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Additional Office Hours – Tax Season 2023

Posted on , Updated: by Graham Scott Enns  |  Posted in Community, Graham Scott Enns, News, Tax
As we get closer to the end of personal tax season, we have added additional office hours to allow our clients to pick up returns or drop off information. In addition to our regular business hours, we will be open as follows:
Saturday April 22nd – 9:00 a.m. to 12:00 p.m.
Wednesday April 26th – open until 7:00 p.m.
Saturday April 29th – 9:00 a.m. to 12:00 p.m.

Special Edition – Underused Housing Tax Newsletter

Posted on , Updated: by Graham Scott Enns  |  Posted in News, Tax

Highlights In This Issue:

  • This Newsletter is an updated version of the previous Underused Housing Tax (UHT) special released earlier this month.
  • The new Underused Housing Tax (UHT) imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. The government indicated that the tax would target property owned by non-Canadians; however, the scope of filing requirements extends to many Canadian entities and individuals, including private corporations, and trustees of a trust. The first filings and taxes are due on April 30, 2023.1
  • This summary is intended to be a general guide in determining filing obligations and tax exposure.

Special Edition Underused Housing Tax Newsletter

Tax Tips & Traps – 1st Quarter 2023 – Issue 141

Posted on by Graham Scott Enns  |  Posted in News, Tax

Highlights In This Issue:

  • Tax Tidbits
  • Covid Benefits: Review/Audit Activity
  • Unreported Real Estate Dispositions: Multiple Issues
  • Employee Gifts and Parking: Updated CRA Policies
  • Witnesses For Legal Documents:  Choose them Wisely
  • Canada Dental Benefit:  Support for those with Young Children
  • One-Time Top-Up to the Canada Housing Benefit: Additional Support

Tax Tips and Traps 141, 2023 – 1st Quarter

Canadian Dental Benefit

Posted on , Updated: by Graham Scott Enns  |  Posted in Community, Graham Scott Enns, News, Tax

Do you have a child under the age of 12? If so, you may qualify for the Canadian Dental Benefit!

This benefit will give eligible families up-front, direct payments of up to $650 a year per eligible child under 12 for two years to help cover the costs of dental care services.

Payments will range between $260 and $650, depending on the adjusted net income. This payment will be tax free, and available for each eligible child, for two periods. The first period is for children under 12 as at December 1, 2022 who had dental care between October 1, 2022 and June 30, 2023.

Full criteria include:

  • Have a child or children under 12 as of December 1, 2022 and are currently receiving the Canada Child Benefit (CCB) for that child;
  • Have an adjusted family net income of less than $90,000;
  • The child does not have access to private dental insurance;
  • Have filed their 2021 tax return; and
  • Have had or will have out of pocket expenses for their child’s dental care services incurred between October 1, 2022 and June 30, 2023, for which the costs are not fully covered or reimbursed by another dental program provided by any level of government.

More information on the Canada Dental Benefit can be found here: Canada Dental Benefit – Canada.ca

Tax Tips & Traps – 4th Quarter 2022 – Issue 140

Posted on by Graham Scott Enns  |  Posted in News, Tax

Highlights In This Issue:

  • Tax Tidbits
  • Crowdfunding: Taxable or Not?
  • Trusts:  New and Expanded Disclosure Requirements
  • Director Liability:  Is Asking About Source Deductions Enough?
  • Executor:  Whether to Accept this Role
  • GST/HST Input Tax Credits:  Reasonable Expectation of Profit
  • Tips Collected Electronically:  Withholding Requirements

Tax Tips and Traps 140, 2022 – 4th Quarter

Tax Tips & Traps –3rd Quarter 2022 – Issue 139

Posted on by Graham Scott Enns  |  Posted in News, Tax

Highlights In This Issue:

  • Tax Tidbits
  • Poker Playing: Hobby or Business?
  • Required Travel: Between Home and Work
  • Principal Residence Exemption: Land in Excess of One-half Hectare
  • Personal Services Business (PSB): CRA Education Initiatives
  • TFSA Overcontribution: Information in Your CRA Online Account
  • CPP Disability Benefit: Following the Doctor’s Advice
  • Shared Custody Arrangements: Impact of School Closures

Tax Tips and Traps 139, 2022 – 3rd Quarter (PDF)

Tax Tips & Traps – 2nd Quarter 2022 – Issue 138

Posted on by Graham Scott Enns  |  Posted in News, Tax

Highlights:

Tax Tidbits
Buying and Selling a Home: Budget 2022
Principal Residence Exemption
CERB/CRB: Eligibility Verification
Estimated Sales by CRA: Audit File Selection and Assessment
Auditing Old Tax Returns: CRA Abilities and Limitations
Money Received from Abroad: CRA Reviews
Digital Adoption Program: Grants, Loans and Professional Assistance

Tax Tips and Traps 138, 2022 – 2nd Quarter

Uplift – Your Voice, Your Business, and Your Community

Posted on by Graham Scott Enns  |  Posted in Community, Graham Scott Enns, Tax

Last night, Managers and Partners from GSE attended the Uplift – Your Voice, Your Business, and Your Community event, presented by Elgin-St. Thomas Small Business Enterprise Centre. This amazing event featured guest speaker Jam Gamble, and focused on gaining confidence and finding your voice to help elevate your life, business, and community. This was a great opportunity to gather with business and community leaders, and spend time together as a team!