Extension of Donation Deadline – Gifts in Kind Don’t Qualify
Last week Finance Canada released draft legislation to confirm the extension of the charitable donation deadline for the 2024 tax year to February 28, 2025. But it’s not for all donations. The fine print in this legislation matters before going ahead and making the donation. Check it out:Black Friday Sneak Peek: 2022 Tax Season Staff Training
Many proprietors in the tax industry are struggling to find qualified staff prepared for a complex 2022 tax season, and it’s coming up fast. Now is the time to train new and returning staff for filing season, and for Black Friday we’re extending our best offer of the year: only $395 per course (save 56%) when you enrol yourself or your team members in Basic Bookkeeping in a Digital World or Professional Income Tax Course – Entry Level certificate courses. Our goal is to help business owners prepare for another unprecedented filing season. As loyal Knowledge Bureau Report readers, you have an exclusive opportunity to take advantage of this training opportunity first.
PPP or IPP? 2022 CRA Limits Enhance PPP Tax Deductions
2022 CRA limits further enhance the tax deductions that Personal Pension Plan (PPP) clients have over Individual Pension Plan (IPP) clients. The gap of $91,194 in 2021 is now almost $12,000 larger in 2022! Those of you who like to project the extra wealth your clients will enjoy over long periods of time thanks to the power of tax-deferred compound interest should rejoice at this news, according to JP Laporte and Knowledge Bureau Partner for the first annual virtual Pension Conference for Accounting Firm Partners and their staff taking place on November 30, 2021. RSVP now - who wouldn't want an extra $100,000 in deductions over an IPP during one's career?
DTC Filters Subject to New Rules
Due to a court injunction, the Disability Tax Credit (DTC) Promoters Restrictions Regulations, which were to have taken effective November 15, 2021 have suspended until further notice. The regulations were to have limited fees paid for DTC applications to $100. We will keep you updated regarding the status of the injunction, but here’s what you need to know about the new regulations:
T3 Trust Filing Requirements Change in 2021
A big new tax filing deadline is approaching and tax and financial advisors must make their clients aware: all non-resident trusts and most express trusts resident in Canada must start filing T3 returns for tax years ending on or after December 31, 2021 and the filing deadline is coming up fast: March 31, 2022. Here’s what’s at issue:
Getting New T3 Trust Returns Right
Tax compliance regarding T3 Trust returns is in the spotlight as new efile requirements begin for the tax filing years ending December 31, 2021 forward. Here’s a primer on what you need to know; a preview of a newly revised professional certificate course, Filing T3 Trust Returns at Knowledge Bureau by Faculty Member and Instructor, Diane Elliott.
Poll Results: Are Tax Pros in Favour of Anti-Flipping Capital Gains Tax?
It was a close race with our most recent poll question, with respondents torn when it came to the question “Do you believe a potential anti-flipping capital gains tax on principal residences is a good idea?” This was a change proposed in the election and while the majority were in favour, most of the comments were in the negative, here’s what you said:
