For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.
https://horizonfinancial.ca/wp-content/uploads/2020/12/Up-to-400-for-home-office-expenses.png5631000Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2020-12-29 11:47:492020-12-29 12:51:07Government of Canada to allow up to $400 for home office expenses
It’s a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:
https://horizonfinancial.ca/wp-content/uploads/2020/12/Business-Owners_-2020-Tax-Planning-Tips.png5631000Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2020-12-11 06:00:552020-12-11 06:27:27Business Owners: 2020 Tax Planning Tips for the End of the Year
Finance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:
• Corporate Tax Changes, including extensions to subsidy programs.
• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.
• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.
For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.
https://horizonfinancial.ca/wp-content/uploads/2020/12/Highlights-of-the-2020-Federal-Fall-Economic-Statement@1000px.png5631000Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2020-12-07 15:42:082020-12-07 16:45:38Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:
• Details about the different COVID-19 benefits programs and the tax ramifications of them
• Information about family tax issues including the Canada Child Benefits and tips on how to split income.
• Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.
• Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.
https://horizonfinancial.ca/wp-content/uploads/2020/12/[email protected]5631000Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2020-12-02 14:07:542020-12-02 14:48:37Personal Tax Planning Tips – End of 2020 Tax Year
The new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.
CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19.
An additional 25% Lockdown Support is available during a public health lockdown order.
https://horizonfinancial.ca/wp-content/uploads/2020/11/CERS_STARTS_TODAY.gif280500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2020-11-23 14:01:152020-11-23 15:00:15Applications for the new Canada Emergency Rent Subsidy starts today!
Government of Canada to allow up to $400 for home office expenses
/in 2020, Accountants, Blog, Business Owners, tax /by Horizon FinancialFor the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.
Business Owners: 2020 Tax Planning Tips for the End of the Year
/in 2020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice Owners, corporate, Estate Planning, financial advice, Financial Planning, incorporated professionals, Investment, Professional Corporations /by Horizon FinancialIt’s a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:
– Year-end tax checklist
– Remuneration
– Business tax
– Estate
Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
/in Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, corporate, disability, Financial Planning, rdsp, tax /by Horizon FinancialFinance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:
• Corporate Tax Changes, including extensions to subsidy programs.
• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.
• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.
For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.
Personal Tax Planning Tips – End of 2020 Tax Year
/in 2020 Only, Blog, Charitable Gifting, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Retired, Coronavirus - Retiring, Coronavirus - Students, disability, disability insurance, Family, financial advice, Financial Planning, health benefits, pension plan, rdsp, Registered Education Savings Plan, rrsp, tax, Tax Free Savings Account /by Horizon FinancialTo help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:
• Details about the different COVID-19 benefits programs and the tax ramifications of them
• Information about family tax issues including the Canada Child Benefits and tips on how to split income.
• Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.
• Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.
Applications for the new Canada Emergency Rent Subsidy starts today!
/in Blog, Coronavirus, Coronavirus - Practice Owners /by Horizon FinancialThe new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.
CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19.
An additional 25% Lockdown Support is available during a public health lockdown order.