Employees who worked from home more than 50% of the time over a period of a least four consecutive weeks in 2020 due to the pandemic will be eligible to claim the home office expenses deduction for 2020. There are two options for employees when claiming these expenses on their 2020 tax return. The temporary […]
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RRSP Season is Here!
A Registered Retirement Savings plan is an important part of smart financial planning. Not only do RRSP contributions help you plan for your future, they also reduce how much you have to pay in income tax. Your annual RRSP contribution limit is 18% of the prior year’s earned income to a maximum of: 2020 = […]
Tax Free Savings Accounts
What’s a TFSA? A TFSA is a Tax-Free Savings Account to which you can contribute at age 18 or older. Here’s how you can benefit from a TFSA: You don’t pay tax on any money earned in a TFSA or on money you withdraw. There’s no contribution deadline, which means you can contribute to a TFSA […]
New relief grant for small businesses.
Written By: Anjali Dilawri, CPA, CA LoganKatz Chartered Professional Accountants The federal government is investing $12 million into the Canada United Small Business Relief Fund (CUSBRF), to support small businesses through the coronavirus pandemic. The CUSBRF provides eligible small businesses with relief grants of up to $5,000, to be used for pandemic recovery efforts. The […]
What is an Infectious Disease Emergency Leave?
Covid19 continues to pose questions for employers and HR leaders on how to manage employee leaves and absences related to the disease. In response to this new normal, Ontario made changes to the Employment Standards Act(ESA) to better address the impact on a business and its employees due to Covid19. The government introduced amendments to […]
Investment Market Update
We hope you and your family are well and have enjoyed the summer. Fall is now here, and the “new normal” continues as students head back to school, whether virtually or in person. Many of us continue to work from home. Globally, the number of COVID-19 cases surpassed 25 million in August as reported by […]
CERB extended and EI benefits expanded.
The Government announced that the CERB benefit will be extended by 1 more 4-week period to September 26, 2020. This extension is followed by the addition of three new benefits being added to replace CERB, for a period of 1 year commencing September 27, 2020. Steps are also being taken to make qualification for the […]
Super-charge your Benefit Package!
You may already have a Benefit Plan in place for your employees. Have you considered enhancing it by providing a Group Savings plan that encourages them to grow financially and plan for their future? Ready to super-charge how you motivate your team? Here are some key points to think about: 1. Saving and saying goodbye […]
Wage Subsidy Update – At first there’s more for everyone, but the phase-out is underway.
The federal government announced proposed changes to its Canada Emergency Wage Subsidy(CEWS) program that will take effect as of July 5, 2020. To summarize, there are three principal impacts of these changes: For the near term, companies that have experienced a revenue drop of greater than 50% will receive an even larger subsidy than the […]