We provide tax tips on available benefits, CRA policies, and more.
CEBA Repayment Deadline Extended: Some Issues
- On September 14, 2023, the Department of Finance provided details on extending the deadline for Canada Emergency Business Account (CEBA) repayments.
- Ensure you fully understand the deadlines to avoid missing the partial loan forgiveness.
Enhanced GST Residential Rental Rebate: Increased Incentives
- If involved in developing multi-unit residential rental property, consider whether you are eligible for this enhanced GST rental rebate.
Enhanced First-Year CCA: Phase-Out After December 31, 2023
- Many assets acquired and made available for use by December 31, 2023 will be eligible for an enhanced first-year CCA claim.
- When the asset is made available for use after this date, enhanced CCA may still be available but at a much lower rate.
Surcharge To Accept Payment Via Credit Card: GST/HST?
- If charging an additional fee to accept credit cards, verify you satisfy several conditions to ensure the fee is not subject to GST/HST.
Businesses Purchasing from Non-Residents: GST/HST?
- If a GST/HST registrant purchases from a non-resident vendor with a GST/HST number ending in RT9999, the purchaser should provide their GST/HST registration number to avoid paying non-recoverable GST/HST.
Mandatory Disclosure Rules: Increased CRA Disclosures
- Expanded disclosures to CRA are required when a taxpayer enters into an avoidance transaction and at least one of three hallmarks of aggressive tax planning are present.