Elbows Up: The Time for Personal-Corporate Tax Reform is Now
One can’t avoid the messaging of the economic pain to come. Our deteriorating economic relationship with our biggest trading partner will require us to “pivot and prosper” in order to emerge “stronger and more resilient” says our Prime Minister. While exactly how we will do this is still unclear, there is one clear opportunity: for both federal and provincial governments to initiate a significant personal and corporate tax reform in the upcoming fall budget.New Canada Digital Adoption Program for Small Businesses
On March 3, 2022, Prime Minister Justin Trudeau, announced that the Canada Digital Adoption Program (CDAP) is now fully active and ready for qualifying businesses to apply for funding. The purpose of the CDAP is to assist small and medium-sized enterprises (SMEs) “grow their online presence and upgrade or adopt digital technologies.” Here are the details:
Resources You Need for a Busy Tax Season
Tax season is now in full swing, according to the most recent 2022 season filing statistics from the CRA. As of March 7 almost 2.5 million returns had been filed, with over 95% through electronic filing methods E=File and Netfile. As we approach the height of the season, does you team have the necessary resources to deal with the demands?
Tax Tip: The Home Accessibility Tax Credit
Did you know the federal government intends to double the Home Accessibility Tax Credit for tax year 2022? This week’s tax tip is relevant to caregivers and those age 65 or older. You may even be eligible to make a claim this year. Here’s what you need to know:
Retirement Planning 2022: Time to Rethink It
When should I tap into the CPP? Should we sell our principal residence? Will my retirement portfolio withstand current market volatility? Canadians who save for retirement are lucky to be assisted in doing so with four key sources of pension income. But these pillars of private financial security, have been subject to tax tinkering recently, as well as valuation swings. It is, as a result, high time to rethink retirement income planning.
Eligibility for Tax Support for Business Investments: What does it mean for Small Businesses?
How do you tap into the new $1.5 million tax break for businesses and who is eligible? It turns out most business owners may be. Building on last week’s article, “Complexity: Consequences of Tinkering with the CCA System”, we’ll expand on the details of the plan from the Federal Government to boost business investment as a measure to restart the economy as Covid-19 dwindles. Here are the details.
Tax Pros Notice an Increase in CRA Audit Activity
CRA has been ramping up audit activity, according to 75% of tax professionals who said they’d noticed an increase when responding to our February poll. Here are the observations they shared:
