Due to COVID 19 restriction CRA allowed taxpayers to claim $2 per day as Work from home expenses under the simplified method. The maximum amount you can claim on your income tax return was restricted to $400. The simplified method of claim was only available for tax years 2020, 2021, and 2022.

 Starting from 2023 tax year if you Worked from Home, you can only claim your Work from home expenses under the detailed method. 

CLAIM FOR WORK FROM HOME EXPENSE:

- You must have a T2200 signed by your employer.

- Total square feet of you house and total square feet used for work/office in this house.

Expenses you can claim

    - Utilities (Gas, Hydro, and Water) $

    - Property Tax $

    - Maintenance & repairs $

    - Internet fees (excluding modem or router rental) $

    - Condo fees if it includes your utilities $

    - Rent paid (NA if you own a House) $

    - Phone expenses if your employer requires the use of your personal phone for work $

    - Office supplies if your employer requires you to buy or pay for these items $

Expenses you can not claim

  - Mortgage interest

  - Internet connection fees

  - Capital expenses like furniture, major house or equipment's purchases or repairs

  - Decorations, etc.

As per the maximum pensionable earnings table, in 2024 you will contribute to your CPP @5.95% of your wages until you reach the maximum pensionable earnings of $68,500.00 in the calendar year. Your employer will contribute an equal amount of CPP until your maximum pensionable earnings of $68,500.00 is reached in the calendar year.

With effect from January 01, 2024 Second additional CPP contribution will apply. The second additional CPP increases your maximum pensionable earnings to $73,200.00. Hence the Second additional CPP contribution will only apply if your wages is above $68,500.00 but below $73,201.00. The difference between these two ceilings are $4,700.00 ($73,200 - $68,500). The contribution rate for the Second additional CPP is 4% and your employer will also contribute an equal amount. Theses changes are also applicable to individuals who are self-employed.

Good news, that when you retire you will get increased post-retirement benefit, CPP retirement pension, disability pension, and survivor’s pension.

When you have an employee, you need to run payroll and pay employee after deducting the CPP, EI, and Income Tax.

Please note the CPP and EI changes that will apply from January 2024.

RATES, MAXIMUMS AND EXEMPTIONS

CPP contributions rates, maximums and exemptions for all years

Federal EI premium rates and maximums

The following are the personal income tax rates and brackets that apply on your 2023 income and you pay to Federal, Ontario, and Quebec as per the rates for 2023 in comparison with 2022. Every year Canada revenue agency and the Quebec revenue agency adjust the tax bracket for inflation. Your income tax rates remain the same; only the taxable income brackets are adjusted for inflation.

CRA announces on November 29, 2023 that the Tax-Free saving account limit has been increased to $7,000.00 for the tax year 2023, and now you have more room to invest. This limit was $6,500.00 in 2023. It is also important that you should not forget to check your contribution room on your notice of assessment, as exceeding the contribution room will attract penalties.

November 21, 2023

OTTAWA - Finance Minister Chrystia Freeland announced the 2023 Fall Economic Statement which will affect the short-term residential rental income taxation in Canada.

In order to increase the long term residential opportunities in Canada and increase the housing affordability the government of Canada is taking measures where the taxpayers listing their properties for short-term rentals on Airbnb, VERBO, etc. may have to pay more taxes.

• When you receive rent from the short-term rental of your house, you will not be able to deduct expenses including interest expense for the income tax purposes in the provinces where the municipalities have prohibited short-term rentals. You may have to pay income tax on the amounts of rents received.
• Municipalities of Toronto, Vancouver, and Montreal and few others have already taken to restrict such short-term rentals and the federal government is supporting such actions by the municipalities.
• The federal government of Canada intends to disallow expenses as income tax deductions when you generate income from short-term rental and you are not compliant with the applicable provincial or municipal licensing, permitting, or registration requirements.

These measures will take effect on or after January 01, 2024.

October 12, 2023

You will need to file ISC information with Corporations Canada:

• when filing your annual return with the corporation canada
• within 15 days of any change made in their ISC register
• when incorporating
• after amalgamation
• after continuance (import) to a federal jurisdiction

The following information on your ISCs will need to be filed with Corporations Canada. Some of this information may be made available to the public on Corporations Canada's website.

Information that may be avaialbe to public:

• Full legal name
• Date the control acquired or ceased, as applicable
• Description of significant control
• Residential address (would be made public if no address for service is provided)

You will alsoneed to provide the following information that would be public:

• Date of birth
• Citizenship status
• Your Tax Residency
• Your residential address

September 28, 2023

Originally CEBA loan repayment deadline was set by December 31, 2023 which has now been extened to January 18, 2024. CEBA loan holders need to repay by January 18, 2024 in order to qualify for the forgiveness portion of the loan. You may please contact your financial institution regarding the repayment arrangement.

If you can not repay by the deadline, you can make an arrangement for refinancing this loan with interest with your financial institution. However you will be losing the forgiveness amount of  the CEBA loan.

March 31, 2023

Today, the Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough, announced the permanent elimination of interest for Canada Student Loans and Canada Apprentice Loans under the Canada Student Financial Assistance Program. This significant action will reduce the financial burden on young Canadians as they start their careers.

Starting tomorrow, April 1, 2023, this change will benefit more than 1.2 million post-secondary graduates in Canada each year. The elimination of interest will save an average student loan borrower $520 per year, based on current interest rates.

April 05, 2023

The following minimum wage increase will take effect from October 01, 2023.

The rest of the provinces are still in the process of announcing their increases.

March 21, 2023

Due to an increase in inflation, the federal minimum wage will increase from $15.55 to $16.65 per hour effective from April 01, 2023.

This is based on the Consumer Price Index, which rose 6.8% in 2022, the increase will help make life more affordable for the approximately 26,000 Canadian workers who earn less than the current rate. The federal minimum wage applies to the federally regulated private sectors, including banks, postal and courier services, and interprovincial air, rail, road, and marine transportation.

The Government of Canada is committed to protecting Canadians against money laundering and terrorist financing, deterring tax evasion and tax avoidance, and making sure Canada is an attractive place to conduct business.

Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, introduced proposed legislation in Parliament as part of the government's commitment to corporate transparency and the implementation of a free, publicly accessible and scalable beneficial ownership registry of corporations governed under the Canada Business Corporations Act (CBCA).

This legislation proposes a second series of amendments to the CBCA, and amendments to other statutes. These changes, among others, will require Corporations Canada to make public some information regarding the beneficial owners of federal corporations.

The Underused Housing Tax Act implements a 1% annual tax on underused or vacant housing. Thought this was implemented primarily discouraging buyers who are non-resident of Canada, others may also be affected.

You may need to file UHT-2900

You may be eligible for the DTC if you have type 1 diabetes and:

An impairment requiring life-sustaining therapy that is needed:

• to support a vital function
• at least 2 times per week
• for an average of at least 14 hours per week where the patient or another person takes time away from normal, everyday activities to administer the therapy

Examples:

• Chest physiotherapy to ease breathing
• Kidney dialysis to filter blood
• Insulin therapy to treat type 1 diabete

Were you self-employed or a partner in a partnership in the tax year 2022?

You may be eligible to claim a 25% tax credit of your total ventilation expenses to improve ventilation or air quality at your place of business.

This credit is a refundable tax credit.

• You must have incurred ventilation expenses to improve ventilation or air quality from September 01, 2021 to December 31, 2022 for a Qualifying location.
• Ventilation expenses incurred for each qualifying location is limited to $10,000.00 for tax credit purposes.
• For all qualifying business locations, the total expenses are limited to $50,000.00 for tax credit purposes.

The list of eligible medical expenses has been expanded to include amounts paid to fertility clinics and donor banks in Canada to obtain donor sperm or ova to enable the conception of a child by the individual, the individual's spouse or common-law partner, or a surrogate mother on behalf of the individual. In addition, certain expenses incurred in Canada for a surrogate or donor are considered medical expenses of the individual.

January 20, 2023
CRA efile services will not be available from Friday, January 27, 2023, till Sunday, February 19, 2023, for filing any T1 General Persona Income tax return in order to convert CRA systems for the next filing season. These services will re-open on Monday, February 20, 2023, at 8:30 a.m. (Eastern Time).
CRA efile services will not be available from Friday, January 20, 2023 till Sunday February 19, 2023 for filing any T3 Trust Return or T1135 reporting foreign properties in order to convert CRA systems for the next filing season. These services will re-open on Monday, February 20, 2023, at 8:30 a.m. (Eastern Time).

December 12, 2022

The Honourable Diane Lebouthillier, Minister of National Revenue, and the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion announced that if you are eligible you can apply for a one-time $500 top-up to the Canada Housing Benefit.

Canadians must meet all the following conditions to be eligible for the new benefit:

• have filed a 2021 tax return;
• be at least 15 years of age as of December 1, 2022;
• be a resident in Canada in 2022 for tax purposes;
• have an adjusted family net income of $20,000 or less for individuals, or $35,000 or less for families;
• have paid at least 30% of their 2021 adjusted family net income on rent for their principal residence in the 2022 calendar year; and
• be able to provide their 2022 address(es) and landlord’s contact information.

You can apply this through your CRA My Account if you do not have a CRA My Account click below Rent Benefit.

RENT BENEFIT

Increase in maximum Canada Pension Plan Contribution by the employee and the employer

Your employer deducts your contribution to CPP from each paycheck, and your employers also contribute an equal amount to your CPP. Your employer stops deducting the CPP from your paycheck and also stops contributing the same amount once you have reached the maximum limit of CPP contributions in a calendar year.

Increase in maximum Employment Insurance Contribution by the employee and the employer

Canada Revenue Agency (CRA) has increased the Basic Personal Amount (BPA) for federal income tax computation, in 2023 to $15,000 from $14,398 in 2022. This amount was $13,808 in the 2021 tax year. Every year CRA increases the BPA based on inflation.

This amount is adjusted and announced by CRA before the beginning of each year as your employer needs to consider this amount before preparing your paycheque. You will see an increase in your net pay on your January 2023 pay stub as compared to December 2022 pay stub.

The Basic Personal Amount is the threshold and your income up to this amount is not liable for federal income tax. In other words, if you have income up to this amount in a year, you do not have to pay federal income tax. On your income tax return, you get a non-refundable tax credit which is 15% of your BPA amount.

Your federal income tax payable is calculated on your total taxable income multiplied by the rates based on your slab of income. Then your federal income tax payable is reduced by 15% of your BPA amount subject to your total taxable income slab. Your BPA amount is gradually reduced with your net income between $150,473 and $214,368.

Learn more : Deductions & Tax Credits

Toronto vacant home tax which came into effect from the beginning of tax year 2022 under the By-Laws 97-2022 passed by the City of Toronto.

The law requires the owners of a residential property in Toronto to submit a declaration of their property status in 2022, by Feb 02, 2023.

If you fail to declare you face a fine of $250.

You may need to pay a Vacant Home Tax which is 1% of your current assessed value of your property if your house was vacant for more than six months during 2022.

SUBMIT DECLARATION

December 15, 2022

Department of Finance Ontario, Canada - Bill C-32 - 2022 Fall Economic Statement

Something for everybody in Canada:

1. No interest on Student loans
2. Reducing small business tax from 15% to 9%
3. Tax-Free First Home Savings Account for the first time home buyer to save up to $40,000.00
4. First-time Home Buyers Tax Credit with $1,500 direct support for the closing cost
5. $7,500 Home renovation Tax Credit for a disable person in the family
6. Anti flipping rule - 100% profit taxable on sale of a residential house

Stay tuned for more updates.

When you are investing in technology or designing an eCommerce website to grow your business online, you can get up $2,400 grant under Canada Digital Adoption Program, if you are eligible.

The government of Canada is helping new entrepreneur to grow their business online.

You need to be a Canadian-owned business for profit, a consumer-facing business or one that provides in-person services and has either one employee or at least $30k revenue in the most recent year.

Learn more - Canada Digital Adoption Program

Learn more - Other grants and financing

When you are investing in technology or designing an eCommerce website to manage or grow your business, you can get up $15,000 grant under Canada Digital Adoption Program, if you are eligible.

The government of Canada is helping businesses to transform into digital.

You need to be a Canadian-owned business for profit and have at least one employee and $500k in revenue in the last three years. Under this program, you also get a digital advisor to work with.

You can also apply for up to $100k interest-free loan for five years.

Learn more - Canada Digital Adoption Program

Learn more - Other grants and financing

Learn more - Canada Digital Adoption Program

The following are the personal income tax rates and brackets that you pay to Federal, Ontario, and Quebec for 2022 in comparison with 2021. Every year Canada revenue agency and the Quebec revenue agency adjust the tax bracket for inflation. Your income tax rates remain the same; only the taxable income brackets are adjusted for inflation.

Learn more : Deductions & Tax Credits

The new legislation, which comes into effect from January 1^st, 2023, will affect the taxpayer selling his/her house, which they owned for less than a year.  Certain exceptions apply.

In such cases, the profit derived from the sale of the house will be treated as business income. You can not treat this profit as a capital gain for tax purposes.

As you know, only 50% of capital gain is taxable for income tax purposes, but when this legislation takes effect, you will not have this option.

Secondly, you can also not avail of the principal residence exemption in such a scenario. Generally, profit or gain realized on the sale of the principal residence is not taxable. However, you must report the sale of your principal residence on your tax return in the year you sold it.

1. When your vehicle price or valued (FMV) over $100k and a make after 2018.
2. The luxury tax is 10% on 1^st $100k and 20% above $100k of the vehicle price.
3. The luxury tax applies to sale or importation and could also apply if a person registers, leases out, or has an improvement made to a subject vehicle.
4. A sale means either the transfer of possession or the ownership, whichever ever is earlier.
5. In most cases, the vendor of the subject vehicle will be liable for the luxury tax on the sale of a subject vehicle.
6. The luxury tax will not apply to the sale of a subject vehicle priced above the price threshold where a purchaser and a vendor have entered into a written agreement for the sale of the subject vehicle before 2022 in the course of the vendor’s business of selling subject vehicles.
7. A registered car dealer, when buying the subject vehicles for his inventory from the manufacturer or another dealer, will not be subject to the luxury tax.

You are required to register with the Canada Revenue Agency (CRA), under the Select Luxury Items Tax Act, if you are a:

• Manufacturer
• Wholesaler
• Retailer
• Importer

and in the course of your business activities, you sell or import certain vehicles and aircraft priced over $100,000 and certain vessels priced over $250,000.

It’s a piece of great news that the Tax-Free saving account limit has been increased to $6,500.00 for the tax year 2023, and now you have more room to invest. This limit was $6,000.00 in 2022 same since 2020. Its also important that you should not forget to check your contribution room on your notice of assessment, as exceeding the contribution room will attract penalties.

February 16, 2022

Your dealings in Cryptocurrency mostly have tax implications! It can be treated as business income or capital gains depending on the individual’s circumstances.

You must declare your earnings from Crypto on your tax return and you will need to value at the fair market value your Crypto in this regard.

You need to maintain books and records - If you acquire (by mining or otherwise) or dispose of cryptocurrency, you need to keep records of your crypto transactions. This also applies to businesses that accept cryptocurrency as payment for goods and services.

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business, and Economic Development, announced today that the repayment deadline for Canada Emergency Business Account (CEBA) loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.

Those who have availed of this loan need to repay by December 31, 2023, in order to qualify for the $20k forgiveness of the Total Loan Amount.

This extension will support short-term economic recovery and offer greater repayment flexibility to small businesses, many of which are facing continued challenges due to the pandemic.

If in case you are not able to reply by the deadline of December 31, 2023, the outstanding loans would subsequently convert to two-year term loans with interest of 5% per annum commencing on January 1, 2024, with the loans fully due by December 31, 2025.

January 07, 2022

The Ontario government announced its support for small businesses due to the recent locked-down due to the spread of the Omicron variant.

• $10,000.00 grant for eligible businesses that are subject to closure.
• Electricity rate relief for businesses

“Our government understands that public health measures needed to blunt the spread of the Omicron variant are impacting the lives and livelihoods of small businesses, workers, and families across Ontario,” said Peter Bethlenfalvy, Minister of Finance. “

Eligible small businesses include:

1. Restaurants and bars;
2. Facilities for indoor sports and recreational fitness activities (including fitness centers and gyms);
3. Performing arts and cinemas;
4. Museums, galleries, aquariums, zoos, science centers, landmarks, historic sites, botanical gardens, and similar attractions;
5. Meeting or event spaces;
6. Tour and guide services;
7. Conference centers and convention centers;
8. Driving instruction for individuals; and
9. Before- and after-school programs.

The Ontario government is also providing electricity-rate relief to support small businesses, as well as workers and families spending more time at home while the province is in Modified Step Two. For 21 days starting at 12:01 am on Tuesday, January 18, 2022, electricity prices will be set 24 hours a day at the current off-peak rate of 8.2 cents per kilowatt-hour, which is less than half the cost of the current on-peak rate. The off-peak rate will apply automatically to residential, small businesses, and farms who pay regulated rates set by the Ontario Energy Board and get a bill from a utility and will benefit customers on both Time-of-Use and Tiered rate plans.

“We know that spending more time at home means using more electricity during the day when prices are higher, that’s why we are moving to off-peak electricity rates 24 hours per day, seven days a week,” said Todd Smith, Minister of Energy. “The off-peak rate will provide immediate savings for families, small businesses, and farms as all Ontarians work together to slow the spread of the Omicron variant.”

Canada Revenue Agency (CRA) has increased the Basic Personal Amount (BPA) in 2022 to $14,398 from $13,808 in 2021. This amount was $13,229 in the 2020 tax year. Every year CRA increases the BPA based on inflation. This amount is adjusted and announced by CRA before the beginning of each year as your employer needs to consider this amount before preparing your paycheque.

The Basic Personal Amount is the threshold and your income up to this amount is not liable for federal income tax. In other words, if you have income up to this amount in a year, you do not have to pay federal income tax. On your income tax return, you get a non-refundable tax credit which is 15% of your BPA amount.

Your federal income tax payable is calculated on your total taxable income multiplied by the rates based on your slab of income. Then your federal income tax payable is reduced by 15% of your BPA amount subject to your total taxable income slab. For the tax year 2022, your BPA amount is reduced to $12,719 if your income is equal to $155,625 or more.

Learn more : Deductions & Tax Credits

The maximum pensionable earnings under the Canada Pension plan have been increased to $64,900 in 2022. This limit was $61,600 in 2021. That means either as an employee or as a self-employed you need to pay CPP in 2022 up to your earnings of $64,900.
The rate of CPP has also been increased in 2022 to 5.70% as compared to 5.45% in 2021.
The above increase will affect your taxation for the tax year 2022. However, these changes are announced by Canada Revenue Agency much before the beginning of the year as your employer needs to implement these on your pay-cheques beginning 2022.

Learn more : Deductions & Tax Credits

Ottawa, Ontario October 18, 2021

CRA acknowledges the pandemic's impacts on small businesses, and CRA says we're here to help. 

Free Liaison Officer service

The CRA offers a free virtual meeting with a Liaison Officer. Owners of small businesses and self-employed individuals can visit them virtually to understand their business tax and GST/HST obligations. The virtual meeting with CRA will be 100% confidential. CRA will not share the information you choose to discuss with a liaison officer with other areas of the CRA or anyone else. These personalized virtual sessions have been implemented to support, guide, and help owners of small businesses and self-employed individuals, ease the stress of filing during an already chaotic year.

July 5, 2021 - Ontario has removed the requirement of a Canadian resident Director in order to incorporate in Ontario. Before this, at least 25% of the Board of Directors must be residents of Canada if they want to incorporate in Canada. This opens the gate for foreign investors to invest in Ontario.

Learn about : Business structures

Now a new digital application for medical practitioners

On September 23, 2021, CRA has refined the application process to the Disability Tax Credit (DTC) application. The key changes are:

• a significant change to the T2201 - Disability Tax Credit Certificate form
• a new digital application that guides medical practitioners through the completion of Part B of Form T2201 and creates a completed form
• Submit the Form T2201, and any supporting documents using “Submit Documents” in My Account or Represent a Client
• Guide RC4064 Disability-Related Information 2020 for your reference

The newly enacted earlier this year the Disability Tax Credit Promoters Restriction Act will limit the amount “promoters” can charge for preparing DTC claims to $100. The new Disability Tax Credit Promoters Restriction Act will come into effect on November 15, 2021. 

The CRA is announcing a new verification process to authorize a representative using Represent a client beginning October 18, 2021. As per the new process, called Confirm my Representative, the client, individual or businesses, will require to confirm who has access to their tax information by signing in to My Account or My Business Account. Once a tax professional has made a request to be authorized or to increase the authorization level through Represent a client, the client must verify the request online within ten business days to be accepted.

No more paper filing!

CRA announces that now you can submit your disability tax credit certificate, Form T2201 online either through your "My Account" with CRA or call your accountant to submit the form through "Represent a Client".

It is secured, fast processing, and easier than before!

Stay tuned more updates.

You can claim a 100% tax write-off for your vehicle used in your business. Conditions that apply:

1. Purchased after March 18, 2019
2. The vehicle should be a zero-emission vehicle
3. For a passenger vehicle, the purchase price limit is $55k

It can be a new or used vehicle.

When filing your personal income return for 2020, you calculate your federal income tax and provincial income tax on your net taxable income, as per the following rate.

Federal income tax:

15.00% on $0 to $48,535; 20.05% on $48,536 to $97,069; 26.00% on $97.070 to $150,,473; 29.00% on $150,474 to $214,368; and 33.00% on $214,369 and above....

Ontario income tax:

5.05% on $0 to $44,740; 9.15% on $44741 to $89,482; 11.16% on $89,483 to $150,000; 12.16% on $150,001 to $220,000; and 13.16% on $220,001 and above

Quebec income tax:

15% on $0 to $44,545; 20% on $44,546 to $89,080; 24% on $89,081 to $108,390; and 25.75% on $108,391 and above

The following Employer-provided benefits, which are generally considered a taxable benefit and added as taxable income to the employee's employment income, have been considered by CRA as not to be taxable during the COVID-19 pandemic.

Reimbursements, Allowances, and Benefits during COVID-19

- Commuting Costs

- Employer-provided parking

- Computer and home office equipment

- Meal costs

- Cell phone and internet service plans

Commuting costs

Any employer reimbursements or a reasonable allowance for additional commuting during the COVID-19 pandemic if these benefits are not the employees' normal commuting costs.

Employer-provided parking

It will not be considered a taxable benefit if the employer-provided normal parking space is closed due to the COVID-19 pandemic.

Computer and home office equipment

Employer-provided Computer and home office equipment up to the value of $500.00 will not be a taxable benefit if the benefits provided due to COVID-19 and even if the employee does not have to return these pieces of equipment.

Meal costs

Employer-provided overtime meal or allowances or subsidized meal due to the COVID-19 pandemic will not be added to the employee taxable benefit.

Cell phone and internet service plans

Employer reimbursements of these expenses related to your employment are not taxable benefits.

In 2021 your RRSP limit has been increased from $27,230 to $27,830. That means you can contribute $600 more in 2021 as compared to 2020.

This limit is based on that you can contribute 18% of your income reported on your T1 but capped based on the above amount.

- Your TFSA limit remains the same as 2020.
- You can think of optimizing between your RRSP and TFSA.

CPA Canada gave an idea to CRA the simplified method of claiming home office expenses.

On December 15, 2020, CRA released:

You can claim Home Office Expenses without T2200 at a flat rate of  $2 for each day you worked from home due to COVID-19 up to a maximum of $400 if you are an eligible employee.

An eligible employee - who worked from home for more than 50% of the time in at least four consecutive weeks in 2020.

However, you may be able to claim more under the “detailed method.” You need T2200S to be signed by your employer. Under this option, you can prorate actual home expenses and claim for the space used as an office in your home. This method is more attractive to those who are renting their house as the rent is an eligible home expense. As per CRA mortgage interest is a non-eligible expense in this situation.

On December 16, 2021

The above tax deduction has been extended to tax the year 2021 with an increased limit of $500.00 as announced by Trudeau government in their Fall Economic Statement.

In normal situations, you usually work from home and your employment contract requires that you pay for that (for example commission agents with partly on salary), the above scenario is not applicable to you and you, as usual, get us the T2200 Declaration of employment signed by your employer.

Just to remind you that if you continue to satisfy the following two conditions.

1. Your employer provides you a signed copy of T2200, attesting that you were required to maintain a workspace in your home to perform employment duties and pay for the home expenses.
2. Either you performed your duties at this workspace more than 50% of the time or you used that workspace for employment and to meet your customers or clients while doing their work.

Budget 2019 proposed to establish a new Canada Training Benefit, which is a new refundable tax credit that allows eligible workers to receive $250 per year towards their training amount limit, up to a lifetime limit of $5,000, to help fund future eligible tuition and fees.

Stay tuned for more updates.

Canada Emergency Business Account (CEBA) Loan Amount

In March 2020, the Government of Canada announced the $40K interest fee loan, and you do not pay $10K.

Effective December 4, 2020, the loan amount was increased to $60K. Only have to pay $10k of this expended amount.

Notes:

• $20K you do not have to pay if you repay the balance by December 31, 2022.
• No interest until December 31, 2022.

PERC ( Personal Real Estate Corporation) allows a real estate agent/broker to earn their business income through a corporation. Several provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, and most recently in Ontario, allow PRECs.

Please note your CERB $2,000.00 per 4 weeks, paid to you by the Government of Canada for 16 weeks, was a taxable benefit on which taxes were not deducted. If you had income in addition to your CERB, you might have tax owing. Get in touch with your tax professional to find out more.