On April 19, the federal government released the 2021 budget. In the budget, the government proposed additional support for businesses.
This includes extending the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) beyond the June 2021 end date, as well as introducing a new hiring program.
If you sell your business, chances are you’ll make some money. Now normally you’d have to pay taxes on any income you make, including that from the sale of a business. But there’s a tax tool that stops you from having to pay taxes on all or part of the profit you gain. And this tool is called the Lifetime Capital Gains Exemption (LCGE).
The disability tax credit is a non-refundable credit for individuals with disabilities and those supporting them. It reduces that amount of income tax the taxpayer has to pay during tax season. The intention of the tax credit is to help offset the increased disability costs that some Canadians must pay.
During 2020, the government of Canada implemented a number of programs to help support Canadians. As a result, many Canadians will have received a T4A slip for the various benefits they received. This slip will show the amount of benefits you received from the various programs and must be reported on your 2020 Income Tax Return.
There’s a little-known tax savings strategy that we like to talk about every year and that is pension income splitting. It can be easily claimed, though it isn’t well highlighted in the income tax guide and can provide tax savings to seniors.
As a business owner, you have most likely registered for a GST/HST account and are required to remit a GST/HST return on a regular basis. In most cases, business owners will owe the government money. But there are some instances where businesses will receive a GST/HST refund.
When you filed your taxes in 2019, you may have noticed a NETFILE Access Code on your Notice of Assessment.
If you’ve been filing taxes for a while now, you may remember that an access code was needed to file your tax return electronically. But that’s no longer the case. To file online, you simply need your date of birth and social insurance number.
So why has the access code returned?
It may seem like an odd question to some, but there are taxpayers who aren’t sure whether they need to file a tax return in some years.
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