It’ll be time to file your 2022 taxes soon, and you must take advantage of every tax credit and deduction you can! Our article covers the following:
• Canada Workers Benefit.
• Claiming home office expenses.
• The tax deduction for zero-emissions vehicles.
• Return Of Fuel Charge Proceeds To Farmers Tax Credit.
• Eligible Educator School Supply Tax Credit.
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.
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.
On September 23rd, in a speech delivered by Governor General Julie Payette, Prime Minister Justin Trudeau outlined the Federal government’s priorities.
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.
The federal government implemented the Registered Disability Savings Plan on December 1, 2008. The RDSP is a savings plan designed specifically for people with disabilities in Canada.
In the infographic, we highlight the key points of the RDSP.
Everybody understands the value of life insurance and most of us who take our finances seriously have a solid life insurance policy in place. But what happens if you are unlucky enough to sustain a serious illness, chronic disease or disability which prevents you from working? Such a scenario could be disastrous for your family finances and this is where disability insurance comes in.
The 2019 budget is titled “Investing in the Middle Class. Here are the highlights from the 2019 Federal Budget.
Recent research by the Rick Hansen Foundation found that, not only are much fewer disabled individuals in Canada in employment compared with those without a disability, almost 15% of those with a disability are living below the poverty line. These statistics are frightening when you consider the fact that they are less likely to have the ability to live independently in the future and are therefore much more reliant on the financial support of their family throughout their lifetime. This can naturally put a big strain on the family’s finances and many parents worry greatly about their ability to provide sufficient income to care for the needs of their disabled child both now and in the future.
Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.
Insurance products are offered through PPI Management Inc., a national licensed insurance marketing organization that support independent advisors with their business, and through multiple insurance companies.
