Greetings during the 2023 tax season! We’d like to gently remind you of the following important update.
Read More “2023 Tax Season – the key updates2023 Tax Season” »
Category: Update
The Canadian government has announced a deficit increase from 200 million to 15.1 billion over the span of seven months
The federal government’s budget deficit during the period from April to October this year amounted to 15.1 billion. In October alone, it reached 7 billion, while for the same seven months last year, the deficit was 200 million. The Federal Ministry of Finance stated in its monthly fiscal monitoring that the budget deficit of the…
2024 CPP & EI Rates update
Get ready, starting from next month, your net income will decrease due to increased taxes! The treatment of the Canada Pension Plan (CPP) on the personal income tax return has changed since 2019. This means that, in the case of a regular maximum contribution of $3,867.50, $631.00 will be deductible on the T1 (rather than…
Small businesses call for CEBA loan extension as repayment deadline approaches
As the deadline to repay pandemic loans and receive partial forgiveness approaches, small businesses are still hoping the federal government will reverse course and extend it for another year. Nearly 900,000 organizations applied for and received a Canada Emergency Business Account loan during the COVID-19 pandemic. The federal program offered up to $60,000 in interest-free…
Read More “Small businesses call for CEBA loan extension as repayment deadline approaches” »
UHT Deadline Extended to April 30, 2024
The Underused Housing Tax Return & Payment for the 2022 calendar year – penalties (minimum $5,000 or $10,000) are now waived if filed and any tax owing is paid by April 30, 2024. More details, you could check here: UHT If you need help with UHT, you could contact us.
BMO offer Credit line for business to help pay off CEBA Loan
Some business owners have opted to explore alternatives to the Canada Emergency Business Account (CEBA) loan and have turned to Bank of Montreal (BMO) for a pre-approved Line of Credit (LOC). While this option provides them with a way to replace the CEBA loan, it comes with a higher interest rate, exceeding 14%. （BMO Prime+7.5%），you…
Read More “BMO offer Credit line for business to help pay off CEBA Loan” »
Underused Housing Tax (UHT)
Under the C-8 Act, the Government has implemented a 1% annual tax on the fair market value of “underused residential property” owned by non-resident, non-Canadians. For instance, a home bought for $1,700,000 in 2018 with a current fair market value of $2,000,000 will incur a $20,000 tax.
Impact of Immigration on the Canadian Economy.
Despite claims that immigration drives wages down by 4%, Canadian immigration chooses applicants with positive human capital to bring to our country. As a result, immigrants bring economic benefits to the Canadian economy. Immigrants fill areas of chronic labour shortage for skilled jobs that keep our economy vibrant. In addition, data collected from Statistics Canada…
Read More “Impact of Immigration on the Canadian Economy.” »
Canada extending small business emergency loan repayment deadline.
We are disappointed with Prime Minister Justin Trudeau’s recent announcement on Thursday, regarding Canada’s extension of the repayment period for emergency loans provided to small businesses during the COVID-19 pandemic. After consistent calls from businesses, the Liberals have decided to extend the repayment deadline for Canada Emergency Business Account (CEBA) loans by one year, despite…
Read More “Canada extending small business emergency loan repayment deadline.” »
Canada’s First Home Savings Account (FHSA): A Tax-Free Way to Save for Your First Home
Canada’s tax-free First Home Savings Account (FHSA) is a tax-exempt savings account designed for residents to save for purchasing a home. Similar to RRSP and TFSA, the FHSA is a registered savings account that can hold a variety of investment securities, including equity investments like stocks, fixed-income investments (bonds and GICs), as well as other…
Read More “Canada’s First Home Savings Account (FHSA): A Tax-Free Way to Save for Your First Home” »