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:

Estate planning discussions are always difficult, but these days, perhaps even more so.   That’s why tax and financial services providers must pay attention to new trends; notably, that young people – who are to be engaged as the primary stakeholders in wealth transfers –  have experienced a significant drop in hopefulness.  A recent Statistics Canada study concludes that future research could be done to better understand the potential implications. But DAC Keynote Speaker and new author Dr. Brett Wray has done some important research of her own and has a critical, urgent message:  intergenerational power and wealth will not fix the underlying malaise.  Find out more, below; reserve your spot at DAC now.

Submit the name of your worthy nomination for the DAC New Advisor Award now.  The application deadline September 1, 2022.  The prestigious award recognizes the next generation and their contributions to excellence in the tax, accounting and/or financial services.   Here’s what the winner of this prestigious award will receive and how to apply:

A typical small business owner fearlessly wears many hats.  However, when it comes to tax season, most just want to grab a pillow and hide their head under it.

June 30 is an important date. Knowledge Bureau Professionals graduate with new skills and specialized knowledge. It is what differentiates you from others. If you are a Designate, June 30 is also an important deadline: it’s time to submit your required Attestation to your standards of conduct, and meet annual CE requirements… with some exclusive tuition offers!

In order to get pandemic relief benefits in the hands of Canadians quickly, the government (through ESDC and CRA) issued relief benefits to anyone who applied and indicated that they met the criteria for entitlement to the benefits. ESDC and CRA are now following up to ensure that those who were not entitled to the benefits repay them, and it is causing worry.  Tax and financial advisors can help.

CRA has made a mistake on its calculations regarding eligibility for the Tourism and Hospitality Recovery Program (THRP), and as a result, has added modifications to its website .  Be sure your clients who may have missed filed for support, or were previously under the impression they did not qualify, are apprised of the full list of eligible businesses, which appears below: