2022 Federal Budget Highlights

On April 7, 2022, the Honourable Chrystia Freeland tabled her second budget as federal Minister of Finance and Deputy Prime Minister. While previous years’ tax-and-spend budgets have been peppered with some more constraint and long-term plans for containing Canada’s growing deficit, this year’s budget takes aim at several of the Liberal campaign promises and was […]

2022 Tax Deadlines Calendar

We’ve put together the below calendar to help you keep track of the 2022 tax deadlines and be prepared well in advance of any due dates. Included are all provincial, federal and US tax deadlines. For more information on federal and provincial COVID-19 economic relief programs, see Notes 2 and 3 below. Deadline Action January […]

Updates on the proposed expanded trust reporting rules

Attention trustees, As we noted in previous posts, the CRA has been asking trustees to provide their details, as well as details on other trustees, the settlor, the protector (if any) and beneficiaries, starting with the 2021 T3 income tax return due March 31, 2022.  As a trustee, obtaining the information the CRA is requesting […]

The Gift of Tax This Holiday

As we near the final months of the year, discussions of holiday gifts and parties for employees are often the main topics of the season. While an unwanted tax bill may not be in the minds of employers during the holiday, it’s important not to overlook the tax implications of these wonderful perks. Holiday Gifts […]

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 […]