Registered education savings plans managed effectively will allow for a free $7,200 Grant (Canada Education Savings Grant (CESG)) to be used for education purposes towards a child’s education plus investments that can grow tax deferred. The CESG is based on…
Not all dividends are created equal. Dividends from a small or medium sized corporation have varying tax implications and it is important to note not all dividends are the same. It should also be noted that budget changes over the…
From time to time the government imposes filing requirements on certain industries. The T5018 statement of contract payments is one such requirement placed on the construction and related industries. If you are an individual, trust, partnership or corporation involved in…
Commissioned salespeople are often used to mitigate costs and incentives sales within an organization. While considered self employed, if your organization utilizes commissioned salespeople, your organization should be completing a T4A for them. A T4A slip is an information return…
Oftentimes, the best investment is in yourself. And the best stocks to invest in is your own corporation. If you have already figured out how to invest in your own corporation and now need to paper that dividend payment –…
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. January 15, 2022 - December payroll remittances due January 15, 2022 - Payroll remittances for 2021 calendar year should be paid January…
Canada Worker Lockdown Benefit On December 22, 2021, the Government of Canada announced that it would be expanding eligibility for the Canada Worker Lockdown Benefit (CWLB). Canadians in designated regions affected by lockdowns or qualifying capacity restrictions can apply for the benefit. Currently,…
There are tax deductions available for travel related to earning income. You cannot deduct the cost of travel to and from work. However, if you incur costs related to employment such as travel to locations different from your employer’s place…