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Category: Tax

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

December 29, 20202020, Accountants, Blog, Business Owners, TaxTony Watson

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.

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

December 7, 2020Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, corporate, disability, Financial Planning, RDSP, TaxTony Watson

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.

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2018 Federal Budget Highlights for Business

March 4, 2018Blog, Business Owners, corporate, Investment, TaxTony Watson

The government’s 2018 federal budget focuses on a number of tax tightening measures for business owners. It introduces a new regime for holding passive investments inside a Canadian Controlled Private Corporation (CCPC). (Previously proposed in July 2017.)

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2018 Federal Budget Highlights for Families

March 4, 2018Blog, disability, Family, Individuals, Investment, TaxTony Watson

Several key changes relating to personal financial arrangements are covered in the Canadian government’s 2018 federal budget, which could affect the finances of you and your family.

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RRSP Deadline is March 1, 2018. How much tax can you save?

January 28, 2018Blog, Family, Individuals, Investment, RRSP, TaxTony Watson

The deadline for contributing to your Registered Retirement Savings Plan (RRSP) for the 2017 tax filing year is March 1, 2018. You generally have 60 days within the new calendar year to make RRSP contributions that can be applied to lowering your taxes for the previous year.

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A Summary of Proposed Tax Changes in 2017

September 18, 2017Blog, Business Owners, Taxbusiness owners, tax, tax reformTony Watson

The month of July saw a set of proposed tax changes announced by the Federal Minister of Canada which are potentially the most impactful and significant amendments since the large-scale tax reform of 1972.

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BC Budget Update

September 17, 2017Blog, Business Owners, Families, Individuals, TaxBC Budget, Corporate Income Tax, Medical Services Plan, Personal Income TaxTony Watson

BC Finance Minister Carole James delivered the province’s 2017 budget update on Sept. 11, 2017. The budget anticipates a surplus of $46 million for the current year, $228 million in 2018-2019 and $257 million in 2019-2020. As a result of the provincial election on April 11, 2017, the measures previously announced were not fully enacted.

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Recent Posts

  • Extended COVID-19 Federal Emergency Benefits
  • Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients
  • Government of Canada to allow up to $400 for home office expenses
  • Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
  • Applications for the new Canada Emergency Rent Subsidy starts today!

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Contact Us

Tony Watson
Financial Advisor

9367 Webster Place
Sidney, BC
V8L 2R9

Tel: 250-589-0515 
Email: tony@tonywatson.ca

Latest Posts

  • Extended COVID-19 Federal Emergency Benefits
  • Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients
  • Government of Canada to allow up to $400 for home office expenses
  • Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
  • Applications for the new Canada Emergency Rent Subsidy starts today!

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