Designated beneficiaries of registered retirement accounts (RRSP, RRIF, TFSA.) As the saying goes, the only guarantees in life are death and taxes, and unfortunately there are tax issues to deal with upon the death of an individual. If you have registered retirement...
CRA or Scammer: Who is it? Most, if not all of us, have received a call from someone claiming to be from the Canada Revenue Agency (CRA). They may threaten arrest or other such actions if a tax bill is not immediately paid via iTunes or Bitcoin, for example. While...
The new 2020 T4 reporting requirements are noteworthy especially as February approaches and some of you may already be starting to prepare your T4 slips for yourself or your employees. For 2020 T4 slips, there are 4 additional codes that are required to be reported....
If you have been forced, or have chosen, to work from home due to the COVID-19 pandemic, then CRA’s release of details on the new rules for claiming home office expenses for employees on your 2020 personal taxes may be of interest. (CLICK HERE for details on the...
A very common question that we receive is, “When should I apply for CPP?” Of course, the answer is, “That depends!” While the normal age to begin receiving regular CPP is 65, individuals can apply to start receiving their CPP earlier at a cost,...
Beware of deducting personal expenses in a business, the cost could be very high. In July a 23, 2020 Tax Court of Canada case, at issue were a number of expenses claimed by the taxpayers (a corporation and its sole individual shareholder) in respect of the business of...
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