Monthly Archives: December 2021

Holiday Gifts and Bonuses

Person holding wrapped gift

It’s customary for employers to offer holiday gifts and year-end bonuses to their employees. It is important to understand the tax consequences for the employees.  Any gift (cash or non-cash) received by an employee from his or her employer at any time of the year is considered a taxable benefit to be included in the… Read more »

2021 Individual Income Tax Instalment

Stacking Coins

The fourth and final income tax instalment payment deadline for individuals for 2021 falls on Wednesday December 15. Taxpayers who pay income tax by instalment will have received an Instalment Reminder outlining the amount of instalment payment to be made in December. More information on the instalment payment requirement, including the several methods by which… Read more »

2021 Tax Guide for Students

Student Carrying Books

The Canada Revenue Agency (CRA) publishes a guide for post-secondary students which outlines the tax treatment of the types of income and expenses (like scholarship income and tuition expenses) which are commonly received and incurred by students. The Guide — the P105 — also reviews credits and expense deductions (like the HST tax credit and… Read more »