The Government of Canada is taking targeted action to support Canadians and Canadian businesses, non-profits and charities that continue to face uncertainty and economic challenges because of the COVID-19 pandemic. The new Canada Emergency Rent Subsidy (CERS) provides direct commercial rent or property expense support to tenants and property owners of qualifying organizations affected by […]
Self Employed Benefits
Assistance for small business and self-employed: Trudeau has confirmed and it is confirmed on the CRA web site. The portal to apply for the Emergency Response Benefit will be through My Account (CRA). This will open for applications the beginning of April. I can not say this enough……. the systems are jammed with unprecedented numbers of people […]
COVID -19 CRA UPDATES FOR BENEFITS, CREDITS & SUPPORT PAYMENTS
FILING YOUR PERSONAL TAXES The Federal government has extended the tax deadline to June 1, 2020. Payment Due Date Aug 31, 2020 Will a delay in filing my taxes effect my benefits? If you are low income (or anyone that relies on their CTB,OTB or GST) You should try to file as early as possible […]
2019 TAX YEAR
Canadian Tax Changes for 2019 Working Income Tax Benefit Renamed and Enhanced The Working Income Tax Benefit is a refundable tax credit that helps give tax relief to low-income individuals and families to encourage them to participate in the workforce. The Working Income Tax Benefit is being renamed the Canada Workers Benefit. But that’s not […]
2018 TAX YEAR
Highlights & Changes for 2018 Taxes I want to talk to you about keeping records! Revenue Canada seems to have set its focus on reviews, request for information and audits. Letters from CRA come calling it different things but what it comes down to is if you don’t have the documentation to back up your […]
Watch for Scammers & Fraud
One of the biggest stories this year is the number of scammers out there pretending to be Revenue Canada. Protect yourself against FRAUD! Beware of new phone SCAMS! To help you identify possible scams, use the following guidelines:The CRA: never requests prepaid credit cards never asks for information about your passport, health card, or driver’s […]
2017 TAX YEAR
FEDERAL AND PROVINCIAL CHANGES Things are going from bad to worse with Revenue Canada! Their service is horrific. Wait times are beyond anything acceptable in any industry. When you do finally get to talk to a person, their information is not trust worthy. Now to top off the cake… CRA are eliminating or removing all […]
Small Business Tax Changes 2016
Small Business Tax changes for 2016: The November Federal Budget proposed that small businesses would pay less tax in the future but the actual tax reductions didn’t happen. Eligible small business income will still be taxed at the same Federal rate of 10.5%. Electric vehicle charging stations and energy storage properties now qualify for accelerated […]
Article – A Little Introduction from our WORKWISE Accounting Team
“The best laid plans of CRA and Men” In general, many taxation and reporting rules that were designed to deal with specific situations or events are often worded so broadly or written so ambiguously that they end up including many other taxpayers and other unrelated events. Intentions are great when the intended result occurs, but […]
Annual Tax Free Savings Account Contribution Limit
Annual Tax Free Savings Account contribution limit for 2016 was reduced to $5,500 from $10,000 in 2015. Please see Tax credits information for other important changes. Let’s see if they effect you and your family.