The Canada Revenue Agency (CRA) has announced the automobile expense deduction limits which will apply during the 2022 taxation year. Owing to increases in the Consumer Price Index, most such limits have been increased for 2022. Some of the changes include: An increase in the ceiling for capital cost allowances for passenger vehicles, from $30,000… Read more »
On January 18, 2022, CRA released the 2021 versions of forms T2200S Declaration of Conditions of Employment for Working at Home Due to COVID-19 – Canada.ca and T777S Statement of Employment Expenses for Working at Home Due to COVID-19 – Canada.ca. Updates include: The temporary flat rate method is now available through 2022. The maximum… Read more »
On January 12, 2022 the government announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing. Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of… Read more »
Planning a staycation in 2022? You can claim a tax credit if you travel in Ontario this year. Overview The temporary Ontario Staycation Tax Credit for 2022 aims to encourage Ontario families to explore the province. Ontario residents can claim 20% of their eligible 2022 accommodation expenses when filing their personal Income Tax and Benefit… Read more »
In 2020 CRA announced a series of positions in respect of employer-provided benefits relating to commuting and parking costs, as well as computers and home office equipment. On January 4, 2022 CRA updated their webpage to announce that these positions would be extended to December 31, 2021. CRA clarified that up to $500 in total… Read more »
The federal government outlined pandemic recovery benefit programs, which focused on provided support to businesses in the economic sectors hit hardest by the pandemic. Among the programs introduced was the Tourism and Hospitality Recovery Program and details of the eligibility requirements for that Program, and the kinds of assistance to be provided, have now been… Read more »