/20/2025

Налог на родительскую помощь. Пока только во Франции…. Есть о чем задуматься.

12/17/2025

CRA PENALIZED TAXPAYER for REPEATED FAILURE to REPORT INCOME
В принципе, это не новости. Налоговая и раньше штрафовала за это. Это расчитывается как меньшая из двух величин: Штраф 10% от незадекларированного дохода или 50% от разницы между занижением суммы налога .
To encourage taxpayers to diligently report all of our income, the Income Tax Act imposes penalties for failure to do so. Under the Act, if you fail to report at least $500 of income in a tax year, and in any of the three preceding taxation years, you can be hit with a “repeated failure to report income” federal penalty.

For example, if you forget to report more than $500 of income you received in 2025, and also forgot to report more than $500 in income in any of your 2022, 2023 or 2024 returns, you can be hit with this failure-to-report penalty. That’s exactly what happened to a taxpayer who wound up in federal court earlier this month seeking penalty relief.

03/13/2025

Ничего уже не удивляет. Налоговая сообщает что те , кто продали имущество такое как дома, кондо, или торговали ценными бумагами в 2024 году , могут не торопиться с отчетами. Программы все еще не готовы, и на это требуется несколько недель. Для этой категории продлили сдачу отчетов до 2 июня 2025, без штрафов .

The Canada Revenue Agency is telling taxpayers to wait to file their 2024 income tax and benefit returns if they’re reporting capital gains they realized last year.

In a release published Tuesday, the CRA says it continues to update its systems to reflect the 50 per cent capital gains inclusion rate. The agency says this process would be completed “in the coming weeks.”

02/05/2025

Ontario Alerts Public to $200 Tax Rebate Scams

Мошеничество по телефону. Ожидающим чеки по $200. Защитите себя и своих близких, не давайте никакой личной информации по телефону. Чеки приходят только по почте.
Хотите проверить, если вам выписан чек, заидите сюда: Track my Ontario Taxpayer Rebate, https://cxp.mgcs.gov.on.ca/otris

An alert appeared on the province’s “taxpayer rebate” webpage this week warning of scammers attempting to glean personal information from Ontarians via text, email, and phone.
“The Government of Ontario will only contact you directly in response to a question or query about the rebate you initiated,” the notice reads.
“It will not proactively contact you … to ask for personal information for example, Social Insurance Number (SIN), bank account information, health information, offer you money or a reward, or sign you up for a rebate program.”

01/31/2025

Получаем чеки по $200.
The Ontario government is providing a $200 taxpayer rebate in 2025, which will give immediate relief for Ontario families in the face of high interest rates and the federal carbon tax.

This $200 taxpayer rebate is being sent to all eligible adults in Ontario who filed their 2023 Income Tax and Benefit Return by December 31, 2024. Eligible families will receive an additional $200 for each child under 18. For example, a family of 5 with 2 adults and 3 children will receive $1,000, if eligible.

The mailing of cheques to recipients of the taxpayer rebate began in early 2025.

Rebates are being paid by cheque only.

01/31/2025

Хорошая новость на фоне введения 25% тарифов для Канады с завтрашнего дня. Capital gain остается таким же 50% , хоть и на время до 1 Января 2026 года.

Finance Minister Dominic LeBlanc says the Liberals will not implement a planned hike to the capital gains inclusion rate until Jan. 1, 2026, pushing back the original date.

06/27/2024

CANADA CARBON REBATE for SMALL BUSINESSES
The Canada Carbon Rebate for Small Businesses is a refundable tax credit announced in Budget 2024 to return a portion of federal fuel charge proceeds directly to eligible Canadian-controlled private corporations (CCPCs).

Who is eligible
To be eligible for the retroactive payment with respect to the 2019-2020 to 2023-2024 fuel charge years (a fuel charge year runs from April 1 to March 31), a CCPC must:

Have employed one or more persons in a designated province in the calendar year in which the fuel charge year begins
Have had 499 or fewer employees throughout Canada in that calendar year
File a tax return for its tax year ending in 2023 no later than July 15, 2024
CCPCs do not have to apply for this rebate. Once the Minister of Finance has specified the payment rates for each designated province for the applicable fuel charge year, we will calculate and automatically issue the rebate amounts to eligible CCPCs.

How the rebate will be calculated
The rebate amount for an applicable fuel charge year between 2019-2020 and 2023-2024 inclusively will be calculated for each designated province in which the eligible CCPC had employees in the calendar year in which the fuel charge year began.

02/19/2024

THE NEW FIRST HOME SAVINGS
Contributions that you make to your first home savings accounts (FHSAs) are generally deductible on your income tax and benefit return for the year of the contribution or a future year, similar to registered retirement savings plan (RRSP) contributions. It is important to note that transfers from your RRSPs to your FHSAs are NOT deductible.

The contribution period for your FHSAs is a calendar year (January to December).

2023: April 1 to December 31
However, for 2023, FHSAs can only be opened as of April 1, 2023. This means that if you opened an FHSA in 2023, you may be able to deduct contributions you made to your FHSAs between April 1, 2023 and December 31, 2023, on your 2023 income tax and benefit return.

There is no minimum number of days that contributions you make to your FHSAs need to stay in your FHSAs before you can deduct them on your income tax and benefit return.

Over your lifetime, the most you can deduct from your income as an FHSA deduction is $40,000.

01/15/2024

2024 CPP LIMITS AND SECOND ADDITIONAL CPP CONTRIBUTION

What’s new, for anyone earning more than that amount, is a second contribution level that tops out at $73,200.

People in this group pay an additional 4% on their second tier earnings, or the amount they make between $68,500 and $73,200.

If you make less than $68,500 - CPP2 contribution will not apply.

If you make more than $68,500 but less than $73,200:
Your CPP will have two parts: Base CPP contribution and CPP2 contribution.

For 2024, an additional 4% contribution (called CPP2 contributions) will be mandatory and will be deducted above $68,500 (the first earnings ceiling, YMPE), up to $73,200 (second earnings ceiling, YAMPE). If you are self-employed, the percentage deduction is 8%.

If you are an employee, this is how the total contribution is calculated :
Base CPP contribution: ($68,500 – $3500)*0.0595= $3,867.50
CPP2 contribution = (Your income – $68,500)*0.04. The maximum contribution is $188, if your income is $73,200 [0.04*(73,200-68,500)]
Total annual CPP contribution: $3,867.50+ CPP2 contribution.
If you are self-employed:
Base CPP contribution: ($68,500 – $3500)*0.119= $7,735
CPP2 contribution = (Your income – $68,500)*0.08. The maximum contribution is $376, if your income is $73,200 [0.08*(73,200-68,500)]
Total annual CPP contribution: $7,735+ CPP2 contribution.

If you make more than $73,200:

As the YAMPE limit for 2024 is $73,200, no additional amount will be deducted from your salary. This means that your annual CPP contribution will be $4,055.50 if you are employed and $8,111, if you are self-employed.

02/03/2023

PERSONAL TAXES FOR YEAR 2022.

Провинции Онтарио и Нанавут будут участвовать в сборе информации на добровольное донорство органов и тканей через персональный налоговый отчет за 2022 год.

The CRA will modify the income tax and benefit return for the provinces and territories that choose to opt in. For the 2022 tax year, the return for Nunavut and Ontario will be amended by adding a tick box that will let taxpayers indicate if they want to receive information about organ and tissue donation from their provincial or territorial government. This will allow the CRA to share a taxpayer’s contact information with their province or territory of residence exclusively for this purpose.
https://www.canada.ca/en/revenue-agency/news/2022/11/minister-of-national-revenue-announces-the-participation-of-nunavut-and-ontario-in-the-organ-and-tissue-donation-service-offering.html

12/09/2022

ONTARIO STAYCATION TAX CREDIT
The temporary Ontario Staycation Tax Credit for 2022 aims to encourage Ontario families to explore the province, while helping the tourism and hospitality sectors recover from the financial impacts of the COVID‑19 pandemic.

Ontario residents can claim 20% of their eligible 2022 accommodation expenses, for example, for a stay at a hotel, cottage or campground, when filing their personal Income Tax and Benefit Return for 2022. You can claim eligible expenses of up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner or eligible children, to get back up to $200 as an individual or $400 as a family.

WHO IS ELIGIBLE

You are eligible to claim the credit if you are an Ontario resident on December 31, 2022.

Only one individual per family can claim the credit for the year. Your claim can include the eligible expenses of your spouse or common-law partner and your eligible children. An eligible child is not entitled to claim the credit.

If you do not have a spouse or common-law partner, or eligible child, you can claim your own eligible expenses for the credit.

ELIGIBLE EXPENSES

You can claim the Ontario Staycation Tax Credit for accommodation expenses for a leisure stay of less than a month in Ontario, at a short-term accommodation or camping accommodation, such as a:

Hotel
Motel
Resort
Lodge
Bed-and-breakfast establishment
Cottage
Campground
Vacation rental property

The tax credit only applies to leisure stays between January 1, 2022, and December 31, 2022, regardless of the timing of payment for the stays.

12/06/2022

CANADA DENTAL BENEFIT
On December 1, the Government of Canada announced that applications for the new interim Canada Dental Benefit are now open. The Canada Dental Benefit will give eligible families up-front, direct payments of up to $650 a year per eligible child under 12 for two years (up to $1,300) to support the costs of dental care services.
About the Canada Dental Benefit:
Depending on the adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child. This interim dental benefit is only available for 2 periods. Recipients can get a maximum of 2 payments for each eligible child. Benefit payments are administered by the Canada Revenue Agency.
The first benefit period is for children under 12 years old as of December 1, 2022 who receive dental care between October 1, 2022 and June 30, 2023.
In order to access the benefit, applicants must meet all of the following criteria:
• They have a child or children under 12 as of December 1, 2022 and are currently receiving the Canada Child Benefit (CCB) for that child;
• They have an adjusted family net income of less than $90,000;
• Their child does not have access to private dental insurance;
• They have filed their 2021 tax return; and
• They have had or will have out of pocket expenses for their child’s dental care services incurred between October 1, 2022 and June 30, 2023, for which the costs are not fully covered or reimbursed by another dental program provided by any level of government.