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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...
Creditor Proofing Assets | Advice for Owners

Creditor Proofing Assets | Advice for Owners

Creditor Proofing Assets Every business owner should be concerned about creditor proofing assets. It’s important to understand how owner-managed businesses can protect themselves in times of financial distress. Consider these suggestions: Transfer Assets Out of...
Canada Emergency Support Benefits – Update

Canada Emergency Support Benefits – Update

Canada Emergency Wage Subsidy The CEWS program has been extended for another 16 weeks, ending August 29, 2020. Other regulatory changes were announced including: corporations formed by amalgamation, or where there has been a wind-up of one corporation into another,...
Financial Help for Small Business Owners Due to COVID-19

Financial Help for Small Business Owners Due to COVID-19

The Canada Emergency Wage Subsidy (CEWS) The CEWS will cover 75% of an employee’s wages – up to $847 per week – for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May. The...