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…
News
Changes to rules for eligible deductions from short-term rental income
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 releases guidance on tax deadline postponement
By Michael CohnMarch 25, 2020, 10:52 a.m. EDT The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic. The Treasury Department announced the postponement of the tax deadline last Friday in response to growing calls to delay the April…
IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts
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
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
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…
Bert Mulder Scholarship for Church Organists
Congratulations to Heather Ball on winning the Bert Mulder Scholarship. Wish you the Lord’s blessing in your organ studies
Just had a client fall for the I-Tune gift card scam today...
I just had a client today that fell for the scammers, and was taken for $2,500. Must be a coincidence, but they said they talked to ‘Jenny’ at my office… DO NOT! DO NOT FALL FOR THIS SCAM! So happens that I have a Jennifer at my office. They however did not talk to her,…
Government in full damage control mode
https://www.thestar.com/news/canada/2017/10/16/feds-to-cut-small-business-tax.html Thus, the Trudeau government is in full damage control mode… Reducing the small business rate as per election promise, which they flipped on, and now flopped on, before ‘fixing’ the so called small business ‘tax loopholes’, which they previously placed as a condition. They altogether dropped the so called ‘converting income into capital gains’…