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 […]
The Liberals increased Old Age Security (OAS) by 10% for seniors older than 75 years of age earning less than $77,580. The change meant an increase of $729 annually in OAS starting in July 2020.
The Liberals also provided an enhancement to the survivor benefit of the Canada Pension Plan (CPP). The maximum pensionable earnings have increased to $58,700, […]
CRA has recently made changes to the Disability Tax Credit (DTC) application process. The key changes include:
Canadian seniors may be eligible to claim various special deductions and tax credits that are not available to younger taxpayers.
Qualifying individuals may claim up to $10,000 in eligible renovation costs to improve the accessibility within your home. Please refer to this CRA article
The Home Renovation […]
The CRA has made some changes for 2020, in light of the special circumstances during the COVID 19 pandemic
These appear on a T4A slip in boxes 197 to 204 and are reported on line 13000 as taxable income.
The Canada Recovery Benefit (T4A box 202) is subject to a social benefits repayment (line 23500) […]
The CRA recognizes that more employees are required to work from home. This may result in additional costs for the employee, which should be allowed as a deduction on their tax returns.
The CRA has issued a new policy in recognition of the special circumstances of the COVID-19 pandemic. Employees working from home over 50% of their work […]
You should digitize your tax documents
While paper documents were preferred by the CRA for many years, they have since opened up the opportunity to submit documents through their website, which means they will accept digital copies. Please refer to the following CRA article
We recommend digitizing all tax documents:
a. they can be stored more easily on your computer hard drive or […]
The Canada Revenue Agency (“CRA”) may ask for supporting documents after you have submitted your personal and/or business tax returns. These requests may come in the form of a Pre-Processing Review or a Post Processing Review. These requests typically tell you what they need to see, but only in a very general way; there is a […]
