RLB Blog

As the end of the year and the holidays approach many employers are looking for ways to mark the occasion and thank their employees for another successful year. Gift cards are always a great choice; they're devoid of possible allergens, they offer a world of possibilities, and they're tax-exempt.

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.

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.

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?

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.

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 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.

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?

The Quick Method is a simplified way to calculate HST for small businesses.  Instead of totaling 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.