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2020 Fourth Quarter
This publication is a high-level summary of the most recent tax developments applicable to business owners, investors, and high net worth individuals. Enjoy! TAX TICKLERS… some quick points to consider… CRA has opined that U.S. Economic Impact payments received by residents of Canada are not taxable in Canada. 1,252,830 Canada Emergency Wage Subsidy (CEWS) applications have been approved for a total value of $41.12 billion (as of October 4, 2020). On October 9, 2020, the Government announced that the CEWS program will be extended to June 2021. Further, the maximum subsidy for period 8 (calculated using October’s revenues) of 65% would be maintained for……
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Self-employed and facing CERB repayments? There may be a simple fix, tax experts say
Original Article Source Credits: Global News, https://globalnews.ca/
Article Written By: Erica Alini
Original Article Posted on: 11th December 2020
Link to Original Article: https://globalnews.ca/news/7513742/self-employed-cerb-repayments-tax-fix/
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Beware! The CRA Might Ask You for Those $2,000 CERB and CRB Payments Back
Original Article Source Credits: The Motely Fool, https://www.fool.ca/
Article Written By: Adam Othman
Original Article Posted on: 11th December 2020
Link to Original Article: https://www.fool.ca/2020/12/11/beware-the-cra-might-ask-you-for-those-2000-cerb-and-crb-payments-back/
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CRA Tax Savings: The RRSP Limit Is Increasing in 2021
Original Article Source Credits: The Motley Fool, https://www.fool.ca/
Article Written By: Adam Othman
Original Article Posted on: 8th December 2020
Link to Original Article: https://www.fool.ca/2020/12/08/cra-tax-savings-the-rrsp-limit-is-increasing-in-2021/
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The CRA Just Broke Down What You Need To Do To Repay The CERB Before 2021
Original Article Source Credits: Narcity, https://www.narcity.com/
Article Written By: Helena Hanson
Original Article Posted on: 8th December 2020
Link to Original Article: https://www.narcity.com/en-ca/money/cerb-repayments-the-cra-just-explained-what-you-need-to-do-to-return-the-benefit
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Canada Revenue Agency: You Can Avoid Tax on the $14,000 CERB Payments
Original Article Source Credits: Yahoo Finance, https://ca.finance.yahoo.com/
Article Written By: Puja Tayal
Original Article Posted on: 11th November 2020
Link to Original Article: https://ca.finance.yahoo.com/news/canada-revenue-agency-avoid-tax-140202838.html
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Our roundup of the best tax tips for Canadians
Original Article Source Credits: MoneySense, https://www.moneysense.ca/
Article Written By: Luke Rivers
Original Article Posted on: 11th November 2020
Link to Original Article: https://www.moneysense.ca/save/taxes/best-tax-tips-canada/
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Prepare now for tax fallout from Covid-19, says tax expert
Original Article Source Credits: Advisor's Edge, https://www.advisor.ca/
Article Written By: Michelle Schriver
Original Article Posted on: 30th October 2020
Link to Original Article: https://www.advisor.ca/tax/tax-news/prepare-now-for-tax-fallout-from-covid-19-says-tax-expert/
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These end-of-year tax tips will help those who received CERB and other pandemic benefits
Original Article Source Credits: Financial Post, https://financialpost.com/
Article Written By: Jamie Golombek
Original Article Posted on: 30th October 2020
Link to Original Article: https://financialpost.com/personal-finance/taxes/these-end-of-year-tax-tips-will-help-those-who-received-cerb-and-other-pandemic-benefits
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2020 Tax Planning Special
YEAR-END TAX PLANNING December 31, 2020 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. SOME 2020 YEAR-END TAX PLANNING TIPS INCLUDE: Certain expenditures made by individuals by December 31, 2020 will be eligible for 2020 tax deductions or credits including: digital news subscriptions, registered journalism organization contributions, moving expenses, child care expenses, charitable donations, political contributions, medical expenses, alimony, eligible employment expenses, union, professional or like dues, carrying charges and interest expense. Ensure you keep all receipts that may relate to these……
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RECENT POSTS
- » 2020 Fourth Quarter
- » Self-employed and facing CERB repayments? There may be a simple fix, tax experts say
- » Beware! The CRA Might Ask You for Those $2,000 CERB and CRB Payments Back
- » CRA Tax Savings: The RRSP Limit Is Increasing in 2021
- » The CRA Just Broke Down What You Need To Do To Repay The CERB Before 2021
- » Canada Revenue Agency: You Can Avoid Tax on the $14,000 CERB Payments
- » Our roundup of the best tax tips for Canadians
- » Prepare now for tax fallout from Covid-19, says tax expert