10% Temporary Wage Subsidy

While we await further information from the federal government on the 75% Emergency Wage Subsidy, the 10% Temporary Wage Subsidy is active, and will continue to be available to those who may not meet the 30% revenue decrease required to received the 75%. Here is everything you need to know: Benefit 10% of remuneration paid… Read more »

Canada Emergency Response Benefit (CERB)

The Canada Emergency Response Benefit (CERB) combines the previously announced emergency care and emergency support benefits, and focuses on those who are not eligible for traditional Employment Insurance benefits. Eligibility Eligible workers must be: At least 15 years old A resident of Canada Have earned a total of $5,000 of income for 2019 or in… Read more »

Wage Subsidy

Employers have access to a 75% wage subsidy for a period of three months, starting with the first pay period that includes March 15th, 2020 if they have had a 30% decrease in revenues. Details are still forthcoming.

My Account Registration

If you anticipate applying for emergency funds when applications open in April, we recommend that you register for MyAccount today

Key Points: Canada’s COVID-19 Economic Response Plan

CANADA’S COVID-19 ECONOMIC RESPONSE PLAN – KEY POINTS FOR BUSINESSES AND INDIVIDUALS Since the beginning of March, restrictions and measures related to COVID-19 have rapidly escalated. While the first stages focused on public health and safety, in very short order, businesses and personal finances began to be affected. It is clear that these challenges will… Read more »

Relief Procedures for US Ex-Pats

On September 6, 2019, the IRS announced Relief Procedures for Certain Former Citizens, a new process to facilitate eligible individuals in becoming compliant with their U.S. tax obligations, in conjunction with renouncing their U.S. citizenship (IR-2019-151). There was no announced specified termination date; however, a closing date will be announced in the future.  Eligible individuals… Read more »

The 20 Hour Test for Tax on Split Income

The tax on split income (TOSI) can subject various income sources, with taxable private corporation dividends being the most common, to personal tax at the highest marginal rate. One of the exceptions from TOSI occurs when the income recipient is actively engaged in the business. An individual will be deemed to be actively engaged in… Read more »

Costs of an Assistant

A November 5, 2019 Tax Court of Canada case reviewed the deductibility of employment expenses by a manager overseeing the Canadian sales force and operations of a multinational manufacturer of dental instruments and products. The taxpayer’s employer had no Canadian office, and she travelled extensively to meet with sales representatives, dealers and customers throughout Canada…. Read more »

Motor Vehicle Expenses

In a September 17, 2019 Tax Court of Canada case, at issue was the deductibility of vehicle expenses, and in particular, the portion of total vehicle use that was for employment purposes. While initially challenged by CRA, the Court eventually accepted the credit card statements as support for the amounts expended. The taxpayer held and… Read more »

Unclaimed Bank Deposits or Property

Unclaimed property refers to accounts at banks, financial institutions, and other organizations where there has been no activity generated or contact with the owner for a period. Typical forms of unclaimed property can include chequing or savings accounts, term deposits, Guaranteed Investment Certificates (GICs), bank drafts, traveller’s cheques, money orders, and certified cheques. A number… Read more »