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

Here are some quick points to consider…

• On June 19, 2022, individuals suffering from Type 1 diabetes became automatically entitled to the disability tax credit. This change is retroactive to 2021.

• The Tax Gap, which measures the difference between what is actually collected and the taxes that would be paid if all obligations were fully met, is between $18.1 billion and $23.4 billion.

• On June 23, 2022, legislation was passed which would allow the full and immediate expensing of many capital assets purchased on or after April 19, 2021.

• CRA is currently reviewing how and when crypto asset holdings need to be disclosed on form T1135.

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