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TFSA vs RRSP – What you need to know to make the most of them in 2021

Jan 21, 2021

Both TFSAs and RRSPs can be significant savings vehicles for your clients. We've put together an article to help your clients easily understand the differences between them – with one section focussing on differences in deposits and one focussing on differences in withdrawals. The deposit section focuses on: • How much contribution room is available each year • How carry forward works for TFSAs and RRSPs • Tax deductibility of contributions • Tax treatment of growth The withdrawal section focusses on: • Conversion requirements • Tax treatment of withdrawals • Impact of withdrawals on government benefits • Impact of withdrawals on contribution room

2021 Financial Calendar

Jan 04, 2021

We’ve put together a financial calendar for 2021. It contains all the dates you need to know to make the most of your government benefits and investment options. Whether you want to bookmark this or print it out and post it somewhere prominent, you’ll have everything you need to know in one place!

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

Dec 29, 2020

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.

Business Owners: 2020 Tax Planning Tips for the End of the Year

Dec 11, 2020

It's a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections: - Year-end tax checklist - Remuneration - Business tax - Estate

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

Dec 07, 2020

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.

Personal Tax Planning Tips – End of 2020 Tax Year

Dec 02, 2020

To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article: • Details about the different COVID-19 benefits programs and the tax ramifications of them • Information about family tax issues including the Canada Child Benefits and tips on how to split income. • Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments. • Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.

Applications for the new Canada Emergency Rent Subsidy starts today!

Nov 23, 2020

The new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords. CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19. An additional 25% Lockdown Support is available during a public health lockdown order.

The Difference between Segregated Funds and Mutual Funds

Nov 01, 2020

Segregated Funds and Mutual Funds often have many of the same benefits however there are key differences you should consider like Maturity and Death Benefit Guarantees.

Applications for Canada Recovery Benefit now open!

Oct 12, 2020

The Canada Recovery Benefit (CRB) is now open for applications. If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period. If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.

New Canada Emergency Rent Subsidy | Wage Subsidy extended | CEBA additional $20,000 loan

Oct 09, 2020

Great news for businesses! The new Canada Emergency Rent Subsidy will be available directly to business owners who need rent relief. The Wage Subsidy has been extended to June 2021. And the CEBA has been expanded to provide up to $20,000 interest-free loan.