Our valued friends at Video Tax News have released the latest edition of their monthly video series. Recommended viewing for tax practitioners and business owners, or anyone intrigued by Canadian tax code!
This fast-paced episode covers:
- Canada Groceries and Essentials Benefit – Payment Dates: Confirmed timing may prompt client questions on eligibility
- In-Person Payments at Financial Institutions: Teller-based tax payments end December 2026, requiring process changes
- Correcting a Past Error – Is It Required?: No clear obligation to amend, but risks remain
- Voluntary Disclosures Program – Voluntary Application?: Prior CRA contact may disqualify VDP access despite newer guidance
- Objection Deadlines: Strict timelines apply, with limited extension relief requiring clear and timely requests
- US Renunciation Fees: Fee reduction may renew interest in relinquishing US citizenship
- Whether a Business Exists – Research and Experimentation: Early R&D activity may support business status
- Director Liability – Which Director to Assess: CRA may pursue any director for remittance failures, emphasizing due diligence