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:

The global pandemic has driven millions of consumers to online shopping and digital commerce, and that has altered their relationship with tax accounting and financial advisors’ firms too.  Will things ever go back to the way they were?  Likely not, but here are four important marketing tips that can help you propel your business growth in 2022 from a leading Canadian social media expert.

Jennifer Snyder, CEO of Doyenne Financial hosted a Martini Vent at DAC 2021 where delegates could discuss highlights (the rose), opportunities (the bud) and challenges (the thorn) they have faced over the past year while enjoying a home-made martini with ingredients (in a flashing martini glass) included in the DAC-in-a-box at a fun networking event.   Indeed, there were some wisdoms amongst the olives:

Unsure about transferring the family farming or fishing corporation or small business corporation to your child or grandchild under the current taxing environment?  There is good reason, considering a reprieve family businesses obtained with the passage of private members’ Bill C-208; has now ended effective November 1.

CRA has announced the CPP maximum pensionable earnings and premiums payable by employers and employees for 2022.  Self-employed gig workers will want to be sure they understand the obligation:  $6,999.60 is required to be remitted – just forty cents less than $7,000 – if net income is $64,900 or higher.  For others with lower income levels the employer/employee rate is 5.70% each.  Your taxes will need to be remitted about that.  Here are the details:

Responsible Investing (RI) is not a fad, particularly not in light of the United Nations Glasgow Climate Change Conference taking place this week. And in fact, it has actually been in existence for a very long time, and it is picking up steam here in Canada , said Duane Green, President and CEO Franklin Templeton Canada, who provided a thoughtful and comprehensive expose of the subject at the 2021 Distinguished Advisor Conference.

Avoiding red flags with CRA is always a good idea, but for many small business owners, the shareholder’s loan account presents such a threat.  Here’s how a taxpayer can get into tax audit trouble: