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With the onset of the COVID – 19 pandemic, numerous employers opted to allow their employees to work from home. Now that the restrictions have ended, some employers are offering their employees the opportunity to continue to work from home or in other cases offering a hybrid version that includes a certain number of days each week working in the office and the remainder working from home. There are important challenges tied to this type of working model, and so there are admi

Bill C-208 amends the Income Tax Act to reduce taxes that must be paid when a business owner wishes to sell shares of their farm, fishing or small business to their adult children or grandchildren. In the past, the Income Tax Act penalized business purchasers who were not arms-length from the business owner (unrelated). This bill reduces the tax that needs to be paid when an adult child or grandchild purchases the business from previously as high as 48.27% of the selling pric

Money management is important to be successful at paying your bills, saving for the future, being prepared for unexpected expenses, and planning a positive financial future for your children. To have a bright financial future, it is important to have a plan in place to achieve your financial goals. Society, as it is today, seems to think that people are born knowing how to manage money, as it is not necessarily taught to us by our parents, not covered in the school curriculum

A CRA review is not a tax audit. The biggest difference between a tax review and a tax audit is that a tax review may be completed in a matter of weeks, but an audit can take months or even years to complete. A tax review is simply a routine check to ensure that the information that you have provided on your income tax return is correct. CRA can contact you for additional information with a letter or a telephone call. We want to assure you that individuals are less likely to

The new Canadian federal budget was tabled on April 19, 2021 by finance minister Chrystia Freeland. The federal deficit is estimated to be $354.2 billion for fiscal year 2020-21 and next year’s deficit is expected to be $154.7 billion. By the end of 2021-22 fiscal year, the federal debt is expected to be over $1.2 trillion. The budget introduced a $30 billion national childcare plan over 5 years, to reduce kindergarten prices by 50% in 2022, with a target of $10 per day by 20

With the onset of the COVID-19 crisis in 2020, numerous employers allowed their employees to work from home. It is for this reason that Canada Revenue Agency (CRA) introduced a new temporary flat rate method to simplify the process for claiming a deduction for home office expenses for the 2020 tax year. This is a personal income tax deduction to be calculated on form T777S (Statement of Employment Expenses for Working at Home due to COVID-19), which then needs to be attached

While doing their income tax, individuals and businesses often forget to claim deductions that could really benefit them and that might significantly assist in reducing the amount of income tax that they ultimately pay. If you are filing your personal income tax or your business income tax, you will need documentation to support the statements that you make in relation to your income tax submission. If you are or are responsible for any of the following, you will need to incl