Year End Tax Planning Tips and Reminders 2021

Year End Tax Planning Tips and Reminders 2021

As we approach the end of the year, now is a good time to start thinking about tax planning so that you make the most of opportunities available to you, as well as be prepared when deadlines are due.

Although the year 2021 had shown improvements to the economy, some of the hardest hit businesses are still struggling through the pandemic. As a result, the Federal Government have proposed Bill C-2 which will offer two new support programs in place of the outgoing CEWS and CERS programs. The last claim period for CEWS and CERS covers September 26, 2021 to October 23, 2021, and this is due April 21, 2022. We will provide more information on Bill C-2 when this is passed into law.

Please find attached our Year End Newsletter and Tax Tips for December 2021. In this issue we cover topics such as remuneration planning, valuation of owner-managed businesses, salaries to family members, director’s liability, life insurance policy within a corporation, digital assets in RRSPs, RESP planning, and CRA reviews of home office expenses.

Important dates:

Personal tax:

  • Last day to contribute to RRSP in order for it to be deductible for the 2021 tax year is March 1, 2022.
  • Last day to realize capital losses to be able to offset capital gains from the 2021 tax year is December 29, 2021, to account for the settlement period of two business days.

Corporation tax:

  • Filing for wage and rent subsidies:
    • Period 17 – December 30, 2021
    • Period 18 – January 27, 2022
    • Period 19 – February 24, 2022
  • Payroll remittances for bonuses paid in December 2021 may be due shortly after the year-end depending on your remitter status, don’t forget to remit on time!


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