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2022 Financial Calendar

January 6, 2022 in , , /by

Looking for an “at a glance” document covering all the important dates you need to know to stay on track with your financial planning in 2022?

Our 2022 financial calendar (which you can easily bookmark or print out) makes sure you’re always in the loop! It lists important dates, including:

• Payments dates for the Canada Child Benefit, CPP, OAS, and the GST/HST credit.
• When TFSA contribution room starts again.
• Tax filing deadlines.
• Charitable contribution deadlines and the last day to contribute to registered investment accounts.
• When the Bank of Canada interest rate announcements are.

What’s new for the 2021 tax-filing season?

April 27, 2021 in , , /by

Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following:
• How to claim home office expenses
• The new Canada Training Credit
• Pandemic emergency funds
• New digital news subscription tax credit

Federal Budget 2021 Highlights

April 27, 2021 in , , , , , , , , , , , , , , , /by

On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:

• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.

• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.

• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.

Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

December 7, 2020 in , , , , , , , , /by

Finance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:

• Corporate Tax Changes, including extensions to subsidy programs.

• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.

• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.

For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.

Applications for the new Canada Emergency Rent Subsidy starts today!

November 23, 2020 in , , /by

The new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.

CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19.

An additional 25% Lockdown Support is available during a public health lockdown order.

Applications for Canada Recovery Benefit now open!

October 13, 2020 in , , , , /by

The Canada Recovery Benefit (CRB) is now open for applications.

If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.

If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.