RLB Blog

When we entered lockdown 2.0, we knew what to expect the second time around. We wanted to share these tried-and-true ways for staying connected with your team when they’re all working remotely. These 5 tips will have you boosting morale and smiling through this second wave. 

Some people may find it surprising that RLB offers Human Resources Consulting. We know you’re working towards creating the best organization you can, and RLB is there to help every step of the way.   

The new year is synonymous with resolutions. The early days of a shiny new year are filled with positivity and declared change. While some may balk at the concept, creating healthy habits may just be the thing your team needs to excel in 2021.

New Year - New Opportunities

On November 5, 2020, Ontario’s Finance Minister Rod Phillips released details of the Ontario budget, an action plan highly focused on spending while also declaring 2021 as the year of the staycation in Ontario. The spending and incentives target a wide variety of individuals and businesses. Some key highlights of the plan include:

At this point in 2020, it is likely that most businesses have either heard of the CEBA benefit, taken advantage of it or are in the process of completing their applications.

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.

On Friday, October 9, further COVID-19 relief measures were announced outlining the expansion of existing programs and creating a new program, the Canada Emergency Rent Subsidy (CERS). Details are still forthcoming, but we have some insight into the framework of these program changes and additions.

So your business is starting to earn more money, and with that – you're paying more taxes. Is it time to consider incorporation? The answer isn't that simple. 

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?"