News Updates

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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$69B Federal deficit over first half of fiscal year

The Finance Department’s fiscal monitor says the deficit now reflects current economic challenges caused by Covid-19 The federal government ran a deficit of nearly $69 billion over the first half its fiscal year, almost $130 billion less than the treasury pumped out during the same stretch one year earlier. The Finance Department’s fiscal monitor says …

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