Posts Categorized: Taxes

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 »

Government Tax Updates Feb 2021

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Self-employed individuals whose net self-employment income was less than $5,000 and who applied for the CERB will not be required to repay the CERB, as long as their gross self-employment income was at least $5,000 and they met all other eligibility criteria. The Prime Minister verbally stated that those who could have applied for CERB… Read more »

2020 Income Tax Guide for Students

Student Studying on Laptop

CRA issues 2020 income tax guide for students Post-secondary students in Canada are eligible for a range of tax credits and deductions, including a tuition tax credit, deductions for moving expenses, and a claim for qualifying student loan interest costs. The Canada Revenue Agency (CRA) publishes a guide for post secondary students – P105, Students and… 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 »

Tax Deadlines for 2020

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This year’s tax filing deadlines have been changing, be sure to get yours filed on time to reduce penalties. See below for most recent deadline information. Personal Tax Deadlines T1 late-filing penalties will not be charged if returns are filed and payments are made by September 30, 2020*. Same relief will be provided for self-employed filers (and… Read more »

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 »

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.

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

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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

Pouring Tea

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 »