RLB Blog

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.

Cheers to making the “April 30th deadline”! So… now what? Now it’s a “choose your own adventure” based on your situation. 

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.

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):

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!

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.