Your Notice of Assessment (NOA) is sent to you from the Canada Revenue Agency (CRA) after they have processed your tax return. You might immediately check to see if you received your tax refund or if the balance owing is correct, but what other valuable information is in the NOA? Personal Tax Assessment Your NOA […]
The Canada Revenue Agency (CRA) recently announced that they are offering relief on the interest charged on certain COVID benefits. Who is Eligible? You need to check ALL of the following criteria in order to be eligible: Your total 2020 taxable income was $75,000 or less You received at least one of the following COVID-19 […]
This past year we have been asked many questions about completing a Record of Employment (ROE) form. Here are helpful answers to the most common of those questions based on information from the Canadian Payroll Association: Q: If an employee’s hours are reduced, is that considered an interruption of earnings? A: A reduction of working […]
Here’s some of the changes to T4 reporting for 2020 required by the Canada Revenue Agency (CRA). “Other Information” Codes Four new codes have been introduced to the “Other Information” portion of your T4 slip. In addition to reporting employment income, all employers that paid employment income to employees on dates between March 15 and […]
Most of us daydream about receiving a surprise notification that we have suddenly received some unexpected money Although it may not qualify as a windfall, there is a chance that the CRA (Canada Revenue Agency) may owe you some money. There is approximately $1 billion in uncashed refunds from the CRA in Canada. You may […]
“The Canada Recovery Caregiving Benefit (CRCB) gives income support to employed and self-employed individuals who are unable to work because they must care for their child under 12 years old or a family member who needs supervised care. This applies if their school, regular program or facility is closed or unavailable to them due to COVID-19, or […]
“The Canada Recovery Sickness Benefit (CRSB) gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19, or have an underlying health condition that puts them at greater risk of getting COVID-19. The CRSB is administered by the Canada Revenue Agency (CRA). If you […]
As of September 27, 2020, there are some temporary changes to the EI program to help you access EI benefits. These changes will be in effect for 1 year. Go to EI benefits and leave to find the benefit type that applies to your situation. The following changes could apply to you: A minimum unemployment rate of […]
The Canada Emergency Response Benefit (CERB) has ended for many participants. So what happens now? Transitioning from CERB to Employment Insurance Those who have not yet hit the 28-week maximum will continue receiving their CERB payment until they max out or reach October 3rd. New applicants who now realize they were eligible at any point […]
Filing and payment deadlines have been extended to September 30, 2020 The Canada Revenue Agency (CRA) announced earlier this year that they would extend payment due dates for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment payments to September 1, 2020. There has since been an […]
Save Money with a Health Plan
How can you save $100’s and maybe $1,000’s in taxes in one simple step? Are you an employee of your own company and do you have significant medical expenses each year of $2,000 or more not covered by a health plan? Then creating a “Private Health Services Plan” (PHSP) as soon as possible could save you big dollars.
The CRA website was recently a victim of a cyber attack. In response, the CRA shut down its website and various portals to lower the security risks. As of the August 18, 2020, the CRA has regained their online presence and are opening their portals one by one. The CRA has stated that they will […]
Here are 8 great tax saving tips: Tax Savings Tip #1: Keep complete records Be diligent about your record keeping to avoid lost receipts that can mean missing out on tax deductions. Keeping electronic copies of scanned receipts can help you stay organized on the go. KWB recommends using the Receipt Bank (now Dext) app […]
CPP death benefit The CPP death benefit is a one-time, lump-sum payment to the estate of the deceased contributor. The CPP death benefit can be paid to: The Estate of the deceased person The person who paid the funeral expenses A surviving spouse or common law partner A next of kin. The Executor is the first […]
Due to the volume of Canadians applying for the Canada Emergency Response Benefit (CERB), the Canadian Revenue Agency has set new protocol for applying: If you were born in January, February or March, you may apply on Mondays If you were born in April, May or June, you may apply on Tuesdays. If you were […]
CERB (Canada Emergency Response Benefit) Update – 1 April 2020 The Government of Canada will provide a taxable benefit of $2,000 a month for up to 4 months to: workers who must stop working due to COVID19 and do not have access to paid leave or other income support. workers who are sick, quarantined, or […]
1. What is the Temporary Wage Subsidy for Employers? The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). 2. Which employers are eligible? You are an eligible employer if you: are a […]
The Prime Minister and the Minister of Finance announced on March 18th an economic relief package to begin addressing the economic impacts of the COVID-19 pandemic. Part of the economic relief package includes tax relief for individuals and businesses. Filing Deadline Extensions The deadline for filing personal income tax returns will be extended to June […]
Small and medium-sized businesses are the backbone of the Canadian economy. During this extraordinary time, the Government of Canada is taking strong action to help Canadian businesses as COVID-19 is affecting them, their employees and their families. The Government and public health officials are urging all Canadians to: stay home unless it is absolutely essential […]
KWB Chartered Professional Accountants has a proactive plan for continued operation in this new environment. You and our team are our first priority. We want to inform you of what changes we have made, so we can continue to complete the work you need us to do, while protecting both you and the members of […]
The Canadian Revenue Agency recently made some tax changes that may affect you and your business in 2020. ANNUAL INFLATION ADJUSTMENT Each year, most (but not all) income tax and benefit amounts are indexed to inflation. In early December, the Canada Revenue Agency announced that the inflation rate that will be used to index the […]
Here’s a list of some things to avoid when filing your tax return. Follow these tips; they could save you time and money! Filing an income tax and benefit return even if you have no income If you have no income to report, you should still file a return. You may be eligible for a […]
Based on CRA requirements you should be keeping receipts & records and supporting documents at your place of business or your residence in Canada for a period of six years from the end of the last tax year they relate to. You are required by law to keep records if one or more of the […]
Review our year end tax tips to discover a number of perfectly valid actions you may still be able to take before the end of the year to cut your taxes and to optimize your wealth management planning. As tax planning specialists, we can help you decide exactly what to do, when to do it, […]
Do you need to register for GST? Some services are exempt from the GST/HST – that is, no GST/HST applies to them. This means that you do not charge the GST/HST on these services, and you are not entitled to claim input tax credits on property and services acquired to provide them. You cannot register for the GST/HST if your business […]
