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Tax deadlines and limits for the 2024 tax year

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 4, 20240 comments

Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and changes for individual taxpayers for 2024 are listed below. Registered Retirement ...

Getting help from the Taxpayer Relief Program

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 28, 20230 comments

While most taxpayers pay their annual income tax bill in full and by the tax payment deadline of April 30, there are many circumstances that could result in an individual’s being unable to meet their tax payment obligations in full or on time. Individuals who earn income from ...

Figuring out whether you can afford to retire now

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 21, 20230 comments

While almost everyone looks forward to retirement and an end to the day-to-day demands of working life, there’s also no question but that the decision to give up a regular paycheque is a stressful one. Particularly when the cost of life’s necessities – groceries, ...

Potential tax consequences of holiday gifts and celebrations

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 14, 20230 comments

During the month of December, it’s customary for employers to provide something “extra” for their employees, whether it’s a compensation bonus, a gift, or an employer-sponsored social event – or all three. And, given the current labour shortages in many ...

Changes to the Canada Pension Plan starting January 1, 2024

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 7, 20230 comments

Everyone in Canada who earns a salary or wages is familiar with the deduction taken from each paycheque for contributions to the Canada Pension Plan (CPP). The CPP is one of the two major government-sponsored retirement income programs in Canada – the other being the Old Age ...

Looking ahead to 2024 – getting source deductions right from the start

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsNovember 23, 20230 comments

The day-to-day financial impact of increases in interest rates over the past 18 months, together with higher costs for nearly all goods and services, means that for most Canadians maximizing take-home income isn’t just desirable, it’s a necessity. And the best way to make ...

New measures to assist at-risk homeowners

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsNovember 16, 20230 comments

The 10-fold increase in interest rates since March of 2022 has affected Canadians in almost every area of their financial lives, as individuals and families struggle to cope with the every-increasing bite that interest costs take out of their budgets. Probably no group has been more ...

Planning for home office expense claims for 2023

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsNovember 9, 20230 comments

When the pandemic struck in March of 2020 and public health lockdowns were imposed, virtually all Canadian employees were required to work from home, most for the first time. In the nearly four years since then, the work landscape has shifted, as many employees continue to work entirely ...

Tax planning for year-end charitable donations

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsNovember 2, 20230 comments

Canadians have a well-deserved reputation for supporting charitable causes, through donations of both money and goods. Our tax system supports that generosity by providing a tax credit for qualifying donations made and, in all cases, in order to claim a credit for a donation in a ...

Year-end planning for medical expense claims

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsOctober 26, 20230 comments

While our health care system is currently struggling with a number of significant problems, Canadians are nonetheless fortunate to have a publicly funded health care system, in which most major medical expenses are covered by government health care plans. Notwithstanding, there is ...

The CPP post-retirement benefit - deciding whether to continue contributing

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsOctober 19, 20230 comments

One or two generations ago, retirement was an event. Typically, an individual would leave the work force completely at age 65 and begin collecting Canada Pension Plan (CPP) and Old Age Security (OAS) benefits along with, in many cases, a pension from an employer-sponsored registered ...

Year-end planning for your RRSP, RRIF, TFSA, and FHSA

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsOctober 12, 20230 comments

Most Canadians know that the deadline for making contributions to one’s registered retirement savings plan (RRSP) comes 60 days after the end of the calendar year, around the end of February. There are, however, some circumstances in which an RRSP contribution must be (or should ...

Repayment deadline for pandemic business loans extended

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsOctober 5, 20230 comments

During the pandemic, temporary financial assistance was provided to Canadian small businesses through a number of grant and loan programs initiated by the federal government. One of the largest of those programs was the Canada Emergency Business Account (CEBA) program, which ran from ...

Changes to Registered Education Savings Plans for the upcoming school year

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsSeptember 28, 20230 comments

By anyone’s measure, obtaining a post-secondary education is an expensive undertaking. Tuition and other school-related costs are just the start of the bills which must be paid. Whether the student obtains a place in a university residence or finds a place to live off campus, ...

Deciding when to start receiving Old Age Security benefits

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsSeptember 21, 20230 comments

The Old Age Security (OAS) program is the only aspect of Canada’s retirement income system which does not require a direct contribution from recipients of program benefits. Rather, the OAS program is funded through general tax revenues, and eligibility to receive OAS is based ...

Upcoming repayment deadline for pandemic business emergency loans

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsSeptember 14, 20230 comments

When the pandemic began in the spring of 2020, it wasn’t long before it became apparent that the increasing threat was to both public health and to the economy. In response to the economic threat, the federal government launched a wide range of support programs for both individuals ...

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