General News
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Immediate Expensing of Capital Asset Purchases
With the passing of Bill C-30, which enacted many measures that were previously announced in Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience , the Federal government now allows immediate expensing 100% of many capital asset purchases. The full cost of “eligible property” acquired by a Canadian-controlled private corporation (CCPC) on or after…
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2021 Federal Budget Commentary
On April 19, 2021, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience, to the House of Commons. No changes were made to personal or corporate tax rates (other than a temporary measure for zero-emission technology manufacturers), nor to the inclusion rate…
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Personal Tax Credits: Medical Expenses
Out-of-pocket medical expenses can be claimed as a non-refundable tax credit on your personal tax return, which is used to reduce the total tax payable. Non-refundable tax credits save tax at the lowest personal tax rates (15% federal and 5% in Ontario). An individual is eligible to claim medical expenses for themselves, their spouse/common-law partner,…
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Personal Taxes: Work from Home Expenses
With the transition to working from home as a result of the COVID-19 pandemic, many questions have come up regarding eligibility for home office deductions that employees may be able to claim on their 2020 tax return and whether your employer will be issuing T2200/T2200S forms. The Canada Revenue Agency (CRA) recently announced a temporary…
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Year End 2020 Agriculture Matters
Investments to Support Supply-Managed Dairy, Poultry and Egg Farms In August 2019, the government announced that $1.75 billion would be provided to compensate Canadian dairy farmers over 8 years. This was the result of the government’s commitment to full and fair compensation for the market access concessions made under the Canada-European Union Comprehensive Economic and…
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Year End 2020 Newsletter
Accounting Human Resources Solutions Wealth Management Company News Please Note Our Christmas Shutdown The offices of Ward & Uptigrove will be closed from 3:00 pm on Thursday, December 24th and reopening in the New Year on Monday, January 4th. COVID-19 Support Program Updates We are carefully monitoring updates and are keeping clients informed of relevant…
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CEBA Loan – Feed Qualification
More information has been released by CRA around eligible non-deferrable expenses that may allow your business to now qualify for the Canada Emergency Business Account (CEBA). In addition to the originally noted categories for non-deferrable expenses, Canada Revenue Agency now includes payments incurred for materials consumed to produce a product ordinarily offered for sale by…
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Agriculture Matters: AgriBusiness Economic Program
Due to COVID-19, the application deadlines for AgriStability and Risk Management Program (RMP) have been extended to July 3 and June 30 respectively for the upcoming year.
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Measures to Keep Employees Employed
We’ve compiled a list of measures, with the April 1st Government of Canada updates, that focus on employers keeping workers employed.
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2019 Tax Season: Time to get Organized!
Prepare early by organizing documentation with our 2019 Personal Income Tax Checklist well in advance of the tax deadlines! Also, review reminders about deadlines and common tax credits.
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Possible Increase to the Capital Gains Inclusion Rate
In recent years there has been speculation that the Federal government would increase the capital gains inclusion rate from the current 50% up to 75%. This increase in the capital gains inclusion rate could occur as early as the upcoming Federal Budget, which is expected to be released in the coming month or two.
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Year End 2019 Newsletter
Accounting Human Resources Solutions Wealth Management Company News Separation/Divorce Tax Issues When there is a breakdown in a relationship, your personal income tax situation can be significantly impacted. It is essential to inform the CRA and your accountant or tax advisor as early as possible about the status change, including the date of separation. It…