Login to post

or Sign up

Getting your tax affairs in order: the Voluntary Disclosure Program

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsAugust 18, 20210 comments

Although it’s doubtful that anyone does so with any great degree of enthusiasm, each spring millions of Canadians sit down to complete their annual tax return for the previous calendar year (or, more often, they pay someone else to do it for them).The Canadian tax system is a “self-assessing ...

The CPP post-retirement benefit – deciding whether to continue contributions

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsAugust 12, 20210 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 and Old Age Security benefits along with, in many cases, a pension from an employer-sponsored registered pension ...

A mid-year tax check-up on your taxes

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJuly 7, 20210 comments

By the beginning of June, most Canadians have filed their individual income tax return for the 2020 tax year and received a Notice of Assessment (NOA) outlining their tax position for that year. Those who receive a refund will celebrate that fact or, less happily, those who receive ...

Moving expenses — what’s deductible and when

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJune 28, 20210 comments

Pandemic notwithstanding, the Canadian real estate market is booming, in terms of both house prices and sales activity. According to Canadian Real Estate Association statistics, the number of sales in March 2021 were at the highest level ever recorded — and the MLS Home Price ...

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

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

Most taxpayers sit down to do their annual tax return, or wait to hear from their tax return preparer, with some degree of trepidation. In most cases taxpayers don’t know until their return is completed what the “bottom line” will be, and it’s usually a case of hoping for the best ...

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 ...

NEWER PREVIOUS

«34567891011»