As part of the 2022 Federal Budget released in April 2022, the Department of Finance introduced a new tax on vacant or underused residential property in Canada. This new Underused Housing Tax (UHT) became effective on January 1, 2022 and the first UHT payments and UHT returns for the 2022 tax year will be due on April 30, 2023.
Now that personal tax season is here you will need to start gathering up all your tax slips to report your income and deductions for 2022. With a lot of institutions and businesses going paperless you will need to determine what tax slips may be coming by e-mail or that you need to sign into your account to download versus arriving in the mail.
Did you know that the Department of Finance recently updated important vehicle mileage and expense benefit rates that apply when using an automobile for business purposes, or for claiming certain tax-deductible travel expense?
Effective January 1, 2022, the Canada Revenue Agency (CRA) has updated its policies on employee gifts and awards in order to address the treatment of gift cards provided to employees.
On January 18, 2023, the Alberta Government began accepting applications for temporary Affordability Payments as part of its Affordability Action Plan aimed at providing assistance to Albertans who are struggling with the rising cost of living due to inflation. The Affordability Payments will provide direct payments to help parents, seniors and vulnerable people with their daily living costs.
As 2022 draws to a close we would like to take this opportunity to say a sincere Thank You to all of our clients and to pass on our Best Wishes to you and your families this Holiday Season!
This edition of the Christmas Letter will offer some important updates regarding personal and corporate tax matters, including some important points from the 2022 Fall Economic Statement. We’ve also included some valuable tools and tips to help manage your business and your accounting needs.