NEW TAX STUFF FOR 2024

IMPORTANT DATES April 30, 2024 – This is the deadline for most Canadians to file a tax return. By filing your tax return on time, you’ll avoid delays to any refund, benefit, or credit payments you may be entitled to. If you owe money to the CRA, this is also the...

Will the new “BARE TRUST” tax changes in 2024 affect you?

New Tax laws regarding trusts could affect you. If you are “In name only” on a bank account, home, or investment account with anyone OR have anyone else on YOUR accounts “In name only”, the new BARE TRUST laws could mean you will have to file a...

CANADA EMERGENCY WAGE SUBSIDY

The Canada Emergency Wage Subsidy or “CEWS” program will be effective for 12 weeks, between March 15, 2020, to June 6, 2020. CEWS Amount The CEWS will subsidize 75% of the first $58,700 of regular salary per employee. The CEWS amounts to a maximum of $847 per week per...

Federal Wage Subsidy General Information (more to come)

The Federal government has provided additional information regarding the promised 75% wage subsidy, designed to help businesses during the COVID-19 pandemic. It will be back-dated to March 15, 2020. Available to businesses that show a 30% revenue decrease due to...

Canada’s COVID-19 Economic Response Plan: Tax implications

The personal income tax filing deadline is deferred until June 1, 2020, and the payment of any income tax (on amounts owing beginning today), will be deferred until after August 31, 2020, without interest or penalties. Individuals expecting to receive benefits under...

APPLYING FOR EMPLOYMENT INSURANCE AID

With the new Liberal Government aid plan, it’s possible to apply for EI assistance.  Please keep in mind that the website is currently overwhelmed with applications, so it may be a slow and frustrating procedure. Workers who can’t apply because they are sick or...