The Liberals introduced a luxury tax in Monday’s federal budget
The Canada Revenue Agency outlined reporting requirements, credits and more
The prescribed rate on loans to family members remains set at 1%
The tax agency has cited possible email phishing schemes
The agency says it’s aware of some tax slips that wrongly list portions of repaid benefits as taxable income
Some clients may be reluctant to maximize their RRSPs for fear of missing out on other tax advantages
Report highlights need for “significant” changes to spending or revenue
Claims are expected to skyrocket this year
Help your clients choose between the detailed method and a temporary flat-rate method
Revenue could reach as high as $144 million by 2033