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CRA 2021 Update: Dont Forget to Claim the $500 Digital News Tax Credit!

By  External Author |   | Posted in " Business Succession, Estates & Trusts, Family Succession "

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Christopher Liew, CFA 

Original Article Posted on:  January 4, 2021

Link to Original Article:  https://www.fool.ca/2021/01/04/cra-2021-update-dont-forget-to-claim-the-500-digital-news-tax-credit/


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Top Five Things To Look For When Hiring A Chartered Professional Accountant

By  Saklas & Co., CPAs |   | Posted in " Business Succession, Estates & Trusts, International Tax "

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A chartered professional accountant (CA) is an individual or firm specializing in accounting and financial reports preparation to ensure compliance with all regulations set by the state revenue service. Chartered professional accountants (CPA) are additionally able to represent a taxpayer before the IRS.


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2020 Fourth Quarter

By  Saklas & Co., CPAs |   | Posted in " Business Succession, Estates & Trusts, Family Succession, International Tax, Risk Management "

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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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Beware! The CRA Might Ask You for Those $2,000 CERB and CRB Payments Back

By  External Author |   | Posted in " Business Succession, International Tax, Risk Management "

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

By  External Author |   | Posted in " Business Succession, International Tax, Risk Management "

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

By  External Author |   | Posted in " Business Succession, International Tax, Risk Management "

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

By  External Author |   | Posted in " Business Succession, International Tax, Risk Management "

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

By  External Author |   | Posted in " Business Succession, Estates & Trusts, International Tax, Risk Management "

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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2020 Tax Planning Special

By  Saklas & Co., CPAs |   | Posted in " Business Succession, Estates & Trusts, Family Succession, International Tax, Risk Management "

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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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Why You Should Choose Saklas & Co., CPAs!

By  Saklas & Co., CPAs |   | Posted in " Business Succession, International Tax, Risk Management "

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With a firm grounding in accounting and knowledge of all the rules and laws pertaining to tax, a Chartered Professional Accountant will help you better organize the financial affairs of your business. They’ll come up with comprehensive strategies to minimize your tax liability and reduce your expenses while maximizing your profits.


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