As many businesses are safely reopening and many returning to work; Canadians are slowly recovering from the fight against the COVID-19. Canada is on the road to economic recovery, but some businesses continue to struggle and still in need of support from the government. On October 23rd, 2021, the Government of Canada announced the end…
Do you work for companies such as Skip the dishes, Door Dash or Uber Eats? If you do, you are part of working within the Gig Economy. Gig Economy refers to a free market system in which traditional businesses hire independent contractors to perform individual tasks for them. What you should know about working within…
Moving expenses are eligible to be deducted if two conditions are met: You moved for a job or to run a business at a new location or you moved to attend a full-time post-secondary program Your new home is at least 40 KMs closer to your new work/school You can deduct these expenses are to…
Do you rent out your basement, or a whole property? And have you been reporting this correctly on your taxes? Here’s some tips on how to properly report these properties on your taxes. Properties Rental income is earned from a property you own. This property can be used as a residential (ie: house, room in…
The Federal Government has announced the Canadian Emergency Response Benefit (CERB) has ended, with the last period covering up to September 27, 2020. But what does this mean for the 4.5 million Canadians currently on CERB? See below the proposed new benefits and qualifications for Employment Insurance (EI): Employment Insurance (EI) For those who qualify…
If work in the construction or trades business and are an independent contractor or own an incorporated business, there are many opportunities to decrease your tax liability. See some tax tips below: Incorporate – Lower Your Tax Implications If you are an independent contractor and have not yet incorporated, you may want to consider doing…
Have you ever received either a phone call, text message or an email that claims to be from the Canada Revenue Agency (CRA) saying you either owe them money, or you have a refund or benefit payment from them that you need to claim? As taxpayers, we should be vigilant when we receive these kinds…
In light of one of the more threatening and deadly pandemics of all time, the Canadian government launched the COVID-19 Economic Response Plan on March 18th, 2020. As non-essential services were closed to slow the spread of COVID-19, many businesses temporarily, or permanently shut their doors and let their employees go. Since Canada’s COVID-19 Economic…
With the COVID-19 pandemic, many Canadians have resorted to working from home and operating online. E-commerce businesses have become a popular industry for Canadians looking to start their own businesses, as opposed to a brick and mortar location. Depending on your business model, many of these E-commerce businesses would not even require you to leave…
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…