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The year 2022 was a busy year in the tax world. Coming out of the pandemic and dealing with an uncontrollable real-estate market, the government introduced many tax measures to boost the economy while controlling the housing market. We don’t expect as many tax measures in 2023. But we still expect the government to introduce some significant tax measures.

With rising interest and energy costs, more real-estate investors are expected to sell in 2023. These investors need to watch out for the Anti-Flipping Tax that comes into effect on January 1, 2023.

The Department of Finance has announced the 2023 automobile deduction limits and expense benefit rates for businesses. The amounts have generally gone up because of high inflation in Canada.

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

The Canadian banks have increased their prime lending rate to 5.45%. We discuss strategies to mitigate the blow of high interest rates.

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.

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

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.

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.