March 19, 2020

Canada’s Economic Response Plan to COVID-19

This post addresses:

  • New Income Relief for Self Employed Business Owners
  • New Income Relief for your employed or salaried team in Canada
  • New Government Loans for small businesses affected by COVID-19
  • New Mortgage Payment Relief for Individuals
  • New EI rules for Self Employed Business Owners
  • Additional common questions about income relief due to COVID-19

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March 17, 2020

When to pay Salary or Dividends?

This is a question we get asked fairly often by owners of Canadian Incorporated (Inc.) or Limited (Ltd.) companies, “Should I be paying myself with Salary or Dividends?”. It is not a question that has an across-the-board answer for everyone, but we can shed some light on a few of the common considerations when making this decision as a small business owner in Canada.

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Feb 25, 2020

#TaxTipsTuesday Episode 12 – 3 Reasons to Contribute to an RRSP

RRSP 2019 Tax year deadline March 2, 2020 Home Buyers Plan for First time home buyers in Canada, Withdraw tax free from RRSP savings for First time home buyers, Lifelong Learning Plan, RRSP Withdrawal for Students in Canada, Withdraw RRSP savings tax free for College and University students

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Feb 18, 2020

#TaxTipsTuesday Episode 11 – Northern Residents Tax Deduction

Special tax credit for people permanently living in a northern prescribed zone in provinces in Canada. Additional Travel Benefits deduction for employees receiving travel benefits from their employer in a Northern Zone.

Here is the CRA link for searching to see if your town is in a Prescribed Zone that is eligible for the Northern Residents Deduction:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-255-northern-residents-deductions/line-255-places-located-prescribed-zones.html

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Feb 11, 2020

#TaxTipsTuesday Episode 10 – Do I need to charge Sales Tax on Rental Income in BC?

Discussion of PST, MRDT, GST on Short term rental income in British Columbia, when is PST in BC taxable on rental income, when is GST in BC taxable on rental income, AirBNB Rental income sales taxes, VRBO rental income sales taxes, long term rental sales tax in BC, sales tax on rental units in Canada

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