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 […]

January 31st Deadline for Claiming the Canada Emergency Wage Subsidy (CEWS) for the March 15th to August 1st, 2020 Periods

Please note that there is a firm deadline of January 31st, 2021 for eligible businesses that have suffered a revenue decline to apply for the CEWS which provides up to $847 per employee per week for the period from March 15th to August 1st, 2020. To qualify, a business must have suffered a revenue decline […]

Canada Emergency Rent Subsidy (CERS) Update: Applications Now Open

Bill C-9, which incorporates the new Canada Emergency Rent Subsidy (CERS), received Royal Assent on November 19th, 2020. Read the full news release from the Canada Revenue Agency (CRA) here. The application site is now open for applications. Apply here. To calculate your Canada Emergency Rent Subsidy (CERS) amount, click here. For more information about […]

Employee Home Office Expenses

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. In light of COVID-19, many employees have had to work […]

The Real Cost of Buying Luxury Cars in B.C.

Having built a successful career or business, many high-income earners like to reward themselves by purchasing a luxury car.  However, the true-cost of buying a luxury car in British Columbia can be 2 to 3 times the sticker price of the car once you consider the impact of personal income tax on your earnings, and […]