Taxes

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2022 personal tax season: What’s new for 2021 tax returns

As practitioners gear up for the 2022 personal tax season, find out about the latest changes to the Canada Revenue Agency (CRA)’s T1 tax return filing program so you can better serve your clients.

A better way of designing new tax legislation

As the government gradually transitions towards a more forward-looking agenda, now is a good time to examine tax legislative processes and consider better practices for managing tax change.

Are you up to date on the latest tax changes?

Every year brings its share of tax updates and 2021 was no different. Here are some of the main administrative and legislative changes to keep in mind as we move into busy season.

Ottawa should carefully weigh new tax changes, expert says

Bruce Ball, FCPA and VP of taxation with CPA Canada, explains why any new proposals should be considered from the perspective of necessity and urgency, and why regular communication is crucial.

Simpler measures, better outcomes: It’s time to rethink tax expenditures

Sound tax policy is key to building a better, fairer Canada. Our brief explores why the government should be cautious in adding any new tax expenditures to Canada’s overly complex tax system.

CPA Canada Resources

Canadian federal government releases significant package of draft tax legislation

On February 4, 2022 the federal government released a package of draft legislation to implement various tax measures (Proposals), including some previously announced in the 2021 Federal Budget. The Proposals include amendments to both the Income Tax Act (ITA) and the Excise Tax Act (ETA). The news release that accompanied the Proposals invites Canadians to make submissions in respect of the Proposals, with different deadlines for the different measures.

Department of Finance consulting on draft tax proposals

Canada’s strong and essential social safety net is built on a robust national tax base.

Extension to Local Lockdown Program and Worker Lockdown Benefit

On February 9, 2022 the Federal government announced that the enhanced access to the Local Lockdown Program (LLP) and the Canada Worker Lockdown Benefit (CWLB) (announced on December 22, 2021) would be extended by one month, to March 12, 2022 as follows:

Finance releases draft legislation for 2021 budget measures

On 4 February 2022, the Department of Finance released for public comment draft legislative proposals (and accompanying explanatory notes) to implement most of the remaining measures from the 2021 federal budget, postpone application of previously announced measures pertaining to new reporting requirements for trusts, introduce amendments relating to allocations to redeemers by mutual fund trusts (including extending the rules to mutual fund trusts that are exchange-traded funds), introduce rules respecting the application of GST/HST to crypto asset mining, and make certain other technical amendments.

Self-employed? Talk to a CPA long before filing your taxes

Tax time can be tricky for almost anyone, but this can be especially true for those who work for themselves. Turning to a CPA when filing—or better yet, in the months before—can help reduce the inevitable headache and possibly the amount of money owed in late fees or missed deductions through several well-prepared steps.

The tax implications of employees working remotely abroad

Before granting an employee’s request to telework from another country, employers need to ensure the organization is meeting all its obligations.

You’ve just learned CRA intends to review your tax return. Now what?

By educating yourself on the process and making sure you have all your important records on hand, you can save yourself a lot of unnecessary worry.

Reporting Requirements for Trusts

The legislation to support this proposed measure is pending. The CRA will administer the new reporting and filing requirements once there is supporting legislation that receives Royal Assent. The CRA will continue to administer the existing rules for trusts, under enacted legislation. The proposed beneficial ownership reporting requirements will not be part of the published 2021 T3 income tax return. This note will be updated when more information is available. You should not delay filing your 2021 T3 tax return.

Canadian tax news and COVID-19 updates

Your source for the latest Canadian tax news and updates on changing tax laws. Working collaboratively with the Canada Revenue Agency (CRA) we aim to bring clarity on pressing tax questions and COVID-19 tax updates.

CRA provides update on home office expense deduction

On 18 January 2022, the Canada Revenue Agency (CRA) provided a long-awaited update on the process for claiming home office expenses for the 2021 taxation year.

For the most part, the process for 2021 will be substantially similar to the process that the CRA introduced for 2020 as a result of the COVID-19 pandemic.

Dentons - Employee or independent contractor?

The issue of whether an individual is an employee or an independent contractor can have far-reaching effects on both the individual and the company for whom they provide services. However, companies often pay little attention to either the distinction between the two statuses or the possible effects of an incorrectly described relationship.

Rise of electric vehicles raises tax concerns

As EVs are poised to take over the roadways in the decades ahead, what will become of the gas tax?

Tax treatment of cryptocurrency for income tax purposes.

The following pages outline the income tax implications of common transactions involving cryptocurrency. When we refer to cryptocurrency in this publication, we are talking about Bitcoin or other similar virtual currencies.

Re-elected government’s agenda for tax

In their 2021 federal election campaigns, Canada’s political parties made lots of promises about tax. With the election over and the government re-elected, find out what tax changes could be on the way.

CRA e-service improvements: Key initiatives

As the Canada Revenue Agency (CRA) works to create an increasingly digital tax system, practitioners will soon enjoy new e-service options for information returns, special elections and more. Find out what’s in the pipeline.

2021 post-federal election analysis

Liberals re-elected to Parliament amid prolonged economic disruption.

Advocating for a better tax system

The pandemic has forged even more effective collaboration between CPA Canada and the CRA as we continue to find ways to improve.

Canadian tax news and COVID-19 updates

Your source for the latest Canadian tax news and updates on changing tax laws. Working collaboratively with the Canada Revenue Agency (CRA) we aim to bring clarity on pressing tax questions and COVID-19 tax updates.

Tips on running a high-quality tax practice

Practicing tax is complex and missteps are costly. Learn about some common issues leading to recent professional liability claims and how you can mitigate tax risk to make your practice more productive and profitable.

The tax implications of employees working remotely abroad

Before granting an employee’s request to telework from another country, employers need to ensure the organization is meeting all its obligations

DIGITAL CURRENCIES AND TAX IN CANADA: A BRIEF OVERVIEW (UPDATED)

This article is an amendment to one released in 2018, as more information, rulings, and interpretations have subsequently been released by Canada Revenue Agency.

New standard on compilation engagements: What does it mean for tax work?

What’s the impact of the new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, on tax compliance work? Understand how the new standard applies to tax-related engagements and more.

Budget 2021 Focuses on Financial Support and Recovery

3 Ways CPAs can Simplify Their Clients’ Personal Taxes During the Pandemic

Depending on the benefits their clients accessed, CPAs need to keep tabs on the federal COVID-19 emergency programs in order to accurately assess the tax impact on those clients.

Tax and the Digital economy: Significant Concerns over OECD Proposals

The Organization for Economic Co-operation and Development (OECD) consulted the international tax community on proposals for taxing digital transactions, and CPA Canada contributed our suggestions. Find out how the OECD responded in its latest statement.

Tax Resources for CPAs

Get fresh perspectives on trending tax issues through our news roundup, blog, webinars, and other practical tools. Created for CPAs and the broader tax community, our resources will help you stay current on changing tax laws.

Taxing Cryptocurrencies: GST/HST Proposals Raise Concerns

With the rise of cryptocurrencies, uncertainty is growing over their tax treatment. Learn about existing Canada Revenue Agency (CRA) guidance, as well as CPA Canada’s concerns with newly proposed GST/HST legislation.

Insight and Analysis of the 2019 Federal Budget

Taking part in the federal budget process, CPA Canada is pleased to offer its views on priorities for the federal budget as well as expert post-budget analysis and commentary.

Other Resources

AICPA Supports Setting Standards for Tax Preparers

The American Institute of Certified Public Accountants announced its support for a recent U.S. proposal to provide the Department of the Treasury with undefined authority to regulate paid tax-return preparers.

Auditing Accounting Estimates in the Current Evolving Environment Due to COVID-19

This publication has been prepared to highlight key areas of focus in the current environment when undertaking audit procedures relating to accounting estimates and related disclosures in accordance with the International Standards on Auditing™(ISA™).

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