CRA simplifies deducting home office expenses
Are you aware of the CRA obligations you may have if your employee(s) wish to deduct home office expenses for the 2020 tax year? Learn about the temp flat rate method vs detailed.
Small Business Taxes
New T4 reporting requirements for the 2020 tax year
Last year was different. The federal government introduced several support programs to help employers cope with the impacts of the pandemic. As a result, the Canada Revenue Agency (CRA) has their work cut out for them when it comes to validating payments for support programs. It doesn’t just affect them – as an employer, you’ll … Read more
TFSA limit for 2021 announced
Now that we’ve entered a new year, it’s a good time to plan for your annual tax-free savings account (TFSA) contribution. The Canada Revenue Agency (CRA) has announced a new TFSA limit for 2021.
Tax implications of COVID-19 programs
Last updated Feb. 16, 2021. We will update blog posts when more information is released. Did your business take advantage of federal COVID-19 programs in 2020? If so, questions are likely racing through your mind about the tax implications of receiving benefits from the various programs. What do you need to report as income on … Read more
FBC Member Spotlight: Canada’s Grocery Store and More
When the Endako Mine closed at the end of 2014, the Village of Fraser Lake lost its biggest employer. About a year later, the only grocery store in the community closed too. With just a convenience store in town, Fraser Lake residents had to drive almost an hour to the nearest supermarket to stock up … Read more
Canada Emergency Rent Subsidy Program
Last updated November 23, 2020. We will update blog posts when more information is released. The federal government has launched a new rent relief program for small businesses impacted by COVID-19. Below is a summary of the proposed program. What is the Canada Emergency Rent Subsidy? The Canada Emergency Rent Subsidy (CERS) program provides rent … Read more
Ontario Budget Report 2020
The Ontario government unveiled its 2020-21 budget on Nov. 5, 2020, amid a backdrop of the ongoing COVID-19 pandemic and the related economic fallout. Ontario Finance Minister Rod Phillips anticipates a deficit of $38.5 billion for 2020–21 and projects deficits for each of the next two years. The budget contains several tax measures affecting individuals … Read more
8 benefits of hiring a professional bookkeeper
As a small business owner, you need accurate and up-to-date financial information so you can make the best decisions for your business. As your business grows and you hire employees, or take on more customers, keeping track of your business expenses and ensuring your books are accurate becomes more complex and time-consuming. It’s a lot … Read more
CRA shuts down online services after cyberattacks
The CRA has temporarily shut down its online services after thousands of accounts were compromised by cyberattacks. The attacks targeted the CRA and GCKEY, an online portal where Canadians can access services such as employment insurance and veterans’ benefits. The Canadian government says the attacks were a form of “credential stuffing.” “These attacks, which used … Read more