Tax tips and traps

This publication is a high-level summary of the most recent tax developments applicable to business owners, investors, and high net worth individuals.

Tax Tidbits

Some quick points to consider

• The luxury tax affecting new vehicles and aircraft retailing for more than $100,000 and new boats over $250,000 has been rescheduled to commence on September 1, 2022.

• The Office of the Auditor General of Canada noted that $3.7 billion of overpaid COVID-19 benefits had been identified.

• The program that has offered purchase incentives of up to $5,000 for zero-emission vehicles since 2019 is proposed to be extended until March 2025, and eligibility would be broadened to include other vehicle models, including more vans, trucks, and SUVs.

• For 2018 and 2019, the CRA audit hit rate (percentage of audits resulting in an audit adjustment) was close to 60%.

Please see the linked commentary for more details on these items.