Tax Articles2021-11-20T09:16:42-08:00

Employee Home Office Expense Claim

By |12/15/2020|Categories: Taxes|

New Simplified Home Office Deduction 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 [...]

Digitizing your Tax Documents

By |12/10/2020|Categories: Taxes|

You should digitize your tax documents Why Digitize? 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 [...]

6 Considerations re Expense Claims

By |12/09/2020|Categories: Taxes|

1.   Pre-Processing and Post Processing Reviews 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 [...]

Calculating the tax you may owe on COVID Benefits

By |12/07/2020|Categories: COVID, Taxes|Tags: |

Author: Jamie Golombek Managing Director, Tax and Estate Planning, CIBC Private Wealth Management Overview for Calculating Taxes on COVID Benefits Canadians who collected COVID benefits may have to pay income tax on those benefits. For millions of Canadians whose income declined as a result of COVID-19, perhaps because they [...]

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