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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/

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

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……

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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CANADA'S COVID-19 ECONOMIC RESPONSE PLAN - KEY POINTS FOR BUSINESSES AND INDIVIDUALS

SECTIONS:

A. Information – All Clients Must Provide
B. Additional Information – New Clients Must Provide
C. Questions to Answer
D. Other

Merry Christmas and Happy Holidays from the team at Saklas & Co., CPAs

We would like to inform our clients that our office will be closed for the holidays from December 24, 2019, through January 1, 2020.

If you need any assistance from us during this time, feel free to get in touch with us by clicking here. 

In recent years, it has become quite commonplace to get a ride home in a perfect stranger’s car with only a few button presses of a smartphone. Similarly, many people think nothing of booking a weekend getaway to stay in someone else’s home; all booked and paid for online. In fact, Statistics Canada reports that 1 in 10 Canadians are now using peer-to-peer ride services, or private accommodation services, such as Uber and Airbnb. A current estimate by PWC, a consultancy, suggests that global spending on these kinds of arrangements will reach $335 billion by 2025.

In recent years, Canadians have become increasingly aware of the environmental and social factors affecting their society. In particular, millennials (the cohort that reached young adulthood around the year 2000) are especially interested in values-based societal concerns. As consumers, they are more likely to purchase electric cars, fair-trade coffee, plant-based food and cosmetics that were not tested on animals.