Our Financial Blog

Focus LLP News and Tax Tips

2021 Tax Planning Tips

2021 Tax Planning Tips for the 2021 personal tax preparation season.  See below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. 1)   Certain expenditures made by individuals...

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2022 Vehicle Allowance Rates

2022 CRA Vehicle Allowance Rates 2021 was a very challenging year and we hope that 2022 will be much better. If you reimburse yourself or your employees for business use of a personal vehicle the CRA vehicle allowance rates for 2022 have increased by $0.02 per km. The...

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Employee Taxable Benefits

Employee taxable benefits are to be calculated and included in your employee's income on their T4 slips each year.  With the calendar year coming to a close, it is a good time to evaluate if you have any taxable benefits to report for your employees. The most common...

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Withdrawing from Family RESPs

Withdrawing from Family RESPs: Flexible planning possibilities. A Registered Education Savings Plan is an excellent way to save for you children's post-secondary education. (Check out our previous post, What is a Registered Education Savings Plan?) If you have more...

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