May 5, 2020
There have been so many announcements over the past couple of months with respect to temporary changes to individual and business tax obligations that keeping up […]
April 5, 2020
Suspension of review, audit and collection activities The Canada Revenue Agency regularly carries out review activities in which taxpayers are asked to provide documentation or other […]
April 5, 2020
Wage subsidy program for employers The federal government will be providing eligible employers who have experienced a significant decline in revenues with a wage subsidy. For […]
April 5, 2020
Changes to filing and payment deadlines for 2019 returns Individual Canadians are generally required to file their tax returns for the 2019 tax year on or […]
April 5, 2020
The current pandemic has changed the lives of Canadians in innumerable ways, and the tax system has not been exempt from those changes. In fact, since […]
March 5, 2020
Most taxpayers sit down to do their annual tax return, or wait to hear from their tax return preparer, with some degree of trepidation. In most […]
March 5, 2020
Between now and June 15, more than 26 million income tax returns for the 2019 tax year will be filed by individual Canadian taxpayers. The vast […]
March 5, 2020
The one constant in income tax is change and consequently, while Canadian taxpayers must prepare and file the same form – the T1 Income Tax and […]
February 19, 2020
Sometime during the month of February, millions of Canadians will receive mail from the Canada Revenue Agency. That mail, a “Tax Instalment Reminder”, will set out […]
February 19, 2020
Income tax is a big-ticket item for most retired Canadians. Especially for those who are no longer paying a mortgage, the annual tax bill may be […]
February 19, 2020
If there is one invariable “rule” of financial and retirement planning of which most Canadians are aware, it is the unquestioned wisdom of making regular contributions […]
February 19, 2020
There’s no denying that the Canadian tax system is complex, even for individuals with relatively straightforward tax and financial circumstances. As well, significant costs can follow […]
January 14, 2020
Alberta The general corporate income tax rate will decrease from 11% to 10%, effective January 1, 2020. The provincial education and tuition tax credits are eliminated […]
January 14, 2020
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. […]
January 14, 2020
The indexing factor for federal tax credits and brackets for 2019 is 1.9%. The following federal tax rates and brackets will be in effect for individuals […]
January 14, 2020
Dollar amounts on which individual non-refundable federal tax credits for 2020 are based, and the actual tax credit claimable, will be as follows: Credit amount Tax […]
January 14, 2020
The Canada Pension Plan contribution rate for 2020 is increased to 5.25% of pensionable earnings for the year. The maximum pensionable earnings for the year will […]
January 14, 2020
The Quebec Pension Plan contribution rate for employees and employers for 2020 is 5.7%, and maximum pensionable earnings are $58,700. The basic exemption is $3,500. The […]
January 14, 2020
The Employment Insurance premium rate for 2020 is decreased to 1.58%. Yearly maximum insurable earnings are set at $54,200, making the maximum employee premium $856.36. As […]
December 14, 2019
During the month of December, it is customary for employers to provide something “extra” for their employees, by way of a holiday gift, a year-end bonus […]