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Are you ready to file? It is already that time of year again to get ready to prepare and file your 2020 tax return. 2020 was a year unlike any in recent memory, and the global COVID-19 pandemic lead to the Canadian government providing relief like we have never seen before. While, like any other […]
Read MoreA lot of firsts in 2020 2020 was a truly unusual year in a variety of ways, including from a tax perspective. The year came with many new acronyms, such as TWS (Temporary Wage Subsidy), CEBA (Canada Emergency Business Account), CECR (Canada Emergency Commercial Rent Assistance) and CEWS (Canada Emergency Wage Subsidy), just to name […]
Read MoreIn order “to improve the collection of beneficial ownership information with respect to trusts and to help the Canada Revenue Agency (the “CRA”) assess the tax liability for trusts and its beneficiaries” the CRA has come out with Draft legislation for new reporting rules for Trusts. The new rules are effective for year ends on […]
Read MoreFinancial wellness can be a sensitive and uncomfortable discussion for many. Taking control of your finances can feel overwhelming and unattainable at times. Mowbrey Gil is here to help you navigate these waters with expert advice. Here are some simple steps that anyone can take to better understand and take control of their finances. Increase your knowledge of financial management Spend some time learning about debt management, budgeting, saving, investing or retirement planning. CPA Canada has resources available […]
Read MoreEvery year CRA sends out letters requesting information on a specific line item on tax returns. Unlike prior years, this year CRA is giving advanced warning of what this will be. In an upcoming letter campaign, CRA will be asking for shareholder information on schedule 50 of the corporate income tax return where it is […]
Read MoreThe world as we know has and continued to rapidly change because of COVID-19 and the ongoing political developments such as the elections in the United States (US), the United Kingdom’s (UK) impending exit from the European Union (BREXIT), trade wars between economic superpowers, and climate change, among other global emergencies. COVID-19 being the most […]
Read MoreCEBA – Forgivable Loan If you are a small business owner you are likely aware of the Canadian Emergency Business Account (CEBA) and may have received a loan under this program. This loan program is facilitated by Canadian lending institutions under which an interest-free loan of up to $40,000 is made to a qualifying small […]
Read MoreIn light of Covid-19, many employees have had to work from home for a large portion of the 2020 calendar year. Therefore, there is the possibility for employees to claim a home office deduction in calculating their 2020 personal taxes. Ordinarily, if an employee maintains an office in their home, the employee could deduct certain […]
Read MoreCOVID-19 has influenced all businesses, changing the very landscape of how we interact on a professional and personal level. In many cases, small businesses have borne the brunt of these changes. The Canadian Federation of Independent Business estimates that a total of $117 billion of new debt has been loaded onto small businesses as a […]
Read MoreFraudsters continue to devise new ways to separate Canadians from their hard-earned cash, with more than 20,000 reports involving more than $43 million in losses in 2019. Staying vigilant is difficult when new scams are appearing every day. The Chartered Professional Accountants of Canada have detailed the most common scams to watch out for here. From social insurance numbers to email transfer requests, prepare for everything with […]
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