RLB Blog

With the tax filing deadline having come and gone, what do you need to know before September 1st, when all tax balances are due?

Like all of you, we’ve been monitoring the evolving global impact of the novel coronavirus (COVID-19). As employers, our number one priority has always been and remains the health and safety of our people.  We would like to share best practices on how you, as an employer, can uphold that commitment.  We hope that this plan adds to the health and well being of you and your employees during this time.

Canada’s COVID-19 Economic Response Plan is being updated frequently. For the most up to date information follow this link:  https://www.canada.ca/en/department-finance/economic-response-plan.html

You’ve done it. After years of hard work, saving and making smart investments, you can finally afford to purchase your first home. Now what?  

Did you know that you can use your financial institution’s online banking portal to pay your individual taxes to the Canada Revenue Agency (CRA) and you can also pay your business taxes online from a business bank account?  It’s as easy as paying any of your other bills.

If you use your vehicle for earning business income and have eligible travel expenses, you are probably already aware that you can deduct some of your vehicle costs. What you may not know, though, is the difference between leasing and financing a vehicle for tax purposes. If you’re considering adding a new vehicle to your business, here are some things to consider:

Do your employees use their personal vehicles for business purposes? The tax deduction limits and expense benefit rates have changed for 2019. Make sure you understand as an employer your responsibilities around allowances to cover expenses.

The deadline to give employees their T4 slips is Thursday, February 28, 2019! The failure to distribute T4 slips on time is $25 per day for each failure with a minimum penalty of $100 and a maximum of $2500.

Tax season is here again and deadlines are quickly approaching. The following table outlines all deadlines for both Canadian and U.S. Personal Income Tax Returns. Make sure you mark these dates in your calendar to avoid any late penalties. For more information regarding Canadian deadlines, visit the Canadian Revenue Agency’s website. For more information regarding U.S. tax deadlines, visit the Internal Revenue Service’s website.

Recently the Canada Revenue Agency (CRA) announced the prescribed annual interest rates that will be effective from January 1, 2019 to March 31, 2019. These interest rates will apply to any amounts owed to the CRA and to any amounts owed by the agency to individuals and corporations.