Access to Canada Worker Lockdown Benefit Expanded

In October 2021, the federal government announced the creation of a new pandemic benefit, the Canada Worker Lockdown Benefit (CWLB), which was intended to be provided to workers affected by regional public health lockdown orders which closed non-essential businesses for a period of at least 14 days. Changes have been announced which expand the circumstances… Read more »

Automobile Expense Deduction Limits for 2022

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 »

Home Office Claim Updates

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 – and T777S Statement of Employment Expenses for Working at Home Due to COVID-19 – Updates include: The temporary flat rate method is now available through 2022. The maximum… Read more »

CEBA Extended Repayment Deadline

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 »

Ontario Staycation Tax Credit

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 »

CRA Relief for Employee Benefits

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 »

Tourism & Hospitality Recovery Program

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 »

Holiday Gifts and Bonuses

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

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 »