Tax News

On April 7, 2022, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable , to the House of Commons. No changes were made to personal or corporate tax rates, nor to the inclusion rate on taxable capital gains. Some…

On June 29, 2021, Bill C-208, An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation) , received Royal Assent and consequently became law. The purpose of Bill C-208 is to provide tax relief to families who wish to transfer shares of a small business or family…

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…

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,…

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…

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.

Dairy farmers will receive $315/kg of their August 31/19 owned quota. The payment may be received in 2019 if applied for by December 13/19. Payments, whether chosen in 2019 or 2020, are added to taxable income and extra tax planning may be beneficial.

Finance Minister Bill Morneau released Budget 2019 on March 19, 2019. In brief, the 2019 Budget includes $22.8 billion in new spending over the next five years. The government expects revenues to steadily increase by nearly $60 billion in 2023 and projects program spending to increase by $40 billion that year. Debt payments are projected…

Many myths have developed over the years around the income tax system and the filing of tax returns. This tax season, let us highlight some common misunderstandings and clarify the truth.

On November 21, 2018 the Federal government proposed an increase in the rates of CCA that can be claimed in the first year for purchases of various equipment and buildings. In general, these changes greatly increase the amount of CCA that can be claimed in the first year an asset is purchased.

Employers of apprentices that commenced an approved apprenticeship program after November 14, 2017 are required to apply for the Graduated Apprenticeship Grant for Employers (GAGE) as the incentive to employers has changed from a tax credit to a grant.

We are pleased to provide you with commentary on the Canada Federal Budget released February 27, 2018