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29 April 2025- 3:54am CRA confirms that, excepting SLFIs and charities, all GST/HST registrants must file electronically Email this Content CRA confirmed that, with the exception of charities and selected listed financial institutions, all GST/HST registrants must file their returns electronically, even if they have received a paper filing package. ... Summary of Excise and GST/HST News – No. 119, April 2025, under "Mandatory electronic filing" under ETA s. 238(1). ...

20 March 2025- 11:00pm CRA confirms that a return of premiums at maturity of a term life insurance policy can be mostly income Email this Content In response to a query as to why the taxpayer was issued at T5 slip for the receipt on the maturity of a term life insurance policy of a return of premiums (ROP) benefit (i.e., an amount equal to the total previously paid premiums under the policy), CRA provided a general explanation of how a policy gain under s. 148(1) is computed, and then referred the correspondent to White for further illumination. ... What the insurer paid as a benefit upon the expiry of the term was not, in a business sense or in an income tax sense, any part of the premiums for life insurance. … It was part of the insurer’s earnings. ... Summary of 21 January 2025 External T.I. 2024-1041441E5 under s. 148(9) – proceeds of disposition. ...

10 July 2025- 12:16am CRA indicates that periods where hydrogen continues to be produced by a clean hydrogen project are not disregarded for s. 127.48 ITC purposes Email this Content Some aspects of the investment tax credit (ITC) rules in s. 127.48 for clean hydrogen projects, such as compliance reporting to CRA regarding the project’s “actual carbon intensity" and whether there should be a recapture of the ITCs under s. 127.48(18), turn in part on the concept of an “operating year,” defined to “disregard … any period during which the project is not operating”, so that, for example, if it did not operate for one month, the operating year might be 13 months. ... Summary of 24 June 2025 External T.I. 2025-1063501E5 under s. 127.48(1) – operating year. ...

13 July 2025- 11:07pm Imprimeries Transcontinental- Court of Quebec finds that a print shop producing advertising flyers was producing goods for sale Email this Content A print shop, which printed advertising flyers for customers such as Canadian Tire, Loblaws and Sobeys, acquired robotic equipment, which was used to transfer the newly printed flyers to pallets for distribution. The ARQ ultimately conceded that such robotic equipment was used in the manufacturing or processing of goods but maintained its position that the flyers did not qualify as goods for sale – so that it denied related Quebec investment tax credit (ITC) claims. ... Agence du revenu du Québec, 2025 QCCQ 1926 under Class 29. ...

11 February 2025- 11:20pm S. 132(5.3) may not apply to unit redemptions occurring by virtue of the winding–up of a mutual fund trust Email this Content S. 132(5.3) generally prohibits pushing out a capital gain realized by a mutual fund trust on a redemption of its units by a unitholder to the extent that such gain exceeds the accrued gain of the unitholder on the redeemed units. ... Laplante, “Two Methods of Winding Up Mutual Fund Trusts,” Canadian Tax Focus, Vol. 15, No, 1, February 2025, p. 6 under s. 132(4) – CGR, and s. 132(5.3). ...

10 April 2025- 11:36pm CRA concludes that no adjustments are made to an eligible entity's Statement of Executive Compensation for NEOs filed pursuant to NI 51-102 for CEWS repayment purposes Email this Content Ss. 125.7(14) and (14.1) could require exchange-listed eligible entities to repay all or part of the CEWS they had received based inter alia on the excess of their executive remuneration over the 2019 base level. ... Summary of 17 January 2025 Internal T.I. 2024-1029791I7 F under s. 125.7(1) – executive remuneration. ...

28 April 2025- 1:40am CRA provides a list of the particulars that should be recorded by a supplier of contact lenses or eyeglasses (if it does not have the prescription) Email this Content CRA states that the simplest way for a supplier to demonstrate that its supply of contact lenses or eyeglasses was made to a consumer pursuant to a valid prescription or assessment record, as required by ETA s. ... Summary of Excise and GST/HST News – No. 119, April 2025 under ETA s. ...