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 Planning
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
Capital Cost Allowance for Farmers
If you need to buy a major capital asset like a building, machinery or equipment to use in your farming business, consider buying it before the end of your fiscal year to claim tax depreciation, or capital cost allowance (CCA), to reduce your income on your tax return. What is capital cost allowance? Farm owners … Read more
Why you need a year-end tax plan
In our last few articles we’ve highlighted elevated government spending programs and the inevitable increase in the accumulated debt to alleviate the worst economic impacts brought on by the COVID-19 pandemic. Both current and former senior civil servants, economists and at least one former prime minister are all predicting that while these spending programs have … Read more
Potential tax implications of COVID-19 spending
Former governor of the Bank of Canada David Dodge, writing on behalf of the C.D. Howe Institute while referring to the government’s financial response to COVID-19, said the right decisions were probably made at the time. However, the report also stated that the government must implement a plan to “restore fiscal maneuvering room” as soon … Read more
Work-space-in-the-home expenses for remote employees
Hundreds of thousands of Canadians transitioned to working from home when the COVID-19 outbreak was declared a pandemic. If you’re one of them, you know that working from home comes with its own costs (heating, electricity, maintenance). As a small business owner, you can deduct expenses for the business use of a work space in … Read more
COVID aid paperwork must be in order as audits loom
Canada’s accumulated deficit with all the COVID-19 related emergency spending programs will most likely top a trillion dollars for fiscal year 2020-21, up from $685.5 billion last year, according to government estimates. Many of those programs were, and if still available, continue to be extremely useful in providing a financial buffer for hard-hit companies and … Read more
COVID-19 Update: Canada Emergency Response Benefit
Last updated November 23, 2020. We will update blog posts when more information is released. THE CANADA EMERGENCY RESPONSE BENEFIT IS NOW CLOSED. The CRA is still accepting applications for Periods 5 to 7 retroactively. Applications are accepted through CRA My Account or through the automated toll-free list at 1-800-959-2019 or 1-800-959-2041. Please refer to our … Read more