Employee claiming home office expenses on 2020 tax return

How to Claim your Home Office Expenses on your 2020 Tax Return


Accounting, Tax Planning

The pandemic has caused a vast number of Canadians to work from home during 2020. As a result, the Canada Revenue Agency (CRA) has released new guidelines for claiming home office expenses on their 2020 personal tax return. Here is what you need to know on how to claim your home office expenses. For the 2020 tax year, the CRA has announced two methods for claiming office expenses: the new temporary flat-rate method and the …

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Dart in Loan application for Canada HASCAP

Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee has Launched


Accounting, Financial Planning

Applications open February 1, 2021 To assist the small and medium-sized businesses that have been heavily impacted by COVID-19, the Business Development Bank of Canada (BDC) has been mandated by the Government of Canada to provide government guaranteed loans to eligible businesses to help these businesses access additional funds and cover operating costs.  Loans ranging from $25,000 to $1 million will be available to qualifying businesses. Who can apply for HASCAP? Any Canadian business that …

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T4 slip that need to comply with new CRA reporting requirements

Ensure 2020 T4 Slips Comply with the 2020 Reporting Requirements


Business Income Tax, Small Business, Tax Compliance, Tax Planning

The Government’s COVID-19 relief programs have led to the Canada Revenue Agency (CRA) introducing additional reporting for the 2020 T4 slip, Statement of Remuneration Paid. All employers who issue T4s to employees must comply with these new requirements. CRA will use the additional information to be reported on the T4 to validate payments under the Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB), and payments made to employers under the Canada Emergency Wage …

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Eight Tips for Preventing Fraud in Not-for-Profit Organizations

Eight Tips for Preventing Fraud in Not-for-Profit Organizations


CRA, Fraud Prevention, Internal Controls, Not-for-Profit Organizations, Tax Tips

Many organizations feel that, due to their small size, they are not susceptible to fraud. Unfortunately, this is not true. Even the smallest of organizations have been, and can be, targets of fraud. In fact, smaller organizations have disproportionately large losses from asset misappropriation, and are much less likely to recover from a fraud. This is due to the fact that they often employ friends, family and other “trusted individuals,” and rely on trust rather …

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COVID-19 Cash Management Options

COVID-19 Cash Management Options


Announcements

The coronavirus has presented risks not only to our personal health but also to the financial health of many businesses. The provincial and federal government policies to enforce social distancing to #flattenthecurve has led to a sudden fall in revenue for many businesses. Many business owners are asking what they can do to survive the impact of COVID-19. Cash flow management will be important.  Here are some cash flow tips to consider: Financing Options Reach …

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What to Expect when the CRA Contacts You

Identifying Legitimate Communications from the Canada Revenue Agency


Tax Planning, Tax Preparation

Scammers posing as Canada Revenue Agency (CRA) employees continue to contact Canadians, misleading them into paying false debts. These persistent scammers have created fear among people who now automatically assume that any communication from someone representing the CRA is not genuine. This article will remind Canadians that the CRA does indeed contact taxpayers by phone, email and mail for legitimate reasons. The following tips will help Canadians identify legitimate communications from the CRA. To identify …

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Can an Owner-Manager Deduct Employment Expenses on their Personal Tax Return?

Can an Owner-Manager Deduct Employment Expenses on their Personal Tax Return?


CRA, Tax Audit, Tax Planning

If you are an employee of a business, you may have the opportunity to deduct expenses on your personal tax return that are required under your contract of employment. To claim work-related expenses, an employee needs to obtain a certified Form T2200 from their employer. If you are a shareholder-employee of the company, can you deduct employment expenses? Based on the Tax Court of Canada’s decision in the 2009 Adler case, the answer appeared to …

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