The Government of Canda passed amendments to the Income Tax Act in 2022 which impact the requirements for Trusts to file a T3 Trust Income Tax and Information Return (“T3 Return”). Starting for the 2023 year, all “express trusts” must file a T3 Return even if they are inactive or were previously exempt from filing.…
Budget 2021 allowed the immediate expensing of certain property acquired by Canada Controlled Private Corporations (CCPCs). Eligible property would include property that is subject to the capital cost allowance (CCA) rules, other than Class 1 to 6, 14.1, 17, 47, 49, and 51 (generally long-lived assets). The eligible property would be acquired after April 18,…
We would like to remind our clients about the deadline for filing Underused Housing Tax (UHT) returns for the 2022 year is October 31, 2023. Clearline CPA is here to support you in ensuring compliance with the UHT regulations and avoiding unnecessary penalties and interest.Corporate Owners of Residential Real Estate While the obligation…
We are delighted to share the news of our latest expansion as Clearline CPA has established a new Tri-Cities office in the city of Port Moody. Our Tri-Cities office is ideally situated to serve clients in the Tri-Cities area, which includes Coquitlam, Port Coquitlam, and Port Moody. Specifically, the office is located in Suter Brook…
In July 2023 we announced via email the replacement of our Exchange file sharing system with new ways of sharing files with us. The Exchange was discontinued effective July 24, 2023. In its place we have three ways of securely sharing files with Clearline that we have outlined below as Options 1, 2 and 3.…
Historically, individuals selling shares in a private business to their children have been penalized by the Canadian tax system more than those selling their business to an unrelated third party. This was due to rules that prevented them from claiming a capital gain and therefore utilizing the lifetime capital gains exemption on transfers to non-arm’s…