In this edition, we cover the following: Please click here to read our December 2022 edition of the LRK Tax Newsletter. The year 2022 was a strange year in the tax world. We came out of the pandemic with a lot of government spending relief programs, a red-hot housing market, and skyrocketing interest rates to […]
LRK Tax Newsletter – December 2022 Read More »
The Canadian banks have increased their prime lending rate to 5.45%. We discuss strategies to mitigate the blow of high interest rates.
Canadian banks raise prime rates & tax strategies to mitigate the blow Read More »
The CRA is escalating its scrutiny of personal services businesses towards the end of 2022. CRA typically undertakes campaigns where they focus on a specific issue and cast a large net to identify taxpayers who may be in violation of certain tax rules.
CRA Targets “Incorporated Employees” in Latest Campaign Read More »
The government released draft legislation under new subsection 160.5(2), which requires making payments and remittances to the CRA through electronic means where the amount of the remittance or payment exceeds $10,000. There is an exception if the payor or remitter cannot reasonably remit or pay the amount electronically. It is unclear what the threshold for
CRA to Require Electronic Payments for Amounts over $10,000 starting in 2024 Read More »
A recent court ruling demonstrates why preparing financial statements is important if you are receiving tax benefits and credits.
The CRA made changes to the capital dividend election form (T2054). We highlight some of the changes in this article.
The Capital Dividend Election Just Got More Complicated Read More »
On June 16, 2022, Deputy Prime Minister Crystia Freeland announced an “Affordability Plan” to tackle the ongoing price increases in the economy. These measures are meant to help Canadians weather the recent price increases for goods and services.
The Government of Canada’s Affordability Plan and What It Means for You Read More »
If you own residential property, you should be aware of the newly proposed Underused Housing Tax (“UHT”) set to take effect on January 1, 2022. The UHT is a national, annual 1% tax on the value of non-resident, non-Canadian-owned residential real estate that is vacant or underused.
Underused Housing Tax & Traps That Could Result in Huge Penalties Read More »
On April 7, 2022, Finance Minister, Chrystia Freeland tabled the federal budget. We highlight some of the newly announced tax measures that affect individuals and small business owners.
Budget 2022: Measures Affecting Individuals &Small Business Owners Read More »
On March 11, 2022, the government released a 173-page draft legislation for the up-and-coming luxury tax on vehicles, aircraft, and vessels. In other words, these rules are meant to tax you if you purchase luxury cars, airplanes, helicopters, boats, yachts over a certain price.
The New Luxury Tax: Draft Legislation Released Read More »
