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Minimum Wage Increase

Minimum Wage Increase

Ontario will see another minimum wage increase this fall.  The minimum wage will increase from $14.25 per hour to $14.35 per hour.  This new rate is effective October 1, 2021.  The last increase was a year ago, which saw a $0.25 per hour increase.

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What is the Canada Recovery Hiring Program?

What is the Canada Recovery Hiring Program?
July 4, 2021

The 2021 Budget proposed a new program called the Canada Recovery Hiring Program to help eligible employers with the costs of re-hiring or hiring new staff as their business opens back up. Employers can only claim one subsidy per qualifying period; the Canada Recovery Hiring Program (CRHP) or the Canada Emergency Wage Subsidy (CEWS). There are many similarities between the two programs, however, there are a couple of subtle differences.

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GST/HST Changes Effective July 1st, 2021

GST/HST Changes Effective July 1st, 2021

GST/HST Changes Effective July 1, 2021 As many of us have been confined to our homes during the pandemic for some or all of the past year, it should come as no surprise that online shopping platforms have flourished. Canadians have enjoyed the convenience and safety of shopping from their living rooms, confirmed in the Government of Canada's Fall Economic Statement, where it was noted that retail e-commerce was up nearly 70% in the first eight months of 2020.

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Making the Most of Your Financing

Making the Most of Your Financing

Many companies rely on financial leverage such as loans, mortgages, and credit facilities to sustain and grow their businesses. Current economic conditions may place higher reliance on financing for the operational success and continuance of your company. Once you have acquired financing from a bank, a private lender, or another financial institution, it is essential to plan for what comes next. The following tips will help you get the most out of your financial leverage.

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2021 Federal Budget – Digging Deeper for a Recovery Plan

2021 Federal Budget – Digging Deeper for a Recovery Plan

On Monday, April 19, 2021, Minister of Finance Chrystia Freeland released the 2021 Canadian federal budget. This is very likely the last budget before the next federal election. The minority Liberal government proposed measures encouraging support from other parties and included something for almost every potential voter.

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Ontario’s 2021 Budget Announcement: What It Means For You

Ontario’s 2021 Budget Announcement: What It Means For You

On Wednesday, March 24th, Ontario Finance Minister Peter Bethlenfalvy unveiled the province’s 2021 budget. This spending plan focused on healthcare, small businesses, and families with several key financial proposals. Read more about the 2021 budget announcement.

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How Does the “Quick Method” of Accounting Really Work?

How Does the “Quick Method” of Accounting Really Work?
March 20, 2021

The Quick Method is a simplified way to calculate HST for small businesses.  Instead of totalling Input Tax Credits (ITCs) on all expenses and subtracting them from HST collected on sales, the Quick Method allows HST payable to be calculated based on a percentage of sales.

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Navigating COVID-19 Benefits for Your Business

Navigating COVID-19 Benefits for Your Business

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?

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Understanding the Personal Federal COVID-19 Benefits

Understanding the Personal Federal COVID-19 Benefits

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.

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Have you distributed T4 slips to your employees yet?

Have you distributed T4 slips to your employees yet?
February 8, 2021

The deadline to give employees their T4 slips is February 28, 2021 (or the next business day as this falls on a Sunday.) The failure to distribute T4 slips on time is $25/day for each failure with a minimum penalty of $100 and a maximum of $2500.

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