Monthly Archives: January 2022

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Important Dates

Please note the following important dates are estimates only.  Please confirm your deadlines directly with your professional advisor. February 15, 2022   – January payroll remittances due February 28, 2022   – T4 filings due February 28, 2022   – T5 filings due February 28, 2022   – Fiscal year end November 30th tax payments due February 28, 2022  …
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What the CRA Said

Government Extends Loan Forgiveness Repayment Deadline for the CEBA On January 12th, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Mary Ng, Minister of Economic Development, Small Business, International Trade, and Export Promotion, announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended…
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Global Minimum Tax Set at 15% Targets Digital Companies

International tax reorganization will now need to contend with a global minimum tax rate.  Globalization and digitalization have facilitated legal tax avoidance by allowing multi-national enterprises (MNE) to shift profits to low or no tax jurisdictions. This has impacted domestic tax revenues for G20 and OECD member countries. In response, the G20 and OECD member…
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Insurance Strategy for Retirement Income for Business Owners

Retirement savings strategies for small business owners need to evolve with the changing tax landscape.  The 2018 federal budget may have significant impacts on the corporate tax rate charged to businesses with a new claw back rule on the small business deduction (SBD).  However, there is a strategy that is sheltered from the new punitive…
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When to Invest in RRSPs vs when to Invest in TFSAs

An RRSP contribution is most tax advantageous if made during your highest earning years and withdrawn in your lowest earning years.  Otherwise, a TFSA may provide the better investment vehicle from a tax perspective. So when should you invest in RRSP vs. a TFSA? RRSP Registered Retirement Savings Plans (RRSPs) offer an immediate and potentially…
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