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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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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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How Will I Get my Notice of Assessment?

How Will I Get my Notice of Assessment?
February 17, 2021

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

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Making a Payment to the CRA

Making a Payment to the CRA
February 17, 2021

So, you've submitted your receipts, run the numbers, and filed your taxes. What's next? When it comes to making a payment to the Canada Revenue Agency (CRA), you have several options. 

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Canadian and U.S. Personal Income Tax Filing Deadlines 2021

Canadian and U.S. Personal Income Tax Filing Deadlines 2021

After a year like no other, it’s hard to believe that tax season is here again. There is yet to be an announcement about extended filing deadlines in 2021, so our team is moving forward with filing as usual. That means – tax deadlines are quickly approaching! If we hear about any changes, we will update you right away!

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Working from Home and the CRA

Working from Home and the CRA
December 16, 2020

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

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What the Fall Economic Statement Means for You: Three Key Takeaways

What the Fall Economic Statement Means for You: Three Key Takeaways

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.

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Personal Real Estate Corporations

Personal Real Estate Corporations

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.

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Claiming a Home Office (For Employees)

Claiming a Home Office (For Employees)

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?"

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