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SB Partners is deemed an essential workplace and will continue to operate at full capacity to ensure client corporate and personal tax filing deadlines are met. We strongly encourage clients to make use of our client portal or email for delivery of any accounting records and T1 documentation that is required. Alternatively, clients can utilize … Continued
Expense this, deduct that Investing in real estate is a great addition to investment portfolios. Whether you hold property waiting for the value to increase, or utilize it for rental income, investing in real estate has been a popular choice for many. As tax season approaches, here is a look at how real estate investments … Continued
Registered Retirements Savings Plans (RRSP) were introduced in 1957 by the government as an alternative vehicle Canadians could use to save for retirement. Essentially it is an account that is to be used as a long-term savings plan, with the “registered” designation implying that the CRA treats funds that are deposited or “contributed” to an … Continued
Below is a summary of year-end tax tips to consider in 2020. 1. Up to $27,830 RRSP ContributionYou have until Monday, March 1, 2021, to make a contribution to your RRSP and be able to take a deduction on your 2020 tax return. Be sure to check your 2019 Notice of Assessment from the CRA … Continued
New Recovery Benefits If you were receiving CERB, you may be eligible for one of the new recovery benefits retroactive to September 27, 2020 and available until September 25, 2021. Canada Recovery Benefit (CRB) The Canada Recovery Benefit will provide eligible workers with $500 per week (taxable, tax deducted at source) for up to 26 … Continued
The recent Speech from the Throne delivered by the Honorable Governor-General on September 23 provided some insight into the direction the government intends to guide the Canadian economy through the remainder of the COVID-19 pandemic and beyond. The speech outlined four foundations: “Protecting Canadians from COVID-19”, “Helping Canadians through he pandemic”, “Building Back Better” improving … Continued
On September 24, 2020, the federal government tabled Bill C-2, An Act relating to economic recovery in response to COVID-19, which creates three new temporary recovery benefits to support Canadians who are unable to work for reasons related to COVID-19. Specifically, the legislation includes: A Canada Recovery Benefit (CRB) of $500 per week for up … Continued
Since the start of the pandemic in March 2020, many companies are operating in a different manner and environment than their historical norm. Our new normal consists of businesses that quickly moved from an office environment to home office work stations with employee discussions using new tools like Zoom to facilitate a connection to the outside world. Companies had to change quickly to … Continued
Artificial Intelligence, commonly referred to as AI, has become a focus of technological development in recent years. These programs appear in our daily lives with the ability to ask our assistants, like Siri or Alexa, to do several things for us. The use of AI in business is on the rise as companies embrace the … Continued
On August 17th, 2020, the Minister of National Revenue, the Honourable Diane Lebouthillier, announced that the Canada Revenue Agency has opened applications for Period 5 – the first period of the enhanced CEWS program. Highlights of the program changes for Periods 5-9 include: The extension of the CEWS, including redesigned program details, until November 21, … Continued
Doors are opening and it is time to get back to business, even a good time to buy one. With the recent upheaval in employment, continued low lending rates predicted over the near to mid- term and work environments being renegotiated, the opportunity to purchase a business is an attractive proposition. Working through financials affected … Continued
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