Employee Home Office Expenses

Everything You Need to Know About Working from Home and Tax Deductions

As an employee, you may be able to claim a deduction on your Canadian T1 personal income tax return for (1) home office expenses (work-space-in-the-home expenses) and (2) office supplies, and (cell) phone expenses you incur in doing your job. Employee Home Office Expenses You may be able to claim a deduction for home office expenses: […]

Why Borrowing Money from your Company is a Risky Proposition

Why Borrowing Money From Your Company Is A Risky Proposition

There are three basic ways that an owner-manager can draw funds from their company: Payment of wages/salary, Payment of dividends, and Repayment of loans previously advanced to the company. However, many owner-managers have found that a fourth way to draw funds from their company is to simply borrow money from the company.  This seems like […]

Canada Emergency Business Account (CEBA) Deadline Reminder and Other Updates

Canada Emergency Business Account (CEBA) Deadline Reminder and Other Updates

Canada Emergency Business Account (CEBA) – deadline Wednesday, June 30 2021 Interest free loans for small business and NPOs (portion may be forgivable) Additional information: Application Deadline Extended to June 30th for Canada Emergency Business Account: Link Canada Emergency Business Account (CEBA) – Government of Canada: Link CEBA pre-screen tool: Link We suggest you review the CEBA […]

Changes to Trust Reporting Rules

Changes to Trust Reporting Rules

New Filing RequirementsIn order “to improve the collection of beneficial ownership information with respect to trusts and to help the Canada Revenue Agency (the “CRA”) assess the tax liability for trusts and its beneficiaries” the CRA has come out with Draft legislation for new reporting rules for Trusts. The new rules are effective for year […]

Summary of the Federal Government’s COVID-19 Financial Support

Here is an up-to-date summary of the financial support offered by the federal government through Canada’s COVID-19 Economic Response Plan. SUPPORT BENEFITS New Recovery Benefits With Bill C-4 receiving Royal Assent, following the federal government’s Throne Speech commitments, more details have emerged on how new COVID-19 recovery benefits will be implemented. Subsequently,  three new temporary recovery benefits have […]

Annual Year-End Planning for 2020

Please see some of our other tax planning blogs posted earlier this year: Tax Planning Ideas During These Challenging Times Whether we may see some tax changes introduced later this fall: Coming Soon – Taxing the Pandemic This includes whether the federal Liberal government will change how capital gains are taxed and whether it makes […]

The CRA Announces an Extension to the Payment Deadline and Offers Interest Relief on Outstanding Tax Debts During the Pandemic

The Canada Revenue Agency (CRA) announced yesterday (July 27 ,2020) that it is extending the due dates for some payments and some returns (previously extended to September 1, 2020) to September 30, 2020. The CRA also announced that it will also waive certain interest charges. CAUTION: To benefit from these extensions and avoid late filing […]

CRA Benefits, Credits and Support Payments During COVID-19

On April 03, 2020, the CRA posted the following information on the Canada Emergency Response Benefit and on the GST tax credit. COVID-19: Canada Emergency Response Benefit (CERB) You can apply for the CERB with CRA online or by phone. April 9 – GST/HST credit payment: The one-time supplementary GST/HST credit payment will be issued starting on April 9, 2020. This […]