Tax Tips

Tax Tips: Fourth Quarter 2023

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.