CEWS Audits by CRA – Just landed
Canada Emergency Wage Subsidy (CEWS) has been providing significant support to Canadian jobs by covering 75% of employee’s wages (sometimes up to 85%, see new CEWS rules).
A...
Additional T4 Reporting Requirements for 2020
The Canada Revenue Agency (CRA) has introduced additional reporting requirements for T4 Information returns of 2020.
The purpose of these additional requirements is to validate...
Canada Emergency Wage Subsidy – New Rules – July 5 Onwards
Canada Emergency Wage Subsidy (CEWS) has undergone major changes in July 2020.
Extension of CEWS until end of 2020
Wage subsidy has been split into two parts; Base Subsidy...
U.S. Canada Cross Border Taxation for Canadian Businesses
It is not unusual for Canadian businesses to expand into the United States.
U.S. and Canada have two different tax systems and such a decision needs careful planning and...
Effects of Losing CCPC Status for Corporations in Canada
In Canada, there are different types of corporations for tax purposes.
Canadian Controlled Private Corporations (CCPC) enjoy lower income tax rates on corporate profits because...
Non-Deferrable Expenses Stream – CEBA
Almost a month ago, in May, the government announced expanded eligibility for Canada Emergency Business Account (CEBA). Previously, only the businesses with a minimum of...
Expanded CEBA Program for Small Businesses
The Government had rolled out its Canada Emergency Business Account (CEBA) to support small businesses due to pandemic. Since the start of the program there has been a much...
How to setup a corporation in Canada?
Wondering how to incorporate your business in Canada? Let’s find out the general steps involved to set up a corporation in Canada.
1. Decide if you need to incorporate your...
US Income Taxes for Canadian Businesses – Which Forms to File?
Canada is the second-largest trading partner of the United States. Both economies are interconnected and businesses on both sides of borders are subject to two-income tax rules...
How and When U.S. Taxes Canadian Businesses
U.S. Income tax is one of the most complex tax systems in the world. Being a global leader, many times international businesses get their income connected to the U.S. and they...
Notice to Reader Financial Statements
Is your bank requesting for financial statements?
You provided the financial statements, but now they are asking for a notice-to-reader attached to it!
In this post, we shall...
Principal Residence Exemption and Change of Use
Principal residence exemption allows a taxpayer to eliminate capital gains on the disposition (or deemed disposition) of his/her principal residence in Canada.
This post is...
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CRA – NEWS RELEASES
Latest news releases for Canada Revenue Agency.
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Cyber incidents
The protection of the personal information of Canadians is a priority for the Canada Revenue Agency (CRA).
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Canada Revenue Agency increases flat rate amount for meal claims, and reasonable amount for meal benefits and allowances
Today, the Honourable Marc Garneau, Minister of Transport, on behalf of the Honourable Diane Lebouthillier, Minister of National Revenue, announced that the Canada Revenue Agency (CRA) has increased the amount that employers can use to determine whether an overtime meal or allowance, or the meal portion of a travel allowance is taxable, from $17 to $23.
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Canada Revenue Agency opens applications for enhanced Canada Emergency Wage Subsidy
The Canada Emergency Wage Subsidy (CEWS) was created to assist businesses affected by the COVID19 pandemic in keeping workers on their payroll or bringing back previously laid-off employees
