Highlights of the Federal Economic Statement on November 3, 2022 (Canada)
Chrystia Freeland the Minister of Finance for Canada today released the economic statement at 4pm. The highlights are as follows; Deficit...
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Finance, Tax, and Accounting Articles
Oct 31, 20221 min
Federal Fall Economic Statement is Thursday November 3rd at 4pm
Federal Fall Economic Statement The 2022 Federal Fall Economic Statement will be presented on November 3rd at 4 pm E.T. The Federal...
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Oct 5, 20223 min
Ontario and Surcharges for Credit Card Use - Allowed As of October 6th, 2022
credit card surcharges, telus surcharge, watch your statements, 2.4% maximum charge.
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Sep 22, 20223 min
Working from Home versus at the Office. Pro's and Con's.
1993 to 2022 I have been a home office since 1993 when it was not the trend and I still am a home office in 2022. The perception used to...
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Sep 14, 20225 min
2 of 3 New Federal Government programs need Applications in 2022 and Beyond. Paperwork, paperwork!
The New "Canada Dental Benefit" for Those Children 12 and Under Kids under the age of 12 with a family income of less than $90,000 will...
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Sep 1, 20223 min
Minimum Wage Ontario - Increasing October 1, 2022
Today is the start of September, 2022 and a bit of planning needs to happen as minimum wage is increasing on one month in Ontario....
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Aug 27, 20225 min
September 1, 2022 New Luxury Tax Starts!
Starting September 1, 2022, vendors and importers will need to either charge or pay the tax on any vehicles, vessels, and aircraft...
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Jun 29, 20226 min
Interesting Times and it's almost Canada Day -July 1st, 2022
Staycation, UHT Underused Housing Tax, Teacher Supplies Tax Credit, Farmer Fuel Tax Rebate, CERB $2,000, City of Toronto Vacancy Tax,
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Apr 7, 20226 min
Canadian Federal Budget April 7th, 2022 - Quick Highlights
April 7th, 2022 The Minister of Finance issued her budget today at 4pm in Ottawa, Ontario and the highlights are as follows; Lots of...
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Apr 1, 20222 min
April 2022, What is New with Canadian Taxes this month and last!
Taxes changes Canada, Ontario, Carbon Tax Increase April 1, Personal Tax Filing Deaadlines
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Mar 4, 20221 min
Business Grant for Web Site and Other Web Costs
canada digital adoption program, $2,400 grant, small business, $15,000, $15,000 grant.
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Jan 21, 20225 min
2022 Changes - Auto Costs, CEBA Loan and Ontario 2 New Programs!
Welcome to 2022 and hope you had a Happy New Year! Auto Cost Rule Changes January 1, 2022 The Department of Finance Canada announced the...
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Dec 14, 20216 min
December 14th Canada Economic Update -Federal Highlights
Today (December 14th, 2021) the Federal Minister of Finance has issued her economic statement /update with the following highlights;...
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Dec 10, 20212 min
Ontario Seniors' Home Safety Tax Credit Extended 1 More Year!
The Ontario government provided an update on this program that it has been extended one more year. The Ontario government is helping...
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Dec 4, 202115 min
2021 Tax Planning Ideas and Things to do! The Time is Now!
It's early December and tax planning time has come for calendar 2021. You may ask why now? The simple answer is most items in the Income...
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Nov 17, 20214 min
2022 CPP/EI and RRSP, TFSA and Ontario Minimum Wage Changes
As we approach the end of the year, 2022 changes need to be planned for. Here are some of the important changes that happen at year end...
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Nov 4, 20217 min
Ontario Economic Statement Nov 4th, 2021 - Highlights!
Issued November 4th, 2021 Ontario Staycation Tax Credit Introducing the Ontario Staycation Tax Credit The government is proposing a new,...
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Oct 7, 20213 min
CRA and New Disability Tax Credit Application Process and Form! More Work! Rate Regulated Nov 15/21!
Please note that these Regulations that were to come into force November 15 to cap the fees that disability tax credit (DTC) promoters...
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Sep 6, 20212 min
Medical Costs Allowed by CRA -Cosmetic versus Non Cosmetic
Medical costs deduction in Canada since 2010 have not allowed for cosmetic procedures. The CRA had provided examples of expenses incurred...
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Aug 15, 20211 min
OAS Seniors Getting a $500.00 One Time Payment Week of August 16, 2021!
$500 OAS Payment August 16, 2021 Canada
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Jul 14, 20213 min
Family Business Transfers- All Good Until Nov 1, 2021 -or later!
The law changed June 29th facilitating these transfers and the next day the government put out a statement June 30th that you needed to...
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May 3, 20212 min
In Ontario Workers to Receive 3 sick days for COVID 19 issues -Extended July 31, 2022.
Revised December 9th, 2021 - This program has been extended to July 31, 2022. On Thursday, April 29, 2021, Monte McNaughton, Minister of...
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Apr 14, 20213 min
Looks Like No Tax Deadline Extensions based on CPA Canada discussions with Federal Government!
My association has been lobbying the Federal Government to extend the tax filing deadline this year as Ontario is in lock down (see...
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Mar 25, 20212 min
Do you have any undisclosed Crypto Currency transactions? A Voluntary Disclosure (VDP) maybe Needed!
If you are holding any Crypto currency and you thought that no taxes would arise on your holdings when you sold them since they untracked...
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Mar 24, 20211 min
Ontario Budget Highlights March 24, 2021
The Ontario Budget was delivered today. Here is a summary of the highlights in the March 24, 2021 budget. Enjoy Peter 905-898-3355 Date:...
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Mar 23, 20211 min
Canada's next Federal Budget is April 19th, 2021. First budget in 2 years!
The next Federal Budget in Canada is April 19th, 2021 at 4pm. It has been 2 years since the last budget and it's coming within 11 days of...
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Mar 22, 20211 min
CEBA Loan Deadline Extended to June 30th, 2021 from March 31, 2021
The main COVIC-19 supports webpage was updated to note that Business owners can apply for support until June 30, 2021 through their banks...
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Mar 22, 20212 min
IRS Extends Federal Personal Tax Filing Deadline to May 17th from April 15th, 2021 (not all states).
On March 17, 2021, the U.S. Internal Revenue Service (“IRS”) issued IR-2021-59 whereby the U.S. Treasury Department and the Internal...
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Mar 11, 20211 min
March 24th, 2021 at 4pm -Ontario Budget is Coming
Ontario to Release the 2021 Budget on March 24th at 4pm. The Government will outline next phase of Ontario’s COVID-19 Action Plan If you...
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Feb 20, 20213 min
Canada Recovery Benefit, Watch Out if You Made More than $38,000
For those that needed government help during the pandemic and have received the Canada Recovery Benefit (CRB) then you may have a tax...
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Feb 19, 20213 min
Time for Renovations in Ontario in 2021 for those Age 65 and Older
A couple of tax programs to be aware of that could get you some tax money back on needed renovations for those age 65 or older that make...
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Feb 2, 20217 min
Tax Items Related to COVID19
Bruce Ball, FCPA, FCA, CFP on January 28, 2021 from my association has put out a good summary of the tax items that can be encountered in...
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Jan 17, 20211 min
Ontario Small Business Support Grant Program Open for Applications
An update, the Ontario Small Business Support Grant is now open for applications. Ontario Small Business Support Grant Applications are...
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Jan 2, 20213 min
It's 2021 and Happy New Year! A few things to do in the short run to keep more money in your pocket!
I hope everyone had a Happy New Year and that 2021 is better than 2020! However, you can still do some a few items at this time of year...
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Dec 31, 20205 min
Five Things You Should Do in 2021 to Improve the Value of Your Business!
This was written by another Chartered Professional Accountant member and a good read. David Prowse CPA, CA, December 15, 2020 I believe...
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Dec 24, 20202 min
Vehicle Claims Unchanged 2021 vs 2020, and Standby Charge Flexibility for 2020 T4s! Good news here!
The government of Canada announced the 2021 automobile rates. Since most clients use kilometer reimbursement in the past that drive more...
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Dec 22, 20204 min
Ontario Business Relief Rules for Lock Down Coming-$10,000 to $20,000 Available in January, 2021
Ontario has announced new measures to assist with business's impacted by the up coming lock down. The funds will start in January 2021...
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Dec 15, 20204 min
Simplified Home Office Claims $2 a day! Lots of Rules for small savings in detailed calculations!
On December 15, 2020, the CRA released details on new methods to claim home office expenses. The update includes: -New temporary flat...
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Dec 5, 20201 min
CPP Going Up in 2021 -$536.90 for the Self Employed at the Maximum
The Canada Revenue Agency has announced the CPP rates for 2021. The maximum pensionable earnings under the Canada Pension Plan (CPP) for...
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Dec 4, 20204 min
CEBA Loans - Extra $20,000 Available- Be Careful
The government of Canada announced on October 9th, 2020 that an additional $20,000 loan would be available of which only $10,000 has to...
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Nov 30, 20207 min
Canada Economic Update - November 30, 2020
Today the Federal Government provided the Economic Update. Here are some interesting items to note as follows; Some Statistics That...
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Nov 14, 202012 min
Tax Planning 2020 - Now is the Time!
It's middle of November and tax planning time has come. Why you may ask? Most items in the Income Tax Act are to be completed on a...
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Oct 28, 20203 min
Is Franchising an Option For Your Business?
Introduction Many new businesses and old businesses are failing in these aggressive economic times. The old saying " most businesses will...
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Oct 28, 20204 min
The Lease or Buy Decision?
Many people wonder whether it is better to lease or buy assets? The determination of which method is more beneficial is often difficult....
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Oct 28, 20202 min
Avoiding the Cash Crunch!
Many small businesses are under capitalized. This means that the owners have ventured into business without sufficient resources to...
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Oct 21, 20203 min
RRSP Limits for 2017 to 2020
The RRSP maximum for 2020 is $27,230 less PA (Pension Adjustment) (Thus, your 2019 earned income (see below) needs to be $151,278 to...
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Oct 21, 20203 min
Advantages of Incorporating
Limited Liability In many situations the primary reason for incorporating is the advantage of limited liability. A corporation will...
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