In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025. Phase 1 occurred from 2019-2023; phase 2 will occur from 2024-2025. Overall, the changes will require larger contributions…
The new Underused Housing Tax (UHT) imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. The government indicated that the tax would…
A. Information – All Clients Must Provide Please check all boxes that apply and provide supporting information. COVID-19 related information – All income, support and benefits received under COVID-19 relief programs. Some of these benefits are taxable, while others are…
Some quick points to consider… · For 2023, the maximum amount that may be deducted for non-taxable allowances paid to an employee using a personal vehicle for business purposes has increased by 7₵ to 68₵/km for the first 5,000 kms driven and to 62₵ for each additional…
December 31, 2022 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. SOME 2022 YEAR-END TAX PLANNING TIPS INCLUDE: 1)…
The interest rate on overdue taxes for the fourth quarter of 2022 (October 1 – December 31, 2022) has increased by 1% to 7%. Make sure to get those payments in to CRA on time! No input tax credit (ITC)…
Some quick points to consider… On June 19, 2022, individuals suffering from Type 1 diabetes became automatically entitled to the disability tax credit. This change is retroactive to 2021. The Tax Gap, which measures the difference between what is actually…
Tax Tidbits Some quick points to consider… The luxury tax affecting new vehicles and aircraft retailing for more than $100,000 and new boats over $250,000 has been rescheduled to commence on September 1, 2022. The Office of the Auditor General…
SECTIONS: A. Information – All Clients Must Provide B. Questions To Answer C. Additional Information – New Clients Must Provide D. Other 2021 saw the continuation of the COVID-19 pandemic, along with the related government supports and tax issues. For…
SECTIONS: A. Information – All Clients Must Provide B. Questions to Answer C. Additional Information – New Clients Must Provide D. Other 2021 saw the continuation of the COVID-19 pandemic, along with the related government supports and tax issues. For…
Some quick points to consider… The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program’s inception in 2009, up to $81,500 can be contributed. Employees working…
Province’s plan includes $10,000 grant for eligible small businesses and additional electricity-rate relief The Ontario government is providing targeted relief for businesses and people impacted by the current public health measures aimed at blunting the spread of the Omicron variant….
CRA recently sent out processing review letters in error to some taxpayers rather than their authorized representative. If you received a letter from CRA that appears unusual, please contact us. A Court recently denied an individual’s travel expenses as no…
Access to the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS) and Canada Recovery Benefits has been extended to October 23, 2021. A recent poll of millennials (aged 25 to 40) found that the top reasons for creating…
C. E. McMahon Professional Corporation 249 Ste. Marie Street, Collingwood, ON L9Y 3K6 Phone: 705 293-1016 Fax: 705 293-1017 Email: elaine@elainemcmahoncpa.ca 1.A. Personal Measures COVID-19 Benefit Amounts – Tax Treatment Budget 2021 proposes to allow individuals the option to claim…
SECTIONS: A. Information – All Clients Must Provide B. Additional Information – New Clients Must Provide C. Questions to Answer D. Other 2020 was an extraordinary year like no other. Due to the significant changes from the COVID-19 pandemic, there…
In 2021, four special payments to recipients of the Canada Child Benefit, totaling up to $1,200 per child under age six, will be made. The Canada Emergency Wage Subsidy has been extended to June 2021. Details are still pending for…
Applications are now open for the Ontario Small Business Support Grant. As you may know, this program will help small businesses that that have been required to close or significantly restrict activities due to this lock down. The grants will…
December 31, 2020 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation.
CRA has opined that U.S. Economic Impact payments received by residents of Canada are not taxable in Canada. 1,252,830 Canada Emergency Wage Subsidy (CEWS) applications have been approved for a total value of $41.12 billion (as of October 4, 2020)….