Tax Tips & Business Matters
Tax Tips & Traps Issue No 137
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.
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.
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.
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.
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.
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%)
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.
Tax Tips & Traps Issue No134
TAX TICKLERS... some quick points to consider...
- The Canada Emergency Business Account (CEBA) application deadline (for either the $20,000 extension, or the full $60,000) has been extended from March 31 to June 30, 2021.
- If you missed out on the 2020 COVID-a9 enhanced GST credit or Canada child benefit, becuase no 2018 tax return was filed, you can file it now to get retroactive benefit payments.
- The Canada Recovery Benefit (CRB), Canada Recovery Caregiver Credit (CRCB), and Canada Recovery Sickness Benefit (CRSB) are not available to individuals during mandatory quarantine or self-isolation folling a return from international travel, effective January 3, 2021.
Business Matters Volume 35 Issue 2
Six simple ways to cope with stress in the "new normal"
We can all agree that adapting to the changes brought by the coronavirus has been stressful for all of us. But what does it mean when we acknowledge that we are "stressed out?" And what can we do to cope as we continue to navigate these unusual times?
Business Matters Volume 35 Issue 1
The past year brought changes and challenges for Canadians. Many suffered job losses due to the pandemic, and they may have received federal government support payments; others found themselves working from home for all or part of the year; others may have changed how they commuted to work so that they could minimize their exposure to the virus. Any of these scenarios has implications fo ryour 2020 personal tax return.