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When CERB benefits don’t have to be repaid

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMay 12, 20210 comments

When the pandemic was declared just over a year ago, the federal government announced a wide range of benefits to help mitigate the financial stress experienced by those who lost jobs or saw their hours (and income) reduced.The most broad-based of those programs was the Canada Emergency ...

Taking advantage of pension income splitting

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMarch 12, 20210 comments

Income tax is a big-ticket item for most retired Canadians. Especially for those who are happily free of the requirement to make mortgage payments, the annual tax bill may be the single biggest annual expenditure they are required to make. Fortunately, the Canadian tax system provides ...

Ontario Small Business Funding for COVID-19 Restrictions

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJanuary 16, 20210 comments

Ontario is helping businesses recover costs for personal protective equipment and providing extra support for businesses required to close or significantly restrict services as a result of provincial public health measures. There are several different types of funding available which ...

CRA announces new flat rate method for home office expense claims

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJanuary 13, 20210 comments

The Canada Revenue Agency (CRA) has announced that a new temporary home office tax credit may be claimable by qualifying individuals who worked from home during 2020. Taxpayers are eligible to use this new method if they worked more than 50% of the time from home for a period ...

Tax planning for year-end charitable donations

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsDecember 22, 20200 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.  Federally, taxpayers can claim a credit of 15% of the first ...

Coming clean with the tax authorities – the Voluntary Disclosure Program

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsDecember 10, 20200 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 ...

Federal government expands and extends business pandemic relief programs

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

Since the pandemic began early in 2020, and especially after many non-essential businesses were required to close temporarily as a public health measure, the federal government has brought forward a broad range of financial relief programs for both individuals and businesses. Some ...

Proposed CEWS Changes- Stay Tuned

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJuly 21, 20200 comments

There are some proposed potential changes to the Canada Emergency Wage Subsidy (CEWS) which are being debated in the House of Commons this week.    The proposed changes include (as per https://www.canada.ca/en/department-finance/news/2020/07/supporting-canadian-workers-and-businesses-with-a-redesigned-canada-emergency-wage-subsidy.html): ...

Whether (and when) to stop contributing to the Canada Pension Plan

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

When the Canada Pension Plan was put in place on January 1,1966, it was a relatively simple retirement savings model. Working Canadians started making contributions to the CPP when they turned 18 years of age and continued making those contributions throughout their working life. ...

Fixing a mistake in your (already filed) tax return

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJuly 9, 20200 comments

While Canadians had an extended time this year to file their income tax returns for the 2019 tax year, the extended filing deadlines (June 1 for the majority of Canadians, and June 15 for self-employed individuals and their spouses) have passed and returns should be filed. In most ...

Tax and financial planning for the pandemic

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

While the standard (and accurate) advice is that tax and financial planning are best approached as activities to be carried on throughout the year, it’s also the case that a mid-year tax and financial checkup makes good sense, and that’s especially the case this year. For ...

The tax benefits of working from home

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

Working from home isn’t really a new phenomenon — employees have been doing so for more than 25 years, ever since changes in technology made such remote work arrangements feasible. Over the past two months or so, however, millions of Canadian employees have had to adapt to working ...

Ins and outs of the Canada Emergency Response Benefit

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

Since mid-March, the federal and provincial governments have announced the creation of numerous programs to help both individuals and Canadian businesses with the financial fallout of the current pandemic. Of those programs, none has had a more direct impact on the lives of Canadians ...

What to do when you can’t pay your tax bill

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJune 8, 20200 comments

Although we’re not even halfway through the calendar, 2020 has already been a year of significant financial upheaval and stress for millions of Canadians. The number of employed Canadians fell by one million during the month of March 2020 — and then by another two million ...

Deciding when to begin receiving Old Age Security benefits

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMay 19, 20200 comments

The Old Age Security 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 solely ...

Changes to RRIF withdrawal requirements for 2020

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

The past few months have been an almost perfect storm of bad financial news for Canadian retirees. The historic stock market downturn which occurred in mid-March resulted in a significant loss of value for many retirement savings portfolios, whether those savings were held in registered ...

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