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Articles for Individuals and Families

What’s new for the 2021 tax-filing season?

April 2, 2021

Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following: • How to claim home office expenses • The new Canada Training Credit • Pandemic emergency funds • New digital news subscription tax credit

Group Insurance vs Individual Life Insurance

March 3, 2021

While it’s great to have group coverage from your employer or association, in most cases, people don’t understand the that there are important differences when it comes to group life insurance vs. self owned life insurance.

Extended COVID-19 Federal Emergency Benefits

February 22, 2021

On Friday, February 19, 2021, Prime Minister Justin Trudeau announced an extension to: - Canada Recovery Benefit - Canada Recovery Caregiving Benefit - Canada Recovery Sickness Benefit - Employment Insurance

Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

February 12, 2021

Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)

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

January 20, 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

January 4, 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

December 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

December 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

December 7, 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.