Tax Change: Advise Taxpayer About Short-Term Rentals
Taxpayers who own a residential property and rent it out must be aware that income reporting is required in most cases. Further if the rental was for periods of less than 90 days, expenses to offset that income could be restricted. These Short Term Rental (STR) rules are new for the 2024 tax year. Here’s what you need to know based on recent directives from Finance Canada and the CRA, which includes a brief reprieve for some STR owners in 2024:Knowledge Bureau Network: A New Opportunity in Accounting
KNOWLEDGE BUREAU NETWORK (KBN), presents a new way to share knowledge about new career and business opportunities. This week, an excellent opportunity to work with an outstanding professional firm. Larry H Frostiak, FCPA, FCA, CFP, TEP, RWM, Managing Partner, Frostiak & Leslie Chartered Professional Accountants Inc. explains:
From RESP to RRSP – An Important Tax Strategy
Congratulations! It’s with great pride that families recently celebrated their university graduates; accolades so well deserved! There are a few things to consider about tax rules as the glasses are raised and grad caps fly. New tax rules, for example, provide a new RRSP opportunity few know about.
DAC Acuity 2022: How Can You Get More Distance from Your Pension Plan?
When your clients unlock their pension plans in the current environment, they will want to know how to build momentum and the straightest line to growth as they invest for their future. Knowing more about the tax and pension law can preserve wealth; in fact, using a multi-generational approach can make millions of dollars of difference in some cases. Learn more from JP Laporte, CEO, Integris Pension Management Corp, at DAC Acuity 2022 in Niagara Falls, October 16-18.
Need AIC Credits? We’ve Got Them For You
If you are looking for Alberta Insurance Council (AIC) credits this year, there’s still an opportunity to register for the Advanced Retirement & Estate Planning Course, as featured in the May Virtual CE Summit.
Climate Action Incentive (CAI) – Gas Cost Relief Coming July 15
Planning a vacation with the kids in July? If you live in Manitoba, Ontario, Alberta or Saskatchewan, CRA will be sending you some gas money soon via the Climate Action Incentive – hundreds of dollars in fact - but only if you filed a 2021 tax return. It’s not too late to get in on this and other social benefits that are paid after June 30; a quagmire of must-know tax info, your tax specialist can help you with before the holidays start. Some details follow:
Assignment Sales: New GST/HST Rules
Do you know of anyone who has assigned the purchase of a home to another person before moving into it? Perhaps you know of an investor in a new condo complex, who has put down a deposit with the hope of engaging a third party once the condo is built and the price goes up. If so, be sure they know about new tax rules for such “speculative sales”, which will render this type of transaction to GST/HST effective May 7, 2022, and could eliminate rights to capital gains treatment as well.
