Cloudiverse CPAs
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CRA's 10% Interest Rate in 2024 Could Affect Your Finances!
Get ready for a major change! In the first quarter of 2024, the Canada Revenue Agency (CRA) is set to increase its late payment interest rate to a whopping 10%. 📈💸 Worried about the impact on your finances? Fear not! Watch this video to learn about effective financial strategies to navigate through CRA's high-interest rates and keep your financial ship steady. Stay informed, stay ahead!
The information provided in this video is intended to contain general information. The data does not take into account your situation and is not designed to be used without consultation from accounting and financial professionals.
Visit our website for more information and tax-related advice:
www.cloudiverse.ca
Contact us today at (+1) 604-200-4027
aman@cloudiverse.ca
The data does not take into account your situation and is not designed to be used without consultation from accounting and financial professionals.
Cloudiverse CPAs will not be held liable for any problems that arise from the usage of the information provided on this page.
Переглядів: 58

Відео

Don't Miss The Ceba Loan Repayment Extension!
Переглядів 16710 місяців тому
The CEBA loan repayment deadline for eligibility for a potential 33 percent partial loan forgiveness has been extended from December 31, 2023, to January 18, 2024. This adjustment acknowledges the busy year-end period for numerous Canadian businesses. The information provided in this video is intended to contain general information. The data does not take into account your situation and is not ...
You really don't want to have a net worth assessment happen to you
Переглядів 87Рік тому
The Net Worth Audit is empowered by the Canadian Income Tax Act and allows the Canada Revenue Agency to review the various parts of the lifestyle and assets of the taxpayer and compare this against the reported income of that same taxpayer. Watch this video to learn more from The case of Halls v The Queen, 2022 TCC 14 The information provided in this video is intended to contain general informa...
Don't let the Underused Housing Tax catch you off guard!
Переглядів 453Рік тому
Effective January 1, 2022, the 1% Underused Housing Tax (UHT) has been levied on every person who is an owner (other than an excluded owner) of residential property in Canada on December 31 of a given calendar year. Don't let the Underused Housing Tax Act catch you off guard! Watch this video for a quick summary of this new tax. The information provided in this video is intended to contain gene...
Can you save tax by buying rental properties in a corporation ? Huntley Investments Ltd v The Queen
Переглядів 101Рік тому
Can you save tax by buying rental properties in a corporation? Huntley Investments Ltd v The Queen Watch this video so that you don't make this expensive mistake while earning rental income on your real estate property Wall v Canada -Tax Court of Canada The information provided in this video is intended to contain general information. The data does not take into account your situation and is no...
Happy new year 2023 from Cloudiverse CPAs Inc #welcome2023
Переглядів 15Рік тому
Happy new year 2023 from Cloudiverse CPAs Inc #welcome2023
Don't make this expensive mistake while flipping property for profits
Переглядів 64Рік тому
Don't make this expensive mistake while flipping property for profits
Cloudiverse CPAs Inc -513-4538 Kingsway, Burnaby, British Columbia
Переглядів 71Рік тому
Cloudiverse CPAs Inc -513-4538 Kingsway, Burnaby, British Columbia
Paying Family Members a Salary to Save Tax
Переглядів 195Рік тому
Paying Family Members a Salary to Save Tax
Canada Dental Benefits -What you need to know
Переглядів 1,1 тис.Рік тому
Canada Dental Benefits -What you need to know
Can year-end dividends create instalment penalty ?
Переглядів 32Рік тому
Can year-end dividends create instalment penalty ?
A cautionary tale of Director's Liability towards payroll taxes -Burnett v. The Queen
Переглядів 41Рік тому
A cautionary tale of Director's Liability towards payroll taxes -Burnett v. The Queen
Are pleasurable marketing practices a taxable benefit?
Переглядів 38Рік тому
Are pleasurable marketing practices a taxable benefit?
Could you be held liable for third parties tax debts ?
Переглядів 51Рік тому
Could you be held liable for third parties tax debts ?
A Cautionary tale of Shareholder Benefits - Hilderman Vs the Queen
Переглядів 70Рік тому
A Cautionary tale of Shareholder Benefits - Hilderman Vs the Queen
How do Corporate Tax Instalments work ?
Переглядів 329Рік тому
How do Corporate Tax Instalments work ?
What Should you do if CRA Arbitrarily Assesses your Tax Return?
Переглядів 1452 роки тому
What Should you do if CRA Arbitrarily Assesses your Tax Return?
Canada Revenue Agency Debt : What you need to know
Переглядів 3602 роки тому
Canada Revenue Agency Debt : What you need to know
How the tax free home savings account can help you buy a home
Переглядів 592 роки тому
How the tax free home savings account can help you buy a home
Budget 2022 -Anti-flipping tax to crackdown on property flippers
Переглядів 1522 роки тому
Budget 2022 -Anti-flipping tax to crackdown on property flippers
How to save tax on the sale of your business by using Lifetime capital gain exemption
Переглядів 672 роки тому
How to save tax on the sale of your business by using Lifetime capital gain exemption
Q&A Session :Understanding Registered Retirement Savings Plan
Переглядів 672 роки тому
Q&A Session :Understanding Registered Retirement Savings Plan
How can you delay capital gain tax on real estate sales?
Переглядів 1222 роки тому
How can you delay capital gain tax on real estate sales?
How to save capital gain tax by buying a replacement property
Переглядів 3892 роки тому
How to save capital gain tax by buying a replacement property
Happy new year 2022 from Cloudiverse CPAs Inc
Переглядів 232 роки тому
Happy new year 2022 from Cloudiverse CPAs Inc
Tax Traps to avoid while paying salary to your family members
Переглядів 1912 роки тому
Tax Traps to avoid while paying salary to your family members
Tax Impact of Refinancing & Using Your Home Equity
Переглядів 1002 роки тому
Tax Impact of Refinancing & Using Your Home Equity
Tax traps to avoid when converting your home to a rental property
Переглядів 2302 роки тому
Tax traps to avoid when converting your home to a rental property
Thinking of buying a home in Canada- Don't overlook these key points
Переглядів 762 роки тому
Thinking of buying a home in Canada- Don't overlook these key points
Should you buy real estate through a corporation
Переглядів 4172 роки тому
Should you buy real estate through a corporation

КОМЕНТАРІ

  • @CryptoQueen8888
    @CryptoQueen8888 3 місяці тому

    I took out too many shareholder loans in 2023. Can i put back those funds into the business account??

    • @CloudiverseCPAs
      @CloudiverseCPAs 3 місяці тому

      If the loan is not repaid, the loan amount will be added to your ( I.e shareholder's )income in the year the loan was made (i.e. retroactive adjustment). An exception to this rule is if the entire loan is repaid within one year from the end of the taxation year of the corporation.

  • @andyc2730
    @andyc2730 5 місяців тому

    Hello would you kindly answer the following question: Where is the CRA refund of over paid instalment payment presented on Corporate financial statements (IS and BS) ? Thank you

    • @CloudiverseCPAs
      @CloudiverseCPAs 5 місяців тому

      Hi Andy-The specific presentation of the refund on the financial statements may vary depending on the accounting policies and practices followed by the corporation. Generally, On the balance sheet, the refund is typically shown as an increase in the cash or cash equivalents under the current assets section. This represents the additional funds received by the corporation from the CRA. The refund amount is usually recorded as a one-time gain or income in the income statement under the "Other Income" or "Non-operating Income" section. This reflects the amount received from the CRA and contributes to the overall net income for the period.

  • @louis-philippecorbeilgirar6805
    @louis-philippecorbeilgirar6805 8 місяців тому

    I don't believe you mentioned you must not be eligible to access dental coverage through your's or your spouse's employer. New T4 and T4A tax reporting requirements are creating havoc on employer and payroll companies, mostly becaise of how these were instituted at the last minute. And I'm not sure how this will help them determine eligibilty since the reporting is for the situation on December 31, not what happened the whole year. Thus someone who legitimately claimed could get in trouble if they start getting coverage in December with a new employer, while someone who left that employer before December 31sr could claim the benefit even though they had coverage.

    • @CloudiverseCPAs
      @CloudiverseCPAs 8 місяців тому

      Hi Louis, The video is a general introduction to Canada Dental Benefits. Thanks for your contribution to this important topic. Cheers

  • @adamram7755
    @adamram7755 9 місяців тому

    so when can a person in there 30's apply

    • @louis-philippecorbeilgirar6805
      @louis-philippecorbeilgirar6805 8 місяців тому

      The actual Canadian Dental Care Plan isn't up and running yet. My understanding is the governement selected Sunlife and the CRA will provide eligibility infoprmation. Right now this is a tempoary benefit.

  • @bikinglikebecker
    @bikinglikebecker 11 місяців тому

    CRA tried auditing me & then screwed up their own audit taking me 10 years of fighting it to get them to correct their mistake. they asked me to fill out a form t2125(statement of business expenses) in 2013 after I filed my taxes which I filled out & submitted. THEN they re-filed my taxes without telling me and when doing so they failed to include low income benefits like WITB which would have provided me with a tax return but they told me I owed them which was actually wrong but they took thousands away from me anyway from future tax returns as it took me 10 years to get them to correct their mistake... ANY of the agents I talked to on the phone should have noticed right away that I was low income & eligible for benefits.... and THEN after THEY penalized me for THEIR mistake, they didn't penalize themselves for taking my tax returns for 10 years... effectively stealing...

  • @yeonginlee7491
    @yeonginlee7491 Рік тому

    Did not set up family trust but have the declaration of trust with my daughter and she is beneficiary owner. Should I fil UHT?

  • @beauwoodall9404
    @beauwoodall9404 Рік тому

    Great job, you helped me make my decision!

  • @CloudiverseCPAs
    @CloudiverseCPAs Рік тому

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  • @gauravtoor6251
    @gauravtoor6251 Рік тому

    Crisp and clear info 😊

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    @CloudiverseCPAs Рік тому

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  • @ajfarulislam3204
    @ajfarulislam3204 Рік тому

    At 1:18, how did you figure the tax would be $24k over the next 3 years? What was the calculation for that and why is Mark being taxed that amount

  • @gauravtoor6251
    @gauravtoor6251 Рік тому

    Very nice informative video 😊

  • @AndreAnthony
    @AndreAnthony Рік тому

    thank you!

  • @maggie2244
    @maggie2244 Рік тому

    Thanks for this info. I’ve enjoyed your videos, super useful! Can you do a video for house flippers who do this work as a proper business and how to best manage the tax portion of that case?

    • @CloudiverseCPAs
      @CloudiverseCPAs Рік тому

      Thanks so much for the suggestion of a meaningful topic of business owners who do real estate deals as a business. I will do a video on this shortly.

    • @maggie2244
      @maggie2244 Рік тому

      @@CloudiverseCPAs thank you!

  • @MrArvinda
    @MrArvinda 2 роки тому

    Thank you so much for sharing the video. Is there any way through which we can mitigate the reduction of small business deductions if I earn more than 50k passive income.

  • @nekeol
    @nekeol 2 роки тому

    Great work

  • @orionsamuel8460
    @orionsamuel8460 2 роки тому

    What would be the best financing method for small business owners getting a used vehicle (not going through dealer)? CSBFP? Commercial vehicle loan? or something else?

  • @rylenorth9783
    @rylenorth9783 2 роки тому

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  • @ImranSaddal
    @ImranSaddal 2 роки тому

    As a contract, Last year I bought a 2021 model vehicle in cash under my corporation and had CRA refund the HST paid on the Vehicle. Now I am thinking of selling the one I bought last year and purchasing the 2022 model in cash again (since used car prices are up). 1. Since the 2021 car title is under my Corp, can I sell the Vehicle on Kijiji in cash or do I have to charge GST/HST to the new owner? What are my options? (I want to sell privately as dealers don't pay top dollar for trade or buyback) 2. Since I got refunded for the HST from CRA for 2021 one, can I request HST refund for the 2022 model again this year? 3. Last year I had 15% cost of the Vehicle written off in Corporation taxes. What will happen when I buy the 2022 vehicle, it will again entitle to the 15% or 30%(second-year car deprecations rate)? What are my options?

    • @CloudiverseCPAs
      @CloudiverseCPAs 2 роки тому

      I suggest that you get professional consultancy from a qualified CPA on complex matters such as the one you are asking. Based on limited information from your comment, my response is : 1. Since the 2021 car title is under my Corp, can I sell the Vehicle on Kijiji in cash or do I have to charge GST/HST to the new owner? What are my options? (I want to sell privately as dealers don't pay top dollar for trade or buyback) I assume your corporation has used the car 100% for business use and hence the corp had claimed the GST input tax credit on the car. For resale- GST doesn't apply to used vehicles sold privately. 2. Since I got refunded for the HST from CRA for 2021 one, can I request HST refund for the 2022 model again this year? Yes, you can claim the full HST refund for the new car you will purchase, provided your Corp uses it 100 % for business use. 3. Last year I had 15% cost of the Vehicle written off in Corporation taxes. What will happen when I buy the 2022 vehicle, it will again entitle to the 15% or 30%(second-year car deprecations rate)? What are my options? When a depreciable fixed asset is sold, its capital cost allowance (CCA) class is reduced by deducting the lower of its original cost, or its proceeds of sale. If, at the end of a fiscal year, the balance of the class is negative, a gain has occurred. This gain is referred to as a "recapture" of CCA and must be included in business or property income for the year. As you have already claimed depreciation on the car (business asset) and will be selling it at a higher price the gain will be included in business or property income for the year. • When you buy the 2022 vehicle, you claim the depreciation(CCA) on the new vehicle. The ceiling for capital cost allowances (CCA) for zero-emission passenger vehicles has been increased to $59,000, before tax, in respect of vehicles (new and used) acquired on or after January 1, 2022.

  • @gauravtoor6251
    @gauravtoor6251 2 роки тому

    Thanks for the great info 👍

  • @CloudiverseCPAs
    @CloudiverseCPAs 2 роки тому

    What was your biggest takeaway from my video? Comment below. Also, you can comment on any questions you have for me. I might feature your question in one of my next videos. Don’t forget. Like. Comment. And subscribe.

  • @1364services
    @1364services 2 роки тому

    I like this Mark guy. Very smart. lol

    • @CloudiverseCPAs
      @CloudiverseCPAs 2 роки тому

      Thanks, Indeed Mark is a successful and smart business owner just like you .