With all the excitement of tax season, we didn’t get around to summarizing this year’s Federal Budget. Rest assured that our team is fully updated on all of the latest changes, benefits, credits and more. Find out more about the Government of Canada’s plan to finish the fight against COVID-19 — and ensure a resilient
Have you filed your 2020 taxes yet? Or are you one of the many procrastinators that is putting off filing until the last minute? While last year’s tax filing deadline was extended due to the pandemic, this year things are back to normal. This means that you must file your personal income taxes before the
If you collected COVID-19 related benefits last year, you might notice when you do your taxes that you owe much more than in previous years. This is mainly due to CERB payments and some of the earlier benefit payments. These benefits did not have any taxes taken off of them, which means that they must
When the pandemic hit, the Canada Revenue Agency (CRA) adopted measures to help Canadians cope with the global crisis. To do this, they extended both the deadlines for filing taxes and to make any payments that were owed. The CRA also did not charge penalties or interest on tax returns filed by September 1, 2020.
Did you receive the Canada Emergency Response Benefit (CERB) during the beginning of the pandemic? If so, you should soon receive your tax slip from the Canada Revenue Agency (CRA) for CERB and any other recovery benefits you may have received in 2020. One thing some people did not seem to realize t is that
We are now entering one of the hardest seasons for many businesses and the ongoing pandemic is not making it any easier. The effects of COVID-19 are causing many businesses to experience additional financial challenges this holiday season. The Canada Revenue Agency (CRA) has many support benefits available to help business owners stay open during
Since the beginning of the pandemic, many workforces have shifted from working in an office setting to having employees creating an office at home. This has forced many employees to purchase new furniture and office supplies to continue their job. The question is, can you write off these new expenses on your next tax return?
The Canada Emergency Response Benefit (CERB) program officially ended on September 27, 2020 and the government is transitioning back to Employment Insurance (EI) for those still in need. For those that don’t qualify for EI, there are new recovery benefits that have been announced that you may be able to benefit from. These new programs
The Canada Revenue Agency (CRA) has once again made changes to the deadlines for both personal and corporate taxes due to the ongoing pandemic. The CRA is extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as installment payments, from September 1, 2020, to
The Canada Emergency Wage Subsidy (CEWS) is a wage subsidy program offered by the Federal government to employers. The main purpose of CEWS is to help employers keep their employees on payroll during the pandemic so they do not have to rely on Employment Insurance. When CEWS originally started back in March, not all businesses