Publications & News
Publications and recent news on accounting and Canada Revenue Agency.
Canada’s COVID-19 Economic Response Plan
The Government of Canada is taking immediate, significant and decisive action to support Canadians and businesses facing hardship as a result of the COVID-19 outbreak..
Millions of Canadians will Qualify for a Tax Refund
Millions of Canadians have been working from home for the first time ever due to the pandemic and will be eligible to claim new expenses to reduce their taxes. In particular, many former office workers will be able to claim expenses related to their home office to reduce the amount payable — if they meet the criteria.
Phoenix Billion-Dollar Pay Disaster
You don't want this guy's job. Canada’s biggest payroll system crashed and burned. Can CPA Marc Lemieux fix the billion-dollar Phoenix pay disaster? Every other Wednesday, Canada’s public servants play the Phoenix Lottery. Whether you’re a Mountie in Victoria or a federal judge in St. John’s, it’s the same drill. You wake up, cross your fingers and then check your bank account. If you’re lucky, you discover your employer, the federal government, has paid you correctly. If you’re not—and chances are, at least once in your career, you won’t be—something will be wrong. Perhaps you’ll have $100 less than you should, or $100,000 more. Maybe you didn’t get paid at all. Regardless, that’s how the headache begins.
Principal Residence and other Real Estate
When you sell your home, you may realize a capital gain. If the property was solely your principal residence for every year you owned it, you do not have to pay tax on the gain. If at any time during the period you owned the property, it was not your principal residence, or solely your principal residence, you may have to report all or part of the capital gain.
If you sold property in 2017 that was, at any time, your principal residence, you must report the sale on Schedule 3, Capital Gains (or Losses) in 2017 and Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust). See Sale of a principal residence for more information.
Allowable Motor Vehicle Expenses
You can deduct your motor vehicle expenses if you meet all of the following conditions:
1. You were normally required to work away from your employer's place of business or in
2. Under your contract of employment, you had to pay your own motor vehicle expenses.
You are not considered to have paid your own motor vehicle expenses if your employer
reimburses you or you refuse a reimbursement or reasonable allowance from your
3. You did not receive a non-taxable allowance for motor vehicle expenses. Generally, an
allowance is non-taxable when it is based solely on a reasonable per-kilometre rate.
4. You keep with your records a copy of Form T2200, Declaration of Conditions of
Employment, which has been completed and signed by your employer.