Posts Categorized: Employment

Holiday Gifts and Bonuses

Person holding wrapped gift

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 »

Tax Tips Nov 2021

Piggy Bank

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

Canadian Money with Caculator

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

Stacked Building Blocks

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 »

Simplifying the Home Office Expense Deduction

Laptop on kitchen counter

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 »

Student Assistance Updates

Volunteering The Canada Student Service Grant (CSSG) for post-secondary students and recent graduate volunteering opens June 25, 2020. One-time payment of between $1,000 and $5,000 based on the number of hours served. Volunteer positions can be found through the I Want to Help platform at  https://www.jobbank.gc.ca/volunteer Paid work placements Supporting an additional 20,000 job placements… Read more »

Canada Emergency Business Account (CEBA)

CEBA Updates

This program provides interest-free loans of up to $40,000 to small businesses and not-for-profits that carry on active business activities to help cover non-deferable operating costs during a period where revenues have been temporarily reduced. If the balance of the loan is repaid on or before December 31, 2020 25% of the loan will be forgiven (up to $10,000). The following criteria must be met to qualify… Read more »

Canada Emergency Wage Subsidy (CEWS)

The Canada Emergency Wage Subsidy is a subsidy available for a period of twelve weeks that will provide a subsidy of 75% of eligible remuneration, paid by an eligible entity (eligible employer) that qualifies, to each eligible employee. Did you see a drop of at least 15% of your qualifying revenue in March 2020* and… Read more »