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The bad news: In Canada, you cannot claim your home mortgage principal payments when doing your taxes, if you’re a small business owner and work from home. The good news: there is a lot you can claim. You can deduct a portion (we’ll address how much later) of many home expenses required for running your
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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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There are new reporting requirements applicable to the completion of the 2020 T4 slips and summaries. Additional T4 reporting requirements will apply to all employers, and will help the Canada Revenue Agency (CRA) validate payments under the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response Benefit (CERB), and the Canada Emergency Student Benefit (CESB).
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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 6, 2020) As we head into the second week of April, businesses, charities/NPOs and individuals will have access to several of the Federal government’s COVID-19 response initiatives. With that in mind, we wanted to provide an update on eligibility criteria, benefits, and logistics of the following measures: 10% Temporary Wage Subsidy; and Canada
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(Released April 2, 2020) As mentioned in our initial March 30, 2020 newsletter, Hogg, Shain & Scheck will provide updates between weekly newsletter releases on days of major announcements or for matters of particular interest to clients. With that in mind, this update covers: new details and guidance for the Canada Emergency Wage Subsidy filing
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COVID-19 TAX UPDATE Federal and Ontario Governments Economic Response Measures to COVID-19 (Released March 30, 2020) The Canadian and Ontario governments have pledged over $124 billion to fight the COVID-19 pandemic through announcements made up to March 30, 2020. Many of the programs and initiatives are geared towards keeping the economy moving by assisting businesses,
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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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On March 18, 2020, the Government of Canada announced that the Canada Revenue Agency will defer the filing deadline for personal income tax returns from April 30, 2020 to June 1, 2020. However, if you are expecting a refund we recommend filing your return as soon as possible. As well, if you are entitled to
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On March 18, 2020, the Government of Canada announced several economic measures to assist individuals and businesses during these challenging times. These measures include the following: Temporary income support for workers and parents; Longer-term income support for workers; One-time special payment through the Goods and Service Tax (GST) credit for low and modest income families;
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March 19, 2019 CPA Canada Federal Budget Commentary Finance Minister Bill Morneau’s message with Budget 2019 is that, thanks to the Federal Government’s investments over the past three years, things are going well — especially for the middle class: more Canadians have full-time jobs, unemployment is at historic lows, wages are growing, consumers and businesses
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Due Dates for 2019 and Tax Deadlines for 2018 Tax Filing in Canada February 28: T4,T4A,T5 slips and summaries March 1: Last day for 2018 RRSP contribution April 30: Personal Tax Filing Deadline April 30: Payment Deadline for Individuals and Sole Proprietor June 17: Sole Proprietor (and spouse) and Partnership Return Filing Deadline – (April 1: Partnership
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