Author: Bert Mulder

CRA Business mail is going online

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Get ready for online mail for business Starting in spring 2025, the Canada Revenue Agency (CRA) will transition to online mail as the default method of delivering most business correspondence, reflecting the CRA’s ongoing commitment to enhancing service delivery. This means your business clients will stop receiving paper mail and will start receiving most of…

EFILE news and program updates

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T1 EFILE The Canada Revenue Agency’s EFILE, ReFILE and T1135 web services are now closed for the electronic filing of your clients’ initial and amended (T1) personal income tax and benefit returns and T1135 forms for T1. These services will re-open on Monday, February 24, 2025 at 8:30 a.m. (Eastern Time).  The Canada Revenue Agency’s T3 EFILE and T1135…

2025 tax filing season starts as IRS begins accepting tax returns today; taxpayers have many options for help

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IR-2025-18, Jan. 27, 2025 WASHINGTON — The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns. During today’s early morning opening, IRS systems have already received millions of tax returns from across the nation for processing. The IRS expects more than 140 million…

Update on the Canada Revenue Agency's administration of the proposed capital gains taxation changes

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January 31, 2025 Ottawa, Ontario Canada Revenue Agency The Department of Finance announced today that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026. The announcement confirms the government’s intention that, effective for dispositions that occur on or after January 1, 2026, the inclusion rate will…

Don’t miss out on tax benefits for northern residents

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February 12, 2025 Ottawa, Ontario Canada Revenue Agency If you lived in a northern or remote area for six months or more in 2024, you may qualify for the northern residents deductions. These deductions recognize the unique challenges northern residents face, such as higher living costs and limited access to services. Find out if you…

Changes to rules for eligible deductions from short-term rental income

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What’s new Changes to the income tax rules now deny income tax deductions related to non-compliant short-term rentals after 2023. If you rented out a residential property for short periods, these changes may affect you. What is a short-term rental A short-term rental is a residential property that is rented or offered for rent for a period of less than 90 consecutive…

IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts

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Received this notice from ‘THE BRUNTON, STRACHAN & KHAN CPA FIRM, CHARTERED, 4710 NW BOCA RATON BLVD., SUITE #101, BOCA RATON, FL 33431’U.S. citizens and residents1 are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts2. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from,…

I am moving and joining Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants

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I am pleased to announce that I will be joining the firm of Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants, effective February 1, 2020, at Suite 102, 150 Chippewa Road.  https://www.holtzmanllp.com/contact_us.html Most importantly, I want to assure you that you will continue to receive reliable and timely accounting services in the years ahead.  I am not…

Tips and gratuities

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IntroductionEmployer responsibilitiesIs income from tips and gratuities part of an employee’s pensionable or insurable earnings, or both?Controlled tipsDirect tipsDeclared tips (in the province of Quebec only)More informationLegislative references Introduction This article is for employers and their employees who receive tips and gratuities. It explains how to treat tips and gratuities for purposes of the Canada…