Staying current is important for our business and yours. These tax publications and resources are provided for your use. If there are information or issues that you need clarified, don’t hesitate to contact us.
Avoid common tax filing mistakes and missed refund opportunities
Canada proposes new “Middle class tax cut” starting in 2020
Finance Minister Bill Morneau introduced a motion in the House of Commons to raise the basic personal income-tax exemption to $15,000, which was part of the platform the Liberal party put forward in its bid to keep power in the October election.
The amendments to the Income Tax Act would start taking effect next year, but the Liberals need to get them through a vote.
Charitable planning — Helping your donation go further
It's important to consider how you will make your donation, because the tax savings you receive depends on the type of gift you make. Whether you ultimately choose to make a cash donation or a tax-effective gift of property (known as a "gift in kind"), you'll still have to make your charitable gifts by December 31, 2019 if you want to claim the donation tax credit on your 2019 tax return.
Generally, your after-tax cost for a $1,000 cash donation in 2019 can range from a low of $460 to a high of $522 if you are a "high income earner" with income over $210,000, and from a low of $500 to a high of $562 if your income is below that amount (depending on your province of residence). Donating property such as securities, artwork, or real estate instead of an outright gift of cash may increase the tax benefits of the donation to you.
November 30, 2020 - Ottawa, Ontario - Department of Finance Canada
A second wave of the COVID-19 pandemic has gripped people and economies around the world, including Canada.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released Supporting Canadians and Fighting COVID-19: Fall Economic Statement 2020. This plan will continue to protect Canadians’ health, jobs and the economy.