Tax

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

April 2, 20212021, Blog, Tax

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

2021 Financial Calendar

January 4, 20212021, Blog, personal finances, RDSP, Registered Education Savings Plan, Retirement, RRSP, Tax, Tax Free Savings Account

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, 20202020, Accountants, Blog, Business Owners, Tax

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.

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

December 7, 2020Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, corporate, disability, Financial Planning, RDSP, Tax

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

December 2, 20202020 Only, Blog, Charitable Gifting, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Retired, Coronavirus - Retiring, Coronavirus - Students, disability, Disability Insurance, Family, financial advice, Financial Planning, health benefits, pension plan, RDSP, Registered Education Savings Plan, RRSP, Tax, Tax Free Savings Account

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.

Tax Loss Selling

April 2, 20202020 Only, Blog, Coronavirus, Investment, Tax

Over the last few weeks, the financial market has taken a downturn amidst fears over Coronavirus.

Understandably, you are concerned with your portfolio, it’s important to stay level-headed to avoid making financial missteps. However, staying level-headed doesn’t necessarily mean you sit there and do nothing. In fact, one consideration you can look is taking an active tax management approach.

Tax loss selling is a strategy to crystallize or realize any capital losses in your non-registered accounts so it can be used to offset any capital gains.

Comparing TFSAs and RRSPs – 2020

January 30, 20202020 Only, Blog, Family, Individuals, Investment, Retirees, RRSP, Tax, Tax Free Savings Account

We examine the difference between RRSP and TFSA in the deposit and withdrawal stage.

RRSP Tax Savings Calculator for the 2019 Tax Year

January 21, 2020Blog, Tax

The 2019 RRSP Tax Savings Calculator

2020 Financial Calendar

January 1, 2020Blog, Business Owners, corporate, Individuals, Investment, RRSP, Tax, Tax Free Savings Account

Financial Calendar for 2020- All the deadlines you need to know to maximize your benefits!

2019 Tax Tips for Employees

November 22, 20192019 Only, Blog, Estate Planning, Family, Individuals, Investment, Retirees, RRSP, Tax, Tax Free Savings Account

Now that we are nearing year end, it’s a good time to review your finances. With the federal election over and no major tax personal tax changes for this year, 2019 is a good year to make sure you are effectively tax planning.

Category: Tax

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

2021 Financial Calendar

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

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

Personal Tax Planning Tips – End of 2020 Tax Year

Tax Loss Selling

Comparing TFSAs and RRSPs – 2020

RRSP Tax Savings Calculator for the 2019 Tax Year

2020 Financial Calendar

2019 Tax Tips for Employees

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Derrick Lee-Shanok

derrick@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

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