News Updates

Temporary changes to EI made during pandemic are set to expire next month

The expiration comes as the federal government works on modernizing the program Temporary changes to the employment insurance program made during the pandemic are set to expire soon, jeopardizing access to jobless benefits. Under the temporary measures, workers qualify for EI based on a national requirement of having 420 insurable employment hours, whereas workers would …

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Advisor suggests investors should take a long-term approach to cryptocurrency

As cryptoassets face severe volatility, some advisors have had to adjust their approaches, especially with client conversations. Bitcoin has declined more than 65% since the beginning of November, when the price was US$60,954.50, and declines have accelerated over the past month. On June 18, Bitcoin plummeted below US$20,000, hitting its lowest level since December 2020. …

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Fed aiming to avoid recession amid inflation fight

It’s ‘absolutely essential’ to ‘restore price stability,’ Fed chair tells lawmakers Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession. Testifying to the Senate Banking …

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Advisor’s expense claims get cold reception at Tax Court

Financial advisors, especially those who are self-employed, can deduct myriad business expenses from their income for tax purposes. But if you’re overly aggressive, both in terms of the quantum and types of expenses you deduct, you could face a reassessment from the Canada Revenue Agency (CRA). That’s what happened in a tax case (Yogeswaran v …

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What to know for 2021 tax return

With the tax season upon us, the Canada Revenue Agency has highlighted what’s new on income tax and benefit returns. Canada workers benefit. The refundable tax credit for low-income earners has different benefit rates and income thresholds for 2021, as well as a new “secondary earner exemption.” Climate action incentive payment. Prior to 2021, this was a refundable tax credit. …

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CEBA loan repayment extended

The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient. However, the Omicron variant has delayed the recovery for businesses in many parts of the country. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister …

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Canadian Gov outlines CRA’s priorities

Continuing Covid-19 benefit delivery, combating aggressive tax planning, increased accessibility and more capacity for auditing are among the priorities outlined for the Canada Revenue Agency. Prime Minister Justin Trudeau’s mandate letter to National Revenue Minister Diane Lebouthillier, released Thursday, includes nine specific priorities for Lebouthillier, who is responsible for the CRA. In the category of Covid-19 …

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