Minimum Wage Increase

Minimum wage rates in Ontario will increase on October 1, 2021. The increase to the general minimum wage is 10 cents, which brings the new rate to $14.35 per hour. More information available on the Government of Ontario website at Your guide to the Employment Standards Act: Minimum wage | Ontario.ca reads: On October 1… Read more »

Update on Canada Emergency Wage Subsidy

Update on CEWS The government extended the Canada Emergency Wage Subsidy to September 25, 2021. The Canada Emergency Wage Subsidy provides support to eligible employers to cover part of their employees’ wages. This subsidy helps employers re-hire workers, helps to prevent further job losses, and keeps employees on payroll at their place of work during… Read more »

Canada Recovery Benefit updates July 2021

If you are eligible for the Canada Recovery Benefit (CRB), you can receive $1,000 ($900 after taxes withheld) for a 2-week period for up to 21 periods. If you have already applied for 21 periods, or are applying for your first CRB period on or after period 22 (July 18 to 31, 2021), you may receive $600 ($540 after taxes… Read more »

Watch Out for Tax Schemes

The Canada Revenue Agency (CRA) is warning Canadians about getting involved in tax schemes. Promoters, including some representatives, tax preparers and investment professionals, are encouraging their clients to participate in “straddle” schemes to reduce the amount of income tax they owe. The following information is now available on Canada.ca:   Warning: Watch out for straddle-loss schemes… Read more »

Contacted by the CRA?

Now that you’ve filed your 2020 income tax and benefit return, it’s possible that the Canada Revenue Agency (CRA) contacts you to discuss your tax and benefit situation. However, you should be aware of scammers pretending to be CRA employees. They often contact Canadians to try to trick them into making payments, and may try… Read more »

Canada Child Benefit Progress

In the first four years since its implementation, the Canada Child Benefit (CCB) has helped lift nearly 435,000 children out of poverty. Families entitled to the CCB with children under the age of six can expect to receive a bit more money in the bank this year. The Canada Child Benefit (CCB) is a tax-free… Read more »

New CRA Filing Updates

The following changes could affect corporations that file Ontario annual information returns: As of May 7, 2021, Ontario Corporations Information Act annual returns will no longer be available for download on Canada.ca. As of May 15, 2021, Ontario Corporations Information Act annual returns will no longer be filed through the Canada Revenue Agency. Effective May… Read more »

Reporting Peer-to-Peer Income

What us Peer-to-Peer selling? The sale of goods or services from one person or party directly to another. Sales on websites or online marketplaces (such as Etsy, Facebook Marketplace or Kijiji) may be included. Income Tax for P2P Sales Canadian residents have to report income from all sources, including peer-to-peer sales, both inside and outside… Read more »

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 »