Anxiety, Depression & Phobias: Disability Tax Credit

In an April 3, 2019 Tax Court of Canada case, at issue was whether the impact of an individual’s mental impairment entitled her to the disability tax credit (DTC). The taxpayer suffered from social anxiety, depression and phobias. A taxpayer…

Continue Reading Anxiety, Depression & Phobias: Disability Tax Credit

Taxable Benefit: Parking Pass

In a June 10, 2019 Federal Court of Appeal case, the Court upheld the previous Tax Court decision which classified an employer-provided parking pass as a taxable benefit to an employee of an airline. However, in doing so, the Court…

Continue Reading Taxable Benefit: Parking Pass

Subsidized Meals: Are They a Taxable Benefit?

Do you have an employee dining room or cafeteria? In a March 21, 2018 Technical Interpretation, CRA stated that they do not consider meals subsidized by the employer to be a taxable benefit provided the employee pays a reasonable charge.…

Continue Reading Subsidized Meals: Are They a Taxable Benefit?

Taxpayer Relief: Financial Hardship

CRA may grant relief from penalties and interest in cases where the timely satisfaction of a tax obligation was not completed due to: extraordinary circumstances;actions of the CRA; orinability to pay or financial hardship. In a March 31, 2016 Federal…

Continue Reading Taxpayer Relief: Financial Hardship

Did You Buy or Sell a House?

CRA highlights relevant tax compliance and planning information if you bought or sold a home. It included information on: claiming the principal residence exemptionclaiming the home buyers' amountusing part of your RRSP to purchase a home under the Home Buyers'…

Continue Reading Did You Buy or Sell a House?

Tax on Split Income: Salary or Dividend?

Dividends received by individuals from private corporations as of January 1, 2018 may be subject to taxation at top marginal tax rates (due to the new TOSI rules) if, in general, they are determined to be unreasonable. Salaries, however, are…

Continue Reading Tax on Split Income: Salary or Dividend?

Canada Pension Plan Changes: Costs and Benefits Increasing

Since January 1, 2019, the CPP has been enhanced. This means that both employees and employers are required to contribute more, but, retirement, survivor, and disability pensions will also increase. The changes will be gradually phased in over 7 years:…

Continue Reading Canada Pension Plan Changes: Costs and Benefits Increasing