It is not unusual for a shareholder of a corporation to use company funds to cover personal expenses, particularly in the case of small, owner-managed businesses.

In June 2024, changes to the general anti-avoidance rule (GAAR) took effect. These changes strengthened the teeth of this tax anti-avoidance rule, expanding its scope and introducing a penalty for transactions that are found to breach the rule.

Provinces and territories all over the nation have been tightening regulations for short-term rentals (for example, Airbnb rentals) due to the rising demand for housing, especially in cities like Montreal, Toronto, and Vancouver.

Nowadays, a lot of people are using a side business or additional source of income to augment their primary income. The tax implications of these extra sources of income are frequently misunderstood or overlooked entirely.

In April, as part of the Federal Budget, the Finance Minister announced a change to the capital gains inclusion rate from 50% to 66.67%, effective from June 25, 2024.

The CRA recently announced that it is moving to the next phase of measures to recover COVID benefits that may have been incorrectly claimed.