Payroll Changes Effective July 2021
Semi-annual payroll changes are implemented when announcements are made after January 1 that affect payroll deductions for income tax and statutory deductions. This year, no federal tax changes have been announced that affect payroll and only one province has announced a change that will affect provincial tax calculations.
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Tax Season is Finally Over…Well Except for a Few Things
Congratulations tax pros! You got through the June 15 tax filing deadline for proprietorships but there are a few more important deadlines to note, one for tomorrow June 17.
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Accepting New Advisor Award Nominations
Now seeking nominations for the New Advisor Award – application deadline September 1, 2021 The DAC Young Advisor Award recognizes the next generation and their contributions to excellence in the field.
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Homebuyers Math: News Stress Tests and Incentives
As of June 1, eligibility for a new mortgage (or renewals with a new lender) will depend on a new stress test, and specifically, whether buyers can pay their mortgage if interest rates go up to 5.25%. This will be trying for all buyers, not just first-time buyers. However, if first-time buyers can’t meet the test, the First-Time Home Buyer Incentive may come to the rescue. Tax and financial advisors need to know the details to advise on the pros and cons and do the “homebuyer’s math” to make sound recommendations.
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Over a Dozen Taxes Erode Incomes in 2021
In 2021, the average Canadian family will earn $124,659 and pay an average of 39.1% of this or $48,757 in all taxes. So, if you are feeling the pinch, you are not alone. The Fraser Institute found that in 2021 that day occurred on May 24, the May long weekend, a week later than last year’s May 17. But they warn the future “Balanced Budget Tax Freedom Day” will be much later.
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