Category Archives: Coronavirus – Associates

Federal Budget 2021 Highlights

    On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:

    • Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.

    • Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.

    • Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.

    Read More

    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.

      Read More

      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.

        Read More

        Applications for Canada Recovery Benefit now open!

          The Canada Recovery Benefit (CRB) is now open for applications.

          If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.

          If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.

          Read More

          CERB transitions to NEW Recovery Benefits and EI

            On August 20th, the Federal Government announced the extension of the Canada Emergency Response Benefit (CERB) by one month and the transition to the Canada Recovery Benefit, Canada Recovery Sickness Benefit, Canada Recovery Caregiving Benefit and a simplified EI.

            Read More