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Category: 2020 Only

Business Owners: 2020 Tax Planning Tips for the End of the Year

December 11, 20202020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice Owners, corporate, Estate Planning, financial advice, Financial Planning, incorporated professionals, Investment, Professional CorporationsAbility Private Wealth

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

Read More

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 AccountAbility Private Wealth

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.

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CEBA extended to October 31st. Expanded to include more businesses.

September 1, 20202020 Only, Blog, Coronavirus, Coronavirus - Practice Owners, DebtAbility Private Wealth

On August 31st, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced the extension of the Canada Emergency Business Account (CEBA) to October 31st, 2020. This will give small businesses 2 additional months to apply for the $40,000 loan.

In addition, the Federal Government said it was working with financial institutions to make the CEBA program available to those with qualifying payroll or non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account.

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Details of the EXPANDED Canada Emergency Wage Subsidy

August 12, 20202020 Only, Blog, Coronavirus, Coronavirus - Practice OwnersAbility Private Wealth

On August 11th, the Government of Canada updated the calculator and Canada.ca with the changes to the Canada Emergency Wage Subsidy (CEWS).

If you’re a business owner who has suffered losses as a result of COVID-19 and did NOT qualify previously for CEWS, you may now qualify.

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CERB Extended | Business Owners who did not qualify previously – expanded CEBA starts June 19th

June 17, 20202020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students, corporate, IndividualsAbility Private Wealth

Great news for Canadians out of work and looking for work. The CERB will be extended another 8 weeks for a total of up to 24 weeks.

The expanded CEBA will begin June 19th.

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Canadians with disabilities to receive up to $600

June 8, 20202020 Only, Blog, Coronavirus, disabilityAbility Private Wealth

On June 5th, Prime Minister Justin Trudeau announced supports for Canadians with disabilities to address challenges from COVID-19. This support program provides a one-time non-taxable payment of up to $600 for Canadians with disabilities.

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Expanded eligibility for CEBA $40,000 interest-free loan

May 19, 20202020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice OwnersAbility Private Wealth

The Prime Minister outlined the expanded eligibility for the Canada Emergency Business Account and highlighted companies such as hair salon owners, independent gym owners with contracted trainers and local physio businesses will now be eligible.

“If you are the sole owner-operator of a business, if your business relies on contractors, or if you have a family-owned business and you pay employees through dividends, you will now qualify.” – PM Justin Trudeau

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Apply starting Friday for Canada Emergency Student Benefit! Help on the way for seniors.

May 13, 20202020 Only, Blog, Coronavirus, Coronavirus - Retired, Coronavirus - Students, RetirementAbility Private Wealth

The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and high school graduates who are unable to find work due to COVID-19.

Read More

Extended! Canada Emergency Wage Subsidy extended beyond June

May 8, 20202020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice OwnersAbility Private Wealth

On May 8th, Prime Minister Justin Trudeau announced that they will extend the Canada Emergency Wage Subsidy (CEWS) beyond June.

Read More

75% Commercial Rent Assistance Program

April 24, 20202020 Only, Blog, Coronavirus, Coronavirus - Practice OwnersAbility Private Wealth

On April 24th, the Federal Government in partnership with the provinces and territories unveiled the Canada Emergency Commercial Rent Assistance which provides rent relief to businesses.

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Contact Us

Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

1500 Don Mills Rd. Suite 400 Toronto, ON M3B 3K4



Recent Articles

  • 2022 Ontario Budget Highlights
  • 2022 Federal Budget Highlights
  • 2021 Income Tax Year Tips
  • Estate Planning for Business Owners
  • Easy Exit: Business Succession in a Nutshell

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