Category: Update

BMO offer Credit line for business to help pay off CEBA Loan

10/24/202310/24/2023 cpb No Comments

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…

Business, Update

Underused Housing Tax (UHT)

10/23/202310/31/2023 cpb 1 Comment

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.

Tax Tips, Update

Impact of Immigration on the Canadian Economy.

09/29/202309/29/2023 cpb No Comments

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…

Update

Canada extending small business emergency loan repayment deadline.

09/15/202309/15/2023 cpb No Comments

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…

Update

Canada’s First Home Savings Account (FHSA): A Tax-Free Way to Save for Your First Home

08/09/202308/09/2023 cpb No Comments

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…

Tax Tips, Update

Bank of Canada Raises Interest Rates Again, Benchmark Rate Reaches 5% for the First Time in Twelve Years

07/13/202307/13/2023 cpb No Comments

On July 12, 2023, the Bank of Canada announced a 0.25 percentage point increase in the benchmark interest rate. This is the first time since April 2001 that Canada’s benchmark rate has reached 5%. Following Statistics Canada’s announcement last week of 60,000 new jobs added in June 2023, most economists believed that a rate hike…

Update

The Significance of Becoming a Certified Digital Accountant (CDA)

07/12/202307/12/2023 cpb No Comments

In today’s rapidly evolving business landscape, the integration of digital technologies has transformed the field of accounting. As a result, professionals in this domain are required to possess a unique set of skills that go beyond traditional accounting practices. To address this need, the Certified Digital Accountant (CDA) certification has emerged as a valuable credential…

Bookkeeping, Update

Opening an OCBC Digital Bank account in Singapore through online registration for oversea customers

07/07/202307/07/2023 cpb No Comments

OCBC (Oversea-Chinese Banking Corporation) in Singapore allows for direct online account opening through the OCBC Digital app. The account opening process is simple and requires only a passport, identification card, and a mobile phone with NFC capability to read the passport chip. Applicants from both domestic and international addresses, as well as those with local…

Banking, Update

The Benefits and Importance of Regular Exercise for Overall Health

07/05/202307/05/2023 cpb No Comments

Discover the evolution and importance of emotional intelligence for leaders in today’s work environment. Learn how to assess and develop this crucial skill.

Update

Square has announced an increase in fees for Interac debit card transactions

07/04/202307/04/2023 cpb No Comments

Important notice for Square users processing high transaction volumes with debit payments: The favorable rate of $0.10 per $5,000 debit transaction, which previously had no monthly fees, will no longer be available for existing users starting from September 21, 2023. This change has already been implemented for new users. Card-present payments The cost to you…

Update