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Form PD27 to be Filed to Retain Full Canada Emergency Wage Subsidy
If you are an employer who wishes to claim the full 75% Canada Emergency Wage Subsidy (CEWS) and has not claimed the 10% Temporary Wage Subsidy (TWS), you must complete Form PD27 to make an election for your TWS to be equal to 0%. Make sure you fill out this form, either by clicking on […]
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Canada Emergency Wage Subsidy (CEWS) – Overview and Bill C-20 Updates
In response to the Covid-19 crisis, the Canadian government introduced a wage subsidy to enable employers to keep employees working or incentive for employers to re-hire employees that were previous laid off. This program provided a subsidy of 75% of employee’s wages for the period from March 15 to July 4. To qualify for this […]
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U.S. Tax filing requirements, deadlines, and penalties for U.S. citizens (and green card holders) living in Canada and Canadian’s with US tax filing requirements
U.S. Citizens and green card holders living in Canada Tax filing deadlines and payment deadlines For U.S. citizens (and green card holders that have not expatriated) that are living in Canada, the personal tax payment deadline is April 15th. The actual filing deadline is automatically extended to June 15th. This means if you anticipate you […]
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How Entrepreneurs Can Seize Opportunities During a Time of Crisis
The COVID-19 pandemic has taken us all by surprise and the business landscape as we know it is changing rapidly. It is normal for us to feel stressed, worried, or overwhelmed, especially when it comes to our finances and growth of our business. During these times of uncertainty, what should we focus on? In Japanese, […]
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Canada Emergency Wage Subsidy (CEWS) Update
By now everyone has either heard of or applied for the 75% Canada Emergency Wage Subsidy (CEWS). The program was originally intended to cover a 12-week period, from March 15 to June 6, 2020. Finance Minister Bill Morneau announced an extension of this program by an additional 12 weeks to August 29, 2020. If you […]
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Owner/Manager Salaries vs. Dividends: Which Method is Better for You?
When is it better to pay a salary vs. a dividend as the owner/manager of a corporation? There are pros and cons to each method and as the owner of a business you should be aware of your options before deciding on what is better for your unique tax situation and why. The following article […]
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Understanding the Shareholder Loan: How to Use it to your Advantage and Stay Compliant with CRA
If you are the owner-manager of a corporation, understanding the concept of the shareholder loan is essential to running your business. Below I will explain what a shareholder is and how to use it. After reading this article you will become familiar with potential tax-traps and how to avoid them. I will discuss the following […]
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Financial Statements for Your External CPA
MANAGEMENT Consider your external Chartered Professional Accountant when preparing internal financial statements. To run an owner-managed business successfully, it is not enough just to track the movement of funds in and out. Statements providing the type of information needed by your external CPA are also essential because the external accountant is the intermediary between your […]
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Investing for Retirement
INVESTMENT Saving for retirement can be approached in several ways. Media ads constantly bombard us with images of happy, attractive couples enjoying their retirement years on a sunny beach in Jamaica or on a cruise ship in the Mediterranean. But to reach that dream, it is necessary to invest today’s earnings so that they will […]
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Small Business and the CRA
TAXATION Ensure your books are always in order for the CRA. Owner-managers work hard in their businesses but are often overwhelmed by the reporting requirements for the Canada Revenue Agency. Few owner-managers enjoy the time spent and cost required to meet the CRA requirements, let alone the actual taxes that have to be paid; nevertheless, […]