Are you a non-resident looking into selling a property in Canada? If you are, then you must submit to Canada Revenue Agency a Clearance Certificate, form T2062. If selling a rental property, you may also need to file form T2062A. All forms required is due no later than 10 days after the actual sale. Why do Non-Residents need to obtain a Clearance Certificate? CRA withholds 25-50% of the sales proceeds from the sale of the property by a non-resident until the relevant Clearance Certificates are filed. If you are in a loss position from the sale of the property, once the Clearance Certificates a ..read more

As many businesses are safely reopening and many returning to work; Canadians are slowly recovering from the fight against the COVID-19. Canada is on the road to economic recovery, but some businesses continue to struggle and still in need of support from the government. On October 23rd, 2021, the Government of Canada announced the end of the existing support programs such as the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS) and the Canada Recovery Benefit (CRB). However, the government has proposed new programs to help businesses still in need of support. These pr ..read more

Do you work for companies such as Skip the dishes, Door Dash or Uber Eats? If you do, you are part of working within the Gig Economy. Gig Economy refers to a free market system in which traditional businesses hire independent contractors to perform individual tasks for them. What you should know about working within the Gig Economy in a tax perspective: People simply enter the Gig community to supplement their regular income, but what is earned in this type of work must still be reported to the Canada Revenue Agency. Working with companies such as what was mentioned above do not withhold inco ..read more

Moving expenses are eligible to be deducted if two conditions are met: You moved for a job or to run a business at a new location or you moved to attend a full-time post-secondary program Your new home is at least 40 KMs closer to your new work/school You can deduct these expenses are to offset income earned from the move (ie: from your new job/business or from full-time school scholarships etc.). Ex: if you move January 1st 2021 from Toronto to Calgary to start a new job, and earn income at this new job all throughout 2021 – you could claim your moving expenses in 2021 and get the deduction ..read more

Do you rent out your basement, or a whole property? And have you been reporting this correctly on your taxes? Here’s some tips on how to properly report these properties on your taxes. Properties Rental income is earned from a property you own. This property can be used as a residential (ie: house, room in a home, apartments, suites etc.) or a commercial space (ie: office space etc.), any of which is considered taxable income and needs to be reported. Determining the Type of Income It is important to have a good understanding of whether you are earning rental income or business income from ..read more

Businesses in Canada have been experiencing many negative effects from the COVID-19 pandemic. While some businesses had to close down temporarily or permanently, the businesses that remain open must abide new and ever-changing restrictions. The Canadian government launched several initiatives to help keep businesses open and employees on the payroll. Since their launch, there has been several changes and proposed changes. As of December 4, 2020;  this is the update for businesses in need of COVID-19 relief: CEBA Basic Info: The Canada Emergency Business Account (CEBA) provides zero-int ..read more

The Federal Government has announced the Canadian Emergency Response Benefit (CERB) has ended, with the last period covering up to September 27, 2020. But what does this mean for the 4.5 million Canadians currently on CERB? See below the proposed new benefits and qualifications for Employment Insurance (EI): Employment Insurance (EI) For those who qualify for EI and have been receiving CERB from Service Canada, they will be automatically transitioned into EI benefits once CERB ends. For those who qualify for EI and have been receiving CERB from CRA, they will need to apply through Service Cana ..read more

Do you own a small business and have considered doing your own bookkeeping? Bookkeeping is an important step of the tax process, as it organizes all the transactions for the year so the taxes can be filed. It also can be used to generate financial reports such as the balance sheet or income statement, which can give a business owner perspective on how their business is doing. For those who are not accountants or bookkeepers, this task can be daunting. Here are some tips to make your business bookkeeping easy and accurate: Bookkeep off bank statements It is much easier, more efficient, and ac ..read more

If work in the construction or trades business and are an independent contractor or own an incorporated business, there are many opportunities to decrease your tax liability. See some tax tips below: Incorporate – Lower Your Tax Implications If you are an independent contractor and have not yet incorporated, you may want to consider doing so Corporations are taxed at a lower rate and have more opportunity for tax deferral and strategy, so regardless of the revenue amount it maybe beneficial to incorporate and do so early on For more information about incorporation, see our blog post “Incorpo ..read more

Have you ever received either a phone call, text message or an email that claims to be from the Canada Revenue Agency (CRA) saying you either owe them money, or you have a refund or benefit payment from them that you need to claim? As taxpayers, we should be vigilant when we receive these kinds of fraudulent communication. Being scammed can cause financial hardship, but in addition having your identity stolen is a detrimental problem. Here are some guidelines the CRA have provided on how to determine whether or not the person contacting you is a scammer. By Phone: The CRA may: Verify your ide ..read more