The CRA Is Going Paperless. Here’s What You Need to Know The Canada Revenue Agency (CRA) is making a big shift. It’s moving toward a fully online system and phasing out paper-based authorizations and filings. This means it’s more important than ever to make sure your representative, like your accountant or tax advisor, is set…
So you’ve heard of our IFS (Integrated Financial Services) division, but maybe you’ve got some questions about what it is, how it works, and why it could benefit your business. We sat down with Warren, one of the Managers, to answer some of the most commonly asked questions about IFS! Hey, I’m Warren, a Manager…
In April 2024, the Government of Canada announced a proposed increase to the change in the capital gains “inclusion rate” from ½ to 2/3rds for dispositions on or after June 25, 2024. However, with no legislation on the table in Parliament, and with Parliament currently prorogued, there was uncertainty whether this change would become law,…
On November 21, 2024, the Government of Canada announced a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) relief on select holiday essentials. This measure applies from December 14, 2024, to February 15, 2025, offering temporary support to Canadians by removing GST/HST on specific categories of goods and services. Qualifiying Items The GST/HST relief…
The second intake for the Alberta Jobs Now program is now open with updated and expanded eligibility and benefits. What is the Alberta Jobs Now Program? The program allows employers to apply for funding to cover the salary and training costs of new hires. It is the largest job training program in Alberta’s history, and…
What is Bill C-208? On June 29th, the Governor General granted Royal Assent to Bill C-208. The Department of Finance confirmed that the provisions of Bill C-208 will be effective immediately. Upcoming amendments will cover “loopholes” in the legislation. These will become effective on November 1, 2021, or on the date of the publication…
For families with children under the age of 6, the Government of Canada has provided a one time benefit tax-free payment to help supplement expenses for child care during 2020-2021 under the CCB Young Child Supplement Program (CCBYCS). No application is necessary as CRA will determine eligibility based on your 2019 and 2020 Individual…
The Alberta Government has recently released a new grant to help with employers and employees with their training programs related to their job. The grant is available to employers/trainees, once all conditions have been met and can cover up to $300,000 per fiscal year for the company OR a maximum of $10,000 per eligible trainee.…
Have you ever wondered exactly where your tax dollar’s go? A new slideshow from the CRA shows exactly what percentage of your taxes went where! During the 2011 – 2012 year the federal government had expenses totaling $271.4 Billion. A brief summary of federal spending for 2011–12. Canada Health Transfer (10 cents) Canada Revenue Agency (3 cents) Canada Social…
Do you employ anyone over 60 years of age? You may need to make changes to your payroll! New CPP contribution changes mean that you could be assessed for penalties and interest charges in the event that you are not complying with the new legislation. Previous rules Before January 1, 2012, as an employer you…