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Get ready to do your 2020 personal income taxes!
Another year has gone whizzing by. As of February 22, 2021 CRA, has opened their servers to accepting e-filing of personal tax returns. It is important for everyone to file their income tax and benefit return on time, since it is necessary to receive benefits and credits you are entitled to. Here is what you […]
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Income Tax Return for Electing Under Section 216
The following article is a case study on a non-resident of Canada taxpayer, named Cameron, and how he should deal with his Canadian rental property for tax purposes. Facts about Cameron’s tax situation: Receives $3,000 monthly rental income from his beautiful home in Vancouver. Loves warm weather and is retired, so decided to move to […]
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Changes to working from home for employees in 2020 due to COVID-19 pandemic.
CRA has provided two new options for claiming employment expenses related to working from home in 2020. New – Temporary Flat Rate Method – where employees can claim a flat rate amount of $2/day to a maximum of $400. Under this method, no employer certification is required. Simplified Detailed Method – for employees who claim […]
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Canadian Taxation of Stock options – Part 2
Part 1 of this 3-part series explained the taxation of U.S. stock options. In this article we will discuss the tax implications of Canadian stock options. The tax consequences resulting from Canadian stock options is differentiated by the type of company that is granting the option. This is because stock options grant by Canadian controlled […]
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A look at the new Canada Recovery Benefit (CRB)
Many people are still being impacted by the COVID-19 pandemic and require support. The Government of Canada has introduced three new benefit programs, The Canada Recovery Benefit (CRB), The Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregiving Benefit (CRCB). In this article, I will discuss the features of the Canada Recovery Benefit. Before […]
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Are you a plumber, electrician, or HVAC company? Don’t miss out on claiming your apprenticeship tax credits!
Apprenticeship Tax Credits are available for salaries paid to eligible apprentices working under various trades programs. Employers who hire apprentices registered in Red Seal programs are eligible to claim: Tax credit for each apprentice who is in their first 24 months of apprenticeship for 10% of wages up a maximum of $2,000 per year. Employers […]
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Voluntary Disclosure for delinquent U.S. Personal tax returns and Foreign Bank Account Report (FBAR)
For many years, the IRS offered an Offshore Voluntary Disclosure Program (OVDP) for taxpayers with delinquent returns or FBAR to apply for penalty relief by filing three years of Form 1040 “Individual Income Tax Returns” and six years of FBAR. This program came to an end on September 28, 2018 due to a slow down […]
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Case Study: Ashlee is starting a new e-commerce business and needs tax advice!
Facts about Ashlee’s tax situation Ashlee has some great ideas for products and wants to sell them online via Amazon and Shopify. She has a full-time job where she earns a salary of $90,000 annually. Wants a tax-efficient business structure that allows her to pay minimal taxes and reinvest her profits. Her customers will be […]
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Claiming Motor Vehicle Expenses
Are you considering purchasing or lease a vehicle for work? If so, you must be wondering how to claim this expense on your tax return. It is important for you to determine the cost and benefits as this may have an impact on your choice of vehicle and whether to purchase or lease. Automobile Deduction […]
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Are You an Employee or a Contractor? Here is How to Tell the Difference.
Are you an employee or a contractor? This is a question consistently asked from our clients and business owners. The CRA has laid out specific criteria for you to know the difference. However, interpreting their rules can be tricky and getting this wrong can be a costly mistake. In this blog, here is what we […]