2021 Income Tax Year Tips

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It’ll be time to file your 2021 taxes soon, and you must take advantage of every tax credit and deduction that you can. Our article includes information on a variety of subjects you need to know about, including what to do if you’ve had to repay COVID-19 benefits, how to plan ahead if you’re self-employed or retiring soon, and what you need to know if you have a home office or employer-provided benefits.

British Columbia 2021 Budget Highlights

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On April 20, 2021, the B.C. Minister of Finance announced the 2021 budget. We have highlighted the most important things you need to know, including: • Changes in the requirement to repay the B.C. Emergency Benefit for Workers • Home Owner Grant threshold change • PST exemption for electric bikes • Elimination of PST rebate for certain vehicle sales • Delay in the carbon tax increase • Tobacco tax increases • Changes to the speculation and vacancy tax

Federal Budget 2021 Highlights

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On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections: • Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits. • Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining. • Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.

What’s new for the 2021 tax-filing season?

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Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following: • How to claim home office expenses • The new Canada Training Credit • Pandemic emergency funds • New digital news subscription tax credit

5 Top Financial Planning Strategies For Small Business Owners

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Creating a financial plan for your business is critical not only for your business’ survival but also for its growth. However, many small business owners struggle to create a comprehensive financial plan that considers all of the financial needs of the business – which should include long term growth goals and contingency plans for any unexpected circumstances. Below, we have compiled a list of the strategies business owners should start with when considering a comprehensive financial plan.

2021 Financial Calendar

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We’ve put together a financial calendar for 2021. It contains all the dates you need to know to make the most of your government benefits and investment options. Whether you want to bookmark this or print it out and post it somewhere prominent, you’ll have everything you need to know in one place!

Government of Canada to allow up to $400 for home office expenses

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For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.

Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

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Finance Minister Chrystia Freeland recently provided the government's fall economic update. It included information on the government's strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We've summarized the highlights for you: • Corporate Tax Changes, including extensions to subsidy programs. • Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new "Work from home" tax credit. • Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields. For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.

Personal Tax Planning Tips – End of 2020 Tax Year

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To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article: • Details about the different COVID-19 benefits programs and the tax ramifications of them • Information about family tax issues including the Canada Child Benefits and tips on how to split income. • Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments. • Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.

10 Essential Decisions for Business Owners

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Business owners are busy… they’re busy running a successful business, wearing lots of hats and making a ton of decisions. We've put together a list of 10 essential decisions for every business owner to consider.