Category Archives: Tax

Estate Freeze

    An estate freeze can be an integral part of your estate planning strategy. The purpose of an estate freeze is to transfer any future increase in your business’s value (generally shares) that you own to someone else.

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    British Columbia 2021 Budget Highlights

      On April 20, 2021, the B.C. Minister of Finance announced the 2021 budget. We have highlighted the most important things you need to know, including:

      • Changes in the requirement to repay the B.C. Emergency Benefit for Workers
      • Home Owner Grant threshold change
      • PST exemption for electric bikes
      • Elimination of PST rebate for certain vehicle sales
      • Delay in the carbon tax increase
      • Tobacco tax increases
      • Changes to the speculation and vacancy tax

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      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.

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        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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          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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            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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                10 Essential Decisions for Business Owners

                  Business owners are busy… they’re busy running a successful business, wearing lots of hats and making a ton of decisions. We’ve put together a list of 10 essential decisions for every business owner to consider.

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                  Tax Loss Selling

                    Over the last few weeks, the financial market has taken a downturn amidst fears over Coronavirus.

                    Understandably, you are concerned with your portfolio, it’s important to stay level-headed to avoid making financial missteps. However, staying level-headed doesn’t necessarily mean you sit there and do nothing. In fact, one consideration you can look is taking an active tax management approach.

                    Tax loss selling is a strategy to crystallize or realize any capital losses in your non-registered accounts so it can be used to offset any capital gains.

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