Tax Tips & Business Matters

05/20/2022

Tax Tips & Traps Issue No 138

Tax Tidbits

Some quick points to cinsider...

  • The luxury tax affecting new vehicles and aircraft retailing for more than $100,000 and new boats over $250,000 has been rescheduled to commence on September 1, 2022.
  • The office of the Auditor General of Canada noted that $3.7 billon of overpaid COVID-19 benefits had been identified.
  • The program that has offered purchase incentives of up to $5,000 for zero emission vehicles since 2019 is proposed to be extended until March 2025, and eligibility would be broadened to include other vehicle models, including more vans, trucks ans SUVs.
  • For 2018 and 2019, the CRA audit hit rate (percentage of autdits resulting in an audit adjustment) was close to 60%.

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04/11/2022

Business Matters Volume 36 Issue 2

First-time car buyer? Here's what you should be budgeting for

Experts weigh in on what vehicle ownership entails, including maintenance and unexpected expenses.

Purchasing a car for the first time can be both exciting and overwhelming at the same time. Thinking about the type of car, colour, and features you want are all fun decisions. But it's important to leverage the financial expertise of CPAs and other professionals to shed light on both the expected and unexpected costs of car ownership to help you make an informed decision.

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02/16/2022

Business Matters Volume 36 Issue 1

Changes to federal COVID-19 support for individuals and businesses

With much of Canada returning to a modified lockdown due to the spread of the Omicron variant of COVID-19, the federal government has enhanced and extended some of its support programs for individuals and businesses.

 

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01/24/2022

Tax Tips & Traps Issue No 137

Tax Tidbits

Some quick points to consider...

  • The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program's inception in 2009, up to $81,500 can be contributed.
  • Employees working from home in 2021 due to COVID-19 pandemic will again have the optionto claim a deduction against their employment income using the temporary flat rate method. the maximum claim will increase to $500 from $400 in 2020.

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12/10/2021

Business Matters Volume 35 Issue 5

Return to work raises crucial legal questions for organizations

Reviewing and updating workplace policies are a key priority for employers.

As employees return to the workplace, there are many questions around legal ground rules for employers. Adding to the challenge is the fact that there are few, if any, legal precedents to guide organizations in these unprecedented times. "There's not a lot of clarity at this point," says Emily Siu, a lawyer at the SpringLAw employment law firm in Toronto.

12/10/2021

Tax Tips & Traps - Year End Special

YEAR-END TAX PLANNING

December 31, 2021 is fast approaching... see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation.

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10/18/2021

Business Matters Volume 35 Issue 4

Ask the right questions when hiring virtually, pros say.

With remote interviews, many of the cues you would normally use to read a person are lacking. But there are still tactics you can use to help make the right choice.

Even in normal times, selecting the right candidate for a postition can be challenging. But, for many organizations. COVID-19 has made the process even more difficult by requiring employers and candidates to adjust to remote interviews that lack the kind of human connection - including direct eye contact and collegial handshakes - that in-person exchanges can bring.

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10/06/2021

Tax Tips & Traps Issue No 136

TAX TICKLERS...some quick points to consider...

- CRA recently sent out processing review letters in error to some taxpayers rather that their authorized representative. If you recieved a letter from CRA that appears unusaul, please contact us.

- A Court recently denied an individual's travel expenses as no log was maintained in respect of the travel. The Court did not  accept an estimate of business travel based on the location where contracts were signed.

- a recent report found that more than 80% of Canadian parents do not understand the benefits of Registered Education Sacings Plans (RESPs). that said,, nearly half of adult Canadians currently contribute or have contributed to an RESP.

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08/16/2021

Tax Tips & Traps Issue No 135

TAX TICKLERS... some quick points to consider...

- Access to the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS) and Canada Recovery Benefits has been extended to October 23, 2021

- A recent poll of millennials (aged 25 to 40) found that the top reasons for creating an estate plan were: having a child (38%), the pandemic (17%), general life planning (13%), buying a home (6%), death in the family (6%), marriage or divorce (6%), travelling (4%), and chronic illness/medical issues (3%)

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06/02/2021

Business Matters Volume 35 Issue 3

COVID-19 support programs in the 2021 federal budget

Are you interested in staying up to date on COVID-19 support programs in Canada? This article provides a helpful overview of key changes announced in the new federal budget from April 19, 2021.

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