Resources & Articles

Year: 2023

Managing increasing prescribed interest rates on loansMarch 24th, 2023

(authored by RSM CANADA) The interest rates applicable for tax-beneficial loans in Canada have been increasing, which can impact the usefulness of tax planning that involved historically low rates.
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2023 Ontario Budget CommentaryMarch 24th, 2023

(authored by RSM CANADA) Budget 2023 revealed the framework for Ontario’s “Plan to Build”: a targeted approach to help people and businesses by offering tax relief to manufacturers and small businesses.
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A September 12, 2022, Tax Court of Canada case reviewed the gain on a residential property purchased in 2007 and disposed of in 2011. The...
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SAUNA AND HYDROTHERAPY POOL: Medical Expense Tax CreditMarch 23rd, 2023

In a December 4, 2018 Technical Interpretation, CRA was asked whether the costs of installing a steam shower (sauna) and hydrotherapy pool could be eligible...
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Changes to the Disbursement Quota Rules for CharitiesMarch 22nd, 2023

On December 15, 2022, Bill C-32, Fall Economic Statement Implementation Act, 2022, received Royal Assent. As a result, there have been changes to the Disbursement...
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WITNESSES FOR LEGAL DOCUMENTS: Choose them WiselyMarch 10th, 2023

A June 17, 2022, Ontario Superior Court of Justice case considered whether a will had been appropriately witnessed. In 2020, the owner of an insurance...
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March 7th, 2023

CRA updated several administrative policies in respect of employment benefits, effective January 1, 2022. Two of the key changes relate to employee gifts and parking....
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How to Make a Payment with Canada Revenue Agency for Your BusinessMarch 3rd, 2023

Online Banking Payments Make a payment to the CRA through online banking, the same way you pay your phone or hydro bill. You are responsible...
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12 Tips to a Brighter FutureMarch 1st, 2023

Create a budget and include lump sum items such as vacation and gifts. Ensure you allocate funds to savings because there is no such thing...
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CANADA DENTAL BENEFIT: Support for those
with Young Children
February 23rd, 2023

The Canada dental benefit, announced in September 2022, provides up-front tax-free payments to cover dental expenses for children under age 12 without dental coverage. The...
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