2021 Federal Budget Highlights

2021 Federal Budget Highlights

Deputy Prime Minister and Finance Minister Chrystia Freeland released the Federal Government’s first Pandemic Budget (“Budget 2021”) on April 19th 2021. Budget 2021 focuses on spending for COVID recovery including: extension of some key Covid-19 support programs to September 25th 2021 such as the Canadian Emergency Wage Subsidy (CEWS) Program, the Canada Emergency Rental Subsidy […]

Income Tax Filing and Payment Dates During COVID-19

The CRA has published the following table on their website, which summarizes what has changed, and what has not changed for filing and payment deadlines for various types of taxpayers. Income tax filing and payment dates: CRA and COVID-19 Individuals – Due dates Filing date for 2019 tax year June 1, 2020 extended Payment date for […]

Death and Taxes

Death and Taxes

  As Mark Twain pointed out, the only two certainties in life are death and taxes. And even in death you can’t escape taxation. In this article we’ll look at some of the tax issues that will arise after your death.   Final Tax Return Your final tax return will include all income received in […]

2019 Federal Budget Highlights

2019 Federal Budget Highlights

  Overview On March 19th 2019, Finance Minister Bill Morneau delivered his 4th Federal Budget since the Trudeau Liberal Government took office in 2015. After significant corporate and personal tax changes made over the past three years, Budget 2019 was light on tax changes but big on spending.  Budget 2019 projects a deficit of $14.9 […]

Five Reasons to Always File a Personal Tax Return

Five Reasons to Always File a Personal Tax Return

As a Canadian resident, you’re only required to file a personal tax return if: You owe taxes (i.e., before applying credits for source deductions and installments). You’ve earned taxable capital gain or disposes of capital property in the year. You have a balance in your Home Buyer’s Plan or Lifelong Learning Plan at the end […]