RLB Blog

On October 1st, 2022 the minimum wage will increase to $15.50 per hour.  The Ontario government has stated the reason for the increase is tied to the Ontario Consumer Price Index.

I change my password on a quarterly basis, I don’t stay logged into my social media accounts on multiple devices, and I would never open any attachments that look questionable.

It’s that time of year again, T4 Season!  T4 slips are due to be handed out to employees by February 28, 2022.  The penalty for failing to distribute T4 slips to recipients is $25 per day for each such failure with a minimum penalty of $100 and a maximum of $2,500.

After two years in lockdowns, red zones and face masks, the Ontario government will be providing a “Staycation” Tax Credit for 2022. The aim of the tax credit is to encourage Ontario residents to explore the province and boost the tourism and hospitality sectors financially from the pandemic. This can be viewed as a less risky alternative to travelling outside of Canada. The tax credit is estimated to provide $270 million in support to 1.85 million Ontario families.

Budgeting: Should last year’s surplus be used to fund a pet sanctuary? It’s that time of year again for the Annual General Meeting (AGM) and then comes the process of forming next year’s budget.

On November 24th Bill C-2 was introduced to Parliament to implement the new subsidy programs announced in October. This bill included the following supports for businesses:

November 14th marks the beginning of Fraud Awareness Week. Are you or your business vulnerable to fraud? What is it and what should you look out for? Let’s take a look at the “Fraud Triangle”. 

One month after the last minimum wage increase the province has announced that they would like to increase it again.  On October 1st the minimum wage increased to $14.35 per hour.  The proposed changes would see this increased to $15.00 per hour on January 1, 2022.  The Ontario government has stated the reason for the increase is to keep up with the cost of living that has increased considerably during the pandemic.

There are changes happening in the CRA’s subsidy programs this fall.  The Canada Emergency Wage Subsidy (CEWS) and Canada Emergency Rent Subsidy (CERS) end on October 23, 2021.  These programs have provided wage and rent subsidy income to businesses that have been affected by the COVID pandemic.  There is a 6-month filing deadline on these programs, so the final periods will be due September 20, 2022.

At RLB, we’re passionate about client success. We go beyond traditional accounting services and offer our clients experienced business advisory services. In honour of Small Business Month, some of RLB’s business experts have shared with us their personal secrets for growing your small business.