RLB Blog

Navigating COVID-19 relief programs over the past 12-months has been a challenge for many businesses. Your accountant or business advisor can help. One year later, what do the COVID-19 benefits mean for your business?

With all of the personal COVID-19 benefits and relief measures introduced in the last 12 months, do you know where you stand? Heading into tax season - now is a great time to find out.

There are four options to receive your Notice of Assessment (NOA) from the Canada Revenue Agency (CRA):

Canada Revenue Agency Allows Simplified Tax Claims for Employees Working From Home Are you working from home and have home office expenses piling up?

On November 30, 2020, Deputy Prime Minister and Minister of Finance Chrystia Freeland released the 2020 Fall Economic Statement. As anticipated, it proposes further spending and relief measures in response to the pandemic.

Benefits of Personal Real Estate Corporations for Realtors Tax Deferral Often, the most significant benefit from Personal Real Estate Corporations (PREC) is the tax deferral opportunity. In Ontario, the corporate tax rate is 12.2% for the first $500,000 of active business income (real estate commission) for 2020. Income over the small business limit is taxed at the general corporate tax rate of 26.5%. In contrast, in 2020, the lowest personal tax rate is 20.05%, and the highest is 53.53%. If you're generating more income than needed to cover your living costs, there can be significant tax savings through incorporating.

As Autumn arrives and we get close to the extended personal tax deadline (yet again!), you may be wondering how your personal tax situation is impacted for 2020, the year we are currently in, the year of COVID-19.  A topic that is top of mind for many clients and even family members who are now working mainly from a home office is, "Can I claim a deduction for this?"

Impact of economic Downturn and Opportunities

It’s that wonderful time of year again where you get to meet with your accountant for your yearly “check-in”.  At RLB, it’s our favourite time of year because we get to meet face to face with the people who count the most… our clients!