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Are you eligible for CEBA loan and how to apply

on Tue, 04/14/2020 - 19:21

*Updated on April 16, 12:45pm - updated program details

Ok... so we are finally getting some details on the CEBA (Canada Emergency Business Account) loan for small businesses.... 

Here we go, are you eligible? The criteria seems to be very strightforward. 

- Canadian-operated businesses that have a payroll of $20,000 to $1,500,000 in 2019 as reported in Box 14 of the business’ 2019 T4 Summary, as long as you do not run a union, charity, or religious organization;
- your business must have a CRA Business Number and be operational on or before March 1, 2020;
your business needs to have an

Are you eligible to qualify for CERB and how to apply

on Sat, 04/04/2020 - 16:30

*Updated on April 28, 4:45pm - updated details
*Updated on April 25, 9:15pm added tax treatment on CERB
*Updated on April 20, 9:36am - updated program expansion details from News releases from Prime Minister Office
*Updated on April 16, 9:45am - updated program expansion

So, we now have more information on the Canada Emergency Response Benefit.... 

First of all, who qualifies?

- You have to be 15 years old or up;
- You have to be residing in Canada;
- You have stopped working because of COVID19 whereas you didn't quit your job;
- You had at least $5,000 income (gross) in 2019 or in the 12

What you need to know on applying EI due to COVID19

on Mon, 03/23/2020 - 17:30

*Updated on May 1, 2020 4:00pm Essential Businesses list was updated for May 4, 2020
*Updated on April 4, 2020 11:28am - updated Ontario's essential businesses list
*Updated on March 26, 2020 11:25am - added Canada Emergency Response Benefit announced
*Updated on March 23, 2020 11:25pm - added essential businesses list

The City of Toronto just announced state of emergency and we, as essential businesses can stay open. So what are considered as essential? Here is the list of essential businesses defined by the province (actually much more than what I thought... not surprising, beer, wine and

Do you know the world is officially a global village?

on Tue, 08/01/2017 - 10:23

Effective July 1, 2017, Common Reporting Standard (CRS) was implemented in Canada under Part XIX of the Canadian Income Tax Act. CRS was developed by the Organization for Economic Co-operation and Development (OECD), with support of Canada and other G20 countries to combat global tax evasion and improve tax compliance. In another words, it is going to be harder and harder to try to avoid paying tax, no matter where you go in the world (except if you live in the third world countries).

What does that really means and what was changed?
All financial institutions are now required to collect and

What to do if you still haven't receive all your tax slips

on Tue, 03/15/2016 - 18:07

By now, you should have already received your T4/T4As, T3s and T5s, majority of us would have gotten your RRSP receipts for your 2015 RRSP contributions. Some of you, however, might still be waiting on their first 60 days RRSP contribution receipts. If that’s the case, this is the time you can start calling the financial institutions for them.

In most cases, all companies have till the end of February to issue any T4s/T4As to our employees or associates. Bear in mind, if you miss the deadline, CRA will penalize you, not to mention you might screw up your employees or associates’ tax filing.

Year End Financial Moves - 2015 edition

on Sat, 12/19/2015 - 01:00

Yes, I am doing this yearender at the last 2 weeks once again... I always thought we had gone through them before, we don't have to do this again, I am just so wrong on this...

Direct deposit request

We have talked about this last year but this is even more important this year as the CRA (as well as a whole list of Canadian governmental bodies) is going to stop sending cheques to us to cut cost from April 2016. Since it takes time for them to get things changed, do make the request to CRA before the tax season kicks in. If you don't, I am afraid, you won't get your tax refund anymore!

Tax reporting tips

on Thu, 03/27/2014 - 20:22
*Updated 4/5/2017
 
At this point, everybody is busy gathering all their T-slips for tax filing.
 
As mentioned before in this post before, other than waiting for your company to give you your T-slips, you can log into your Service Canada and see if you find anything there.
 
After all these years, I found most people are still not too sure what they are expecting to receive for their tax. I had received quite some inquiries from clients regarding their T-slips.
 
RRSP
- There are NO T-slips on RRSP accounts, do not expect any tax documents on RRSP accounts unless you make changes
-

One stop for your T-slips

on Sun, 03/24/2013 - 11:37

 

April, this is the "taxation month". Everyone is working to get the T-slips together. Have you had an experience that you know how you have been waiting on one more tax slip in order to do your taxes? How does it feel? 
 
Well, many people would like to file their income tax return as soon as they can, not just to beat the rush, but since most of us are being employed, we have usually a tax refund coming back, so we would like to have access to that money sooner than later.
 
So, you know there is one place you can access all your T4-slips, avoiding the wait altogether?

So, what happens to my OAS NOW??

on Fri, 06/01/2012 - 15:22

I was chatting with one of my clients who is now looking to retire in a few months (initially she thinks she would work for another 2 years more). So, I asked her to gather all her RRSP and group pension information, together with her CPP numbers so that we know exactly what to do and how to do the withdrawals after her retirement. 

 

She called CRA and asked for update information on her CPP (she did get her CPP Statement of Contributions, but she wants to see if there is any changes because of the budget… Readers who would like to know more details on their own CPP, please follow the

A way to get free money from the government...

on Sun, 05/13/2012 - 16:33

I was chatting with an inside wholesaler the other day and we were discussing whether or not a company needs to have a lot of products to offer. I responded that I really don't think all companies need to have a lot of different solutions as we as advisors deal with a lot of companies already. All the companies only need to make sure they focus what they do best and advisors will pick between products and solutions. 

We continued to chat on different things and we both found that there are only a few companies offer RDSP (Registered Disability Saving Plan), and among those, most of them are

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