Could we be doing taxes differently?
As a CPA with the license to practice both in Canada and the US, I’m in the relatively unique position of being able to look at tax returns filed in both countries. I’ve noticed there are two rules in the US tax system which would benefit a lot of people if they were...
Is that project capital or maintenance? What’s the difference?
What’s the difference between a capital improvement and maintenance and repairs? It sounds like the beginning of a joke. Well, it might to a CPA, but not so much to the CRA. I’m addressing this topic because we have clients who own mixed-use spaces, small apartment...
Changes to the Wage Subsidy (CEWS)
It seems that the CRA has taken a program that was easy to calculate and made it confusing – but – what they’re doing now actually makes more sense. In the original plan, if business was down more than 30%, the government was subsidizing 75% of employee wages....
September 30th is looming! Are you ready?
The CRA announced earlier this year that individuals who owed federal income tax and/or were scheduled to make instalments between April and September had until September 30th to make their payments. While it gave breathing room to those who saw their income go down...
Working from home and your taxes
If you’ve been working from home since mid-March, you may be wondering if there are expenses you can claim on your taxes that you weren’t able to claim before. We are fielding a number of inquiries about this and the short answer is unfortunately no. The longer answer...
COVID-19 Program Updates
Last month we offered a breakdown of the various government programs that are available for both individuals and small businesses, but we do have several updates as things are changing so quickly. Update #1: Canada Emergency Business Account (CEBA) eligibility CEBA is...