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Important Government Changes in regards to COVID-19

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMarch 23, 20200 comments

The federal government of Canada has new actions in place to help Canadian Individuals facing economic uncertainty due to the COVID-19 pandemic.  The policies are currently being updated frequently and information can be found here: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html   There ...

Business Continuity Planning

By Jones O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMarch 23, 20200 comments

The current pandemic situation has made most existing business plans irrelevant.    Jones & O’Connell LLP will work with you to help with any required financial planning or forecasting required.  Any of our existing special services are available during this ...

Claiming medical expenses for 2019

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMarch 16, 20200 comments

The Canadian tax system provides individual taxpayers with a tax credit for out-of-pocket medical and para-medical expenses incurred during the year. Given that such expenses must be incurred at some time by virtually every Canadian, that credit is among the most frequently claimed ...

What's new on the 2019 personal tax return?

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMarch 3, 20200 comments

The one constant in income tax is change and consequently, while Canadian taxpayers must prepare and file the same form – the T1 Income Tax and Benefit Return – every spring, that return form is never the same from one year to the next. Some of the changes are the “automatic” ...

Authorizing a representative – current rules and upcoming changes

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsFebruary 25, 20200 comments

There’s no denying that the Canadian tax system is complex, even for individuals with relatively straightforward tax and financial circumstances. As well, significant costs can follow if a taxpayer gets it wrong when filing the annual tax return. Sometimes those costs are measured ...

Taking advantage of pension income splitting

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsFebruary 17, 20200 comments

Income tax is a big-ticket item for most retired Canadians. Especially for those who are no longer paying a mortgage, the annual tax bill may be the single biggest expenditure they are required to make each year. Fortunately, the Canadian tax system provides a number of tax deductions ...

RRSPs and TFSAs - making the annual choice

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsFebruary 11, 20200 comments

If there is one invariable “rule” of financial and retirement planning of which most Canadians are aware, it is the unquestioned wisdom of making regular contributions to a registered retirement savings plan (RRSP). And it is true that for several decades the RRSP was ...

Canada Pension Plan Contributions for 2020

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJanuary 31, 20200 comments

The Canada Pension Plan contribution rate for 2020 is increased to 5.25% of pensionable earnings for the year. The maximum pensionable earnings for the year will be $58,700, and the basic exemption is unchanged at $3,500. The maximum employer and employee contributions to the plan ...

Employment Insurance Premiums for 2020

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJanuary 15, 20200 comments

The Employment Insurance premium rate for 2020 is decreased to 1.58%. Yearly maximum insurable earnings are set at $54,200, making the maximum employee premium $856.36. As in previous years, employer premiums are 1.4 times the employee contribution. The maximum employer premium for ...

Tax deadlines and limits for the 2020 tax year

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJanuary 15, 20200 comments

Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2020 are listed below. RRSP deduction limit increased The ...

Looking ahead to 2020

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsNovember 20, 20190 comments

Planning for – or even thinking about – 2020 taxes when it’s not even December 2019 may seem more than a little premature. However, most Canadians will start paying their taxes for 2020 with the first paycheque they receive in January, and it’s worth taking a bit of time to make ...

Planning for year-end charitable donations

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsNovember 10, 20190 comments

The start of fall marks a lot of things, among them a number of runs, walks and other similar events held to raise money for a broad range of Canadian charities. And, within the next month, as the holiday season approaches, charities will launch their year-end marketing campaigns. Canadians ...

Taking stock of your TFSA

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsOctober 20, 20190 comments

Tax-free savings accounts (TFSAs) have been around for a full decade now, having been introduced in 2009, and for most Canadians, a TFSA (along with a registered retirement savings plan (RRSP)) is now a regular part of their financial and tax planning. TFSAs are, in many ways, the ...

When are legal fees deductible

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsOctober 10, 20190 comments

In most cases, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences — a divorce, a dispute over a family estate, or a job loss. About the only thing that mitigates the pain of paying legal fees (apart, ...

Coming clean with the tax authorities - the Voluntary Disclosure Program

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsSeptember 25, 20190 comments

The Canadian tax system is a “self-assessing system” which relies heavily on the voluntary co-operation of taxpayers. Canadians are expected (in fact, in most cases, required), to complete and file a tax return each spring, reporting income from all sources, calculating the amount ...

Getting a tax assist for post-secondary education costs

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsAugust 30, 20190 comments

As the summer starts to wind down, both students returning to their colleges and universities and those just starting their post-secondary education must focus on the details of the upcoming school year – finding a place to live, choosing courses, and perhaps most important, arranging ...

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