Resources & Articles
Domestic Tax
PERSONAL SERVICES BUSINESS (PSB): CRA Education Initiatives
In some industries, it is common for employers to require their workers to provide services through their own corporation rather than directly as employees. In...
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Will you have to pay a new tax on your luxury items?
(authored by RSM CANADA) On Sept. 1, 2022, the Luxury Tax Act came into force which imposes a tax on the sale and import of certain vehicles, aircraft, and vessels exceeding a specified price threshold.
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On Again Off Again – A Review of the Immediate Expensing Rules upon Coming into Force
On April 18th, 2021, the Minister of Finance announced measures that would allow businesses to immediately write off the full cost of capital assets purchased...
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PRINCIPAL RESIDENCE EXEMPTION: Land in Excess of One-half Hectare
The definition of a principal residence limits the amount of land that qualifies for the principal residence exemption to half a hectare unless the taxpayer...
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REQUIRED TRAVEL: Between Home and Work
A June 21, 2022, Tax Court of Canada case considered whether motor vehicle costs of $1,642 associated with a construction foreman’s travel between home and...
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POKER PLAYING: Hobby or Business?
In a June 21, 2022, French Tax Court of Canada case, CRA assessed the taxpayer’s poker winnings from 2010 to 2012 as business income. In...
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Canadian Residents Earning Income through Non-resident US LLCs
(authored by RSM CANADA) Canadian-resident investors earning Canadian-sourced income through US LLCs should consider the withholding tax implications.
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What Constitutes “Normal Accounting Practices” for the CEWS?
(authored by RSM CANADA) Since “normal accounting practices” is not defined in the legislation, what should an entity do if its practices change?
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ESTIMATED SALES BY CRA: AUDIT FILE
SELECTION AND ASSESSMENT
In an attempt to identify unreported revenue, CRA and Revenu Québec may compare a business’ reported revenue to what would be expected given the business’...
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SCC: Rescission Not Available to Avoid Unforeseen Tax Consequences
(authored by RSM CANADA) The Supreme Court of Canada found that rescission, a type of equitable remedy, is not available to fix unexpected tax outcomes.
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