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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…

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…

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…

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,…

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,…

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