Canadian Master Tax Guide, 78th Edition, 2023

The 2023 Canadian Master Tax Guide contains timely and precise explanations of federal income taxes for individuals, partnerships, corporations, estates, and trusts, as well as changes established by key court decisions and the Canada Revenue Agency.

The book’s explanations provide tax practitioners with accurate guidance to help them understand, apply, and comply with today’s complex tax laws. Conveniently cross-referenced to the Income Tax Act, Income Tax Regulations, court decisions, CRA technical publications, and Wolters Kluwer’s Canadian Tax Reporter, this reliable reference is a must for anyone involved with federal taxation.

The 2023 edition contains updated content reflecting the 2022 Federal Budget, Legislative Proposals from February 4, 2022, April 29, 2022 and August 9, 2022, and Bill C-19.

What's New in the 2023 Edition:

• Bill C-19 measures from Budget 2021, 2022 and other proposals, such as:

  • Labour mobility deduction

  • Increase to the Home Accessibility Tax Credit

  • Expansion of the Disability Tax Credit

  • Changes to the Climate Action Incentive program

  • New Rate Reduction for Zero-Emission Technology Manufacturers

  • Addition of post-doctoral fellowship income to the calculation of “earned income” for the purposes of RRSPs

  • Changes to the charitable donation regime by allowing gifts to grantee organizations

  • Immediate expensing regime

  • Capital Cost for clean energy equipment

  • Technical amendments due to the creation of the Luxury Items Tax Act

• Legislative Proposals from February 4, 2022:

  • Mutual Fund Trusts — Allocations to Redeemers by Exchange Traded Funds

  • Taxes Applicable to Registered Investments

  • Audit Authorities

  • Interest Deductibility Limits

• Legislative Proposals from April 29, 2022:

  • Hybrid mismatch rules

• Legislative Proposals from August 9, 2022, including measures from Budget 2021 and 2022:

  • New Tax-Free First Home Savings Account

  • Increased Home Buyer’s Tax Credit

  • New Multigenerational Home Renovation Tax Credit

  • Residential Property Flipping Rule

  • Medical Expense Tax Credit for Surrogacy and Other Expenses

  • Annual Disbursement Quota for Registered Charities

  • Canada Recovery Dividend and Additional Tax on Banks and Life Insurers

  • Investment Tax Credit for Carbon Capture, Utilization, and Storage

  • Clean Technology Tax Incentives — Air-Source Heat Pumps

  • New Critical Mineral Exploration Tax Credit

  • Flow-Through Shares for Oil, Gas and Coal Activities

  • Changes to the Small Business Deduction

  • International Financial Reporting Standard for Insurance Contracts (IFRS 17)

  • Application of the General Anti-Avoidance Rule to Tax Attributes

  • Substantive CCPCs

  • Interest Coupon Stripping

  • Electronic Filing and Certification of Tax Information Returns

  • Reporting Requirements for Trusts

  • Fixing contribution errors in defined contribution pension plans

  • Mandatory Disclosure Rules

  • Avoidance of Tax Debts

  • Taxation of Veterans’ and Active Service Members’ Benefits