Tax Tips – September 2021 Please find attached our latest quarterly newsletter. In this issue we cover COVID-19 related tax matters and subsidy programs, CRA debts, RRSP, TFSA, wills and beneficiaries, and travel allowances. Read the details here: TAX TIPS September 2021
Extension To Government Support Programs And Changes To Inter-Generational Transfers The Canadian government recently announced extensions to their pandemic support programs. The following are the significant updates on the government’s support programs:· Canada Emergency Wage Subsidy (CEWS), and Canada Emergency Rent Subsidy (CERS), including Lockdown Support, have been extended until October 23, 2021. Increasing the CEWS and CERS subsidy rate for period ending September 25 but no changes to CRHP….
Canada Emergency Wage Subsidy (CEWS) Update – July 19, 2021 The Canadian government has passed Bill C-30 into law. This bill confirms a few of the key proposals from the federal budget that was announced in April: Canada Emergency Wage Subsidy (CEWS), and Canada Emergency Rent Subsidy (CERS), including Lockdown Support, have been extended until September 25, 2021. A revenue reduction of greater than 10% will be required to…
New Ontario COVID-19 Worker Income Benefit – May 6, 2021 On April 29, 2021, the Ontario government amended the Employment Standards Act (ESA) to require employers to provide employees with up to 3 days of paid emergency leave for certain reasons related to COVID-19. Eligible employers could recover up to $200 per day (limited to the regular wages the employee would have received). More information will be available soon…
Summary of Federal Budget – April 19, 2021 On April 19, 2021, the Honourable Chrystia Freeland tabled her first budget as federal Minister of Finance. The federal government initially predicted deficit for 2020-21 to be $381.6 billion, the new budget revises this down to $354.2 billion. The deficit for 2021-22 is predicted to be $154.7 billion. No changes were made to income tax rates. There are no changes to the…
Summary of Ontario’s 2021 Budget and 2020 Personal Tax Reminder – March 26, 2021 On March 24, 2021, the Ontario government released its 2021 budget. The deficit for 2021-2022 is projected at $33.1 billion, down from $38.5 billion last year, with deficits of $27.7 billion and $20.2 billion projected for 2022-23 and 2023-24. Although the deficit is significant, the government understands the importance of supporting healthcare and jobs. Please read our summary…
Retirement Announcement – Kate Hyland As we enter our personal tax season, we wanted to share some news with you. Since our practices merged 6 years ago, Kate Hyland has been an instrumental part of our HVGP team and has provided exceptional support and advice to our clients. This will be Kate’s 41st personal tax season, and she has communicated to us that she will be retiring on April 30th, 2021. As much…
Canada United Small Business Relief Fund The Government has reopened applications for the Canada United Small Business Relief Fund. This grant is issued on a first come first serve basis so it is important to submit your applications as soon as possible if you qualify. This grant would reimburse your costs for eligible protective supplies and renovations to comply with re-opening guidelines, purchased on or after March 15, 2020, such…
2020 PERSONAL INCOME TAX RETURN INFORMATION The deadline for filing your 2020 personal income tax return is April 30, 2021. If you or your spouse are self-employed, your filing deadline is June 15, 2021. All taxes payable are due by April 30, 2021. Also, a friendly reminder that the deadline to contribute to your Registered Retirement Savings Plan is March 1, 2021. To confirm your exact 2020 RRSP contribution limit for the year,…
Update of Government Programs and Announcement of the NEW HVGP Client Portal HVGP LLP is proud to be your trusted advisor, and we want to continue to ensure we are providing you with information that is valuable and relevant to you. As we move into 2021 there are several things that we want to ensure you are aware of: Update of Government Support Programs and Upcoming Deadlines As we look…
