Resources & Articles
Domestic Tax
CRA COLLECTIONS: Potential Impact on Business
As some businesses struggle with cash flow, they may be motivated to prioritize suppliers and other creditors ahead of CRA. A recent court case demonstrates...
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2022 Ontario Budget Commentary
(authored by RSM CANADA) The following is a summary of the key business and personal income tax measures, and indirect tax measures in the Ontario budget.
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2022 Canada Federal Budget: Detailed commentary
(Authored by RSM Canada) The budget is based on three pillars: (i) investing in people by increasing the housing supply and establishing affordable child care, (ii) facilitating a transition to a green economy to fight climate change, and (iii) incentivizing and supporting Canadian production and innovation.
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TAX TIDBITS: Some Quick Points to Consider…
The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program’s inception...
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TEACHERS AND EARLY CHILDHOOD EDUCATORS:
Expanded Access to Tax Credit
The eligible educator school supply tax credit is a refundable tax credit that allows teachers and early childhood educators to claim up to $1,000 for...
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FALSIFIED EMPLOYMENT RECORDS: The Penalties
Can be Large
With numerous COVID-19 benefits being based on employment and remuneration levels, the federal government has likely become increasingly concerned with falsified employment records. However, this...
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2021 Tax Filing – Electronic is the Way to Go!
E-file your 2021 tax return The CRA expects that, once again, COVID-19 will cause delays (for up to 12 weeks) in processing paper returns, as...
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OLD AGE SECURITY (OAS): Clawback Planning
Individuals who normally receive OAS are occasionally surprised when some OAS is subject to a special tax (commonly referred to as a “clawback”) with their...
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SMALL BUSINESS AIR QUALITY IMPROVEMENT TAX CREDIT: Could Your Business Benefit?
The December 14, 2021, Economic and Fiscal Update proposed a temporary refundable small businesses air quality improvement tax credit of 25% on eligible air quality...
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How to Make a Payment with Canada Revenue Agency for Your Business
Online Banking Payments Make a payment to the CRA through online banking, the same way you pay your phone or hydro bill. Sign in to...
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