On March 22, 2021, the federal government has announced that the deadline to apply for an interest-free, partially forgivable loan through the Canada Emergency Business Account (CEBA) program is being extended from March 31 to June 30, 2021. This...
Read MoreCanadians: can I claim moving expenses?
In Canada, generally, you can claim moving expenses you paid in the year if both of the following apply: you moved to work or to run a business, or you moved to study courses as a full-time student enrolled in a post-secondary program at a...
Read MoreCanadians: CRA is extending CRB and CRCB from 26 weeks to 38 weeks
On February 19, 2021, the CRA has announced a proposed extension to the Canada Recovery Benefit (CRB) and Canada Recovery Caregiving Benefit (CRCB) eligibility period limits. The change would allow eligible recipients to apply for a...
Read MoreCross Border: how to deduct 401(k) plan when filing Canadian tax return
For Canadian residents who commute across the border for work and contribute to a retirement plan with the employer in the United Sates, the form RC268: Employee contributions to a United States retirement plan – cross-border commuters can be...
Read MoreCanadians: tax changes for 2021
For many Canadians, 2020 was a unique year and they may have many questions about what their taxes would look like in the 2021 tax season. Filing deadline The tax-filing deadline for most Canadians (for the 2020 tax year) is on April 30, 2021...
Read MoreHome office expenses: special rules for 2020
Under the Income Tax Act, an employee who is required to pay for employment expenses, including expenses for a home office, for which they are not reimbursed by their employer, may be able to claim a deduction on their return for such...
Read MoreSpousal RRSP
Canadian tax laws allow you to put funds into either your own RRSP or a spousal RRSP. A spousal RRSP allows you to contribute money to your spouse or common-law partner’s registered retirement savings plan, up to your personal contribution...
Read MoreUS: Coronavirus Tax Relief
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. On March 18, 2020, the U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance allowing all...
Read MoreCanada’s COVID-19 Economic Response Plan
On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy due to the COVID-19 outbreak. The new measures include: Individual and Trust Return 1. CRA will defer its filing due date for...
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