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- 5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies
5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies
In this edition: Tax Court Request for an Extension / Who are the North American Templars?/ Deduct your toque/
Tax Mechanic
October 13, 2023
Bite size tax and finance related information that could save you $$$
There is a strategy called "tax loss utilization" or "loss buying" to decrease a company’s tax bill. Your loss could be worth money.
Interested? Let me explain... book a call with me here!
Tax Court Dismisses Extension Request for Late Notice of Objection
In a recent judgment, the Tax Court of Canada has dismissed an application by Mr. Michael DiPierdomenico for an extension of time to serve a notice of objection regarding reassessments for his 2011, 2012, 2013, 2015, and 2016 taxation years. The court's decision, rendered on September 29, 2023, was based on several factors, including Mr. DiPierdomenico's inability to provide evidence supporting his claims and his failure to meet statutory deadlines.
Note that we have helped clients get an extension much after the deadline based on subsection 166.2(5), according to which:
“No application shall be granted under this section unless (a) the application was made under subsection 166.1(1) within one year after the expiration of the time otherwise limited by this Act for serving a notice of objection … and (b) the taxpayer demonstrates that (i) within the time otherwise limited by this Act for serving such a notice … the taxpayer (A) was unable to act or to instruct another to act in the taxpayer’s name, or (B) had a bona fide intention to object to the assessment …”
Help out and save on your taxes!
This is from a client that runs an international charitable organization that helps abused kids, and donating to their cause can help lower your taxes. Here we go:
//Hi Fraser,
Thanking you and your team for the years of help, it is greatly appreciated. When your team helps me you end up helping abused kids and their families.
North American Templars International is a formal Not For Profit and its registration can be viewed at the following link,
Check out our WEB site at, WWW.NATemplars.com , we have helped over 40 children and provide fellowship to many young families who wrangle through abuse and the various social system.
We have Castles across North America with European Reach by Means of our brothers, Crusaders of Justice… Our organisations originate from the Knights Templar, yet we have removed any political and or religious associations and or attachments.
Once again, we thank you for your ongoing help and guidance…//
If you have any questions about this organization, or would like to know if donating to them will lower your taxes, don’t hesitate to reach out!
Underused Housing Tax Deadline - October 31st
As Canada's Underused Housing Tax Act enters its second year of enforcement, it is important that affected property owners be aware of their filing deadlines and obligations. The UHTA filing deadline for the 2022 calendar year has been extended to October 31, 2023, by the CRA. However, for the 2023 calendar year, there is currently no indication of a filing extension. Failure to comply with UHTA requirements can result in significant penalties, making it essential for taxpayers to understand their responsibilities.
The UHTA came into effect on January 1, 2022, with its primary purpose being to impose a tax on the ownership of certain vacant or underused residential properties in Canada. This tax applies to non-Canadian nonresidents as well as Canadian individuals and entities.
You can deduct your toque, eh?
Taxes, the syrupy side of business in the Great White North, eh? Well, here's a very Canadian tax secret that's more hidden than a hockey puck in a snowstorm:
Did you know you can deduct your 'toque' expenses? Yes, you heard it right! If you need to keep your noggin warm to conduct business in our chilly winters, those expenses may be deductible. Just make sure you're not expensing a toque that's better suited for a fashion show than a frosty day, or the taxman might give you the cold shoulder!
Now, before you rush out to buy the fanciest fur-lined toque you can find, remember, the CRA has rules. Your toque should be necessary for your work and not just for fashion. And, just like checking the weather before a picnic, it's wise to consult a tax expert for proper guidance, eh?
So, keep your head warm and your wallet a bit fuller with this uniquely Canadian tax tip, and you'll be 'eh-OK,' eh?
Recommended by the Tax Mechanic
“Here is how you can stay informed about tax laws”
“Here is how taxpayers can stay informed about tax laws and regulations. First you can go to the CRA website, that's a good source and they give updates all the time about new laws. Also they have an enforcement section that you can read and should do every once in a while to see how people get into trouble so you can stay out of that.”