The end of April is almost here, which means the tax filing deadline is fast approaching.
As tax season approaches, Canadians who received the Canada Emergency Response Benefit (CERB) last year may be wondering how to report these payments on their income tax return.
If you have employees, you are required to deduct and remit source deductions from your employee’s wages, salaries and taxable benefits.
It’s that time of year when you should be sitting down to do a mid-year review of your taxes. This is an opportunity to look over your business finances and processes to confirm that everything is going to plan.
Once you get a good understanding of your position, you can look for ways to better set yourself, and your business, up for success come year end and tax season.
Employees who work from their homes have always been able to claim home office expenses. To do this, the employee had to meet specific criteria, retain receipts, calculate the portion of expenses that were related to work and get certification from their employer.
Every year, the government announces the current rates for Employment Insurance (EI) and Canada Pension Plan (CPP) for both employees and employers. Below are the 2022 rates and maximums.
Since 2020 the Canadian government has been helping business owners across Canada with benefit programs to help cover fixed costs during lockdowns, as well as to boost rehiring as the country begins to reopen.
The Government of Canada has announced that some self-employed Canadians who were ineligible to receive the Canada Emergency Response Benefit (CERB), and received it anyway, will not be forced to repay the money.
In a statement released in February, the federal government said that self-employed Canadians who applied for, and received CERB payments based on their gross income instead of their net income would not be required to repay the benefit on their 2020 tax year return - as long they also met all other eligibility criteria.