ledgerlogic

If you operate a short-term rental in an area of Canada where they have been made illegal, the CRA will be able to disallow your rental expenses in full. This is a clear departure from Canadian income tax law (Section 9) which makes only profit from business or property taxable. This essentially renders any short-term rental where this applies unprofitable as it would be impossible to make enough after tax and expenses to cover tax on rental revenue (not net of expenses). It seems clear that the reason for this change is to support municipalities/provinces in enforcing their crack down on short-term rentals as this serves as another disencentive with a large tax bill looming if one operates an AirBNB where it has been made illegal. Stay tuned for more information once the actual rules have been released. #ceba #CanadianBusiness #tax #cra #cdntax

Do you have a CEBA loan you wont be able to repay by the December 31, 2023 deadline? Here’s what this week’s government announcement means for you: - First, the deadline to qualify for loan forgiveness has been extended to January 18, 2024. - This deadline can be extended further to March 28, 2024 if you send a refinancing application to your financial institution by January 18, 2024. - Loans not repaid by January 18, 2024 will convert to three-year term loans, subject to interest of 5% per annum, with the term loan repayment date extended by an additional year from December 31, 2025, to December 31, 2026. TL:DR - Pay back your loan by Jan 18, 2024 or March 28, 2024 (after applying for refinancing by Jan 18) to get $20,000 forgiven. - Get 3 more years to pay back the loan and pay 5% interest. #ceba #canada #canadianbusiness #cra #cdntax #cdnpoli