2021 Individual Income Tax Instalment

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

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 »

Tax Tips Nov 2021

Canada Revenue Agency announces maximum pensionable earnings for 2022. The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2022 will be $64,900—up from $61,600 in 2021. Full article Canada Revenue Agency announces maximum pensionable earnings for 2022 – Canada.ca   Effective January 1, 2022, the maximum insurable earnings will increase from $56,300 to… Read more »

Wage Increase

The Ontario government has announced that it will increase the provincial minimum wage to $15 per hour next year.  The increase will come into effect on January 1, 2022. The current minimum wage is $14.35 per hour. Under the proposed changes, the special minimum wage rate for liquor servers would be eliminated and they would… Read more »

COVID-19 Support Program Updates

On October 21, 2021, the government of Canada made an announcement in respect of the future of various COVID-19 support programs. They include: The general Wage Subsidy (CEWS) and Rent Subsidy (CERS) will expire on October 23, 2021. The Hiring Subsidy (CRHP) will be extended until May 7, 2022 with the subsidy rate to be… Read more »

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 »