Still CPA Blog
Personal income tax: What’s new for 2020?
Digital news subscription expenses You can claim up to $500 for amounts you paid in 2020 for qualifying subscription expenses. You must have paid the amounts to a qualified Canadian journalism organization (QCJO) that does not hold a license to broadcast, for a digital news subscription to content that is primarily original news.Only the individual(s)…
What Employment expenses can be tax-deductible by a salary employee?
Salary employees can deduct pension contributions, union dues, and professional fees, but they are very restricted in what employment expenses they can claim. Unlike individuals who run their own business, there is no general rule allowing employees to deduct any reasonable expense incurred to earn employment income. If employees are required to pay their own…
Read More What Employment expenses can be tax-deductible by a salary employee?
Top 5 Missed Personal Tax T1 Deductions.
1. Medical Expenses (Not covered by Insurance) To get the most out of your claim, always have one spouse claim all the medical expenses for the immediate family (you, your spouse, and kids under 18). It is usually better to claim the medical expenses on the lower income spouse’s return. Only expenses in excess of…
How does COVID-19 Tax Benefits impact your 2020 T1 personal taxes?
During 2020, you may have received government COVID-19 payments such as the Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB), Canada Recovery Benefit (CRB), Canada Recovery Caregiving Benefit (CRCB), and Canada Recovery Sickness Benefit (CRSB). These amounts are taxable and you will have received a T4A tax slip. If you are self-employed, you…
Read More How does COVID-19 Tax Benefits impact your 2020 T1 personal taxes?
Why is it important to keep receipts organized for a small business?
Receipts are required if your small business is audited by the Canada Revenue Agency Small businesses must keep their receipts for up to 6 years to be compliant with Canadian tax requirements. Businesses are required to provide evidence of their expenses if the CRA requests it or in case if you get audited, so it…
Read More Why is it important to keep receipts organized for a small business?
Why your small business should switch to Cloud-Based Accounting Software?
Get Access to Real-Time Data Cloud-based accounting software seamlessly integrates with your bank accounts allowing you to track sales, expenses, and inventory. If you are updating your invoices and all the accounting information regularly, you certainly get real-time data at your disposal. Lending Mobility With cloud-based accounting software, you are no longer bound to your…
Read More Why your small business should switch to Cloud-Based Accounting Software?
Are home office expenses tax-deductible for employees working from home due to COVID-19?
The Federal Government has provided additional guidance with respect to employees deducting home office expenses for the 2020 tax year due to the COVID-19 pandemic. If an employee meets the eligibility criteria, there are now two options to calculate the deduction: A temporary flat rate method, or The detailed method involves using the simplified form,…
Read More Are home office expenses tax-deductible for employees working from home due to COVID-19?
Canada’s COVID-19 Economic Response Plan Update
Canada Emergency Wage Subsidy (CEWS) Changes to CEWS as of November 19, 2020 (Bill C-9): The subsidy is extended to June 2021. The maximum subsidy rate for periods 8 to 10 will remain at 65% (40% base rate + 25% top-up). Beginning in period 8, the top-up rate and base rate are now calculated using…
Life Goals
Happy New Year! This is a great time of year to revisit life business and personal goals. What is your ideal life? What do you want to achieve in life? I dare you to dream big, because there is no limit to what you can do when you set your mind to it. Right now,…
Loading…
Something went wrong. Please refresh the page and/or try again.