3 - Blog - Jones & O’Connell LLP

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 ...

Making sense of the new tax filing and payment deadlines

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMay 12, 20200 comments

There have been so many announcements over the past couple of months with respect to temporary changes to individual and business tax obligations that keeping up with all of the new rules and altered deadlines isn’t easy. The good news is that, in all cases, individual taxpayers ...

Calculate Your CEWS Today - New Wage Subsidy Calculator

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsApril 22, 20200 comments

Businesses can start to apply for the Canada Emergency Wage Subsidy (CEWS) on April 27, 2020. Ensure your business is applicable and that you have all of the information required, such as the total number of eligible employees and gross payroll. Please see this useful link, ...

Business measures - COVID-19

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

Wage subsidy program for employers The federal government will be providing eligible employers who have experienced a significant decline in revenues with a wage subsidy. For purposes of the subsidy, eligible employers include individuals, taxable corporations, and partnerships consisting ...

Individual tax measures - COVID-19

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

Changes to filing and payment deadlines for 2019 returns Individual Canadians are generally required to file their tax returns for the 2019 tax year on or before April 30, 2020. Self-employed Canadians (and their spouses) have until June 15, 2020 to file such returns. All individual ...

The Canada Emergency Wage Subsidy

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsApril 2, 20200 comments

Has your business lost at least 30% of its revenues due to the Covid-19 pandemic? The Canadian government is providing assistance and relief to many businesses in these unprecedented times. One of the most recent updates announced was a 75% wage subsidy. There are certain eligibility ...

Ontario's Action Plan: Responding to COVID-19

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

Premier Ford and Minister Phillips Announce Additional Health Care Resources and Support for People, Jobs and Employers. The government's action plan is a first step in its response to COVID-19 and includes $7 billion in additional resources for the health care system and direct ...

New Relief Benefit Announced Today - Canada Emergency Response Benefit

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

The Government of Canada is taking strong, immediate and effective action to protect Canadians and the economy from the impacts of the global COVID-19 pandemic. To support workers and help businesses keep their employees, the government has proposed legislation to establish the ...

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 ...