Tax Tips

Tax Tips: Second Quarter 2023

We provide tax tips on available benefits, CRA policies, and more.



Budget 2023: Top Five Items for Owner-Managers

  • Budget 2023 was introduced in the House of Commons on March 28, 2023 and details five key changes that may impact individuals and owner-managed businesses:
    • Dental plan
    • Green investments
    • Intergenerational business transfers
    • Employee ownership trusts (EOTs)
    • Alternative minimum tax (AMT)

Underused Housing Tax (UHT): Increased Disclosures and Taxes

  • Some common questions regarding the filing of the Underused Housing Tax are addressed

TFSA: Carrying on a Business Within It

  • Earnings in a TFSA are typically not taxable but can become taxable when they are earned from carrying on a securities trading business

Unreported Capital Trades Included on a T5008: CRA Policy

  • Report all gains from the disposition of securities fully otherwise CRA may assess the taxpayer with unreported income much higher than the actual gain

Employment Expenses for Commissioned Employee: Sponsorship

  • Rules surrounding deducting expenses against employment earnings are complicated and care should be afforded before incurring expenses intended to be deducted against employment income

Small Business Succession: Many Business Transfers Coming Shortly

  • If you are considering selling or transitioning your business in the near term, start planning now to ensure a smooth transition