An Early Gift from the Federal Government The Federal Government has updated its administrative policy regarding what they consider a near-cash employee gift or award. When we last addressed employee gifts and awards, the Federal Government considered all gift cards to be a near-cash amount and, consequently, taxable when received
My Account is a secure portal that lets you view your personal income tax and benefit information and manage your tax affairs online. My Account – https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html Businesses e-Services – https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/register.html Authorize a representative – https://www.canada.ca/en/revenue-agency/services/tax/representative-authorization/overview.html
As announced by the Ministère des Finances, a new refundable cost of living tax credit has been created to help taxpayers in Québec deal with the rising cost of living caused by constantly increasing inflation. It will be paid out to eligible individuals who file their income tax return for 2021
The FHSA offers prospective first-time home buyers the ability to save $40,000 tax-free. Like registered retirement savings plans (RRSP), contributions to an FHSA would be tax deductible. Like tax-free savings accounts (TFSA), income and gains inside an FHSA as well as withdrawals would be tax-free. Eligibility To open an FHSA,
Finance Minister Chrystia Freeland delivered the federal government’s fall economic update on November 3rd. Although the update did announce some new program spending and taxes applicable to publicly traded companies, these new measures are not relevant to private corporations and individual taxpayers. However, if you are interested to learn more
“We are thrilled to welcome Ralph Engel CPA to the LCA family,” says Edouard Sabbah CPA auditor, Partner. Our organizations share a common vision to provide clients with the insights, tools and solutions to adapt and thrive in a rapidly changing business environment. Ralph Engel CPA`s business focus and strong
On April 7, 2022, the Honorable Chrystia Freeland tabled her second budget as federal Minister of Finance and Deputy Prime Minister. In last year’s budget, the federal government had predicted a deficit for 2021-22 of $154.7 billion, but in today’s budget, this amount was revised down to $113.8 billion. A
The Honorable Eric Girard, Minister of Finance presented the 2022-2023 Quebec budget and we highlight the 5 main points. 1. One-time Cost of Living Support Payment of $500 to Adult Quebecers The budget included a one-time refundable tax credit of $500 per eligible individual with a net income of $100,000
Families in Quebec and Ontario can benefit from a refundable tax credit, which reimburses a portion of the childcare expenses they pay. The credit is calculated by using eligible childcare expenses multiplied by the tax credit rates. The credit will then reduce taxes owed by an individual. This particular tax
As many Canadians continue to work from home during the pandemic, the government has extended its temporary home office expense rules. In response to the millions of Canadians that continue to work from home due to the pandemic, the federal government announced as part of the government’s 2021 Fall Economic Statement that
DATES LIMITES AU FÉDÉRAL ET AU QUÉBEC 10 janvier Date limite pour le paiement final des retenues à la source sur les salaires et les avantages imposables pour 2021 pour les employeurs sujets aux versements accélérés (deux fois par mois) 17 janvier Date limite pour le paiement final des
News release January 12, 2022 – Ottawa, Ontario – Department of Finance Canada 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
It is important for taxpayers to understand the tax consequences of their cryptocurrency transactions and to ensure that they comply with applicable tax obligations. Failure to do so can result in heavy penalties, and even penal or criminal charges in some circumstances. The Canada Revenue Agency (CRA) has put together
On December 16, 2021, Bill C-2 was enacted and Local Lockdown Program was introduced which provides support to organizations subject to a public health restriction order. On December 22, 2021, Prime Minister Justin Trudeau extended the eligibility for this program. Here are the highlights. Targeted organizations Most organizations regardless of their
A new “luxury” tax could apply as of January 1, 2022 on the retail sale of new personal cars and aircraft with a retail sale price over $100,000 and new boats with a retail sale price over $250,000. Importing such “designated property” will also be subject to this tax. HOW