DFK Tax Digest – 2024 Issue Two
DFK Tax Digest – 2024 Issue Two EIFEL Rules May Affect Your Ability to Deduct Interest and Financing Costs Going Forward – New rules are…
2024 Federal Budget
2024 Federal Budget Commentary A. Personal Measures B. Business Measures C. International Measures D. Sales and Excise Measures E. Other Measures F. Previously Announced Measures…
Budget 2024 leaves the feds in an unenviable position
Source: CPA Canada – A slowing economy, lower revenues and high financing costs are all working in concert to create a situation where tough choices…
How to tackle the tax implications of cryptocurrency
Source: CPA Canada – Cryptocurrency doesn’t fit neatly into CRA’s rules. But the question remains whether the government should change the Income Tax Act to…
4 CRA-related scams to stay vigilant about this tax season
Source: CPA Canada – From false warnings of compromised accounts to the use of AI to create fake news, tax scammers keep finding new ways…
Feds slap punitive tax measure on non-compliant short-term rentals
Source: CPA Canada – The federal government is taking action by cracking down on short-term rentals, which are keeping homes for Canadians off the market.
DFK Tax Digest – 2024 Issue One
DFK Tax Digest – 2024 Issue One Changes to the Alternative Minimum Tax: What Should You Expect for 2024 and Onwards? – Please note that changes…
New trust reporting rules may impact unsuspecting Canadians
Source: CPA Canada – The broad-based requirements as part of new beneficial ownership reporting stipulations adds a new layer of complexity for tax filers.
Expert: ‘It's never too late to talk about money in a relationship’
Source: CPA Canada – Discussing finances with your partner can improve the odds of your relationship surviving. Here’s how to get talking today.
Check these tax filing deadlines off your to do list
Source: CPA Canada – We answer all your questions about when to file returns for individuals and those who are self-employed.
Keeping up to date on the latest personal income tax changes
Source: CPA Canada – Here are some important updates and new provisions to keep in mind as you prepare your 2023 return.
Digging into the Underused Housing Tax Act
Source: CPA Canada – The federal government deserves some credit for trying to tax vacant homes. But its approach might have been worth a second…
The unintended consequences of Canada’s tax system
Source: CPA Canada – Changes to our tax rules should have eased the burden on individuals and small businesses. But the process has resulted in…
The First Home Savings Account (FHSA)
In 2022, the federal government introduced a new registered savings plan for first-time home-buyers called First Home Savings Account (referred to as “FHSA”). Eligible individuals…
The future of cons and frauds
Source: CPA Canada – Here are some of the schemes we can expect in 2024.
Looking at the many virtues of (fiscal) discipline
Source: CPA Canada – Governments come and go, but debt remains. All the more reason to demand better financial management from elected officials.
DFK Tax Digest 2023 Issue Four
DFK Tax Digest – 2023 Issue Four The New Trust Filing Rule Could be a Real “Bare” to Deal With – There are new reporting…
DFK Tax Digest 2023 Issue Three
DFK Tax Digest – 2023 Issue Two Budget 2023 and changes to the Alternate Minimum Tax – The AMT is a separate tax system which…
Organizations struggling with oversight over employees' mobile devices
Source: IT World Canada – A recent report found that 52 per cent of organizations do not have the budget to ensure real-time visibility over…
Transferring a family business? New tax laws coming in January
Source: CPA Canada – New rules for owners transferring their business to next generation family members or employees will soon take effect.
Challenging our financial biases can help us choose more wisely
Source: CPA Canada – With our biases causing us to sometimes make the wrong financial choices, knowing how our minds work can help us avoid…
Tax rules for family and employee business transfers released for 2024 onwards
Source: CPA Canada – Budget 2023 announced two sets of tax rules to consider where owners transfer their businesses to family members and employees. Find…
Us versus fraud: we need to fight corporate financial crime together
Source: CPA Canada – Diligence, healthy skepticism and a sense of responsibility are tools we can all use to help stop financial misdeeds.
The tax consequences of leaving Canada permanently
Source: CPA Canada – From assets and property to personal ties, several factors will affect your taxation so detailed planning needs to be done in…
DFK Tax Digest 2023 Issue Two
DFK Tax Digest – 2023 Issue Two The New Underused Housing Tax – You Are a Canadian Citizen So How Does It Affect You? – Hopefully,…
Knowing when you need a mental health check
Source: CPA Canada – Rather than taking a ‘grin and bear it’ approach, you first have to admit that it’s okay to not be okay.
How to calm the stress of tax time when you are a freelance couple
Source: CPA Canada – Struggling with reams of receipts and looming tax deadlines? These expert tips from CPAs should make the filing process much easier.
Business succession — New tax rules to consider for family business transfers
Source: CPA Canada – Budget 2023 announced two sets of tax rules to consider where owners transfer their businesses to family members and employees. Find…
How to Sell Your Business
In the coming decade, over $2 Trillion in small business assets in Canada are expected to change hands as 76% of owners look to bow…
Expert advice on how to build a stronger credit score
Source: CPA Canada – Want to improve your credit score? Experts explain what you need to know—and do.
You’ve filed your tax return, but you forgot something. Now what?
Source: CPA Canada – Forgot to claim a deduction/credit or report income? No need to worry. Here’s what to do.
2023 Federal Budget
2023 Federal Budget Commentary A. Personal Measures B. Business Measures C. International Measures D. Sales and Excise Tax E. Other Measures F. Previously Announced Measures…
Tax issues in cryptocurrency: an expert’s view
Source: CPA Canada – Baker Tilly Canada’s John Oakey, CPA, offers an overview of what we know—and don’t know—about the tax implications around crypto in…
Underused Housing Tax Penalties and Interest Waived
Source: Government of Canada – To provide more time for affected owners to take necessary actions to comply, the Minister of National Revenue is providing…
2023 Ontario Budget
Source: Government of Ontario Highlights of the 2023 Budget: Building A Strong Ontario 2023 Ontario Budget: Building a Strong Ontario
The Underused Housing Tax
The Underused House Tax (UHT) Act received Royal Assent in June of 2022, and is retroactive to January 1, 2022. The UHT assesses a 1%…
4 top scams currently making the rounds—and how to avoid them
Source: CPA Canada – From peddling shady investment schemes to posing as grandchildren in distress, fraudsters are always finding new ways to trick their victims.
Observe best practices when dealing electronically with the CRA
Source: CPA Canada – As CPA Canada VP of taxation Bruce Ball explains, practitioners need to ensure their documentation is organized and their information is…
DFK Tax Digest 2023 Issue One
DFK Tax Digest – 2023 Issue One Claiming Working from Home Expenses – For your 2022 personal tax filing, the Canada Revenue Agency has two…
Basic facts you need to know about the Underused Housing Tax
Source: CPA Canada – Canadian citizens and residents who own residential properties should familiarize themselves with the UHT’s various provisions to understand how they may…
2023 personal tax season: Key changes to consider
Source: CPA Canada – As T1 season approaches, find out about some important new tax measures and changes to Canada Revenue Agency (CRA) services that…
US Estate Tax for the Canadian Resident
Who is subject to US Estate Tax? US Citizens and US residents on their worldwide estate. Non-Resident Aliens (individuals who are not US citizens or…
How and when to use the CRA’s Voluntary Disclosures Program
Source: CPA Canada – When a taxpayer has made a mistake or omission on a previous return, it can make sense in many cases to…
Voluntary Disclosures Program: Comparing the general and limited programs
Source: CPA Canada – A number of factors need to be considered before filing a voluntary disclosures program application, including the size of the sum…
Are you up to speed on the latest personal income tax changes?
Source: CPA Canada – While there are fewer new measures than in previous years, those that have been introduced are significant.
Expert advice to help you get ahead of filing for bankruptcy
Source: CPA Canada – CPAs share advice on what to do when you think you are heading for trouble—from recognizing the warning signs to maximizing…
Tax Identifier Number for the Underused Housing Tax
Source: CPA Canada The new Underused Housing Tax (UHT) is aimed primarily at non-residents of Canada, but others may also be caught. It’s important to…
Want to get on the right side of debt? These pro tips can help
Source: CPA Canada – The current financial climate can make it difficult to stay ahead of your bills. But by following a few simple rules,…
Underused housing tax – requirements and exemptions
Source: CPA Canada – The federal government’s new underused housing tax (UHT) may be aimed primarily at non-residents of Canada, but others may also be…
By the decade: Financial resolutions to start thinking about
Source: CPA Canada – Whatever your age or circumstance, laying the foundation for financial goals early and regularly re-evaluating them is key to ensuring a…
How CPAs can help small businesses prepare for a recession
Source: CPA Canada – Accountants are well equipped to provide advice and assistance on everything from cash flow analysis to renegotiating with suppliers.
Vacant Home Tax
The Vacant Home Tax (VHT) was enacted in Toronto and Ottawa for the 2022 calendar year. The City of Hamilton approved the implementation of the…
No one expected this inflationary climate to last so long
Source: CPA Canada – David-Alexandre Brassard, CPA Canada’s chief economist, looks back on some of the major developments of 2022—and how they affected the economy.
Start prepping for these tax items before the year ends
Source: CPA Canada – With December 31 almost around the corner, practitioners recommend putting these often-forgotten deductions and credits on your end-of-year tax checklist.
DFK Tax Digest 2022 Issue Four
DFK Tax Digest – 2022 Issue Four Summary of Designated Immediate Expensing Property (“DIEP”) Rules – On April 19, 2021, the government announced new rules…
Tax-Free First Home Savings Account – your questions answered
Source: CPA Canada – The federal government has released new details about a new type of registered savings plan aimed at helping Canadians save for…
Why small businesses need more digital payment systems
Source: CPA Canada – Payment innovation is one way that small businesses can stay competitive and grow their customer base, experts say.
Here are the essential things you need to know before retiring
Source: CPA Canada – We’ve collected our best stories and resources to help you set up a retirement plan, guide you on RRSP contributions and…
Canada’s New Luxury Tax Comes into Effect September 1, 2022
The Luxury Tax (“LT”) is a new tax on the sale of road vehicles and aircraft where the consideration payable is greater than $100,000 (and…
New rules for trust reporting are coming for 2023 returns
Source: CPA Canada – Tax rules announced in Budget 2018 will require more trusts to file returns and all trusts to report more information. Find…
October 2022 - Business Matters
Articles in this issue: An economist explains: What to know about a recession Struggling to save? These pro tips can set you on the right…
How to ensure compliance with personal services business rules
Source: CPA Canada – As the CRA continues to contact taxpayers about personal services businesses, it’s important to understand the rules.
DFK Tax Digest 2022 Issue Three
DFK Tax Digest – 2022 Issue Three Changes to the Trust Reporting Rules – Old News is Still not Good News – If you are…
New CRA campaign focuses on personal services businesses: Are you ready?
Source: CPA Canada – The Canada Revenue Agency is escalating their scrutiny of personal services businesses, and the consequences for breaching these tax rules can…
Teaching money management to kids in a cashless society
Source: CPA Canada – When and how to introduce debit and credit cards, as well as the importance of creating a good credit score.
August 2022 - Business Matters
Articles in this issue: An economist explains: What is inflation? Home ownership feels out of reach for many The online grocery shopping trend is here…
What to know about the proposed First Home Savings Account
Source: CPA Canada – The federal government’s new tax-free plan aims to help more Canadians enter the housing market.
CRA digital services: new self-service options
Source: CPA Canada – As the Canada Revenue Agency (CRA) continues to digitalize its services, practitioners can serve their clients better through new digital service…
DFK Tax Digest 2022 Issue Two
DFK Tax Digest – 2022 Issue Two Electric Vehicle Rebates for Consumers & Businesses – With the high price of gasoline, the COP26 UN Climate…
The lowdown on the thriving green bond
Source: CPA Canada – The recent introduction of Canada’s first Green Bond Program is helping to lead the way for sustainable investment options. Here’s what…
June 2022 - Business Matters
Articles in this issue: Government programs to support first-time home buyers Income tax measures in the 2022 Federal Budget Death and taxes: what to know…
New mandatory tax reporting: problems and solutions
Source: CPA Canada – The federal government has been consulting Canadians on expanded tax reporting requirements aimed at detecting and preventing inappropriate tax plans. Find…
Retirement savings strategies for the CPA business owner
Source: CPA Canada – Avoid making the business your main savings vehicle and tap into other plans and tactics to help bolster long-term savings.
Are you aware of these 5 common debt myths?
Source: CPA Canada – CPAs shed light on some misconceptions to avoid, plus offer clarity for the future to help avoid—or break—a cycle of arrears.
How CPAs can help to advise SMEs on compensation plans
Source: CPA Canada – A CPA perspective can add value for clients trying to meet evolving employee expectations and stay competitive.
Limitations on Lifetime Capital Gains Exemptions
July 18, 2017 Department of Finance Draft Legislation Written By: Mecheliena Wilson CPA, CA, TEP Partner, Tax Services, Davis Martindale LLP (an Independent Member of…
Due Dates for Medical Professional Corporations
December 9, 2016 By Darren Salmond Now that your medicine professional corporation is operating you must understand when certain tax filings are due. If you…
Incorporation Process
January 22, 2016 By Darren Salmond In order to incorporate your medical practice it is always advisable to obtain advice from a public accountant and…
What is a Corporation?
October 30, 2015 By Darren Salmond As a self-employed individual any income you earn during the year will be included on your personal tax return.…
Is Incorporation Right for You?
September 3, 2015 By Darren Salmond If you are thinking of incorporating your unincorporated practice there are certain questions you should be asking yourself. Do…
