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It used to be every year the federal government would deliver a budget, until last year. Yes, on April 19th, for those of you that missed it, the Federal government delivered their first budget in over two years.
Read MoreSurvey says A recent study by CPA Canada revealed that one in three Canadians are concerned about the impact of COVID-19 on their personal finances, with 21% revealing they plan to retire later due to the pandemic. A separate survey by Ryerson University and the National Institute for Aging (NIA) discovered that 91% of Canadians […]
Read MoreAlthough the tax deadline was extended last season, this year we’re back to the Friday, April 30 deadline. If you’re self-employed or have a spouse or common-law partner who is, you have until Tuesday, June 15 to file (though taxes owing must still be paid by April 30).
Read MoreIn December, we looked at the new Federal trust filing and disclosure requirements that are being rolled out this year. In a similar vein, some provinces are seeking to implement additional disclosure requirements with a view to increasing taxpayer transparency. This month, we will be taking a look at British Columbia’s newly enacted Land Owner […]
Read MoreAre you ready to file? It is already that time of year again to get ready to prepare and file your 2020 tax return. 2020 was a year unlike any in recent memory, and the global COVID-19 pandemic lead to the Canadian government providing relief like we have never seen before. While, like any other […]
Read MoreA lot of firsts in 2020 2020 was a truly unusual year in a variety of ways, including from a tax perspective. The year came with many new acronyms, such as TWS (Temporary Wage Subsidy), CEBA (Canada Emergency Business Account), CECR (Canada Emergency Commercial Rent Assistance) and CEWS (Canada Emergency Wage Subsidy), just to name […]
Read MoreIn order “to improve the collection of beneficial ownership information with respect to trusts and to help the Canada Revenue Agency (the “CRA”) assess the tax liability for trusts and its beneficiaries” the CRA has come out with Draft legislation for new reporting rules for Trusts. The new rules are effective for year ends on […]
Read MoreFinancial wellness can be a sensitive and uncomfortable discussion for many. Taking control of your finances can feel overwhelming and unattainable at times. Mowbrey Gil is here to help you navigate these waters with expert advice. Here are some simple steps that anyone can take to better understand and take control of their finances. Increase your knowledge of financial management Spend some time learning about debt management, budgeting, saving, investing or retirement planning. CPA Canada has resources available […]
Read MoreEvery year CRA sends out letters requesting information on a specific line item on tax returns. Unlike prior years, this year CRA is giving advanced warning of what this will be. In an upcoming letter campaign, CRA will be asking for shareholder information on schedule 50 of the corporate income tax return where it is […]
Read MoreThe world as we know has and continued to rapidly change because of COVID-19 and the ongoing political developments such as the elections in the United States (US), the United Kingdom’s (UK) impending exit from the European Union (BREXIT), trade wars between economic superpowers, and climate change, among other global emergencies. COVID-19 being the most […]
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