Tax Planning Archives - McCay Duff LLP Chartered Professional Ottawa Accountants

Employee claiming home office expenses on 2020 tax return

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

April Wheeler - CPA, CGA
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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Form 1040 for U.S. Individual Income Tax Requirements

Things you need to know when it comes to U.S. taxes for individuals: General filing requirements

McCay Duff
Tax Planning, U.S. Taxes

Author: Cyndy Packard Osode, CPA, CA, CPA (TX, USA), CGMA A U.S. filing requirement generally applies to individuals who are U.S. citizens, U.S. lawful permanent residents, and other individuals who earn income from U.S. sources. Do you fall into any of these categories? If yes, you’ll want to read this third article in our series on U.S. tax filing obligations. U.S. Tax Filing Requirements Many people are now aware that the United States is one …

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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

April Wheeler - CPA, CGA
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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Realtor determining if a Personal Real Estate Corporation right for her

Is a Personal Real Estate Corporation right for me?

Karen Freake - B. COMM, CPA, CA, Partner
Accounting, Business Advisory, Tax Planning

Undoubtedly, for decades to come, 2020 will be talked about as the year of change. We all have learned to do things differently. Some 2020 changes have been welcomed, like the change which now allows Ontario real estate professionals to operate through a Personal Real Estate Corporation (PREC). Whether you are a Real estate agent, Broker real estate agent, Realtor®, Realtor® Broker, or Realtor® Salesperson, this new avenue in which to run your business is …

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Business owner filing PD27 form before filing T4s.

Mandatory Self Reporting for the 10% Temporary Wage Subsidy (TWS) due Before the Filing of T4s

McCay Duff
Accounting, CRA, Tax Planning

Important Reminder! Mandatory Self Reporting for the 10% Temporary Wage Subsidy (TWS) due Before the Filing of T4s The Canada Revenue Agency (CRA) is requiring all eligible businesses, partnerships, non-profits, charities and sole proprietors with a payroll account to file an election indicating how they have applied the 10% TWS. The PD27 10% Temporary Wage Subsidy Self-Identification Form for Employers (PD27) should be filed before the filing of the T4s. CRA has indicated the PD27 …

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Closed business sign due to COVID-19 and Ontario rebates they may be eligible to claim

Ontario Property Tax and Energy Cost Rebates for Businesses Impacted by COVID-19 Restrictions

McCay Duff
Tax Planning

The Ontario Finance Minister has announced that Ontario property tax and energy cost rebates will be made available to eligible businesses required to close their doors or significantly reduce their services due to provincial public health restrictions. Eligible businesses will be able to apply for temporary property tax and energy cost rebates directly to the province through a single, online application portal. Eligibility for Ontario property tax and energy cost rebates Support is available for businesses …

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Businessman working from home discussing what home office expenses can be claimed.

How Working from Home May Affect your 2020 Tax Return

Neil Duncan - CPA, CA
Accounting, Tax Planning

COVID-19 has caused many significant changes in how Canadians live their lives. One noteworthy difference for office employees is that many may find themselves working from home for a substantial portion of the year. This change in routine may give rise to new costs that these employees must bear. Some of the more apparent costs could be computer monitors, desks, or keyboards purchased to facilitate working from home. But there are also additional, more subtle …

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Tax Planning

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

Things you need to know when it comes to U.S. taxes for individuals: General filing requirements

Ensure 2020 T4 Slips Comply with the 2020 Reporting Requirements

Is a Personal Real Estate Corporation right for me?

Mandatory Self Reporting for the 10% Temporary Wage Subsidy (TWS) due Before the Filing of T4s

Ontario Property Tax and Energy Cost Rebates for Businesses Impacted by COVID-19 Restrictions

How Working from Home May Affect your 2020 Tax Return

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