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Home Buyer’s Plan

Home Buyer’s Plan

The Home Buyer’s Plan & Tax Savings The Home Buyer’s Plan is a program that allows you to take a tax free, lump-sum withdrawal from your RRSP to buy or build a home for yourself or for a related person with a disability. Withdrawals of up to $35 000 can be...
Vehicle Deduction Limits, Benefits & Taxes

Vehicle Deduction Limits, Benefits & Taxes

2021 Vehicle Deduction Limits, Benefits & Tax Updates This year’s tax return might be a little different depending on how your industry was affected by COVID. There were many changes which created hurdles for both employers and employees. As a result,...
CRA Income Tax Updates

CRA Income Tax Updates

Personal Income Tax Updates The CRA has recently released income tax updates due to the ongoing pandemic. The CRA has further extended the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment...
Income Splitting Using Prescribed Rate Loans

Income Splitting Using Prescribed Rate Loans

Income Splitting for Tax Savings Income splitting is a term used to describe a method of shifting income from a higher income earner to a lower income earner. In the case of spouses, it is possible to achieve income splitting using a “prescribed rate loan”. The loan...
Canada Emergency Wage Subsidy – The New Program

Canada Emergency Wage Subsidy – The New Program

Canada Emergency Wage Subsidy (“CEWS”) – The New Program Rules The “old” CEWS program supported jobs by providing a reimbursement to employers for up to 75% of their employees’ wages, up to a maximum weekly limit of $847 per employee. The program initially had 3 claim...