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Post-Election Tax Update – What Changes?

Post-Election Tax Update – What Changes?
September 22, 2021

The results of the 2021 Federal election have left many Canadians wondering, ‘What Changes?’ While there may have been a few surprises and changes from the election results, the overall picture looks very much the same – the Liberal party forming a minority government, a Conservative party opposition, and the BQ or NDP holding enough seats to possibly boost the Liberal agenda provided they can work together to do so.

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AirBnb 101: Renting Out a Second Property

AirBnb 101: Renting Out a Second Property
July 12, 2021

Renting out a second property We have covered renting out a portion of your home, but what do we need to know when we own a second property to rent out full time?

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Airbnb 101: Renting Your Home

Airbnb 101: Renting Your Home
July 12, 2021

Trying to earn a little extra on the side is common these days – everyone could use a little extra spending money.  But just because it is not your full-time job doesn’t mean you don’t have to consider the tax implications.  Today we will cover one method of earning additional money – renting out your home through organizations such as AirBnB.

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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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I’ve Submitted my Tax Return on Time… Now What?

I’ve Submitted my Tax Return on Time… Now What?

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

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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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Beware of Fraud: Tips for Avoiding Scams

Beware of Fraud: Tips for Avoiding Scams
April 5, 2021

Ever had a threatening phone message supposedly left by the CRA? Read news stories about an unsuspecting senior bulk-purchasing iTunes gift cards to avoid more severe penalties? The truth is new ways to scam Canadians pop up daily. Robot voicemails and requests for gift cards are still happening in our communities – but there are many more scams running that you might not know. Beware of fraud! Do you know how to protect yourself and your loved ones from some of the less obvious scam attempts?

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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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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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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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