However, there are some rules that need to be followed to qualify for a mileage tax deduction. Paying a reasonable per-kilometer allowance Apart from using the prescribed CRA mileage rate for 2024, an allowance will be considered reasonable and tax-deductible only if: It covers th...
CRA Implements New Measures in Effort to Help Streamline Tax FilingTax time: New CRA measures ahead of deadline--OTTAWA - Tax season is upon us once again and the...Wong, Craig
the CRA can now require oral interviews of taxpayers, including owner- managers and employees of an affected business. The new rules allow the CRA to force interviews
First announced by President von der Leyen in her State of the Union Address in September 2021, the Act seeks to establish common cybersecurity rules for digital products and associated services that are placed on the market across the European Union. The results of the public consultation will ...
eligible to withdraw funds from his FHSA tax free upon moving into his rental property since he had already “acquired” the home in 2020. The “change in use he made of his house as of November 2023, does not constitute an acquisition for the purposes of (the FHSA rules),” the CRA ...
Canada introduced bare trust reporting requirements in an attempt to mitigate tax fraud associated with the transfer of generational and business assets. These rules were designed to spotlight informal arrangements where one person holds assets purely for the benefit of another — arrangements not set ...
Tax system not built to keep up with inflation Fortunately for the taxpayer, the judge concluded that the CRA’s refusal to grant relief for the late-filed T1135s was the result of “faulty inferences” from the evidence that rendered the conclusion “unreasonable” as it was “not ...
foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability ...
S e a ernment can change capital movement rules at any time, transfer risk applies to all types of investments. It usually is yzed as a function of a country’s ability to earn foreign currency, with the implication that difficulty earning foreign currency reases the probability that some ...
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