This newsletter has been prepared to provide an overview of the tax measures and assistance available to businesses and families in the midst of the Covid-19 pandemic. A copy of this newsletter can be downloaded here. It is a concise summary of the measures announced up to and included Wednesday April 9, 2020. Discussed in the newsletter: Filing deadline and…
The Government of Canada has announced the Canada Emergency Wage Subsidy (CEWS) that will provide a subsidy of up to 75% of wages paid to a maximum benefit of $847 per week per employee.
If you have lived or worked in the U.S., you may have an Individual Retirement Account (IRA) or 401k plan. Leaving these accounts in the U.S. can be administratively challenging and you may wish to consider moving them to Canada. In certain circumstances, a person with a 401k or IRA may be able to rollover their U.S. retirement account to a Canadian…
This articles discusses the general issues around joint accounts (in all provinces except Quebec). Why Have Joint Ownership? Many people set-up joint accounts for a variety of reasons. For a married or common law couple, it could be for the day-to-day management of expenses. The account provides all parties equal access to the funds in the account to pay bills and manage…
The June edition of Business Matters is available directly from our website along with past copies as well as Tax Tips and Traps. Download Business Matters In this Edition …. Salary or Dividends The way a bonus is paid has a significant effect on corporate and personal after-tax income. You’re Hired Human rights legislation governs all hiring practices. Improve the…
If the CRA can latch on to something, they will. For most of us, the investment income we earn inside our TFSA’s are 100% tax free. However, if you are day trading inside your TFSA, the Canada Revenue Agency may come knocking. You see, under the Income Tax Act, there is a subtle but highly important distinction between a business…
