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Federal Budget 2021 Highlights

April 22, 20212021, Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students, corporate, Debt, Family, financial advice, Financial Planning, incorporated professionals, individuals, personal finances, Professional Corporations, tax

On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:

• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.

• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.

• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.

Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

February 12, 2021Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners

Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)

Business Owners: 2020 Tax Planning Tips for the End of the Year

December 11, 20202020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice Owners, corporate, Estate Planning, financial advice, Financial Planning, incorporated professionals, Investment, Professional Corporations

It’s a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:

– Year-end tax checklist
– Remuneration
– Business tax
– Estate

Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

December 7, 2020Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, corporate, disability, Financial Planning, RDSP, tax

Finance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:

• Corporate Tax Changes, including extensions to subsidy programs.

• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.

• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.

For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.

Personal Tax Planning Tips – End of 2020 Tax Year

December 2, 20202020 Only, Blog, Charitable Gifting, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Retired, Coronavirus - Retiring, Coronavirus - Students, disability, Disability Insurance, Family, financial advice, Financial Planning, health benefits, pension plan, RDSP, Registered Education Savings Plan, RRSP, tax, Tax Free Savings Account

To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:

• Details about the different COVID-19 benefits programs and the tax ramifications of them

• Information about family tax issues including the Canada Child Benefits and tips on how to split income.

• Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.

• Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.

Applications for the new Canada Emergency Rent Subsidy starts today!

November 23, 2020Blog, Coronavirus, Coronavirus - Practice Owners

The new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.

CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19.

An additional 25% Lockdown Support is available during a public health lockdown order.

Applications for Canada Recovery Benefit now open!

October 13, 20202020, Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners

The Canada Recovery Benefit (CRB) is now open for applications.

If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.

If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.

New Canada Emergency Rent Subsidy | Wage Subsidy extended | CEBA additional $20,000 loan

October 9, 20202020, Blog, Coronavirus, Coronavirus - Practice Owners

Great news for businesses! The new Canada Emergency Rent Subsidy will be available directly to business owners who need rent relief. The Wage Subsidy has been extended to June 2021. And the CEBA has been expanded to provide up to $20,000 interest-free loan.

Applications for Canada Recovery Sickness Benefit and Caregiving Benefit starts today!

October 5, 2020Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students

Starting October 5, 2020, the Government of Canada will be accepting online applications for the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefit (CRCB).

Throne Speech: Recovery Plan Highlights

September 24, 2020Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students, disability

On September 23rd, in a speech delivered by Governor General Julie Payette, Prime Minister Justin Trudeau outlined the Federal government’s priorities.

Category: Coronavirus

Federal Budget 2021 Highlights

Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

Business Owners: 2020 Tax Planning Tips for the End of the Year

Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

Personal Tax Planning Tips – End of 2020 Tax Year

Applications for the new Canada Emergency Rent Subsidy starts today!

Applications for Canada Recovery Benefit now open!

New Canada Emergency Rent Subsidy | Wage Subsidy extended | CEBA additional $20,000 loan

Applications for Canada Recovery Sickness Benefit and Caregiving Benefit starts today!

Throne Speech: Recovery Plan Highlights

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