Ontario Tourism and Hospitality Small Business Grant

New Ontario Tourism and Hospitality Small Business Support Grant that will provide an estimated $100 million in one-time payments of $10,000 to $20,000 to eligible small businesses in the tourism and hospitality sector. For more information visit the link below: Ontario Supports the Tourism and Hospitality Sectors during COVID-19  

T4A Slip Guidance

On March 10, 2021, CRA released updated guidance on T4A slips. In particular, it noted: What if there is a mistake with the amounts reflected on your T4A? A small number of individuals may notice that their T4A does not reflect the payments they actually received. Perhaps they repaid an amount in 2020, and it… Read more »

COVID-19 Benefits Extensions

On February 19, 2021, the government announced several extensions to various personal COVID-19 related benefits. They include: The CRB and CRCB (caregiver benefit) maximum eligibility period is extended by 12 weeks to 38 weeks in total. The CRSB (sickness benefit) maximum eligibility period is extended by 2 weeks to 4 weeks in total. The EI… Read more »

Check and Claim Uncashed CRA Cheques

To check for and claim uncashed cheques from the CRA visit https://www.canada.ca/en/revenue-agency/services/uncashed-cheque.html There are many reasons Canadians may have an uncashed cheque from the Canada Revenue Agency (CRA). For example, someone may have moved and not updated their address, or the cheque may have been lost, stolen, or destroyed. Individuals and their legal representatives can… Read more »

Government Tax Updates Feb 2021

Self-employed individuals whose net self-employment income was less than $5,000 and who applied for the CERB will not be required to repay the CERB, as long as their gross self-employment income was at least $5,000 and they met all other eligibility criteria. The Prime Minister verbally stated that those who could have applied for CERB… Read more »

New Junior Partners

MPW Professional Corporation is excited to announce that Laura Smit, Laura Hanlon and Mitchell Geerts have been named Junior Partners of our firm. This talented group of Chartered Professional Accountants have shown tremendous commitment to our clients and our firm. Laura Smit joined MPW in 2007 after graduation from Wilfrid Laurier University. Laura works out… Read more »

Highly Affected Sectors Credit Availability Program

On January 26, 2021, details of the Highly Affected Sectors Credit Availability Program were announced. Through HASCAP, the Business Development Bank of Canada (BDC) will work with participating Canadian financial institutions to offer government-guaranteed, low-interest loans of up to $1 million. Chains and multiple-location businesses could be eligible for up to $6.25 million. HASCAP is… Read more »

Funding for Small Business Grants

Find out if your business is eligible for grants to help with the cost of personal protective equipment, property taxes, energy bills and extra support if you have to close or significantly restrict services because of provincial public health measures. Ontario Small Business Support Grant Helps small businesses that are required to close or significantly… Read more »

2020 Income Tax Guide for Students

CRA issues 2020 income tax guide for students Post-secondary students in Canada are eligible for a range of tax credits and deductions, including a tuition tax credit, deductions for moving expenses, and a claim for qualifying student loan interest costs. The Canada Revenue Agency (CRA) publishes a guide for post secondary students – P105, Students and… Read more »

Simplifying the Home Office Expense Deduction

Millions of Canadians are unexpectedly working from home because of COVID-19. They are turning their bedrooms, basements and kitchens into offices, and taking on increased household expenses to do their jobs. Canadians working from home can already deduct certain home office expenses for tax purposes, but first-time claimants may not be familiar with the rules… Read more »