New Tax Changes for Caregivers: Alberta Budget
Alberta Finance Minister Nater Horner delivered his second consecutive deficit budget on February 26. The deficit is large at $9.4 billion, which the government attributes largely to declining oil revenues. The document is called Fiscal Plan 2026-2029 meaning that this is a three-year fiscal pan, rather than the typical one-year projection.More Good News: Canada Emergency Wage Subsidies
The federal government announced a third round of enhancements to its Canada Emergency Wage Subsidy (CEWS) program on April 8, as it tries to stave off thousands of bankruptcies across the small business community. MPs will need to be recalled to parliament to enact the legislation, which reduces the 30% revenue test to 15% for March only and introduces an alternative method for calculating the revenue. Some employer-paid CPP/EI refunds may also be available.
Future Issues May Arise from Simplified CERB Application Process
It’s money that Canadians needed quickly and the government must be commended for their processing over 4 million CERB applications to date, and close to 2 million this week alone. But are Canadians setting themselves up for a significant audit process in the future? These funds are taxable, and there are additional audit risks that should be a hot topic of discussion for advisors and their clients.
Got Your Digital Subscriptions? There’s a New Tax Deduction
Here’s a social distancing tax tip: convert your in-person newspaper delivery into a digital subscription. If you do, you’ll receive a new tax credit on the 2020 tax return. Here are the details:
Tax Season 2020: Close to 11 Million Have Filed
The federal government pushed out this year’s tax filing deadlines in order to relieve some pressure on taxpayers, professionals, and CRA staff all coping with the effects of the pandemic. Has tax season slowed down as a result? It doesn’t really appear so when you compare the first month of tax filing season to the most recent statistics released by the government.
It’s Spring E-Training Time: Hop to Your $200 Easter Treat
It's a different type of post-Easter treat savings! Treat yourself to a new professional development opportunity. Available only until April 15. . . when you enrol in a Designation program. We've also waived instalment fees on our EZ-Pay plan.
Special CERB Report: How to Apply Now
Canadians can start to apply for the Canada Emergency Response Benefit (CERB) this week and there are some new details to be aware of. Here’s how it will work:
