On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:
• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.
• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.
• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.
Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following:
• How to claim home office expenses
• The new Canada Training Credit
• Pandemic emergency funds
• New digital news subscription tax credit
https://horizonfinancial.ca/wp-content/uploads/2021/04/Whats-new-for-the-2021-tax-filing-season_.jpg281500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2021-04-02 06:00:002021-04-02 06:24:16What’s new for the 2021 tax-filing season?
You most likely do, but the more important question is, What kind? Whether you’re a young professional starting out, a devoted parent or a successful CEO, securing a life insurance policy is probably one of the most important decisions you will have to make in your adult life. Most people would agree that having financial safety nets in place is a good way to make sure that your loved ones will be taken care of when you pass away. Insurance can also help support your financial obligations and even take care of your estate liabilities.
https://horizonfinancial.ca/wp-content/uploads/2021/03/do-you-really-need-life-insurance-coverImage.png500500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2021-03-03 07:30:002021-03-03 07:36:11Do you REALLY need life insurance?
https://horizonfinancial.ca/wp-content/uploads/2021/02/Self-employed.png281500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2021-02-12 16:28:222021-02-12 17:36:09Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients
Federal Budget 2021 Highlights
/in 2021, Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students, corporate, Debt, Family, financial advice, Financial Planning, incorporated professionals, individuals, personal finances, Professional Corporations, tax /by Horizon FinancialOn April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:
• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.
• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.
• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.
What’s new for the 2021 tax-filing season?
/in 2021, Blog, tax /by Horizon FinancialTax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following:
• How to claim home office expenses
• The new Canada Training Credit
• Pandemic emergency funds
• New digital news subscription tax credit
Do you REALLY need life insurance?
/in Blog, Business Owners, Family, individuals, life insurance /by Horizon FinancialYou most likely do, but the more important question is, What kind? Whether you’re a young professional starting out, a devoted parent or a successful CEO, securing a life insurance policy is probably one of the most important decisions you will have to make in your adult life. Most people would agree that having financial safety nets in place is a good way to make sure that your loved ones will be taken care of when you pass away. Insurance can also help support your financial obligations and even take care of your estate liabilities.
Extended COVID-19 Federal Emergency Benefits
/in Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Retiring /by Horizon FinancialOn Friday, February 19, 2021, Prime Minister Justin Trudeau announced an extension to:
– Canada Recovery Benefit
– Canada Recovery Caregiving Benefit
– Canada Recovery Sickness Benefit
– Employment Insurance
Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients
/in Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners /by Horizon FinancialGreat news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)