CRA’s view vs. statutory language: Interpreting not-for-profit qualification The Canada Revenue Agency (CRA) explains that for an entity to qualify as a non-profit organization under Section 149 (l) of the Income Tax Act (ITA), it must be organized and operated exclusively for social welfare, civic improvement, pleasure, recreation, or...
What is the NRST? The Non-Resident Speculation Tax (NRST) was introduced to address concerns about non-resident investors purchasing Ontario homes primarily for speculative purposes. Initially implemented in 2017 as a 15% levy on transactions within the Greater Golden Horseshoe Region, the NRST has since been expanded province-wide at a...
Introduction – When are food expenses deductible? The Income Tax Act and case law allow for various deductions for employees and businesses. Many of these deductions relate to costs incurred to produce income. Generally, the Income Tax Act does not permit deductions for expenses that are personal in nature...
The General Rule Under Section 150.1(2.1) of the Income Tax Act and What is a ‘prescribed corporation’? Section 150.1(2.1) of the Income Tax Act (the “Tax Act”) mandates prescribed corporations file electronic tax returns. A “prescribed corporation” is defined under s.205.1(2) of the Income Tax Regulations (the “Regulations”). Prior...