Dive into the intricacies of active business income as the CRA sheds light on rental earnings from unused building space. Uncover key considerations for corporations in optimizing their financial strategies and navigating taxation nuances.
Learn about the tax implications of overdue property taxes in Canada: While interest on unpaid property taxes is eligible for tax deduction, penalties are not. Stay informed to make the most of your deductions.
Maximize tax efficiency in business travel with expert insights on motor vehicle allowances, and deductible strategies in Canada. Navigate consequences, stay informed, and make smarter financial decisions.
Interest-free or low-interest loans provided by the employer to employees does not qualify as a taxable benefit under these conditions: * The combined amount of all loans received doesn't exceed $10,000 within a calendar year. * The loan(s) last for 60 days or fewer. * The loan isn't obtained due to
Starting January 1, 2024, the CRA's updated policy on determining employer establishment for source deductions specify that an employee is considered reporting to the employer's establishment under two conditions: 1. In cases of a 'full-time remote work agreement,' where the employee is reasonably considered 'attached to an establishment of
When addressing the deductibility of costs tied to ransomware attacks and BEC (business email compromise) scams—encompassing ransom payments, payments to BEC scammers, and recovery expenses—the CRA indicated: "Expenses arising from ransomware attacks or BEC scams seem to be a prevalent risk for many businesses in today's digital landscape.
The CRA clarified that payments made for reiki treatments administered by reiki practitioners, involving energy guidance through hand movements over the body, won't meet the criteria for medical expenses under s. 118.4(2)(a). This ruling is due to the absence of specific authorization for reiki practice in Canadian