Don’t Neglect your RRSP
With the RRSP (Registered Retirement Savings Plan) deadline of March 1, 2021, just a week or so away, here are some RRSP stats, and the reason…
Categories
Enhanced Business Benefit
Businesses that can demonstrate a revenue reduction of 60% or more will be eligible to receive 15% of their monthly revenue, up to a maximum of…
CERB Claw backs: Cancelled!
As of February 16, 2021, the CRA announced interest relief for certain individuals who received COVID-19 income relief in 2020. Certain Canada Emergency Response Benefit (CERB)…
Critical Worker Benefit
Overview: About 380,000 public and private-sector workers will receive one-time payments of $1,200 for putting themselves at risk on the job during the COVID-19 pandemic. Health-care and…
Fraudulent CERB Claims
In a recent conversation with another accountant, we came across a troubling situation that all taxpayers should be aware of. In August 2020, CRA was the…
Wealth Planning: Work from Home Expenses
With the transition to working from home as a result of the COVID-19 pandemic, many questions have come up regarding eligibility for home office deductions that…
Wealth Planning: Medical Expenses
Out-of-pocket medical expenses can be claimed as a non-refundable tax credit on your personal tax return, which is used to reduce the total tax payable. Non-refundable…