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.