The good news is that, while limited, summer camps are back this year. The bad news is … so is the cost. Fortunately, there are tax deductions to help offset the cost of camp and care for children this summer (and all year round).
The year is now half over, which makes it the perfect time to check in on your tax position for 2021. This will make sure that you’re on track for the year, give you time to make any necessary adjustments and will help reduce any possible surprises come tax season 2022.
When the pandemic started, one of the first programs that was launched to support Canadians was the Canada Emergency Relief Benefit (CERB). This program was implemented hastily to help ensure that taxpayers, who were being laid off one after the other, would be supported.
Approximately 1.8 million taxpayers are required to pay tax instalments each year. These instalments are required where a taxpayer owed more than $3,000 in the previous two years (2019 and 2020) and their net owing for 2021 will be more than $3,000.
It’s a new tax year and your tax return has now been filed. That means ç
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.
