All Tax Articles

The latest news, updates, and information regarding taxes in BC, Canada, and abroad.

Latest Posts

CHANGE TO CORPORATE PAPER FILING LIMIT

Corporate paper filing rule changes are discussed.

Douglas K. DeBeck

EXTENSION OF DEADLINES FOR CEBA LOAN REPAYMENT

CEBA loan repayment details are discussed.

UNDERUSED HOUSING TAX PENALTIES NOW APPLICABLE

The underused housing tax and penalties are discussed.

RRSP/TFSA Considerations

RRSP/TFSA planning is discussed.

Douglas K. DeBeck

SOME END-OF-YEAR TAX CONSIDERATIONS

End-of-year tax considerations are discussed.

AROUND THE COURTS

A recent court case is discussed where an appellant won vs the CRA.

CRA TERMINATING 120 EMPLOYEES FOR CERB VIOLATIONS – AGENCY EMPLOYEES DO MAKE MISTAKES, OPTIONS EXIST, IF AGGRIEVED, DO CONSULT

The effects of errors made by CRA employees are discussed.

Douglas K. DeBeck

GETTING CRA TO WAIVE OR CANCEL PENALTIES AND INTEREST ‍

CRA penalties and interest can be waived in extraordinary circumstances.

Douglas K. DeBeck

MOVING EXPENSES – OVERLOOKED TAX EXPENSE?

Moving expenses are discussed in detail.

AROUND THE COURTS

Tax details regarding non-resident landlords are discussed.

SHOULD YOU FILE IF YOU CAN’T PAY?

Details for tax debt you can't pay are discussed.

A TAX TIP WHEN YOU MAKE INVESTMENTS

Short term investment tax planning is discussed.

Douglas K. DeBeck

BARE TRUST AND NOMINEE AGREEMENTS

Bare trusts are described.

A TIP IF YOU HAVE A CORPORATION AND NO EMPLOYMENT INCOME

Tax tips for corporation owners is discussed.

Douglas K. DeBeck

YOU CAN BE LIABLE FOR A FAMILY MEMBER’S TAX DEBTS!

Money, gifts or transfers of property from a family member can leave you liable for tax debts.

AROUND THE COURTS

A recent court case involving a lack of business records is discussed.

MANDATORY REPORTING RULES NOW IN EFFECT

An update to mandatory reporting rules is discussed.

Douglas K. DeBeck

SHAREHOLDER REMUNERATION: AN OVERVIEW

Shareholder remuneration and tax rules are discussed.

AROUND THE COURTS

A recent court case involving "aggressive tax planning" is discussed.

TAXABLE BENEFIT UPDATES, INCLUDING NEW POLICIES FOR VIRTUAL SOCIAL EVENTS

Updated taxable benefits by the CRA are discussed.

CAN YOU BORROW FROM YOUR RRSP WITHOUT PAYING TAX ON THE WITHDRAWAL?

Tax rules regarding RRSP withdrawals are discussed.

Douglas K. DeBeck

THE FAMILY BUSINESS AND THE CAPITAL GAINS EXEMPTION

Updated capital gains rules related to family businesses are discussed.

A correction to a recent blog post is detailed.

Douglas K. DeBeck

AROUND THE COURTS

A recent court case is discussed.

FOREIGN TAX CREDIT — MAKE SURE THE FOREIGN TAX IS MANDATORY

Foreign tax rules for Canadian residents are discussed.

ARE YOU A DIRECTOR OF A CORPORATION? BEWARE!

Douglas K. DeBeck

UNDERUSED HOUSING TAX — FIRST DEADLINE EXTENDED

Updates regarding the Underused Housing Tax are discussed.

Douglas K. DeBeck

AGGRESSIVE TAX PLANNING GETS MORE RISKY

New tax rules will make aggressive tax planning more dangerous.

TAX FREE FIRST HOME SAVINGS ACCOUNT – $40K LIMIT − OPEN FHSA ACCOUNT FROM APRIL 1, 2023

A novel RRSP + TFSA program to help first time home buyers is discussed.

Douglas K. DeBeck

BUDGET 2023 – INTERESTING PROPOSALS AND POTENTIAL TAX INCREASES

A recap of the salient tax topics addressed in the 2023 Budget are described.

LIANG V. THE QUEEN IS A CRUCIAL CASE TO UNDERSTAND LIMITATIONS OF TAX SHELTERS

A recent tax shelter case is discussed.

Douglas K. DeBeck

TAX SHELTERS RELATED ISSUES – SALIENT POINTS TO LOOK OUT FOR

General tax shelter related rules are discussed.

AROUND THE COURTS

A recent court case that ruled restaurant tips as taxable income is discussed.

WATCH OUT FOR SHORT TAXATION YEARS

Short taxation years are discussed.

SIMPLIFIED INSTALMENTS IF YOU HAVE THE CASH

A simplified tip for paying income tax instalments is discussed.

Douglas K. DeBeck

HST QUIZ — IS YOUR BUSINESS CHARGING IT PROPERLY?

Try out you HST knowledge with this quiz.

BARE TRUST DANGERS

New Trust reporting rules are discussed.

Douglas K. DeBeck

RESIDENTIAL PROPERTY WARNING — HUGE PENALTIES!!

The new Underused Housing Tax (UHT) is described.

THE HIDDEN BENEFITS OF LIFE INSURANCE

The details of life insurance are discussed.

Douglas K. DeBeck

PHILANTHROPIC NEW YEAR’S RESOLUTIONS

10 of the most cost-effective strategies are discussed.

DON’T DO TOO MUCH TRADING IN YOUR TFSA!

Details regarding frequency of TFSA trading are discussed.

WHAT IF YOU DISAGREE WITH THE CRA?

Details regarding what to do if you disagree with the CRA are discussed.

Douglas K. DeBeck

SHAREHOLDER AGREEMENTS

Details regarding setting up a shareholders agreement are discussed.

AROUND THE COURTS

A recent court case involving money lending is discussed.

SELF-EMPLOYED? YOU PAY DOUBLE CPP or QPP PREMIUMS

Tax structure planning for self-employed individuals is discussed.

TRUSTS: ALLOCATING INCOME TO BENEFICIARIES BUT TAXED TO TRUST

Trust tax rules are discussed, with examples.

Douglas K. DeBeck

ELECTION FOR DIVIDENDS WITH YOUR SPOUSE

Spousal dividend election tax rules are discussed.

CAPITAL DIVIDENDS

Capital dividends tax rules are discussed.

DONATIONS UNDER YOUR WILL OR BY YOUR ESTATE

The charitable donation credit is discussed, with an example.

Douglas K. DeBeck

HOW ARE OPTIONS TAXED?

Tax implications of options are discussed, with examples.

ELECTION FOR CAPITAL GAINS TREATMENT FOR CANADIAN SECURITIES

Capital gains tax rules on Canadian securities are discussed.

TAXATION OF AN ESTATE

Estate tax rules are discussed.

Douglas K. DeBeck

DEATH AND TAXES

"Deemed disposition" rules and other tax rules upon death are discussed.

AROUND THE COURTS

A successful appeal to a CRA assessment is discussed.

Douglas K. DeBeck

MAKE MONEY VOLUNTEERING FOR A CHARITY

Tax implications regarding work for charities are discussed.

DO YOU HAVE A BANK ACCOUNT IN ANOTHER COUNTRY?

The "Common Reporting Standards" rules are discussed.

Douglas K. DeBeck

STARTING A HOME BUSINESS

The ins and outs of starting a home business are discussed.

WORKING ON COMMISSION? YOU CAN GET MORE DEDUCTIONS THAN OTHER EMPLOYEES

Tax deductions on commissions are discussed.

THE GENERAL ANTI-AVOIDANCE RULE

The "General Anti-Avoidance Rule" is discussed.

THE SMALL BUSINESS DEDUCTION

The small business deduction tax credit is discussed.

Douglas K. DeBeck

EMPLOYEE STOCK OPTIONS

Taxation rules on employee stock options are discussed.

SHAREHOLDER LOANS

Taxation rules on shareholder loans are discussed.

Douglas K. DeBeck

UNEARNED RECEIPTS IN YOUR BUSINESS

Taxation rules on unearned receipts are discussed.

TAXATION OF ACCOUNTS RECEIVABLE

Details around the taxation of accounts receivable are discussed.

AIR QUALITY IMPROVEMENT TAX CREDIT

A new, refundable tax credit related to air quality is discussed.

Douglas K. DeBeck

FUEL CHARGE CREDIT FOR FARMING BUSINESSES

A fuel-related tax credit for farmers is discussed.

AROUND THE COURTS

Rules regarding restrictions on fees charged to file Disability Tax Credit status are discussed.

COURT CASES — WHY ARE THEY IMPORTANT?

The importance of discussing court cases is described.

Douglas K. DeBeck

GST OR HST BETWEEN RELATED CORPORATIONS

Tax rules between related corporations are discussed.

MUST YOU DISCLOSE YOUR TAX PLANNING TO THE CRA?

Tax planning disclosure to the CRA will soon likely be required, details discussed.

Douglas K. DeBeck

CRA GETTING MORE INFORMATION FROM TRUSTS — INCLUDING BARE TRUSTS

New plans for extensive information requests from CRA for Trusts, details discussed.

COMPUTATION OF BUSINESS PROFIT

Differences between business income for tax purposes and accounting purposes are discussed.

LOW OR NO-INTEREST EMPLOYEE LOANS

Tax implications for employee loans are discussed.

Douglas K. DeBeck

FEDERAL BUDGET HIGHLIGHTS

2022 federal budget highlights are discussed.

FLAT RATE HOME OFFICE EXPENSES EXTENDED

A new "flat rate method" of calculating home office expense is described.

Douglas K. DeBeck

GAINS AND LOSSES ON PERSONAL-USE PROPERTY

Differences between Personal Use Property and Listed Personal Property are discussed, with an example.

THE CAPITAL GAIN RESERVE 

The Capital Gain Reserve is discussed, with an example.

Douglas K. DeBeck

RRSP VS. TFSA – WHICH IS BETTER?

Differences between RRSPs and TFSAs are discussed, with examples.

NO TAX ON INVESTMENT INCOME — ARE YOU MAXING OUT YOUR TFSA?

TFSA tax rules are discussed.

COMPUTER CONSULTANTS

Various tax issues regarding computer consultants are discussed.

CONVENTION EXPENSES

Are convention expenses deductible?

Douglas K. DeBeck

SHOULD YOU FILE IF YOU CAN’T PAY

Don't have enough money to pay your taxes? Suggestions are discussed.

CHILD CARE EXPENSES

Eligible child care expenses are discussed.

AROUND THE COURTS

A recent court case involving misattributed income to trusts is discussed.

PARTNERSHIP INFORMATION RETURNS

Tax rules regarding partnerships are discussed, with examples.

Douglas K. DeBeck

REVERSIONARY / REVOCABLE TRUSTS

The revocable trust rule is discussed, with examples.

AROUND THE COURTS

A recent court case involving "conduit" corporation tax losses are discussed.

STANDBY CHARGE FOR USE OF EMPLOYER’S CAR

Tax rules regarding personal use of company are discussed with examples.

LOANS TO YOUR ADULT CHILDREN

Tax rules regarding loans to your adult children are discussed with examples.

Douglas K. DeBeck

ASSOCIATED CORPORATIONS

Tax rules regarding associated corporations are discussed with examples.

AROUND THE COURTS

A recent court case involving government loans is discussed.

PLANNING TIP ON SELLING A DECEASED TAXPAYER’S HOME

Planning opportunity to reduce a deceased's tax bill is discussed.

Douglas K. DeBeck

MEAL AND ENTERTAINMENT EXPENSES

Meal and entertainment expenses are discussed.

THE GST/HST “QUICK METHOD”

The GST/HST "Quick Method" is discussed.

Douglas K. DeBeck

OTHER TAX CHANGES WE MIGHT SEE SOON

Potential new tax changes are listed.

PROPOSED VACANT/UNDERUSED HOUSING TAX

A new housing tax has been introduced by the Liberal government.

Douglas K. DeBeck

PROPOSED LUXURY TAX ON EXPENSIVE CARS, BOATS AND PLANES

A new luxury task coming into effect 2022 is discussed.

AROUND THE COURTS

A private lender's tax losses were disallowed by the CRA in this recent court case.

Douglas K. DeBeck

SELF-EMPLOYED? YOU PAY DOUBLE CPP or QPP PREMIUMS

CPP, QPP and EI deductions are discussed for the self-employed.

TRUSTS: ALLOCATING INCOME TO BENEFICIARIES BUT TAXED TO TRUST

Tax implications for trusts and beneficiaries are discussed.

Douglas K. DeBeck

ELECTION FOR DIVIDENDS WITH YOUR SPOUSE

Tax details regarding sharing dividend tax credits with your spouse are discussed.

CAPITAL DIVIDENDS

Tax-free capital dividends are discussed.

DONATIONS UNDER YOUR WILL OR BY YOUR ESTATE

Tax implications regarding charitable donations are discussed.

Douglas K. DeBeck

HOW ARE OPTIONS TAXED?

The details regarding taxation of options is discussed, including examples.

ELECTION FOR CAPITAL GAINS TREATMENT FOR CANADIAN SECURITIES

Capital gains elections are discussed.

TAXATION OF AN ESTATE

Taxation of an estate and GREs are discussed.

Douglas K. DeBeck

DEATH AND TAXES

Income tax implications upon death are discussed with examples.

AROUND THE COURTS

An interesting court case involving a former Toronto Maple Leafs general manager is discussed.

CHARITABLE DONATION RECEIPTS: STRINGENT REQUIREMENTS

Stringent requirements regarding charitable donation receipts are discussed.

GST/HST ON SETTLING A BUSINESS DISPUTE

GST and HST consequences of any business dispute settlement or damage awarded are discussed.

REQUEST A DETERMINATION IF YOU HAVE A LOSS

Request for a "determination of loss" is discussed.

Douglas K. DeBeck

TRANSFERRING SHARES TO YOUR RRSP

Details regarding transferring shares to your RRSP are discussed.

AROUND THE COURTS

A recent court case involving a TFSA over-contribution is discussed.

Douglas K. DeBeck

DEDUCTIONS AND CONTINGENT AMOUNTS

Tax rules regarding expense deductions are discussed.

TAX-FREE TRANSFERS TO YOUR CORPORATION

Tax-free transfers are discussed.

AMENDMENTS FOR NON-ARM’S LENGTH TRANSFERS OF PRIVATE CORPORATE SHARES

Tax rules for private corporate share transfers are discussed.

Douglas K. DeBeck

ADVANCED LIFE DEFERRED ANNUITIES

RRSP, RRIF and ALDA tax plans are discussed.

MEDICAL EXPENSE CREDIT

Medical expense tax breaks are discussed.

Douglas K. DeBeck

STOCK DIVIDENDS

Stocks dividends in lieu of cash dividends are discussed.

SUPERFICIAL LOSSES

The "superficial loss" rule is discussed.

Douglas K. DeBeck

NON-ARM’S LENGTH TRANSFERS

Non-arm's length transfers are discussed.

AROUND THE COURTS

Small business losses are sometimes not considered appropriate.

DO YOU HAVE TO CHARGE GST/HST IF YOU HAVE ONLY A LITTLE BUSINESS INCOME?

If your business makes under $30,000 per year you might not need to collect GST/HST, details discussed.

GST/HST NEW HOUSING REBATE — TECHNICAL FIX IN THE APRIL 19 FEDERAL BUDGET

When buying a new home or condo from a builder you can normally claim a rebate, details discussed.

PAYING NON-RESIDENTS — WATCH OUT FOR WITHHOLDING TAX!

Details regarding withholding tax when paying non Canadian residents are discussed.

Douglas K. DeBeck

BUYING PROPERTY FROM A NON-RESIDENT

You may be obliged to withhold tax when buying property from non Canadian residents, details discussed.

AROUND THE COURTS

A recent court case involving the disability tax credit is described.

UNEARNED AMOUNTS RECEIVED IN BUSINESS

Tax rules related to unearned business income received are discussed.

SPOUSAL AND CHILD SUPPORT PAYMENTS

Spousal and child support payments tax details are discussed.

Douglas K. DeBeck

DEDUCTING INTEREST EXPENSE

Tax rules regarding deduction of interest expenses are discussed.

CARRYBACK OF ESTATE CAPITAL LOSSES

Estate capital losses upon death are discussed.

FEDERAL BUDGET DELAYED

The 2020 Federal Budget has been delayed.

DONATIONS MADE BY SPOUSAL TRUSTS AFTER DEATH OF BENEFICIARY SPOUSE

Donation tax credits with respect to spousal trusts are discussed.

Douglas K. DeBeck

CHARITABLE DONATIONS ON DEATH FOR PUBLICLY-TRADED SECURITIES

Tax-free "rollover" upon death from donations are discussed.

CHARITABLE DONATIONS ON DEATH

Charitable donation tax credit rules are discussed.

LIFE INSURANCE AS COLLATERAL − PREMIUMS MAY BE DEDUCTIBLE

Using life insurance policies as collateral for bank loans are discussed.

Douglas K. DeBeck

SPLITTING PENSION INCOME WITH YOUR SPOUSE

Income splitting amongst family members is discussed.

2021 Federal Budget Commentary

Commentary on the 2021 Canadian Federal Budget.

Douglas K. DeBeck

AROUND THE COURTS

A recent court case involving tuition income tax credits is discussed.

Douglas K. DeBeck

CHARGING MANAGEMENT FEES

Tax deductions through charging management fees are discussed.

Douglas K. DeBeck

CHARITY DONATION RECEIPTS

Receipts with technical requirements are required to claim any charitable donations, details discussed.

DANGERS OF FILING A CORPORATE TAX RETURN LATE

Implications of filing corporate tax returns late are discussed.

NETFLIX TAX IS COMING — AIRBNB TAX TOO

New taxes are coming to non-resident businesses.

Douglas K. DeBeck

TEN COMMON TAX MISTAKES

Ten common tax mistakes are discussed.

CAR EXPENSE LIMITS FOR 2021

Vehicle expense limits for 2021 are discussed.

PRINCIPAL-RESIDENCE EXEMPTION

UPDATE: Principal residence exemption on capital gains rules have changed.

EMPLOYEE HOME OFFICE EXPENSES: FLAT RATE METHOD DURING COVID

The Covid-19 "flat rate" home office tax deductions are discussed.

EXTRA DEDUCTIONS FOR COMMISSIONED SALESPERSONS

Commissioned salesperson tax deductions are discussed.

Douglas K. DeBeck

INCOME SPLITTING AND ATTRIBUTION RULES

The Canadian graduated tax rate system is discussed.

AROUND THE COURTS

"Personal Injury" damages denied by Tax Court of Canada.

Douglas K. DeBeck

PATRONAGE DIVIDENDS OF AGRICULTURAL COOPERATIVES

Tax rules regarding agricultural cooperative dividends are discussed.

FOREIGN EXCHANGE GAINS AND LOSSES

Tax rules related to foreign exchange gains and losses are discussed.

TAXATION OF SHAREHOLDER LOANS

Shareholder loan rules are discussed in detail.

Douglas K. DeBeck

TAXATION OF EMPLOYEE STOCK OPTIONS AND UPCOMING CHANGES

Employee stock option tax details are discussed.

AROUND THE COURTS

A recent court case involving denied business losses are discussed.

EMIGRATION FROM CANADA

Tax considerations regarding emigration from Canada are extremely important, details discussed.

Douglas K. DeBeck

BUSINESSES CLAIMING GST — HOW TO GUARANTEE AN AUDIT

Be aware, claiming a GST refund that exceeds a basic threshold will trigger a CRA audit.

TAX SHELTER DANGERS

Taxpayers should be aware of some schemes designed to reduce income tax.

RRSP DEDUCTION LIMITS

RRSP deduction limits are discussed.

AROUND THE COURTS

A recent court case involving car expenses for employee travel are discussed.

Douglas K. DeBeck

CHANGE IN USE RULES

Tax rules regarding the transfer of items from personal to income-earning are discussed.

DEDUCTION OF INVESTMENT FEES

Some investment fees are tax deductible, some are not. Details discussed.

Douglas K. DeBeck

PERSONAL-USE PROPERTY GAINS AND LOSSES

Personal Use Property (PUP) gains and losses are discussed.

THE CAPITAL GAINS EXEMPTION

The lifetime capital gains exemption is discussed.

Douglas K. DeBeck

CAPITAL GAIN RESERVE

Capital gain reserves are discussed.

AROUND THE COURTS

Tax deductions with respect to business loans are discussed.

TAX LOSS? YOU NEED A SOURCE OF INCOME

Details regarding the of use of losses to offset income are discussed.

Douglas K. DeBeck

Taxable benefits for employees are discussed.

“ZERO COUPON” DEBT INSTRUMENTS

Tax implications regarding interest on certain debt instruments are discussed.

ACQUISITION OF CONTROL OF CORPORATION OR TRUST

Tax restrictions related to new control of trusts are discussed.

Douglas K. DeBeck

TAXABLE COVID-19 BENEFITS

Details regarding taxes on pandemic related federal relief are discussed.

AROUND THE COURTS

Construction contractors beware! The CRA has ways to find you.

Douglas K. DeBeck

TAX BREAKS FOR PERSONS WITH DISABILITIES

Some other benefits that are available from the Disability Tax Credit are discussed.

SOME GST AND HST QUIRKS YOU MIGHT NEED TO KNOW

Some unusual GST and HST rules from the Excise Tax Act are discussed.

Douglas K. DeBeck

WOULD YOU LIKE SOME TAX-FREE INCOME?

A list of income types that are tax free are discussed.

AROUND THE COURTS

A recent court case involving the "Linkage Principle" and hedging transactions is discussed.

RE-ALLOCATION OF PROCEEDS ON SALE OF LAND AND BUILDING

Capital cost allowance tax depreciation rules are discussed.

TAXATION OF TRUSTS AND BENEFICIARIES

Tax rules regarding trusts and beneficiaries are discussed in detail.

Douglas K. DeBeck

FORGIVEN DEBT MAY HAVE TAX CONSEQUENCES

Debt forgiveness rules are discussed.

AROUND THE COURTS

A recent court case regarding spousal transfer of property.

Douglas K. DeBeck

HOW THE DIVIDEND TAX CREDIT WORKS

Double taxation prevention on dividends is discussed.

ASSOCIATED CORPORATIONS AND THE SMALL BUSINESS DEDUCTION

Rules regarding the small business deduction are discussed.

TAXATION OF OPTIONS

Taxation of Options rules are discussed.

Douglas K. DeBeck

MORE ON THE CANADA EMERGENCY WAGE SUBSIDY

Details regarding the Canada Emergency Wage Subsidy are discussed.

ALLOWABLE BUSINESS INVESTMENT LOSSES

Allowable business investment loss rules are discussed.

INTERPLAY BETWEEN SPOUSE, EQUIVALENT TO SPOUSE, AND CAREGIVER CREDITS

The spouse (or common-law partner) tax credit is discussed.

Douglas K. DeBeck

COVID-19 TAX RELIEF

Federal government income tax relief is discussed.

CARRYBACK OF ESTATE CAPITAL LOSSES

Tax repercussions of estate capital losses are discussed.

FEDERAL BUDGET DELAYED

The 2020 Federal Budget has been delayed until further notice.

DONATIONS MADE BY SPOUSAL TRUSTS AFTER DEATH OF BENEFICIARY SPOUSE

Spousal trusts and tax deferrals are discussed.

Douglas K. DeBeck

CHARITABLE DONATIONS ON DEATH FOR PUBLICLY-TRADED SECURITIES

Taxable capital gains related to donations of publicly-traded securities are discussed.

CHARITABLE DONATIONS ON DEATH

Charitable donations tax credits are discussed.

LIFE INSURANCE AS COLLATERAL − PREMIUMS MAY BE DEDUCTIBLE

Life insurance premiums are discussed.

Douglas K. DeBeck

SPLITTING PENSION INCOME WITH YOUR SPOUSE

Spouse income splitting is discussed.

AROUND THE COURTS

A recent case involving home business expenses is discussed.

Douglas K. DeBeck

INTERNATIONAL TAX RULES — MASSIVE CHANGES

Big changes to international tax rules are discussed.

NEW STANDARD FOR THE CRA NEEDING TO BE “REASONABLE”

New standard regarding the CRA being "reasonable" is discussed.

Douglas K. DeBeck

DON’T DO TOO MUCH TRADING IN YOUR TFSA

Rules regarding trading in your TFSA are discussed.

LEAP YEAR REMINDER: TRUST RETURN DEADLINE

Deadline for filing T3 trust income tax returns changed due to leap year.

DEDUCTING INTEREST EXPENSE

Rules regarding deducting interest expenses are discussed.

Douglas K. DeBeck