Personal Service Corporations
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 […]
Home Office Deduction for Employees
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 […]
Catching Up on Past Due Tax Returns
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 […]
New Canada Dental Benefits for Children
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 […]
GST Rebates Temporarily Increased
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 […]
CRA Changes for 2020
The CRA has made some changes for 2020, in light of the special circumstances during the COVID 19 pandemic
COVID-19 federal and provincial benefits
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 […]