Tax Tips and Traps

Our 2021 First Quarter newsletter can be viewed here and covers a number of important topics including:

• Canada Pension Plan........costs are increasing in 2021
• Canada Emergency Wage Subsidy (CEWS).......public listing of applicants
• Canada Emergency Rent Subsidy........more Covid-19 support
• Employees working from home during COVID-19.........personal tax deductions
• Canada Emergency Business Account.......Program expanded
• Online Activity......CRA focus on video game streamers and online influencers

Our December 2020 newsletter is available here and covers a number of important topics including:

• Canada Pension Plan, when to apply?
• Reasonable meal allowances
• Commingling business and personal expenses....the cost could be very high
• Unreported income...Statute barred periods
• Unremitted GST/HST or Source deductions....Directors can be personally liable
• U.S. Transition Tax.....IRS starting compliance work
• RRIF/RRSP on death...roll over to a child or grandchild's RDSP

Our September 2020 newsletter is available here and covers a number of important topics including:

• Reimbursing employees for work from home technology expenses
• Real Estate projects, watch out!
• Loans for value, income splitting tool
• and more

Our June 2020 newsletter is available here and covers a number of important topics including:

• Starting a business and not getting paid? Are you eligible for EI?
• Real Estate sales, taxable or not
• Contributions of goods or services to a Not For Profit Organization---tax implications
• Are you working from home during COVID-19? You may have eligible tax deductions
• and more