CRA Shut Down: Communicate Proactively Before Long Weekend

Did you know that Canada Revenue Agency (CRA) will be undergoing a digital migration on the September long weekend, starting Friday August 29 at 8:00 p.m. and ending Tuesday at 6:00 am September 2, with the proviso that this possibly could last til September 3? What could go wrong? Plenty.

As the tax year draws to a close it’s important to understand what happens when a depreciable asset is disposed of.  If that is less than the undepreciated capital cost, a terminal loss results.  A technical tax update may be in order because some of the rules are quite interesting.

As we get ready to kick off Acuity 2024 in Montreal this weekend, we’re giving you a sneak peek of what’s in store for the 2025 Acuity Conference for Distinguished Advisors! We’re headed back to Puerto Vallarta November 23-26 and you can save 50% on tuition when you register by November 15 for Canada’s only top-tier multi-disciplinary conference for leading tax, accounting and financial services professionals.

New Capital Gains Inclusion Rates Change the Game: are you prepared to help?  Learn New Year-End Tax Planning Techniques from Our Special Guest Experts with the CE Savvy Summit, featuring live event recordings from the November 6 virtual sessions. This is an opportunity to upskill your knowledge, learn from Canada’s top experts an earn 15 CE Credits before year-end. Plus, you have an opportunity to earn your Diploma in Advanced Family Tax Compliance.

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Great news!  CRA has a Halloween treat for tax accountants and their financial advisors this year:  it will not require bare trusts to file a T3 return include Schedule 15 for both the 2023 and in the 2024 tax year.  This confirms the position in the draft legislation released over the summertime and previously reported in Knowledge Bureau Report.   Here’s the backdrop:

An important tax write off is coming to an end in 2024.  The claiming of an immediate write off for Designated Immediate Expensing Properties (DIEP) will come to an end this year. Here  are the details: