Category Archives: blog

What’s new for the 2021 tax-filing season?

    Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following:
    • How to claim home office expenses
    • The new Canada Training Credit
    • Pandemic emergency funds
    • New digital news subscription tax credit

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    Group Insurance vs Individual Life Insurance

      While it’s great to have group coverage from your employer or association, in most cases, people don’t understand the that there are important differences when it comes to group life insurance vs. self owned life insurance.

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      TFSA vs RRSP – What you need to know to make the most of them in 2021

        Both TFSAs and RRSPs can be significant savings vehicles for your clients. We’ve put together an article to help your clients easily understand the differences between them – with one section focussing on differences in deposits and one focussing on differences in withdrawals.

        The deposit section focuses on:
        • How much contribution room is available each year
        • How carry forward works for TFSAs and RRSPs
        • Tax deductibility of contributions
        • Tax treatment of growth

        The withdrawal section focusses on:
        • Conversion requirements
        • Tax treatment of withdrawals
        • Impact of withdrawals on government benefits
        • Impact of withdrawals on contribution room

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        2021 Financial Calendar

          We’ve put together a financial calendar for 2021. It contains all the dates you need to know to make the most of your government benefits and investment options. Whether you want to bookmark this or print it out and post it somewhere prominent, you’ll have everything you need to know in one place!

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          Business Owners: 2020 Tax Planning Tips for the End of the Year

            It’s a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:

            – Year-end tax checklist
            – Remuneration
            – Business tax
            – Estate

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            Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

              Finance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:

              • Corporate Tax Changes, including extensions to subsidy programs.

              • Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.

              • Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.

              For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.

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              Personal Tax Planning Tips – End of 2020 Tax Year

                To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:

                • Details about the different COVID-19 benefits programs and the tax ramifications of them

                • Information about family tax issues including the Canada Child Benefits and tips on how to split income.

                • Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.

                • Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.

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