by Padgett Accounting | Apr 8, 2021 | Ask a Pro, News
When to Incorporate your Sole Proprietorship In our Ask a Pro series, we have asked our accountants to share some of the most frequently asked questions they receive throughout the year. While every situation can be different, it is a good starting point to determine...
by Chris Hammond | Mar 18, 2021 | News
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...
by Chris Hammond | Feb 9, 2021 | News
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,...
by Chris Hammond | Oct 20, 2020 | News
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...
by Chris Hammond | Sep 3, 2020 | News
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...
by Chris Hammond | Aug 4, 2020 | News
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...
