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Are you ready for the new trust reporting requirements?

February 13, 2024 by

Are Your Trusts Lined Up In A Row? In 2018, the Federal government proposed new tax legislation (the “New Rules”) for trusts, which was passed into law on December 15, 2022. The New Rules take effect for trusts with taxation years ending on or after December 31, 2023 and impact both trust filing and disclosure
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HSS Blog – New Bare Trust Rules

April 11, 2023 by

On November 3, 2022, the Federal government’s 2022 Fall Economic Statement confirmed that recently enacted income tax compliance rules for trusts will take effect for taxation years ending on or after December 30, 2023. The new rules impact bare trusts, which are commonly used by real estate owners to hold title of their properties. What
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Employee home office expenses during COVID-19

December 31, 2020 by

The COVID-19 pandemic has resulted in many employees working from home. As a result, working-from-home tax deductions on their 2020 personal income tax returns has become a hot topic. On December 15, 2020, the CRA released information on a number of employment-related issues, including home office expenses and Form T2200. Highlights of the CRA release on home office
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Employer Provided Benefits and Allowances in Response to COVID-19

December 30, 2020 by

On December 15, 2020, the Canada Revenue Agency (CRA) released information on a number of employment-related issues in response to the effects of the COVID-19 pandemic, including employer provided taxable benefits and allowances. These positions are effective from March 15, 2020 to December 31, 2020. Commuting Costs (including parking) The CRA has always taken the
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Tax Highlights from the 2020 Ontario budget

November 26, 2020 by

On November 5, 2020, Finance Minister Rod Phillips presented the Province’s budget. The Ontario 2020 budget: Permanently increases the Employer Health Tax exemption to $1 million; Proposes a new Seniors’ Home Safety Tax Credit for the 2021 taxation year; Extend filing deadlines for the Ontario Research and Development Tax Credit; and, Extends filing deadlines for
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COVID-19 Tax Update Federal and Ontario Governments Economic Response Measures

April 5, 2020 by

(Released April 3, 2020) Advice for Your Business During the COVID-19 Pandemic based on Federal and Provincial Economic Response Measures We continue to monitor the Federal and Ontario government announcements on an hourly basis.   As both governments work through the COVID-19 pandemic, we understand the need for communication to help alleviate any anxiety you may
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COVID-19 Tax Filing and Payment Extensions and Other Filing Relief Measures

March 31, 2020 by

COVID-19 TAX UPDATE Tax Filing and Payment Extensions and Other Filing Relief Measures in Response to the COVID-19 Pandemic (Released March 31, 2020) The Canadian government has announced several measures to help taxpayers during these challenging times by providing extensions for filing and payment of taxes for business, Charities/NPO, individuals, partnerships, and trusts.  To help
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Canada Emergency Response Benefit

March 30, 2020 by

What is the Canada Emergency Response Benefit (CERB)? On March 25, 2020, the government proposed legislation to establish the Canada Emergency Response Benefit (CERB). This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. The CERB would be a
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Temporary Wage Subsidy for Employers

March 24, 2020 by

On March 18, 2020, the Government of Canada announced a temporary wage subsidy for a period of three months.  This temporary measure will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). An eligible employer is: A Canadian-controlled private corporation (CCPC); A non-profit organization;
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Hogg, Shain & Scheck COVID-19 Update

March 18, 2020 by

We continue to closely monitor the evolving COVID-19 situation, ensuring the health and safety of our team and clients, who remain our top priorities. As a result of these unprecedented times, effective Monday, March 16, 2020 we made the decision to close our offices.  Our teams will work remotely and are still available. We have full
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