Tax Tips and Traps Newsletter – 4th 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
• Corporate Tax Return Filed Late: Ability to get a Tax Refund
• Shareholder Purchasing Asset: Input Tax Credit (ITC)
• Psychotherapy and Counselling Therapy: GST/HST?
• Shareholder Loan Account: Proper Bookkeeping
• Withholding on Rent Paid to Non-Residents: Draft Legislation
• Employment Expenses: Salary to Spouse
• New Canada Disability Benefit: Proposed Regulations
• Trust Distributions: Violating Trust Terms