The first of the Government of Canada’s new financial support measures took effect on November 4, 2022 with the additional one-time goods and services tax credit (GST credit) payment.
This additional one-time payment will double the GST credit for six months for those who receive it, to help make life more affordable.
GST credit recipients do not need […]
Seeing a dental care professional is important not only for oral health, but for overall health. In Canada, a third of people do not have dental insurance, leaving many unable to visit an oral health professional to get the dental care they need.
On December 1, the Government of Canada announced that applications for the new interim […]
Rather than hiring employees directly, many taxpayers retain non-employees to provide services, whether to fill a short-term need, obtain specific expertise or otherwise fill a role that is not suited to a full-time position.
These situations carry significant income tax risk, and that risk depends on whether an individual or corporation is providing the services.
When the service provider is an […]
As Residents of Canada’s Capital move from Canada to the United States or vice versa, a multitude of unique lifestyle, immigration, financial, tax and estate planning issues must be considered. Ideally, it is best to plan or be aware of these considerations prior to the move, not afterward. In this article, we will discuss some of […]
You may have been putting considerable energy into saving for retirement, but what about estate planning? If you want your assets to pass through as easily as possible to your beneficiaries, it’s worth speaking to an advisor and doing some planning early on.
“There are many things to consider during the planning process,” says FCPA […]
Did you know that some Canadians are entitled to benefits and credits but they don’t know that they are? You may be leaving money on the table by not filing your income tax and benefit return.
The Canada Revenue Agency (CRA) wants you to receive the […]
Our tax services include catching up on tax returns from past years that haven’t been filed yet for both individuals and businesses
This is a big part of our business! We support our clients through-out the year by preparing past due tax returns. The CRA only requires taxpayers to catch up for the past […]
A tax problem can quickly become a tax emergency.
Unresolved tax disputes with the CRA pose significant risks to taxpayers. The CRA has sufficient powers to collect tax debt under the various tax acts. Taxpayers facing problems such as past due tax returns, undeclared income, or outstanding tax debt could face harsh consequences including:
For the 2021 and 2022 tax years, employees working from home due to the COVID-19 pandemic may be able to claim up to a maximum of $500 using the simplified temporary flat rate method, to calculate their home office expenses. This is an increase over the $400 maximum for 2020
The new temporary flat rate method […]
Being a parent isn’t cheap these days. With a lack of affordable childcare, the federal government is looking to give new parents a tax break.
The federal government has made a pledge that any maternity or parental benefits received through EI will be tax-exempt at source, beginning in 2020. This change means an extra $1,800 a year for someone […]
