The government of Canada introduced a national, annual 1% tax on the value of non-resident, non-Canadian-owned residential real estate in Canada that is considered to be vacant or underused, subject to certain exceptions. This was passed into law with Bill C-8 receiving Royal Assent on June 9, 2022. This tax is effective for 2022, and later calendar years.

As a taxpayer, you should be cautious if you receive any communication that claims to be from the Canada Revenue Agency (CRA) and requests personal information such as a social insurance number (SIN), credit card number, bank account number, or passport number

The Government of Canada has introduced the “Canada Digital Adoption Program” (CDAP) which offers a grant to support Canadian-owned small and medium sized enterprises (SMEs) who want to adopt new digital technologies.

There have been some changes effective January 1, 2022 regarding the purchase and lease cost limits and expense reimbursements for tax purposes.

Click here to read our 2022 Quarter 2 newsletter.

The Government of Canada has recently announced the December 31, 2022 forgiveness repayment date will be extended to December 31, 2023 for eligible CEBA loan holders in good standing.

On behalf of Reschke Fritz LLP, we want to give a big shout out and many thanks to our team for putting in the many and long hours to get us to the end, with smiles on the whole way. We also want to thank our clients who have worked with us and we appreciate and value your continued patronage with us.

To learn more about the 2022 Federal Budget please take a moment to read our Federal Budget Commentary

This year the annual Canadian Ag Day event is on February 22. This day has become popular on social media in Canada with the hashtag #CdnAgDay trending for the last few years

As of February 21, 2022, your tax returns can be filed with Canada Revenue Agency (CRA)

The government has announced new proposed regulatory changes to temporarily expand eligibility for wage and commercial rent support for businesses and other organizations under the Local Lockdown Program.

You can use cryptocurrencies for a wide range of activities, such as buying goods, paying bills, or investing. Transactions involving cryptocurrencies often have tax implications.

The repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.

The CRA adopted certain positions on employer-provided benefits pertaining to commuting costs and parking, as well as computer and home office equipment.

In phase two, producers can apply for additional compensation (a secondary payment) to help cover extraordinary costs over and above the phase one initial payment. Beekeepers are also eligible for phase two.​​​​​​

The Government of Canada remains committed to supporting Canadian businesses and organizations in the face of the ongoing pandemic. These measures will ensure that the hardest-hit sectors and those who are most affected by the pandemic will continue to receive the support they need.

There are many different ways that scammers can attempt to steal your information or your money. These scammers could contact you pretending to be from the Canada Revenue Agency (CRA).

Please find our 2022 Quarter 1 Newsletter

On December 22, 2021, the Government of Canada announced that it would be expanding eligibility for the Canada Worker Lockdown Benefit (CWLB) to better support Canadian workers. The expanded access to CWLB is now in effect and Canadians in designated regions affected by lockdowns or qualifying capacity restrictions can apply for the benefit.