COVID-19 caused many people to start working from home. CRA has made the home office expenses deduction available to more Canadians and simplified the way employees can claim these expenses on their personal income tax return for the 2020 tax year. Employees with larger claims for home office expenses can still choose to use the existing detailed method to calculate their home office expenses deduction (see final paragraph). Please note that any expenses that you were reimbursed for are not claimable. The table below provides the two new ways to claim a deduction for your 2020 personal taxes. If you are eligible…

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What to consider if you still have RRSP contribution room

Author: External Author | Feb 11, 2021 | Categories: Bookkeeping Services , Income Tax Preparation , Small Business Accounting , Tax Accountant

Original Article Source Credits: Money Sense , https://www.moneysense.ca/

Article Written By: JASON HEATH

Original Article Posted on: JANUARY 25, 2021

Link to Original Article: https://www.moneysense.ca/columns/ask-a-planner/rrsp-contribution-myths-and-facts/

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Small Businesses Apply for Ontario's Small Business Support Grant in Growing Numbers

Author: External Author | Feb 10, 2021 | Categories: Accounting Firm , Accounting Services , Bookkeeping Services , Personal Tax Services

Original Article Source Credits: Ontario News , https://news.ontario.ca/

Article Written By: NA

Original Article Posted on: January 22, 2021

Link to Original Article: https://news.ontario.ca/en/release/60066/small-businesses-apply-for-ontarios-small-business-support-grant-in-growing-numbers

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12 tips for negotiating a commercial lease

Author: External Author | Jan 27, 2021 | Categories: Accounting Firm , Accounting Services , Chartered Professional Accountant , Tax Accountant , Tax Services

Original Article Source Credits: BDC , https://www.bdc.ca/

Article Written By: NA

Original Article Posted on: NA

Link to Original Article: https://www.bdc.ca/en/articles-tools/money-finance/buy-lease-commercial-real-estate/how-to-negotiate-commercial-lease-effectively

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CRA provides new rules for claiming home office expenses

Author: External Author | Jan 20, 2021 | Categories: Accounting Firm , Accounting Services , Financial Statement Preparation , Personal Tax Services , QuickBooks Accounting

Original Article Source Credits: Advisor's Edge , https://www.advisor.ca/

Article Written By: Rudy Mezzetta

Original Article Posted on: December 15, 2020

Link to Original Article: https://www.advisor.ca/tax/tax-news/cra-provides-new-rules-for-claiming-home-office-expenses/

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Support for Small Businesses in Ontario

Author: Colin Phillips, CPA Professional Corporation | Jan 14, 2021

Blog by Colin Phillips, CPA Professional Corporation

(Ontario Government support for individuals can be found at: https://www.ontario.ca/page/covid-19-support-people.)

We want to touch on the three small business measures that we think will apply to most small businesses:

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As anxieties grow over CERB notices, Qualtrough says no requirement to repay now

Author: External Author | Jan 13, 2021 | Categories: Accounting Services , Bookkeeping Services , Chartered Professional Accountant , Small Business Accounting

Original Article Source Credits: Advisor's Edge, https://www.advisor.ca/

Article Written By: Jordan Press, The Canadian Press

Original Article Posted on: December 15, 2020

Link to Original Article: https://www.advisor.ca/tax/tax-news/as-anxieties-grow-over-cerb-notices-qualtrough-says-no-requirement-to-repay-now/

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Tax options for pandemic spending

Author: External Author | Jan 08, 2021 | Categories: Income Tax Preparation , Tax Accountant , Tax Planning , Tax Services

Blog by Colin Phillips, CPA Professional Corporation

Original Article Source Credits: Advisor's Edge , https://www.advisor.ca/

Article Written By: Mark Burgess

Original Article Posted on: December 8, 2020

Link to Original Article: https://www.advisor.ca/tax/tax-news/tax-options-for-pandemic-spending/

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The CRA Just Broke Down What You Need To Do To Repay The CERB Before 2021

Author: External Author | Dec 30, 2020 | Categories: Corporate Tax Services , Income Tax Preparation , Personal Tax Services , Small Business Accounting , Tax Accountant , Tax Planning , Tax Services

Original Article Source Credits: Narcity , https://www.narcity.com/

Article Written By: Helena Hanson

Original Article Posted on: December 08 2020

Link to Original Article: https://www.narcity.com/en-ca/money/cerb-repayments-the-cra-just-explained-what-you-need-to-do-to-return-the-benefit

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Canada Emergency Rent Subsidy (CERS)

Author: External Author | Nov 30, 2020 | Categories: Accounting Firm , Accounting Services , Bookkeeping Services , Corporate Tax Services , Income Tax Preparation , Tax Planning , Tax Services

Blog by Colin Phillips, CPA Professional Corporation

The federal government announced the commercial rent subsidy some of you have been asking about. This is welcome news and contains detailed qualify criteria. The application was opened on November 23, 2020. Please follow this link for details on how to apply https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-rent-subsidy.html

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