RSU Taxation
Taxation of Restricted Stock Units (RSUs) Key points: Restricted stock units (RSUs) are a way your employer can grant you company shares. RSU’s are effectively deferred employee bonuses. When the RSU’s vest (when you’re able to sell them), you’ll receive a taxable benefit equal to the value of the [...]
Home Office Deduction for Employees in 2021
CRA Extends Home Office Claim to 2021 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 [...]
Tax Breaks for Parents
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 [...]
Tax Breaks for Seniors
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 [...]
CRA releases revised Disability Tax Credit Form T2201 and a new digital application for medical practitioners
October 7, 2021 CRA has recently made changes to the Disability Tax Credit (DTC) application process. The key changes include: a significant revamp of Form T2201, Disability Tax Credit Certificate the launch of a new digital application that guides medical practitioners through the completion of Part B of Form T2201 [...]
Capital cost allowance – Zero-emission vehicles
[2020-07-08 Economic and Fiscal Snapshot] An extension of capital cost allowance (CCA) classes 54 and 55 to used vehicles has been announced. [2020-12-15 Legislative Proposals] The Government has proposed a temporary enhanced first-year capital CCA rate of 100% for eligible new and used fully electric or hydrogen powered automotive equipment and vehicles that currently do [...]