Monthly Archives: August 2020

Reporting Issues: TIPS

Tips received by servers and other individuals in the service industry are taxable. However, since tips do not show up on T4 slips, some taxpayers are under the false understanding that they are either not taxable, or only partially taxable.In a February 3, 2020 Federal Court of Appeal case, the Court upheld the Tax Court… Read more »


In a January 10, 2020 Federal Court of Appeal case, the Court conducted a judicial review of the denial of the taxpayer’s EI benefits. While receiving benefits in 2010 and 2011, the taxpayer had incorporated a corporation and engaged in preliminary work to set up its business. In early 2015, the Canada Employment Insurance Commission (CEIC) was advised by CRA that the taxpayer had applied for a business registration number while… Read more »

TAX TICKLERS… some quick points to consider…

Canadian controlled private corporations accounted for 54% of all corporate tax paid. The 1% of Canadianswho earned income in the top federal tax bracket paid 26% of the total personal taxes. Of the8 million individual taxfilers, 36% were non-taxable. The home buyers’ plan maximumwithdrawal increased from $25,000 to $35,000 for withdrawals made after March 19, 2019. Also, it is now available for… Read more »

New Relief Procedures: U.S. EXPATRIATES

On September 6, 2019, the IRS announced Relief Procedures for Certain Former Citizens, a new process to facilitate eligible individuals in becoming compliant with their U.S. tax obligations, in conjunction with renouncing their U.S. citizenship (IR-2019-151). There was no announced specified termination date; however, a closing date will be announced in the future.Eligible individuals will… Read more »