Posts Categorized: Uncategorized

Bank of Canada Interest Rate Increase

Bank of Canada raises interest rates by one-half percent As anticipated, in its scheduled interest rate announcement made on June 1, the Bank of Canada raised interest rates by another one-half percentage point. This latest change brings the Bank Rate to 1.75%. In the press release announcing the decision, which can be found on its… Read more »

COVID-19 Benefits Extensions

Work from home

On February 19, 2021, the government announced several extensions to various personal COVID-19 related benefits. They include: The CRB and CRCB (caregiver benefit) maximum eligibility period is extended by 12 weeks to 38 weeks in total. The CRSB (sickness benefit) maximum eligibility period is extended by 2 weeks to 4 weeks in total. The EI… Read more »

CRA Cybersecurity Notice

The Canada Revenue Agency has resumed all online services after they were temporarily shut down because of a cyberattack that compromised thousands of accounts linked to government services. All individuals affected by the cybersecurity breaches will receive a letter from the CRA explaining how to confirm their identity in order to protect and restore access to… Read more »

19 Tax Planning Tips for Year End 2019

Yearly Planner December

YEAR-END TAX PLANNING December 31, 2019 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. SOME 2019 YEAR-END TAX PLANNING TIPS INCLUDE:  1. Keep Track of Eligible Expenditures Certain expenditures made by individuals by December… Read more »

Tracking Ownership Information Changes


Over the past few years there has been much discussion at both the federal and provincial levels in respect of increased disclosure and tracking requirements of beneficial owners (those who may be considered owners even if not on title) of various types of property. Recent changes to the Canada Business Corporations Act, which came into… Read more »

Anxiety, Depression and Phobias

In an April 3, 2019 Tax Court of Canada case, an issue was whether the impact of an individual’s mental impairment entitled her to the disability tax credit (DTC). The taxpayer suffered from social anxiety, depression and phobias. A taxpayer may be eligible for the DTC if the impairment(s) represents a marked restriction in the… Read more »

Shared Custody of a Child

Family Photo

Certain tax benefits, such as the Canada child benefit, the GST/HST rebate, and the recently implemented federal carbon tax incentive (where applicable) are normally paid entirely to the parent with whom the child primarily resides. Where the child resides with the parents on an equal or near equal basis, each parent is entitled to half… Read more »

Leaving a Video Legacy

Video on Laptop

When conducting our estate plans, we are often focused on the distribution of assets (such as homes, bank accounts, investments, and interest in private corporations), providing for dependents, and ensuring overall family harmony. However, softer issues may be overlooked. For example, some suggest that it may be useful to leave a video legacy for surviving… Read more »

Home Buyers’ Plan

Home Buyers

The HBP allows first-time home buyers (special rules apply for those with a disability) to withdraw amounts from their RRSP to buy or build a home. Budget 2019 proposed to increase the HBP withdrawal limit to $35,000 from $25,000. As the HBP is avilable to each individual, a couple could access up to $70,000 to… Read more »

First-Time Home Buyer Incentive

House for Sale

Budget 2019 proposed the new Canada Mortgage and Housing Corporation (CMHC) first-time home buyer incentive, which is a shared equity mortgage that would give eligible first-time home buyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC. Funding of 5% of the home purchase price would be… Read more »