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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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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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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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On December 21, 2020 the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2021 in response to the COVID-19 pandemic. Changes to the Automobile Deduction Limits in 2021 There is only one change to the automobile deduction limits and benefit rates that applied in
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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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(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 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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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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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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The Charities Directorate is extending the filing deadline to Dec 31, 2020, for all charities with a Form T3010, Registered Charity Information Return due between March 18, 2020 and December 31, 2020 Read more on the Canadian Revenue Agency Website
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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On March 18, 2020 the government and its various partners announced further measures to support Canadian businesses in these challenging times. CRA Tax Relief for Canadian Businesses The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after
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