In addition to Canada’s COVID-19 Economic Response Plan, there have been some changes to Alberta’s economic response. The Alberta government will provide immediate funding and supportive measure for local businesses, employers and employees. Corporate income tax deadline extension Corporate income tax balances and installment payments will be deferred from March 19 until August 31, 2020…
In light of the recent threat of COVID-19 to the livelihoods of employees, families and self-employed individuals, the Prime Minister announced on March 18th, 2020 the Government of Canada’s COVID-19 Economic Response plan which will provide up to $27 billion in direct support to Canadian workers and businesses. Here are some of the main highlights…
In light of the recent threat of COVID-19 to the livelihoods of businesses, business-owners and employees, the Prime Minister announced on March 18th, 2020 the Government of Canada’s COVID-19 Economic Response plan which will provide up to $27 billion in direct support to Canadian workers and businesses. Here are some of the main highlights for…
Meals and entertainment can be a great deduction for many businesses. But what is considered a valid meals and entertainment expense? And to what extent can you claim this deduction? See below! Generally, the meals and entertainment expense are food, beverage and entertainment expenses incurred by the business. To qualify, these outings must be with…
Reality is most people whether employed, self-employed or business owners have an office space in their home they use for work. However, CRA has strict guidelines as to whether or not this space is deductible under certain conditions. In general, CRA requires your home office to be a place in which you meet clients and incur…
As the owner of a corporation, there are several options as to how you could pay yourself. This is advantageous to you because it allows you to tax plan to result in the best outcomes for both your personal tax and corporate taxes. See below the advantages and disadvantages to each method: Dividends Dividends are…
If you own a barbershop/salon, chances are you have contractors/self-employed barbers/hairdressers working with you. There has been changes specifically for contractors this industry when it comes to Employment Insurance (EI). Under the Insurable Earnings and Collection of Premiums Regulations, it is now required the employer to withhold and remit EI for any barber/hairdresser if their…
CRA has established a new rule for Capital Cost Allowance (CCA) called the Accelerated Investment Incentive. This new rule applies to property purchased after Nov. 20, 2018. CCA can be calculated on 1.5 times the value of the asset in the first year of purchase, thus creating a larger amortization expense for this first year.…
Tax season is just around the corner! Find out below when your corporate deadlines are to avoid paying extra interest and penalties this year. T2 Return Deadlines December 31st Year-End: T2 Corporate Tax Return must be filed by June 30th to avoid penalties for late filing Other Fiscal Year-Ends: T2 Corporate Tax Return must be…
As of 2020, there have been several changes to the T1 Personal Tax Return. Below are some of the standard changes as well as the values for the 2019 tax return. Basic Personal Amount $13,229 in 2020 $12,069 in 2019 This is a non-refundable tax credit, in which you are only taxed on the income…