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2022 Federal Budget Highlights and Commentary

Friday April 15, 2022

On Thursday April 7, the Honourable Chrystia Freeland presented the 2022 Federal Budget. Surprisingly, there were not a raft of tax changes, the capital gains inclusion rate (or effective capital gains tax rate) was not increased, and Federal budget deficits are projected to [...]

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2021 Personal Income Tax Return Update

Tuesday February 22, 2022

The 2021 personal income tax filing deadline is May 2,2022, and the filing deadline for self‐employed individuals and their spouses (including HST returns) is June 15th. The late filing of your tax return will result in a CRA penalty of 5% of any [...]

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NEWS New Trust Reporting Requirements on Pause plus changes to the CEBA Loan Repayment Deadline

Friday January 14, 2022

New Trust Reporting Requirements on Pause The legislation to support the new T3 beneficial ownership disclosures that was proposed in the 2018 budget—and that was set to come into effect for trusts with December 31, 2021 year ends—is still pending, as it has [...]

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The new Ontario Business Registry (OBR): what you need to know

Wednesday October 27, 2021

The Ontario Business Registry (OBR) was launched on October 19th, 2021. If your organization is registered, incorporated, or licensed to do business in Ontario, here is what you need to know: Overview The OBR allows businesses and not-for-profit corporations to instantly complete over [...]

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Potential Tax Consequences of the 2021 Federal Election

Wednesday October 20, 2021

Now that the dust has settled on the federal election, we thought we would revisit some of the specific tax proposals from the Liberal election platform—including some outstanding items from the 2021 federal budget—that may affect our client base. Overview Under the ‘no [...]

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Implications of Using Multi-Factor Authentication to Access your CRA Accounts

Tuesday July 20, 2021

When logging in to your CRA My Account or My Business Account, you will notice a request to provide a cell phone or landline number for the purpose of multi-factor authentication. This new process is a security step being rolled out by the [...]

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Cryptocurrency EFTs – the Safer Tax Choice

Wednesday May 26, 2021

Traditionally, in order to invest in cryptocurrencies (such as Bitcoin or Ethereum) you have had to purchase them through a cryptocurrency exchange platform. The purchased cryptocurrencies would then be held in either the exchange platform’s digital wallet or in an external digital wallet. [...]

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Employment Expenses for Working at Home Due to COVID-19 – details on new rules and simplified forms

Wednesday January 20, 2021

The Canada Revenue Agency (CRA) recently released details on its temporary home office expense rules for eligible employees who worked from home in 2020 due to COVID-19. These measures include a flat-rate method for employees with modest expenses and a simplified form for [...]

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Mandatory filing of Form PD27 for employers claiming amounts under the Temporary Wage Subsidy (TWS) program or the Canada Emergency Wage Subsidy (CEWS) program during the TWS claim period

Tuesday January 19, 2021

Please note that the CRA will be conducting reconciliations of your 2020 T4 information returns against amounts claimed under the Canada Emergency Wages Subsidy (CEWS) and Temporary Wage Subsidy (TWS) programs. The CRA will use the information from Form PD27 (10% Temporary Wage Subsidy [...]

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