The 2022 Canadian Master Tax Guide contains timely and precise explanations of federal income taxes for individuals, partnerships, corporations, estates, and trusts, as well as changes established by key court decisions and the Canada Revenue Agency. Significant new tax developments are conveniently highlighted and concisely explained for quick reference and understanding.
The book’s explanations provide tax practitioners with accurate guidance to help them understand, apply, and comply with today’s complex tax laws. Conveniently cross-referenced to the Income Tax Act, Income Tax Regulations, court decisions, CRA technical publications, and Wolters Kluwer’s Canadian Tax Reporter, this reliable reference is a must for anyone involved with federal taxation.
The 2022 edition contains a special section on tax measures due to the COVID-19 pandemic, as well as updated content reflecting the 2021 Federal Budget and Bills C-14, C-30, C-31, and C-2.
What's New in the 2022 Edition:
- updated chapter content for COVID-19 response Bills C-14, C-30, and C-2, containing:
- childcare expenses and disability supports deduction adjustments
- temporary additional Child Care Benefit for 2021
- temporary adjustments to the automobile standby charge due to COVID-19
- tax treatment of COVID-19 benefit amounts, both receipt and repayment
- changes to the Canada Emergency Wage Subsidy and Canada Emergency Rent Subsidy programs
- establishing the Canada Hiring Recovery Program, Canada worker lockdown benefit, the Tourism and Hospitality Recovery Program, and the Hardest-Hit Business Recovery Program
- Other Bill C-30 measures from Budget 2019, 2020, 2021 and other proposals, such as:
- Deemed interest for sections 15 and 212.3 – acquisition of control
- Canada Workers Benefit
- Registration and Revocation Rules Applicable to Charities
- Registered Disability Savings Plan—Cessation of Eligibility for the Disability Tax Credit
- Employee stock options
- Agricultural Cooperatives: Patronage Dividends Paid in Shares
- Accelerated Investment Incentive for Resource Expenditures
- Accelerated Investment Incentive for Depreciable Property
- Change in Use Rules for Multi-Unit Residential Properties
- Permitting Additional Types of Annuities under Registered Plans
- Contributions to a Specified Multi-Employer Plan for Older Members
- Pensionable Service Under an Individual Pension Plan
- Mutual Funds: Allocation to Redeemers Methodology
- Electronic Delivery of Requirements for Information
- Accelerated Capital Cost Allowance for Zero-Emission Vehicles
- Character Conversion Transactions
- Transfer Pricing Measures
- Foreign Affiliate Dumping
- Cross-Border Share Lending Arrangements
- Time Extensions for Flow-Through Share Issuers
- Zero-Emission Vehicles (Class 56)
- Employee Life and Health Trusts
- Support for Canadian Journalism
- Basic Personal Amounts
- Shared-Custody Parent
- Proposed amendments from the 2021 Federal Budget:
- Disability Tax Credit
- Northern Residents Deduction
- Inclusion of postdoctoral fellowship income to “earned income” for the purposes of RRSPs
- Fixing Contribution Errors in Defined Contribution Pension Plans
- Tax Treatment of COVID-19 benefit amounts
- Electronic Filing and Certification of Tax and Information Returns
- Immediate Expensing of certain investments in eligible property
- Capital Cost Allowance for Clean Energy Equipment
- Amendments to the Film or Video Production Tax Credit
- Mandatory Disclosure Rules
- Avoidance of Tax Debts
- Interest Deductibility Limits
- Hybrid Mismatch Arrangements
- Amendments for COVID-19 furloughed employees
Topical coverage includes:
- A special section on COVID-19 tax measures and changes
- Taxation of Individuals
- Business and Property Income
- Capital Gains and Capital Cost Allowance
- Corporations and Shareholders
- Partnerships and Trusts
- Tax Rates and Credits (including detailed charts)
- Deferred Income Plans and Arrangements (RRSPs and other plans)
- Tax Exemptions and Special Cases
- Returns, Assessments, Payments, and Appeals
- Non-residents, International Income, and Tax Agreements
- Administration, Enforcement, and Interpretation
- Tax Planning for Individuals (2020/2021)
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