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…
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…
Do you own foreign property, a foreign corporation and/or offshore accounts? See below more information on the tax implications of owing foreign property. CRA is looking into Canadians with offshore accounts and foreign property. Ensure you are filing form T1135 – Foreign Income Verification Statement if you own any foreign property over $100,000. The maximum…
As an employee, your tax returns can be very simple; your employer gives you a T4 and you file your return based on it. But did you know there are ways you can maximize your tax return that you may not be taking advantage of? One main way is the T777 form, which is the…
Do you own a vacation property in which you rent out short-term? Do you know your obligations to CRA regarding GST/HST? If not, don’t worry we have the answers! The most important thing to consider when it comes to GST/HST in property rental is the primary use of the property. A residential property is a…
Are you self-employed? Some of your important tax questions answered! Becoming a self-employed individual can be empowering but also stressful. There maybe many of questions swirling around in your head, but not to worry – we’re here to answer them! What is considered self-employed income? Well, self-employed income refers to income obtained through your own…
On March 22, 2017, the federal Liberal government released their 2nd budget. For those of you who are not inclined to read the detail and commentary below, an executive summary follows. EXECUTIVE SUMMARY Capital gains inclusion rates – The status quo of 50% of capital gains inclusion remains… no change. Stock option deduction – No…
Dividend or Salary As the owner of a Canadian small business corporation, you generally have two methods when it comes to paying yourself: Dividend – an investment return paid out of the corporation’s retained earnings Salary – an employment return paid out of the corporation’s net income The Canadian personal and corporate income tax structure is designed to…
If you live in Canada, you are likely aware of the recession conditions our economy is currently facing. These are uncertain times, and you might find yourself in the devastating and confusing position of unemployment. So, what are your options? Employment Insurance (EI) is designed to provide temporary financial assistance to Canadians who have lost…
Accounting is a world of acronyms. CA, CGA, CMA, CPA, what do they all mean? Jibe Accounting is here to help you understand ASAP, OK? As of January of 2013, Chartered Accountants (“CAs”) adopted the Chartered Professional Accountant (“CPA”) designation. The three accounting bodies in Canada, CA, Certified Management Accountants (“CMAs”), and Certified General Accountants…