RLB Blog

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.

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

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

At this point in 2020, it is likely that most businesses have either heard of the CEBA benefit, taken advantage of it or are in the process of completing their applications.

The Temporary Wage Subsidy (TWS) was a 3-month program that allowed eligible employers to reduce their source deduction payments to CRA.  It was based on remuneration paid from March 18 to June 19, 2020.  There was a maximum of $1,375 per eligible employee and a maximum of $25,000 per employer.