Tax Tips & Business Matters

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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05/17/2021

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.

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04/01/2021

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?

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02/02/2021

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.

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01/15/2021

Tax Tips & Traps Issue No 133

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

- In 2021, four special payments to recipients of the Canada Child Tax Benefit, totaling up to $1,200 per child under age six, will be made.

- The Canada Emergency Wage Subsidy has been extended to June 2021. Details are still pending for periods after March 2021

- CRA has required Coinsquare, a cryptocurrency trading platform, to provide the identity of every client (which is over 200,00 accounts) to help address perceived risks of non-compliance.

- For the first 9 months of 2020, 6,045 individuals renounced their U.S. citizenship representing a significant increase as compared to only 1,811 for the same period in 2019. 2020 surpassed the highest previous year on record of 5,411 in 2016.

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12/07/2020

Business Matters Volume 34 Issue 6

Federal government support related to COVID-19: Tax implications you can expect in 2020

The COVID-19 pandemic is imposing unprecedented strains on our economy and on our personal financial situations. The federal governemtn continues to modify its programs that offer targeted support for individuals, businesses and other organizations. If you have received any of these benefits, there may be personal and corporate tax implications to you. Here is an update as October 9 on these programs and what they might mean to your 2020 income tax return.

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10/19/2020

Tax Tips & Traps Issue No 132

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

- CRA has opined that U.S. Economic Impact payments received by residents of Canada are not taxable in Canada.

- 1,252,830 Canada Emergency Wage Subsidy (CEWS) applications have been approved for a total value of $41.12 billion (as of October 4, 2020).

- On October 9, 2020, the Government announced that the CEWS program will be extended to June 2021. Further, the maximum subsidy for period 8 (calculated using October's revenues) 0f 65% would be maintained for the next two periods even though it was scheduled to decline.

- 767,336 businesses have been approved for the Canada Emergency Business Account (CEBA) for a total disbursal of $30.62 Billion (as of October 8, 2020)

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10/05/2020

Business Matters Volume 34 Issue 5

We're Not Through the Pandemic Yet: Six Points to Keep in Mind for your Workplace this Winter

As the weather gets colder and Canadians start to move indoors, an increase in COVID-19 case numbers - maybe even a second wave - is likely. Whether or not there will be further shutdowns, there is little doubt that the cold and flu season is on its way. As many of those symptoms are similar to those of COVID-19, your business will need to be ready for increased absences.

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10/03/2020

Tax Tips & Traps No.131

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

- As of August 9, 2020, the Government has approved 813,570 Canada Emergency Wage Subsidies (CEWS), with a total value exceeding $26 billion.

- To estimate your CEWS entitlement, consider usings the CEWS 2.0 Estimator at WageSubsidyCalculator.ca, or CRA's more complete calculator at https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html.

- The Government has launched a webpage, https://www.canada.ca/en/services/business/maintaining-your-business.html, to help manage one's business during COVID-19. It provides links to government financial supports and loans, reopening guidance and rules, employee issues, industry-specific assistance, tax issues, and a support phone line.

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