Effective January 1, 2022, the Canada Revenue Agency (CRA) has updated its policies on employee gifts and awards in order to address the treatment of gift cards provided to employees.
On January 18, 2023, the Alberta Government began accepting applications for temporary Affordability Payments as part of its Affordability Action Plan aimed at providing assistance to Albertans who are struggling with the rising cost of living due to inflation. The Affordability Payments will provide direct payments to help parents, seniors and vulnerable people with their daily living costs.
As 2022 draws to a close we would like to take this opportunity to say a sincere Thank You to all of our clients and to pass on our Best Wishes to you and your families this Holiday Season!
This edition of the Christmas Letter will offer some important updates regarding personal and corporate tax matters, including some important points from the 2022 Fall Economic Statement. We’ve also included some valuable tools and tips to help manage your business and your accounting needs.
The Canadian Anti-Fraud Centre reported that Canadians lost almost $381 million to fraud in 2021. We want to ensure that clients are educated on how to protect themselves.
The Livestock Tax Deferral Provision allows for a portion of sales proceeds to be deferred to the following year, where producers in prescribed regions sell breeding stock due to drought.
On June 23, 2022, the Federal Government enacted the legislation for Immediate Expensing Rules first proposed in the 2021 Federal Budget on April 19, 2021. These “Immediate Expensing” rules allow Canadian Controlled Private Corporations (CCPC’s), Canadian individuals (other than trusts) and Canadian partnerships to deduct the full cost of certain depreciable capital assets in the year that they are acquired, accelerating what can often be a significant deduction to reduce taxes owing.