Tax Tips: Fourth Quarter 2023 - Buckberger Baerg & Partners LLP

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We provide tax tips on available benefits, CRA policies, and more.

4TH QUARTER 2023 TAX TIPS

Overview

CEBA Repayment Deadline Extended: Some Issues

On September 14, 2023, the Department of Finance provided details on extending the deadline for Canada Emergency Business Account (CEBA) repayments.
Ensure you fully understand the deadlines to avoid missing the partial loan forgiveness.

Enhanced GST Residential Rental Rebate: Increased Incentives

If involved in developing multi-unit residential rental property, consider whether you are eligible for this enhanced GST rental rebate.

Enhanced First-Year CCA: Phase-Out After December 31, 2023

Many assets acquired and made available for use by December 31, 2023 will be eligible for an enhanced first-year CCA claim.
When the asset is made available for use after this date, enhanced CCA may still be available but at a much lower rate.

Surcharge To Accept Payment Via Credit Card: GST/HST?

If charging an additional fee to accept credit cards, verify you satisfy several conditions to ensure the fee is not subject to GST/HST.

Businesses Purchasing from Non-Residents: GST/HST?

If a GST/HST registrant purchases from a non-resident vendor with a GST/HST number ending in RT9999, the purchaser should provide their GST/HST registration number to avoid paying non-recoverable GST/HST.

Mandatory Disclosure Rules: Increased CRA Disclosures

Expanded disclosures to CRA are required when a taxpayer enters into an avoidance transaction and at least one of three hallmarks of aggressive tax planning are present.