New rules for claiming employee expenses and novel reporting requirements on underused housing and trusts might trip up taxpayers and attract unwanted scrutiny from the CRA.
The deadline for filing taxes in Canada for 2024 is April 30. As the big day approaches, Globe Advisor and Globe Investor have teamed-up to offer advice on how to maximize returns, find credits and avoid an audit. The full series can be found here.
For the 2023 tax year, he sees new rules for claiming employee expenses and novel reporting requirements on underused housing and trusts as areas that might trip up taxpayers and attract unwanted scrutiny from the CRA. If you don’t have an enclosed workspace at home, you’ll have to declare what percentage of the time you usually toil away at, say, the kitchen table.
For Canadians affected by these new tax rules, he recommends turning to a CPA, and sometimes even a tax lawyer, for help. For example, consider the case of an adult child who had their name added to the title of their elderly parents’ home. Such an informal arrangement may be deemed to be what’s known as a bare trust, which now requires filing a T3 Trust Income Tax and Information Return.
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