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Tax Planning

TFSA limit for 2021 announced

Coins growing like plants - each year representing contribution growth image

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.

Ontario Budget Report 2020

Ontario Flag Budget Update

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

a woman uses a calculator while handling her own bookkeeping

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

a farmer smiles while standing in front of his silos

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

a farmer leans against a tractor

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

man looks at a tax bill

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

a man writes on a notepad, calculating his work space from home expenses

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

man writing on paper

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

Federal Government Canada COVID Update Flag Background

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