Debt Forgiveness - CPABC InFocus - Steve Youn

When It Comes to the Debt Forgiveness Rules, Is All Really Forgiven?

Our Tax Partner Steve Youn, CPA, CA has shared some of his expertise on debt-related topics with the Chartered Professional Accountants of British Columbia (CPABC) for publication in their CPABC InFocus magazine, March/April 2021 edition. Read below an excerpt of the article: “The recent economic downturn may bring forth unexpected tax issues. As creditors become […]

New GST Registration Requirement for Non-Residents, Vendors and Digital Platforms

In its 2020 Fall economic statement, the Government of Canada proposed new GST/HST measures for Foreign-based vendors: GST/HST on Cross-Border Digital Products and Cross-Border services; GST/HST on Goods Supplied through Fulfillment Warehouses; GST/HST on Platform-based Short-Term Accommodation. These changes are proposed to be effective July 1,2021. BackgroundUnder the current GST/HST rules, foreign-based vendors without physical […]

Employee Home Office Expenses – New Rules for 2020

In light of COVID-19 many employees have been required to work from home for a large portion of the 2020 calendar year.  As such, new streamlined rules apply for the 2020 taxation year that will allow individuals working from home to claim home office expenses on their personal income tax return. New Temporary Flat Rate […]

Canada Emergency Wage and Rent Subsidies Extensions

March 3, 2021 – Ottawa, Ontario – Department of Finance Canada The Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support have helped protect millions of Canadian jobs and supported businesses of every size across Canada through the COVID-19 pandemic. Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced […]

2020 RRSP Contribution Deadline

TAXES, TAXES, TAXES! Its that time of the year again to get your documents together and file tax returns, and the deadline is approaching to make a final RRSP contribution to reduce your 2020 taxes. Registered retirement savings plans (RRSP) and tax-free savings accounts (TFSA) are tax efficient investment vehicles, and depending on your situation […]

Temporary Relief for Employee Automobile Benefits for the 2020 and 2021 Taxation Years due to COVID-19

On December 21, 2020, the Department of Finance Canada released a backgrounder and draft legislation to provide temporary relief in respect of employee automobile benefits for the 2020 and 2021 taxation years due to the impact of COVID-19. Key Takeaways: Reduced Standby Charges: Employees can use their 2019 automobile usage to determine whether they are […]

Taxation of CEBA and CECRA

This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. CEBA – Forgivable LoanIf you are a small business owner […]