Tax Tips and Traps Newsletter – 1st Quarter, 2024

Kenway Mack Slusarchuk Stewart LLP Chartered Professional Accountants is pleased to provide the following income tax commentary.  This commentary does not originate from our office. Our subscription to the commentary allows for us to distribute it to our clients. We hope you find it useful.

In this issue, topics include:

• Tax Tidbits
• New Trust Reporting: Unexpected Exposure
• Automobile Deduction and Benefit Rates: 2024 Limits Released
• T-Slips: Filing and Distribution Issues
• Personal Services Business: CRA Education Initiative
• Working From Home Expenses: Employment Expenses
• Canada Dental Care Plan (CDCP): New Income-Tested Benefit
• Farm Losses Can Be Restricted: May Apply Even When Significant Time and Cash is Invested